The Brazilian Pension Funds Authority (PREVIC) issued a circular letter to closed complementary pension entities (EFPCs) clarifying how to apply CNPC Resolution 62/2024 on the use of resources in the Administrative Management Plan (PGA), including the timing of reporting and public disclosure requirements. For the Annual Information Report (RAI), the procedures set out in Article 17 should be applied starting with the 2026 RAI, which must include information for the 2025 financial year. PREVIC also reiterated that, since the resolution entered into force on 24 March 2025, EFPCs must make publicly available on their websites the PGA rules, the annual budget and, where required, the multi-year budget, and detailed information on administrative management revenues and expenses for the last three financial years. The budget disclosures required under Article 18(II) must be presented with a minimum level of detail corresponding to trial balance line items. For entities with resources recorded in a shared administrative fund, the one-year period from 24 March 2025 covers not only amending the PGA rules but also preparing the multi-year budget and conducting a feasibility study.

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