Bill no. 2.925/2023 (“Bill”) is intended to amend federal law no. 6.385/1976 (regulating the Brazilian stock market and that created the Comissão de Valores Mobiliários, the Brazilian Securities and Exchange Commission – “CVM”) and law no. 6.404/1976 (regulating joint-stock companies/business corporations). The goal is to ensure transparency in class arbitration proceedings involving stock market investors,…

In a dispute involving the Centro Brasileiro de Mediação e Arbitragem – CBMA (“CBMA”) and the Brazilian Federal Revenue’s Office (“FRO”), the Brazilian Federal Court of Appeals prevented FRO from accessing data of arbitration proceedings administered by CBMA. The CBMA, an arbitral institution with headquarters in the city of Rio de Janeiro, State of Rio…