The Federal Government is preparing a new legislation aiming to establish a complementary pension scheme for the Brazilian federal civil servants. A draft law 1.992 of 2007, submitted for approval to the National Congress, seeks to establish a complementary pension fund for federal civil servants which will manage members’ contributions and pay benefits. New legislation is awaited.
Brazil reinforces supervisory framework over private pension industry and takes measures to improve co-operation among regulatory and supervisory agencies responsible for oversight of the financial industry through establishment of a special Committee.
As of January 2010, a New National Superintendence for Pension Funds (PREVIC) has established to oversight Brazil’s closed pension funds. PREVIC is an independent entity linked to the Ministry of Social Security, which is administrated by a board and financed mainly from a supervision fees levied on the pension funds.
PREVIC Information note
New Good Practices Guide was issued to the attention of pension industry (version in Portuguese).
In line with the international recommendations, the co-operation among financial sector regulatory and supervisory agencies in Brazil is being reinforced by creation of the Subcommittee on monitoring of the financial system stability. The main goal of this Committee is to facilitate and co-ordinate the information exchange among the member agencies, as well as promote co-operation with financial sector regulators and supervisors abroad and international organisations.
Explanatory Memorandum N°12 - Creation of the subcommittee on monitoring of the financial system stability