Join us in Sao Paulo next month for the 2nd Annual Offshore Investment Funds Summit hosted by DMS Offshore Investment Services.
TOPICS
Capital Raising Offshore
20 September, 2012
LOCATION
Brazil Offshore Investment Summit – Intercontinental São Paulo
Alameda Santos 1123
São Paulo
SP – 01419-001
Brazil
For more Brazil Offshore Investment information, please contact Francine Balbina: fbalbina@dmsoffshore.com
Brazilian law is based on Roman-Germanic traditions and civil law concepts prevail over common law practice. Most of Brazilian law is codified, although non-codified statutes also represent a substantial part, playing a complementary role. Court decisions set out interpretive guidelines; however, they are seldom binding on other specific cases. Doctrinal works and the works of academic jurists have strong influence in law creation and in law cases.
The legal system is based on the Federal Constitution, which was promulgated on 5 October 1988, and is the fundamental law of Brazil. All other legislation and court decisions must conform to its rules. As of April 2007, there have been 53 amendments. States have their own constitutions, which must not contradict the Federal Constitution. Municipalities and the Federal District have “organic laws” (leis orgânicas), which act in a similar way to constitutions. Legislative entities are the main source of statutes, although in certain matters judiciary and executive bodies may enact legal norms. Jurisdiction is administered by the judiciary entities, although in rare situations the Federal Constitution allows the Federal Senate to pass on legal judgments. There are also specialized military, labour, and electoral courts. The highest court is the Supreme Federal Court.
This system has been criticised over the last few decades for the slow pace of decision-making. Lawsuits on appeal may take several years to resolve, and in some cases more than a decade elapses before definitive rulings. Nevertheless, the Supreme Federal Tribunal was the first court in the world to transmit its sessions on television, and also via YouTube. More recently, in December 2009, the Supreme Court adopted Twitter to display items on the day planner of the ministers, to inform the daily actions of the Court and the most important decisions made by them.
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Brazil Offshore Investment Summit
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