The liability of administrators (Directors and Officers), auditors and consultants has been of great concern, especially after the advent of the Sarbanes-Oxley Act in 2002.

The Brazilian Securities and Exchange Commission ("CVM") has finally edited the new general rules governing the formation, management, operation and disclosure of information of investment funds. Those rules apply also to funds of investment in quota funds ("Quota Funds"). This is governed by Instruction CVM nº 409, of August 18, 2004 (Instruction 409).

Project Finance Comparative Guide for the jurisdiction of Brazil, check out our comparative guides section to compare across multiple countries