- Brazil’s CADE Executes Cooperation Agreement with IDB and World Bank
- March 18, 2015
- Law Firm: Mayer Brown LLP - Chicago Office
Tauil & Chequer Legal Update
The Administrative Council for Economic Defense (“CADE”) has recently executed a “Memorandum of Understanding” with the World Bank Group, as well as a “Covenant for Cooperation and Sharing of Information” with the Inter-American Development Bank (“IDB”). Through such bilateral cooperation agreements, the signatory parties intend to promote a more intense closeness between them, aiming at identifying and preventing violations through concerted actions and the broader sharing of information.
By the signing of the agreements, the parties commit to develop concerted action regarding issues of common interest and create mechanisms to speed up the effective and confidential exchange of information, either spontaneously or upon a party’s request. The agreements also provide for the reciprocal forwarding of recommended measures and opinions concerning actions and investigations conducted within each institution’s purview. In addition, they provide for seasonal meetings to be set up between the signatory parties in order to set cooperation priorities and establish concerted action.
As a result, the agreements are expected to provide more efficient policies against violations such as corruption, fraud, cartel, and economic-related offenses. Both the Memorandum of Understanding and the Covenant executed by the parties will be in force for three years, and they can be successively renewed for periods of the same length.