The National Superintendency of Complementary Social Security (or Previc), a new pension regulator for Brazil's closed pension funds, was created on January 26. Previc-which replaces the previous regulator that was subordinate to the Social Security Ministry-is autonomous, administered by a board, and has its own budget financed mainly through fees paid by the pension funds based on their assets under management. Closed pension funds are sponsored by one or more companies in the same sector or industry, by labor unions, and by professional groups for their employees. At the end of September 2009, there were 372 closed pension funds with 475 billion reais (US$254 billion) in total assets under management.

Source: "Brazil," International Update, U.S. Social Security Administration, October 2009; "Brazil-Regulation and Supervision of Closed Pension Funds," IOPS/OECD Global Forum, Rio de Janeiro, October 2009; "PT e PMDB Vão Fiscalizar Filhões dos Fundos de Pensão," O Globo, 25 de janeiro de 2010; Ministério da Previdência Social, Notícias, 26 janeiro de 2010; "New Pension Regulator Previc Ready to Operate After Lula Signs Decree," Business News Americas, January 27, 2010.