The Brazilian Pension Funds Authority (PREVIC) has completed a first-stage assessment of fiscal council opinions submitted by closed pension entities (Entidades Fechadas de Previdência Complementar, EFPC) on their 2024 financial statements, using the review to check regulatory conformity and identify potential weaknesses that may require closer risk-based supervision. Submission of each entity’s fiscal council opinion is required under Article 362 of PREVIC Resolution 23/2023 and must be filed electronically by 31 March for the prior financial year. In this initial phase, PREVIC’s monitoring unit analysed 249 opinions: 224 (90%) were favourable to approval, 17 (6.8%) approved with observations, five (2%) included qualifications, one recommended rejection, one abstained from assessment, and one contained conflicting wording. Opinions with relevant findings have been referred for more detailed review, and PREVIC may request additional information, explanations and documents from the affected EFPC.
Brazilian Pension Funds Authority (PREVIC) 2025-09-10
Brazilian Pension Funds Authority reviews 249 closed pension fund fiscal council opinions for 2024 and flags cases for deeper supervision
The Brazilian Pension Funds Authority (PREVIC) assessed fiscal council opinions from closed pension entities on their 2024 financial statements, focusing on regulatory conformity and potential weaknesses. Of the 249 opinions reviewed, 90% were favourable, while others included observations, qualifications, or conflicting wording. Opinions with significant findings have been referred for further review, with PREVIC potentially seeking additional information from the entities involved.