Regulatory Alerts2021-01-01 | JPRF-F-2021-005JPRF-F-2021-005 — Return of the Administration of Closed Complementary Pension Funds to Their Participants
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2021-005 to establish the regulatory framework for returning the administration of Closed Complementary Pension Funds (FCPC) from the BIESS to private management by participants. The resolution mandates that participant assemblies decide whether to retain BIESS administration or transition to private management, outlining strict procedures for electing administrative councils, selecting legal representatives through merit contests, and ensuring compliance with qualification standards. It further imposes detailed obligations on the outgoing BIESS administration to provide comprehensive financial and legal reports and execute a formal handover process within specified timelines.