Brazilian Pension Funds Authority (PREVIC) published an updated version of its Resolution 23 rulebook for Closed Supplementary Pension Entities (EFPC), following a public consultation, with the revised text enacted through Resolution PREVIC 26/2025 in the Official Gazette. The update complements guidance issued by the National Council for Supplementary Pensions (CNPC) and the National Monetary Council (CMN) and incorporates 49 of 251 consultation submissions. The consolidated text incorporates CNPC resolutions on the Administrative Management Plan (PGA), marking-to-curve and the treatment of the stock of automatic enrolments, and aligns investment rules with CMN Resolution 5202/2025 and Brazilian Securities and Exchange Commission Resolution 175/2022. Key changes include removing EFPC under special supervisory regimes from the annual segmentation list and adding recommendations calibrated to size and complexity, recommending integrity and diversity, equity and inclusion (DEI) programmes for S1 and S2 entities, and requiring all EFPC to adopt a communications and customer service policy with multichannel service and recorded replies within 30 days. Associations are explicitly permitted to participate as interested parties in licensing proceedings and submit arguments and documents during the evidentiary phase, while PGA information must be published on the entity’s website in a publicly accessible area without restrictions. Under ASG provisions, funds must assess whether sustainability factors in investments are material and disclose information on ASG impacts in their portfolios, and the deadline for amending benefit-plan bylaws to comply with CNPC Resolution 50/2022 was extended to 31 December 2026. PREVIC scheduled a videoconference on 19 December 2025 to present the changes and indicated it will publish a specific ordinance on ASG in the first half of 2026.

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