While small and medium-sized enterprises (SMEs) are important for economic growth and employment, they face numerous obstacles in accessing external finance. In this article, we review recent developments in the availability of financing for SMEs in Brazil, focusing on the greater use of equity...

Small and medium enterprises (SMEs) are very important to any economy. They are great job creators, helping to reduce poverty and achieve higher levels of development in all economic sectors. However, SMEs are susceptible to inadequate law and regulation, mainly in countries implementing...

There are common aspects in the corporate law of advanced economies, such as legal personality and the limitation of shareholder liability; nonetheless, corporate law evolves in different ways and speeds. Brazil is no exception, and the recent appearance of dispersed ownership has raised several...

Transactions of consolidations, mergers and spin-offs in the Brazilian agribusiness sector became very common in the last few years. This paper will explain how the Brazilian law governs those types of transactions

Secondary markets in Brazil have a very important function: to provide liquidity to securities. However, currently there is only one active stock exchange in Brazil, and a few OTC markets. This paper provides an overview of the history and the regulation of Brazilian secondary securities markets

Brazilian limited companies, or “sociedades limitadas,” are considered an adequate corporate vehicle for smaller ventures, as they are easier and simpler to form and maintain when compared to Brazilian corporations, or “sociedades anônimas.” Thus, they should be the preferred type of...

The regulation of Brazilian capital markets is undergoing modernization. Inspired by Regulation D and Rule 144A, both issued by the US Securities and Exchange Commission, the Brazilian Securities Commission issued Instruction No. 476, dated January 16 2009, to allow certain securities offerings...

Portuguese Abstract: Derivativos são operação paradoxais. Aparentemente simples, podem ser complexas na implementação. São de elevado risco, até mesmo para os agentes econômicos mais sofisticados. O vocábulo “derivativo” possui pouco conteúdo jurídico e, por isso, as suas várias...

Portuguese Abstract: Hoje está bastante claro que empreendedorismo e crescimento econômico estão relacionados. Apesar do discurso governamental de fomento ao empreendedorismo, há muito a ser feito no âmbito do direito brasileiro para se fomentar a inovação tecnológica, principalmente no...

There are common aspects found in the corporate law of the most important economies, such as the free transferability of shares, legal personality, and limited liability. Those aspects, however, develop in different ways and speeds in each country, as they are a product of local economic and...