Regulatory Alerts2024-03-08
Added · Updated
Compilation of Regulatory and Control Rules for Pension Funds - Adjustments under Law No. 20.130 of 2/5/2023 and Regulatory Decree No. 413/023 of 19/12/2023
The Financial Services Superintendence amends investment limits, account statement requirements, advisory obligations, and reporting duties for Pension Savings Fund Administrators. Specifically, it sets a 70% cap on investments in financial trust issuances, mandates semi-annual account statements with detailed transaction data, requires 3-12 months' notice for subfund changes, and updates external audit and insurance reporting timelines. The resolution also establishes a sanction regime for administrators, including fines up to 400,000 indexed units and potential license revocation.
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