BRAZIL Trends and Developments Contributed by: Maria Augusta Rost, Ricardo Barretto and Cleso Fonseca, Fenelon Barretto Rost
with broad regulatory functions (covering various economic sectors), including the following. • Securities and Exchange Commission (CVM) – An agency established in 1976 with the objective of overseeing, regulating, disciplin - ing and developing the securities market in Brazil. The CVM is an independent adminis - trative authority with financial and budgetary autonomy. Its executives serve fixed terms and enjoy stability in office. • Administrative Council for Economic Defense (CADE) – Created in 1962, CADE serves as Brazil’s antitrust agency. It is a central body in Brazil’s competition defence policy, responsible for investigating violations of the economic order and analysing mergers and acquisitions. Since Law 12,529/2011, prior submission of mergers and acquisitions involving companies that may have anti-com - petitive effects has been mandatory. • Brazilian Institute of Environment and Renew- able Natural Resources (IBAMA) – A federal agency with administrative and financial autonomy that plays a fundamental role in environmental protection policy. In addition to establishing environmental quality stand - ards and carrying out enforcement activities, IBAMA is also responsible for environmental licensing. • Superintendence of Private Insurance (SUSEP) – Established in 1966, SUSEP is responsible for controlling and supervising the insurance market, open private pension schemes, capitalisation and reinsurance. Public Procurement, Public-Private Partnerships and Concessions In Brazil, public procurement is governed by the Public Procurement and Administrative Con - tracts Law (Law 14,133/2021), which applies to all levels of government: federal, state and
local. This legal framework establishes in detail the requirements and procedures for contract - ing with the public administration. Public pro - curement follows an annual contracting plan. In 2024, according to the National Public Procure - ment Portal , 833,300 contracts were approved, totalling approximately BRL630 billion. As a rule, procurement is preceded by a com - petitive bidding process among interested par - ties, as regulated by the Public Procurement and Administrative Contracts Law. The main objec - tives of this bidding process are as follows. • Ensuring the most advantageous contract for the government. • Guaranteeing equal treatment for all competi - tors. • Preventing contracts with overpricing, unfea - sible prices and fraud. • Encouraging innovation and sustainable development. The law also defines the bidding modalities and the criteria used to select the best proposal. Additionally, it specifies situations in which bid - ding may be waived, such as for the following: • acquisition of products for research and development; • technology transfer; • goods or services involving high technologi - cal complexity and national defence; • materials for the armed forces; and • medications, among others. Understanding these rules is essential for devel - oping a legally sound and successful strategy for contracting with the government. There are also specific laws that regulate gov - ernment contracts and partnerships. Notably,
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