Edição extraordinária (Retroactive?) Change of the Labor Debts’ Monetary Adjustment Index Based on decisions issued by the Brazilian Federal Supreme Court (STF) according to which the Reference Rate (TR) did not represent the actual depreciation of the Brazilian currency within a given period of time, the Brazilian Superior Labor Court (TST) decided that the use of the TR as the monetary adjustment index of labor debts prevents the complete recovery of the employees’ labor credit and jeopardizes the effectiveness of the judicial protection and court procedures.

LISTING OF SECURITIES ON DIFFERENT MARKETS – OBSTACLES AND IMPROVEMENTS, by Eliana Ambrósio Chimenti Much has been said about the trading of shares issued by foreign companies in the brazilian securities market.

CORNERSTONE INVESTORS AND THEIR INVOLVEMENT IN STOCK ISSUES, by Eliana Ambrósio Chimenti Although there is no previously set out legal figure that applies to a cornerstone investor under Brazilian regulations, these investors have played a significant role in developing stock markets in certain countries such as China, and since 2006 they have been significantly boosting market responsiveness to IPOs.

PERSPECTIVES FOR THE BRAZILIAN RAILWAY INDUSTRY, by Letícia Alencar and Mário Saadi After approximately two decades without major progress on the Brazilian railway industry, the Logistics Investment Program (PIL - Programa de Investimentos em Logística) was created this year by the Federal Government, in order to provide the expansion and development of railway services in the country.

ARBITRATION CLAUSE IN THE BYLAWS IS CHALLENGED, by Gilberto Osser and Raissa Fini As from the date the Brazilian Corporate Law permitted companies to include in the bylaws the arbitration clause for resolution of conflicts (article 109, paragraph 3, of the Brazilian Corporate Law), such arbitration clauses are more frequently included in the companies’ articles of association.

BASIC SANITATION AND THE SERVICE RENDERING IN METROPOLITAN AREAS, by Mário Saadi and Letícia Oliveira Lins de Alencar In February of this year, after a long wait and intensive debate, the 1842 Direct Unconstitutional Claim covering the power for the rendering and management of basic sanitation services in metropolitan areas was judged by the Supreme Court.