Rio Enacts Stricter Transparency Rules for State Pension Fund

Overview

• Acting governor Ricardo Couto sanctioned Law 11.193/26 on Thursday, May 21, 2026, which requires Rioprevidência to publish detailed investment reports every six months including the annual investment plan, recipient institutions with CNPJs, amounts applied, remuneration rates and management fees.
• The law forces any financial operation that exceeds regulatory limits to have a formal technical opinion, express approval by the fund’s Board of Administration recorded in the minutes and a public summary posted on Rioprevidência’s website.
• Couto vetoed provisions that would have forced the fund to invest only in federal public banks, arguing such a restriction would harm diversification, liquidity and competition and noting the 2026 Annual Investment Plan already sets credentialing criteria.
• Federal Police continue to investigate alleged irregular investments of about R$1 billion made between November 2023 and July 2024 in Banco Master, and Rioprevidência, led since April by Felipe Derbli de Carvalho Baptista, says its applications followed approved limits.
• Because Rioprevidência pays state pensions, the new rules raise public scrutiny over counterparty choice and risk controls and could lead to faster detection of problem bets once the mandated semiannual disclosures and the police inquiry produce new information.