We, Brazilians, inherited the practices of criticism and lament from the colonizers. This is not about prejudice or xenophobia; on the contrary, as well as being a descendant of a family that still has Iberian roots, I lived there for some time.

On the political level, the tendency towards criticism is increasing. With the exception of allies, incumbents tend to be machine-gunned by the opposition, which, in turn, will be machine-gunned by those who were once machine-gunned, when they take power. In a warlike environment, the population, influenced by an intense flow of (dis)information, produced anonymously, echoes attacks that are often justified by pathological or personal reasons.

Nowadays, almost everyone feels authorized to debate any topic; something that would not be problematic if, before the debate, debaters sought to understand and study the respective topic.

The Securities and Exchange Commission (CVM), the regulatory authority for the capital markets, has been the object of public - and political - curiosity, from time to time, on the occasion, invariably, of an external and extreme event.

This was the case, for example, at the dawn of the crisis that involved a giant Brazilian retail company. At that moment, opportunistic voices addressed the general population (or voters), with unrealistic and, in some cases, accusatory statements, about something they didn't know about and, mainly, about what they didn't - and don't - care about. .

This is the reality: governments, historically, regardless of ideological currents, ignore the role and importance of the CVM and fail to provide the necessary means for it to fully fulfill the objectives for which it was created in 1976. Politicians, then, they remember her only in extraordinary moments; and they abandon their memories when it stops giving them or providing (some) exposure.

The CVM works magic with the limited human resources (in quantitative, not qualitative terms) and financial resources available to them. In fact, while certain local authorities are squandering nababesque spaces, they still struggle to have adequate means of remote access and transmission.

As if that were not enough, it is criticized for facts for which it is not responsible; as if it were its responsibility, following the same example mentioned above, to audit the conduct of listed companies, which are subject not only to the scrutiny of international auditors but, and here comes a relevant fact, by financiers, bankers, institutional investors and rating companies.

Leaving, from this point on, the criticism of the criticism, and moving on to what matters, the development of the capital market should not be an option, but a mission of any government truly concerned with structural, social and economic development. In fact, it is a State issue, which should not be subordinated to party changes.

The country will not emerge from its status as an eternal promise and, more importantly, as an aspiring global power without the development of its capital market, which offers entrepreneurs, in developed environments, alternative resources to traditional financial products - which are supported, in Brazil, at prohibitive rates - and, at the same time, products that may be more profitable for the saving and saving population.

With the advent of the SAF Law, this perspective, in relation to football activity, stopped being speculative and became a fact. In this sense, public offers backed by football revenues or commercial notes are already circulating, and other operations should, in the near future, expand the market.

The CVM could not, therefore, remain inert; in particular due to the fact that SAF's access to the capital market should increase the base of individual investors, many of them (it is believed) new and with no previous experience - and driven, eventually, by passion.

CVM Guidance Opinion no. 41, of August 21, 2023, the subject of a series of 4 texts published in this Column, thus expresses the perception of relevance of the topic - and its consequences, which had already justified the realization, at the municipality's headquarters, in November 2022, of the 1st Brazilian Seminar on Football, the SAF Law and the Capital Market.

And now, the continuation of the effort to build a safe and sustainable environment, with the holding, on October 16th, of the 2nd Brazilian Seminar on Football, the SAF Law and the Capital Market.

In this endeavor, the CVM will not go alone. The event, held by IDSA, AASP and Migalhas, and with institutional support from the CVM itself and B3, will once again bring together, at the municipality's headquarters, essential names who work in politics, in the financial and capital markets, in clubs football and in SAFs, as well as teachers, lawyers and regulators.

As has already been stated in this space, in the future, when Brazil has formed, if not the largest, one of the largest markets on the planet, the role of the CVM cannot be forgotten; In other words, she should be praised for her responsible and commendable performance in favor of the country's development.