At the XXVI National Congress of Anapar in Recife on 22–23 May, the Brazilian Pension Funds Authority (PREVIC) used its interventions to brief stakeholders on supervisory changes under Resolution PREVIC 23/23 and on the recently published National Monetary Council Resolution 5202/25, which updates the investment framework for closed pension funds (Entidades Fechadas de Previdência Complementar, EFPC). PREVIC also reiterated that the prohibition on direct or indirect investment in cryptoassets remains in place. Resolution PREVIC 23/23 was presented as consolidating and systematising the administrative sanctioning process, with an emphasis on transparency, legal certainty and the “regular act of management”, alongside risk-based supervision and governance expectations aligned with practices seen in the Brazilian Securities and Exchange Commission and the Central Bank of Brazil. PREVIC highlighted a move from a monitoring approach focused on around 18 “systemically important” entities to a segmentation model under which all 270 EFPC are monitored based on size and complexity, using objective supervisory criteria set out in the Annual Inspection Program. On investments, CMN Resolution 5202/25 was described as incorporating environmental, social and governance factors into decision-making and allowing additional instruments and channels, including FIAGRO and CBIO in the structured segment, foreign investment via funds (including retail funds), treating all BDRs as domestic assets, and direct investment in incentivised infrastructure debentures under Law 14,801/2024. PREVIC attributed the ongoing crypto-asset ban to traceability concerns, price volatility and the absence of stable regulation consistent with pension investment principles, while noting it is monitoring the market.

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