Our professionals

Our professionals


Michelle Machado

Michelle Machado
55 11 3147 7639 michelle.machado@mattosfilho.com.br São Paulo – Paulista

Areas of expertise


With more than twenty years of experience in antitrust, Michelle represents domestic and foreign clients in a wide range of antitrust matters, including merger cases, antitrust investigations (including negotiating leniency agreements and settlements), internal investigations compliance programs, reviewing commercial practices, and structuring businesses in compliance with the competition law. She holds an LL.B. (2004) and Master of Laws (2008) from the Universidade de São Paulo and an LL.M. from Harvard Law School (2013).


At Mattos Filho, Michelle currently coordinates our Corporate Investigations Group along with partners from Antitrust and Compliance & Corporate Ethics practices, which takes a multidisciplinary approach to assisting clients in managing their business risks.  She is also a member of the firm’s Technology Group, advising tech clients on antitrust matters.


Michelle is a member of the Digital Markets Committee at the Brazilian Institute of Studies on Competition, Consumer Relations, and International Trade (IBRAC), a Country Representative on the International Committee of the American Bar Association’s Antitrust Law Section, as well as a steering committee member of the of International Antitrust Committee of the American Bar Association’s International Law Section. Alongside partner Amadeu Ribeiro, she is a regular contributor to the ABA International Antitrust Committee Quarterly Newsletter on recent developments in the antitrust arena in South America. In March 2021, she also joined the Steering Committee of GCR Antitrust Law Leaders Global.


Bachelor of Laws – Universidade de São Paulo (USP)
Master of Legal Philosophy and Theory – Universidade de São Paulo (USP)
Mestrado of Laws (LL.M.) – Harvard Law School


Chambers Brazil (formerly Chambers Latin America) – Competition/Antitrust (2021-2022)

Global Competition Review – GCR Awards: Nomination for Lawyer of the Year – 40 under 40

Global Competition Review – Women in Antitrust (2021)

The Legal 500 – Next generation partner: Competition/Antitrust (2019-2021)

Who’s Who Legal – Competition: Future Leaders (2018-2021)

Único. The Mattos Filho news portal

Authored publications

Mattos Filho in the media

With Michelle Machado
Latin Lawyer

Brazil approves Elanco-Bayer US$7.6 billion animal health deal

​Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York and Washington, DC, and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados in São Paulo have helped US company Elanco Animal Health obtain Brazilian antitrust clearance for its US$7.6 billion global acquisition of German pharma company Bayer’s animal health business.

Click here and learn more.

Areas of expertise

Update on CADE’s activities and deadlines

Brazil’s antitrust authority (Cade), continues to take measures amidst the Covid-19 crisis in order to remain operational while also ensuring the safety of staff and members of the antitrust community. Currently, the staff is mostly working remotely. Face-to-face meetings were replaced by videoconferencing and conference calls. Thus far, Cade’s Judgment Sessions have been maintained, but Commissioners are working toward conducting them remotely as well. The change will likely become effective in early April. In the merger control front, Cade remains committed to keeping things on track and has announced that all deadlines remain unchanged. However, given the gravity of the Covid-19 outbreak in Brazil, delays may start happening, especially in cases where Cade depends on the collection of information from market participants. In such cases, CADE may face difficulties in establishing contact with the sources of such information. Moreover, these cases will likely be granted with deadline extensions when requested.  On the other hand, changes concerning investigations have taken effect. Following guidance from the Federal Government, Cade issued a note on March 25 declaring the suspension of all deadlines running against defendants in (i) investigations of anticompetitive conduct, (ii) gun-jumping investigations, and (iii) other administrative proceedings for the imposition of procedural penalties. Finally, Cade stressed in the same note that preliminary conduct investigations, proceedings relating to leniency or settlement agreements, and consultation proceedings will continue to run as before. We are monitoring the developments concerning the impact of the Covid-19 outbreak on the enforcement of Brazil’s antitrust law and we will update our clients and partners constantly.

Areas of expertise

Open banking statement released by the Brazilian Central Bank

The Brazilian Central Bank released yesterday (April, 24) the Statement No. 33,455 in order to disclose the regulator’s views on open banking implementation in Brazil.

In the Statement, open banking is defined by the Brazilian Central Bank as “the sharing of data, products and services by financial institutions and other authorized entities, at the discretion of their customers, in case of data related to them, by means of opening and integrating platforms and infrastructures of information systems, in a safe, agile and convenient way”.

In line with open banking regulatory initiatives conducted in other jurisdictions, the Brazilian Central Bank has been discussing this matter with market players during the last months. Pursuant to the Statement, the Brazilian Central Bank believes that open banking will contribute to increase the efficiency of the credit and payment sectors, as well as to encourage the development of a more inclusive and competitive financial system in Brazil.

Furthermore, according to the Statement, the implementation of a Brazilian open banking structure depends on specific regulation, which will be subject to public consultation. Its scope will be broad, encompassing financial institutions, payment institutions and other institutions authorized to operate by the Brazilian Central Bank.

Nevertheless, the Statement clarified that only the largest financial institutions (considering their prudential conglomerates as criteria) will initially have compulsory participation in the open banking structure. For other institutions, participation will be optional at that stage. However, it is possible that such obligation will be extended to smaller entities later.

In relation to information and data shared between participating institutions, the Brazilian Central Bank proposes that the open banking structure includes, among others: (i) data related to the characteristics, costs, location, terms and conditions of products and services offered by the entities; (ii) customer registration and financial transactions data; and (iii) payment initialization services, transfers of funds and payments for products and services.

The sharing of client’s personal data and its financial transactions information, according to the Statement, should only be carried out with prior consent of such client. The data sharing will be subject to the terms of the Brazilian Banking Secrecy Law and the Brazilian General Data Protection Law and should always ensure that the user experience is simple, efficient and secure.

In addition to open banking regulation, the Brazilian Central Bank proposes that the institutions participating in this structure develop a self-regulation structure to discipline technological standardization, operational procedures, security standards and certificates, and the implementation of interfaces among the entities involved. Although they have the autonomy to develop the appropriate self-regulatory structure, it is expected that the regulator will act in the early stages to ensure its alignment with the applicable rules.

Lastly, in relation to the deadline applicable to the elaboration of the regulation, the Brazilian Central Bank informed that the draft of the open banking rules shall be submitted to public consultation in the second semester of 2019. The implementation of the model shall be initiated in the second semester of 2020, in accordance with a schedule that is yet to be elaborated by the Brazilian Central Bank.

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