Brazil: CVM discloses Guiding Opinion on Football Corporations (SAF) and the stock market
On August 21, 2023, the Brazilian Securities Commission (CVM) disclosed Guiding Opinion No. 41/2023, the purpose of which is to provide general guidelines on Football Corporations (SAF) and the Securities Market. Law 14.193 of August 6, 2021, also known as “SAF Law,” introduced the SAF in the Brazilian legal scenario, allowing the incorporation of joint-stock