CADE upholds preventive measure against Itaú Bank

On 18 March, the Administrative Council for Economic Defense (CADE) heard the appeal that Itaú Bank filed against the preventive measure imposed by the Office of the Superintendent General at CADE (SG) in the administrative enquiry that investigates alleged antitrust violations in the market of digital wallets. The investigation examines alleged restrictions of transactions involving these wallets, which could affect the performance of competitors and impact the competitive environment, among others.

President Gustavo Augusto, rapporteur of the case, decided to maintain the preventive measure since the necessary requirements were met, especially due to evidence of antitrust violation and risk of harm, as a result of the delayed final decision. The rapporteur highlighted that there is evidence of possible entry barriers against other economic agents, justifying the use of the preventive measure to preserve rivalry conditions until the end of the proceeding.

As for procedural guarantees, the Tribunal of CADE recognised the need to ensure access of the party to the documented evidence used as reasoning for the decision, mainly after the actual impact of the preventive measure on the appellant’s performance. According to the Federal Supreme Court, the defendant is allowed to have broad access to the documented evidence in fact-finding enquiries regarding the right of defence. Although there might be confidential or sensitive information from an antitrust perspective, these limitations must be strictly defined and followed by access to public versions to have a proper understanding of the accusation.

The Tribunal also defined amendments to the appealed preventive measure, especially to ensure the appellant’s access to the documented evidence of records, including after the disclosure of public versions of restricted documents, allowing for the exercise of the right to full answer and defence.

In addition, it was emphasised that eventual refusals to deal must be duly justified based on objective, clear, and non-discriminatory criteria, ensuring transparency both to market players and consumers.

Thus, the Tribunal unanimously chose not to examine Itaú’s filed appeal, which was partially upheld, maintaining the previous preventive measure with amendments to ensure access to evidence. In case of non-compliance, the bank will pay a daily fine of BRL 250 thousand.

Finally, the Department of Economic Studies of CADE (DEE) received an authorisation to carry on the economic study, which may inform the following stages of the investigation.

Access Case no. 08700.002316/2025-17.