"Since this mechanism could offer some degree of shadowing to those of instant lottery prizes and the operation of other lottery modalities, currently operated by the Caixa Econômica Federal, the Ministry of Finance has instituted a working group that must formulate a proposal for the regulation of Securities of Capitalization that makes these bonds feasible, but which have a distinct feature and operation of the lottery modalities, removing any legal uncertainty, contributing to a better business environment and thus preserving the interests of the betting public and also of the alleged bidders of the Lotex auction," Finance said.
In reply, the entity also reinforces that the regulation made by Susep is "limited to the operation of Capitalization Bonds". Susep said that it is not participating in a working group on the subject.
"In the coming days, the authority will participate in technical meetings, with the participation of the Secretariat of Fiscal Monitoring, Energy and Lotteries (Sefel), Caixa Econômica Federal and the Attorney General of the National Treasury (PGFN) to clarify any doubts by the Secretariat," the regulator said. "Regarding the 'instant award', Susep points out that it is not a lottery mode and that it is dealt with standards published by Susep since the year 2000."
A private sector source explains that the regulation, made through Circular 569, poses a risk of "cannibalization" of lotteries, including the " raspadinha." On the other hand, the interlocutor commented that the measure does not make the auction of Lotex unfeasible.
Another source from the market evaluates that the regulation of Susep is not bad in itself, but in fact it is an additional element that generates risks of loss of competitiveness not only of Lotex, but of other products lottery. For this interlocutor, there was no clarity in the regulation on the product of capitalization with prizes of instant draw, which in practice has already been on the market for years. "Susep wanted to make the model clearer, but the regulation is not conclusive either," said the source, noting that the text provides for new definitions of rules ahead. For this interlocutor some foreigners may have been displeased for waiting for regulation that closed the mechanism, which did not occur.
The Lotex auction has been the subject of some controversy. In the President Temer government, the model came out of privatization of the company that was created by Caixa for concession, causing damage to the bank that had created the Caixa Instantânea.
Later, Finance decided to withdraw from Caixa the possibility of disputing the concession auction, even as a minority in a consortium. The measure displeased the bank and also national private investors who, due to the requirements of the edict prepared by the Treasury, will not be able to enter the event, which should be limited to large international corporations. The minimum bid of R$ 546 million (US$ 153m), for 15 years of concession.
Source: GMB/ Fabio Graner - Valor Econômico
