The Brazilian Pension Funds Authority (PREVIC) outlined, in remarks at an Abrapp seminar, how it intends to implement National Monetary Council CMN Resolution 5202/2025 updating investment rules for closed pension funds (EFPCs), including a forthcoming public consultation to set ESG impact assessment, disclosure and transparency expectations for benefit plan investment portfolios. PREVIC’s director of standards indicated the consultation will be issued via PREVIC Resolution No. 23 and aims to build an auditable, transparent and proportional framework reflecting differences in funds’ size and complexity. The ESG criteria would require defined indicators and greater professionalisation by both supervised entities and PREVIC’s own auditors, followed by monitoring, supervision and enforcement. The authority also reiterated a shift toward more predictive, guidance-oriented risk-based supervision, noted that its collegiate board has revised 20 internal inspection manuals, and described work on an updated sanctions regime intended to classify infringements and calibrate penalties, with draft amendments to Decree 4,942/2003 under review at the Presidency’s Civil House. PREVIC also argued the updated investment framework should support greater diversification beyond the current concentration in government bonds and signalled support for solvency rule changes so deficit recovery plans can be required based on each plan’s actual liquidity and structural position.

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