CADE shelves investigation against Cielo and Visa

In a decision issued during today's public hearing, CADE has decided to shelve a 2009 investigation launched by the SDE against VisaNet and Visa. SDE's concerns essentially referred to the existence of alleged 'abusive contracts' entered into by VisaNet and credit card company Visa, by means of which the former obtained the sole right to operate the Visa brand name in Brazil. A settlment was entered between CADE and the defendants on December 2009.

Today, according to reporting commissiner Olavo Chinaglia's ruling, CADE attested that VisaNet (now operating under the Cielo brand) had fulfilled all of the obligations assumed last December - specially the end of the exclusivity with Visa - and the investigation was officially shelved.

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