The Brazilian Pension Funds Authority (PREVIC) updated Resolution PREVIC 23/2023 to introduce minimum timeframes for reviewing licensing requests and to adjust deadlines in the decision stage. The changes, set out in Annex III, are intended to ensure sufficient technical scrutiny of complex matters affecting EFPC participants and beneficiaries. Annex III now specifies, by request type, minimum and maximum review times for the instruction phase and a decision deadline. Minimum instruction-phase review ranges from 10 days for certain fit-and-proper assessments (for example, senior officers of EFPC in the S1 segment) to 20 days for structural and higher-complexity requests such as mergers, split-ups or incorporations, migrations, plan settlement and sponsor withdrawal, with several categories allowing up to 110 days for instruction; decision deadlines are set at 30 days for most matters and 15 days for fit-and-proper assessments and the recognition of a certifying institution. Requests tied to certified or standardised models, or processed via automatic licensing, are listed in the annex without specified instruction or decision timeframes. The revision was finalised following Public Consultation No 01/2025/PREVIC conducted in the second half of 2025.

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