1. Under the terms of paragraphs l) and n) of number 2 of article 23 of Decree-Law no. 12/2006, the management regulations must contain "the maximum remuneration of the management entity" and that of the depositaries.
2. In this sense, it is mandatory that the management entity "clearly" explains how these commissions, as well as any others, are calculated, and when indexed to the value of the fund, it should be further specified whether they apply to a net or illiquid value, since the perfect determinability of the object of legal transactions, in addition to one of their validity requirements, also prevents future disputes.
3. In the case of PPR funds, as long as no regulatory rule of the Portuguese Insurance Institute is issued on the appropriate means of disclosure of the detailed composition of their investments and the number of investment units, the obligation to disclose them in the Bulletin of the Euronext Lisbon Stock Exchange, in accordance with the provisions of paragraph 1 of Article 4 of Regulatory Rule no. 6/2003-R, of 12 February, still exists.
4. 4. It is not sufficient only to state the causes of termination of the fund in order to comply with the provisions of paragraph s) of number 2 of article 23 of Decree-Law no. 12/2006, and therefore the management entities must specify the process to be adopted in this situation, even if it is stipulated that the same occurs under the terms of the Legal Framework of Pension Funds.