For Lorenzon, this is an important moment for the government “and we, as regulators, are attentive to the wishes of the sector. We are a liberal government and this has to be reflected in the regulations and in our actions. We want to offer market efficiency, with as few restrictions as possible,” he said.
“We are moving towards regulation that is very similar to the American model. It involves a technical regulation tied to international principles, which even seeks good practices. And we also have political regulation, which involves respect for laws, the Constitution and decrees. These regulations are given and Congress considered all this when approving the sports betting law, and it is up to us to present the presidential decree that will give the directions for all of you and the accessory regulations,” he said.
Regarding deadlines, Lorenzon said: “I don't know if I can say that we expect it to come out in the next few days, weeks or months, but the decree will give the final format to the operation as an economic activity is a political choice based on legal opinions. It will be up to the President of the Republic to define the moment of its presentation.”
According to the secretary, all the requirements determined by the decree for putting the activity on its track will be put into practice soon. “We want to translate the generic obligations and ensure that all the elements defined by the decree are very clear and that the subsequent regulations take into account the backbone and are well tied to the general requirements presented by the decree.”
Lorenzon stated that “the Ministry of Economy is directly interested in the insertion of Brazil in the OECD, which has its own economic agendas, and Brazil is keeping an eye on the regulation of sports betting so that it conforms to world practices such as those adopted in other countries that have regulated the sector.”
“We need to start with the minimum regulation necessary to see how the market will go and from there, improve the additional regulations. We guarantee that everything that is regulated will seek benchmarks and I ask that the sector contribute with suggestions on good practices and the conformation of the world market to apply in Brazil. We don't want to invent the wheel. We want to deliver to the sector a path of what is delivered in the international market,” he explained.
“We want the market to be fair to all of you and it is by far our most important concern. As soon as the decree comes out, we will have time predictability on how things will happen with regard to accessory regulations,” he defined.
“More details will come very soon regarding the publication of the presidential decree, but I leave here our commitment that everything will be very transparent and the regulation will be available to the market,” promised Lorenzon.
Source: Exclusive GMB
