In an interview, the Brazilian Pension Funds Authority (PREVIC) previewed a public consultation planned for 2025 to amend its consolidated regulatory framework for closed pension funds set out in Resolution PREVIC 23/2023, describing the rulebook as a “living” code that is periodically refreshed to reflect new higher-level requirements. PREVIC framed Resolution 23/2023 as having centralized and simplified dispersed rules on supervision, investments and plan regulations, improving clarity and legal certainty while cutting compliance costs. Reported changes include reducing data and documentation requests that were not being used effectively and shifting the submission of certain accounting annexes from monthly to annual reporting with more targeted content. On supervision, the framework replaced an approach focused on 18 systemically important entities with a segmentation model covering all 270 closed pension entities, and introduced risk-based, predictive supervision. The “regular management act” concept was also detailed to protect diligent, disinterested, independent and good-faith decisions by fiduciary managers, and PREVIC noted a unanimous favorable opinion from the Federal Court of Accounts following a challenge. The upcoming consultation will reopen only selected provisions to incorporate changes issued by the National Council of Complementary Pensions (CNPC) and the National Monetary Council (CMN), including rules affecting the Administrative Management Plan (PGA), sponsor withdrawal, automatic enrolment and the marking of securities. PREVIC also flagged the need to align terminology with Brazilian Securities and Exchange Commission (CVM) rules and to implement CMN Resolution 5202/25 on socially responsible (ASG/ESG) investment, which it described as introducing an explicit requirement that must be prioritised by materiality and relevance. It has been conducting stakeholder meetings since June with industry associations and a range of closed pension entities, and intends to run a consultation once a year to balance updates with regulatory stability.
Brazilian Pension Funds Authority (PREVIC) 2025-08-13
Brazilian Pension Funds Authority PREVIC prepares public consultation to update consolidated closed pension fund rules including ESG investment requirements
The Brazilian Pension Funds Authority (PREVIC) plans a 2025 public consultation to amend its regulatory framework for closed pension funds under Resolution PREVIC 23/2023. This will address provisions to align with changes from the National Council of Complementary Pensions and the National Monetary Council, including rules on the Administrative Management Plan, sponsor withdrawal, and ESG investment. PREVIC aims to balance updates with regulatory stability through annual consultations.