The PIX System: Central Bank of Brazil announces a new instant payment system
3/3/2020 In line with the changes that have been made to the financial system in order to promote competitiveness between financial institutions, the Central Bank of Brazil (“BACEN”) announced a brand new instant payment system: the PIX System. What is the PIX System? The most important advancement of the new PIX Systems is […]
Regularization of Children’s Advertising Points to Balance Between Children’s Protection and Legitimate Business Interests
3/3/2020 It was brought to an end, on February 27, the public consultation aimed at creating an ordinance to regularize children’s advertising, an initiative which was lauched by the National Consumer Secretariat (SENACON), an agency which is part of the Ministry of Justice of Brazil. Strongly criticised by organizations such as IDEC and Instituto Alana, […]
Arbitration and the new Franchise Act
Sanctioned in December 2019, Brazil’s New Franchise Act (Law No. 13.966/19) will come into force in March 2020 (revoking Law No. 8,955/94). The New Franchise Act innovates by expressly allowing parties to choose arbitration as a means to resolve disputes arising from franchise agreements[1], including international franchise agreements[2]. This puts an end to a […]
Annual Approval of Financial Statements
The legal deadline for annual approval of the financial statements is due course. Brazilian corporate law determines that on an annual basis, in the first 4 (four) months following the end of the fiscal year, the accounts of the management shall be taken, as well as the financial statements discussed and voted on. To this […]
São Paulo government holds the major highway auction in the country
1/30/2020 The Consórcio Infraestrutura Brasil won an auction to operate for 30 years a highway in the Brazilian state of Sao Paulo after a bid of 1.1 billion reais ($270.42 million). The so-called Pipa is the largest public road concession ever put up for auction in Brazil. The contract covers a total of 1,273 kilometers of […]
Revocation of the Parental Alienation Act is under debate
Ten years ago, the Parental Alienation Act, also known by the local acronym “LAP” (Law No. 12.318/2010) was enacted to prevent parents, grandparents and carers from negatively influencing the psychological formation of the child or teenager. Punishment for parental alienation may vary from custody change to, in the extreme case, suspension of the parental authority […]
