The impressive development of the Brazilian stock market over the past few years is reason enough to reflect on such a fundamental economic and regulatory topic by means of a country study. Which macroeconomic factors, institutional changes, and party interaction (market players and government) have to come together in order to successfully reform a national capital market in the age of globalization? Various regulatory techniques and institutional arrangements are examined in the scope of a comparative analysis of institutions.

Business and Investment in Brazil provides a thorough analysis of Brazilian business law for investors and their legal advisers, focusing on topics relevant to business transactions and disputes that can arise in the aftermath of the signing or performance of deals. The essence of investment and negotiation processes is risk evaluation and allocation. Examining Brazilian law through the eyes of an international transaction lawyer, Peter Sester focuses on the legal risks, which are higher in Brazilian law than elsewhere, particularly in comparison with contract, partnership, and company (LLC) laws governing international business transactions in the US and UK. However, whilst Brazilian contract law remains a risk factor as a result of its over-ambitious and consequently interventionist approach, Brazilian law in the areas of stock corporation, capital market, antitrust, and public procurement are state-of-the-art when compared to the US and leading European laws in Germany, Switzerland, and France. This book is divided into eight chapters: the introduction provides an overview of the economic and legal framework for doing business in Brazil, focusing on features of the Brazilian legal and economic order that are unusual to international practitioners from a comparative perspective. The other seven chapters analyze those fields of substantive law that impact most investments and cross-border transactions in Brazil. They include important historical and economic context such as inflation indexation and the broad use of good faith, as well as explorations of common legal pitfalls such as the limited scope of freedom of contract and its mandatory provisions. The book focuses on the interpretation of statutory law by the Brazilian Superior Court of Justice and regulatory agencies, and also provides insights into the economic and business rationale of some of the legal solutions offered.

Since the enactment of the 1996 Brazilian Arbitration Law, Brazil has become one of the fastest growing arbitration markets in the world; currently ranking third in the top-ten list of countries with most parties involved in ICC Arbitrations. When it comes to international contracts, and particularly within certain industries, arbitration has become the standard, and sometimes almost the only, means of dispute resolution. This book offers an in-depth commentary on the Brazilian substantive law and the case law arising from the 1996 Arbitration Act and examines the interrelationship with Brazilian commercial and corporate law as well as the domestic treatment of private international law in the Brazilian courts. It includes a detailed synopsis of the rules issued by the leading Brazilian arbitration institutions as well as key comparisons on fees, information of annulment proceedings, and the number of cases they hold. International Arbitration: Law and Practice in Brazil has chapters covering the application of arbitration in various areas of practice, including labour law, oil, gas, and energy, construction, public procurement, stock and shareholder disputes, and capital market transactions. These are all areas where disputes require in-depth technical and specialist knowledge of law and practice in Brazil. The work also provides analysis of Brazil's approach to investment arbitration. The comprehensive and specialist treatment in this book will assist practitioners and academics with a practice or scholarly interest in understanding the legal framework for, and practice of, arbitration in Brazil. The work also includes an introduction which sets the historical and social context in which the Brazilian Arbitration Law emerged and developed. International Arbitration: Law and Practice in Brazil benefits from an expert group of international contributors to ensure the domestic framework is assessed from the perspective of international arbitration standards and practice.