The Brazilian Pension Funds Authority (PREVIC) published a status update on two years of implementation of Resolution PREVIC 23/2023, highlighting changes to supervision of closed supplementary pension entities (EFPC) and confirming a further revision planned for 2025 via public consultation. Key implementation elements cited include moving from a model focused on 18 “systemically important entities” to a segmentation approach, under which PREVIC applies closer, proportionate supervision across the country’s 270 EFPC based on size and complexity. The framework also shifted supervisory practice from rules-based enforcement towards risk-based supervision, with more structured risk identification, assessment, control, and monitoring, alongside manualised inspection procedures and standardised requirements by segment (S1 to S4). The update also points to clearer treatment of the “regular management act”, setting conditions for assessing managers’ conduct, while preserving sanctions in cases of illegality, fraud, or gross error, and notes the ongoing operation of participation bodies including the National Actuarial Commission, the Promotion Commission, and the Commission for Monitoring Relevant Actions. PREVIC expects the next public consultation for the second revision of Resolution PREVIC 23/2023 to take place in September, focusing on aligning the framework with rules issued by the National Council for Complementary Pensions and the National Monetary Council, including requirements on securities marking and criteria for socially responsible (ESG) investments by EFPC. The authority also referenced its 2024 revision process, which ran for 45 days and received 10,300 suggestions covering changes to 50 of the resolution’s 389 articles.

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