Highlights of the week

Justice annuls decision and fines imposed by CVM
In a rare procedure, two former directors of a publicly-held company in the oil and gas sector reversed CVM's decision issued in the administrative proceeding CVM RJ 2014-3225, which had considered both of them guilty for the use of privileged information (insider trading) and applied a fine of almost R$ 800,000.
Does a lender's liability for acts of corruption require its direct participation in the illegal activity or any knowledge (actual or assumed) about it? Which acts of financing, funding, or sponsorship give rise to liability according to the Brazilian Anti-Corruption Law? This article by our attorneys addresses these and other issues