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Amendment to draft bill that revokes Brazilian sector regulators' normative powers an 'institutional setback,' Ibrac says

( March 20, 2023, 12:46 GMT | Official Statement) -- MLex Summary: The Brazilian Institute of Competition, Consumption and International Trade Studies (Ibrac) said an amendment to a draft bill proposing to revoke the normative and ruling powers of sector regulators in Brazil is an "institutional setback," according to a statement. The bill proposes the creation of external "councils" linked to ministries and secretariats, composed of representatives of ministries, agencies themselves, regulated sectors, academia and consumers for a more "transparent" and "democratic" regulatory system. Those councils would have the right to regulate sectors. Ibrac said the amendment is "generic" and fails to explain how exactly the external councils would make the system more transparent and how its members would be selected.See Ibrac's comments below in Portuguese....

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