The Brazilian Pension Funds Authority (PREVIC) participated in the 4th Seminar of Pension Funds and Private Sponsors 2025 in São Paulo and used the event to set out key supervisory challenges and recent regulatory developments for closed pension funds, with a focus on governance, communication with members and sustainability. During a panel reflecting on “20 years of CGPC Resolution 13/24, what remains to advance?”, PREVIC head Ricardo Pena argued that clearer communication between Entidades Fechadas de Previdência Complementar (EFPC) and participants and beneficiaries has become a core governance issue. He also flagged limited risk appetite as a barrier to portfolio diversification and linked PREVIC Resolution 23/23 to addressing governance failures associated with the “apagão de canetas” by reinforcing the concept of a “regular management act” and the expectation that managers take decisions that are considered, informed and disinterested in line with fiduciary duties. On certification, licensing director Guilherme Campelo noted that Brazil has 14 entities authorised to certify EFPC managers and that, after a suspension of certification processes since 2021, Resolution 23/23 reinstated “certification by experience”. In a session on ESG (ASG) practices, standards director Alcinei Rodrigues highlighted the recent publication of National Monetary Council Resolution 5202/25, developed with intensive PREVIC involvement, and argued for sustainability to be embedded in supervision through continuous improvements in governance and risk management.

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