The Brazilian Pension Funds Authority (PREVIC) indicated at an Abrapp regional industry meeting that the draft of an updated sanctions decree for closed pension funds (Entidades Fechadas de Previdência Complementar, EFPC) is complete and awaiting a decision on the timing of issuance, updating the current sanctions framework set by Decree 4,942/2003. According to PREVIC’s superintendent, the decree is intended to improve the business and operating environment by providing greater certainty, encouraging regular management actions and supporting risk-taking within a clearer supervisory perimeter. PREVIC’s director of standards also pointed to recent regulatory and supervisory changes affecting the sector, including references to Resolution PREVIC 23/2023, National Monetary Council Resolution 5,202/2025 and National Complementary Pension Council resolutions, alongside a revision of 20 internal supervision manuals and greater segmentation of entities to standardise supervisory procedures by size and complexity. He linked the decree to the concept of “regular management act” validated in 2024 by a Federal Court of Accounts ruling and argued the updated sanctions regime would better differentiate outcomes such as warnings from cases involving wilful misconduct. No timeline was provided for the decree’s issuance. Separately, the Ministry of Social Security representative noted that a draft resolution to expand automatic enrolment to additional workers is under public consultation.

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