Antitrust and regulatory remedies in an increasingly innovative financial services sector in Brazil

Resumo

In Brazil, the historical presence of high levels of concentration and verticalization within the financial services sector, in addition to high barriers to entry, required both regulatory and antitrust authorities to impose remedies addressing several issues related to stability and competition, especially in the payments segment. In comparison with other industries, the financial services sector has its particularities, requiring cautious treatment by policymakers. In recent years, new challenges have presented to the authorities with the intense penetration of innovation into the sector. As will be detailed along the present work, the positive impact that may be brought on by innovation will depend largely on how antitrust and regulatory authorities will interact and design remedies when facing challenges in the financial services sector. The purpose of the present work is to assess how CADE and BCB have been using their tools to intervene in the financial services segment recently, and also the timing and relationship between antitrust and regulatory remedies on competition issues. In order to answer these questions, the present work will assess CADE’s recent investigations and BCB’s regulations that have focused on competition, in particular, highlighting the new challenges that are being faced by authorities. This work will also consider tools that are being pointed out by scholars that may be used by authorities to address current and potential future issues, and finally propose a framework that could potentially bring more efficiency to the interactions between CADE and BCB as well as greater efficacy to the remedies designed by them, ensuring a competitive and stable landscape in the long run.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/31882

Temas

Desenvolvimento EconômicoTecnologia

Palavras-chave

Financial servicesAntirustRegulationBankPayments marketInnovationServiços financeirosAntitrusteRegulaçãoBancoMeios de pagamentosInovaçãoDireitoDireito antitrusteIndústria de serviços financeiros - RegulamentaçãoConcorrênciaConselho Administrativo de Defesa Econômica (Brasil)Banco Central do Brasil