Brazil's New Biodiversity Law

Brazil replaced its old law of 2001, considered complex and bureaucratic, with a new law. 
Highlights:

• National Sharing Fund created with the goal of promoting the sustainable use of resources. For products created from matter obtained from Brazilian biodiversity, a company is required to pay 0.1% to 1.0% of the net revenue obtained as a result of the economic exploitation of the product. 
• Guaranteed free negotiations over any traditional knowledge and an additional 0.5% of profit to the national sharing fund during the period that the product is sold;
• If the source of the traditional knowledge cannot be identified that 1% of the profit is shared with the National Sharing Fund otherwise National sharing fund  would get 0.5% of profit during the period that the product is sold;
• The main purpose of the new law is to facilitate scientific research and the economic exploitation of biological samples of Brazilian genetic heritage. The expectation is that national and international companies, such as those in the agricultural and food, cosmetic and pharmaceutical sectors, will isolate active ingredients from Brazilian genetic heritage materials to develop new products.

Source: Bric Wall