Overview
- SBS Resolution No. 04225-2025 took effect the day after its Nov. 27 publication, enabling financial and insurance firms to manage pension funds as Empresas Administradoras de Fondos via an Additional Line of Business.
- Applicants must secure SBS authorization with a formal request, feasibility studies on economic, technical, operational and technological capacity, robust governance and conflict‑of‑interest controls, and they must accept verification visits.
- The supervisor set a 40 business‑day window to rule on each application under a new TUPA procedure, with an alternative entry route through auctions for new affiliate accounts.
- Existing AFPs must support market entry by centralizing SPP operational processes, disclose the terms for access to centralized services by Dec. 31, 2025, and submit a centralization implementation plan by Feb. 28, 2026.
- The resolution allows commercial alliances, loyalty programs and shared premises under transparency rules, while experts caution the accelerated process may advantage well‑prepared players and could intensify competition for affiliates.