Portugal's Insurance and Pension Funds Supervisory Authority suspends pension fund disclosure rules until 1 January 2027

Portugal's Insurance and Pension Funds Supervisory Authority (ASF) issued a regulatory standard suspending the effects of its recently adopted information-disclosure requirements for closed pension funds and for collective and individual memberships in open pension funds, delaying their application to 1 January 2027. The suspended framework, set out in Regulatory Standard No. 7/2025-R, operationalised disclosure duties under Portugal’s pension funds legal regime, including requirements on the preparation, content, format and availability of information documents and the provision of information on individual memberships in open pension funds for publication on ASF’s website. ASF cited the need for pension fund management entities to have a longer operational adaptation period, and signalled it will re-evaluate the requirements in the context of its regulatory simplification work and the proposed amendment to Directive (EU) 2016/2341 on occupational pension institutions. The suspension runs until 1 January 2027; by then ASF plans to complete and publish its re-evaluation and adopt any further regulatory initiatives it considers appropriate. The suspending standard enters into force the day after publication and followed a public consultation that received one response supporting the initiative.