In the 33rd FundsPeople Legal Debate, José Carlos Sánchez Vizcaíno, Cecabank's Director of Depositary Supervision, pointed out that the regularisation of marketing activity is not yet a reality, but rather "an amendment that is in the process of negotiation as part of the draft Law on the Creation of the Independent Administrative Authority for Financial Customer Protection, which has been in progress for some time". In any case, he pointed out that this change "provides legal certainty and will allow us to harness the traction and reach of marketing entity networks, which will help achieve the goal of the standard to increase the number of participants and assets in employment plans, which is ultimately the most important thing".
José Carlos also highlighted that, within this draft law, the proposal related to the 10-year liquidity scenario has gone unnoticed. This proposal suggests incorporating macroprudential measures to regulate the market in the event of mass withdrawals of vested rights and to avoid systemic risks. However, José Carlos has warned that these measures only manage the problem after it happens and do not prevent the loss of participants or the reduction of assets in Pension Funds, which concerns the industry and affects citizens who will not have these savings to supplement their income after retirement.
