Portugal's Insurance and Pension Funds Supervisory Authority (ASF) published a draft regulatory standard to suspend the production of effects of its pension fund information disclosure rule, delaying its application until 1 January 2027. The suspended rule, Regulatory Standard No. 7/2025-R, operationalises statutory information duties for closed pension funds, collective participation in open pension funds and individual participation in open pension funds, including information intended for publication on ASF’s website. ASF cites the need for pension fund management entities to have a longer period to implement operational changes, particularly around the preparation, content, format and availability of disclosure documents, and signals a planned re-evaluation of the rule in line with its simplification agenda and the proposed amendment to Directive (EU) 2016/2341 on information to be provided to participants and beneficiaries. ASF indicates it will complete the re-evaluation and publish its outcome before the start of 2027, alongside any further regulatory initiatives considered appropriate. The draft notes that it has already been subject to public consultation and that received comments were considered in Public Consultation Report No. 12/2025.
Portuguese Insurance Regulator (ASF) 2025-12-18
Portugal's Insurance and Pension Funds Supervisory Authority proposes suspending pension fund disclosure requirements until 1 January 2027
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) has drafted a regulatory standard to suspend its pension fund information disclosure rule until 1 January 2027. This gives management entities more time for operational changes, with a re-evaluation aligned with ASF's simplification agenda and proposed amendments to Directive (EU) 2016/2341. ASF will complete the re-evaluation and publish findings before 2027, considering further regulatory initiatives as needed.