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This report offers a concise overview of a complex topic: antitrust and competition law in Latin America. The document intends to shed light on how major jurisdictions in the region are handling historic and recent key antitrust issues, including guidance documents and actions.

The report is divided in four sections:

  1. Leniency: We explain the leniency regimes and how different jurisdictions have utilized leniency as part of their enforcement strategies in recent years.
  2. Digital Dilemma: After tracing the growth of Latin America’s digital market, we cover how different authorities have faced the competition challenges presented by the rapidly expanding digital market and offer some best practice suggestions for digital market companies to consider.
  3. Navigating the Merger Control Landscape: In 2021, M&A deals boomed in Latin America, and after examining some of the driving factors behind this phenomenon, we explain the importance to proper premerger preparation, how different jurisdictions handle premerger control, filing considerations, and the three Cs that are crucial for companies involved in multi-jurisdictional mergers.
  4. Bridging the Antitrust Compliance Gap: We examine the factors that stand in the way of implementing robust compliance programs, how different regulatory authorities have acted in antitrust cases with compliance programs, and how connected compliance can help companies succeed in this area, which is under ever-greater scrutiny by competition authorities.

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Trench Rossi Watanabe and Baker McKenzie have executed a strategic cooperation agreement for consulting on foreign law.

Author

Esteban Rópolo is a member of the Buenos Aires Bar Association. He was a professor in leading universities in Argentina — including University of Buenos Aires, Argentina Catholic University and Universidad del CEMA — where he taught political economy, foreign trade legal regime and private law. Mr. Rópolo has written a book on competition law and also contributed articles related to his areas of practice.

Author

Rodrigo Díaz de Valdés heads the Dispute Resolution and Antitrust practice groups of Baker McKenzie's Santiago office. He has represented the Chilean State, as well as major transnational and local companies in a broad range of cases, from long-term energy contracts to construction, projects and investment protection matters. He is ranked among the most recommended lawyers for dispute resolution, antitrust and public law by Chambers & Partners. Rodrigo serves as arbitrator of the Center of Arbitration and the Chamber Commerce of Santiago, and is a professor of constitutional and civil law at the Catholic University’s School of Law. He has written articles for various publications, particularly on constitutional law, civil liabilities and arbitration matters.

Author

Carolina Pardo joined Baker McKenzie in 1994 and is a Partner of the Firm since 2008. She is currently a member of the Global Steering Committee for the Firm’s TMT industry group and of the Global Steering Committee for the Firm’s Investigation, Compliance and Ethics Group. She was a member of the Global Steering Committee for the Firm’s Global Antitrust and Competition from 2016 and until 2020 and is currently a member of the Latam's Antitrust Steering Committee.
She graduated as a lawyer and a specialist in International Contracts Law from Universidad de los Andes in Bogotá. She obtained a LL.M. with emphasis in International Private Law and Competition Law from the London School of Economics and Political Science.
Over 25 years, she has advised major national and international clients on matters related to compliance with data protection, competition and consumer law rules. She has represented clients in investigations and submissions related to data protection and competition matters in Colombia and has successfully coordinated and prepared white paper proposals to national authorities on behalf of major industrial groups in Colombia.
In 2016 Global Competition Review selected her as one of the 100 most influential women in antitrust. The last two Superintendents of Industry and Commerce have selected Carolina as a Non-Governmental Advisor to the Colombian Antitrust Regulator.

Author

Raymundo Enriquez is currently the managing partner of the Mexico offices and the lead partner of Baker McKenzie's Antitrust Practice Group in Mexico City. He was a member of the Firm’s Executive Committee and a previous chairman of the Latin America Regional Council where he also served as the Latin America chair of the Global Diversity and Regional Pro Bono Committees. Mr. Enriquez is recognized as a leading lawyer for competition / antitrust and for business by Chambers Latin America. He served as a board member for several Mexico companies. In addition, he was a visiting lecturer at the Mexican Bar Association and a part-time tax and foreign trade law professor at Universidad Iberoamericana, where he obtained his JD from the university’s School of Law.

Author

Teresa Tovar leads the Antitrust and Competition, Compliance and TMT groups in the Firm's Lima office, where she has been partner since 2007. She is also currently a member of Baker McKenzie's Latin America Antitrust and Compliance Steering Committees.

Author

Jesús Dávila joined Baker McKenzie in 2002 and became partner in 2009. He is recognized as a leading lawyer in Venezuela by Chambers Latin America and IFLR1000. Jesus advises domestic and multinational companies on the full scope of corporate transactions, including mergers, acquisitions, takeovers, joint ventures and a variety of other corporate work. He has a strong track record providing insightful advice to companies on matters of antitrust, foreign investment and technology transfer, IT/Communications, and trade and commerce. Jesus has been a professor in various renowned universities in Venezuela.

Author

Natalie Flores is currently the regional knowledge attorney for North America and Latin America in the Global Antitrust & Competition Group in the Firm's Mexico City Office. She has over ten years of experience as an attorney, and manages and executes regional and global legal content projects, training and client initiatives for the Competition Group within the context of the Firm's knowledge strategy across the region. Natalie oversees all regional knowledge for the antitrust and competition group for the Americas, including develop thought leadership, client training, and publications, amongst other antitrust initiatives for the region, and advises a diverse range of industry clients in multijurisdictional competition matters. She has experience in competition litigation, specifically class action. She is an active member of the Firm's various industry groups, with a focus in the Energy, Mining & Infrastructure group of Baker McKenzie. Natalie is on the Board for Mujeres en Energías Renovables (Women in Renewable Energy) en México (MERM), an association dedicated to promoting the development of women in renewable energy, and concentrates on advocating for renewables and the empowerment of women in the sector.

Author

Paulo Casagrande is a Partner at *Trench Rossi Watanabe, SP, Brazil office.
*Trench Rossi Watanabe and Baker McKenzie have executed a strategic cooperation agreement for consulting on foreign law.

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