News Draft regulatory rule on pension funds in Public Consultation 12/05/2022

The Insurance and Pension Funds Supervisory Authority (ASF) submitted to public consultation the Draft Regulatory Norm amending Regulatory Norm 7/2007-R, of 17 May, referring to the governance structures of pension funds. Comments on this project can be sent until May 30, 2022.

ASF highlights the following innovations:

• The monitoring committee is appointed for a term of five years, unless a shorter period is provided for in the articles of association or collective adhesion contract;
• The automatic renewal of mandates of the monitoring committee members is not allowed;
• The managing entity may dismiss the members of the monitoring committee in case of incapacity for the normal exercise of their respective functions, namely, when the member is unable for health reasons;
• Existence of deadlines for holding and publicizing the elections, without prejudice to the respective content and any notifications;
• The articles of incorporation or the collective adhesion contract may stipulate that, after sending the necessary elements to the members of the monitoring committee to proceed with the deliberation provided for in paragraph b) of paragraph 1 of article 139 of the RJFP, if the committee does not deliberate in a period which cannot be less than 15 days, it is considered that it has deliberated favourably, without prejudice to the respective convening;
• Provision for the possibility of appointing or replacing the representatives of the two most representative unions in the sector of activity at any time, for the fulfilment of the remainder of the mandate;
• Possibility of representatives of participants and beneficiaries to convene an extraordinary meeting annually.

You can consult the text of the Draft Regulatory Standard here, or click on the link to the respective ASF page.