Brazilian Pension Funds Authority (PREVIC) used a working meeting with Social Security Minister Carlos Lupi to set out two regulatory and supervisory priorities for 2025: revising the investment guidelines applicable to closed pension funds and updating the sanctions framework. PREVIC said the National Monetary Council should revise the current investment guidelines, noting that without changes closed pension funds (EFPCs) are prevented from investing in various products authorised under Brazilian Securities and Exchange Commission Resolution 175. A draft revision prepared by PREVIC was presented in April 2024 following discussions under the Financial Reforms Agenda coordinated by the Ministry of Finance and is under analysis at the Ministry. Separately, PREVIC is seeking a revision of the 2003 decree governing the sanctions regime to increase legal certainty, improve the definition of offences, and clarify limits and implications for pension fund decision-making; its draft has been with the Presidency’s Civil House since August 2024.
Brazilian Pension Funds Authority (PREVIC) 2025-01-23
Brazilian Pension Funds Authority (PREVIC) calls for updates to closed pension fund investment rules and the sanctions regime
The Brazilian Pension Funds Authority (PREVIC) set two 2025 priorities: revising investment guidelines for closed pension funds and updating the sanctions framework. PREVIC urged the National Monetary Council to amend guidelines to allow EFPCs to invest in products under Brazilian Securities and Exchange Commission Resolution 175. Additionally, PREVIC seeks to revise the 2003 sanctions decree to enhance legal certainty and clarify offences and decision-making limits.