Brazil holds one of the richest biodiversities in the world. In fact, Brazil has long been a source of innovation and inspiration for natural ingredients used in food, cosmetics and pharmaceuticals. As a result, on May 20, 2015, Brazil's new Biodiversity Law No. 13, 123/15 was signed into law by President Dilma Rousseff. Generally, this new law outlines access to the components of Brazilian genetic heritage, protection and access to associated traditional knowledge and the sharing of benefits for preserving and sustaining Brazilian biodiversity. The new law repeals the law passed in 2001 which was criticized as being overly complex and bureaucratic.