The increasing sophistication of the capital market is also expanding the complexity of the legal relationships involving investment funds. This text analyzes two themes that have gained particular relevance and were recently highlighted by the Business & Labor Clipping: the limits of civil liability of the different participants in the fund structure and the effectiveness of arbitration clauses stipulated in their regulations. Based on CVM Resolution 175, REsp 2.230.861/GO, and debates on investor protection and arbitration, the text examines how legal certainty depends on the adequate delimitation of duties, competencies, and responsibilities—an issue that increasingly brings together Business Law, the capital market, and conflict resolution.