Pope Francis reshapes Vatican’s financial investment rules with new Motu Proprio

The Holy See has announced a major reform in the management of its financial investments. Through the Apostolic Letter Coniuncta Cura, issued Motu Proprio by Pope Francis and signed by Cardinal Fernando Vérgez Alzaga Prevost, the Vatican has ended the exclusive role of the IOR (Institute for the Works of Religion) in handling the Curia’s financial investments. The document redefines responsibilities and introduces greater flexibility and transparency in how the Holy See manages its assets.

Under the new provisions, the Administration of the Patrimony of the Apostolic See (APSA) will “generally make effective use of the IOR’s internal organizational structure,” but may also turn to “financial intermediaries established in other states,” if deemed more efficient or appropriate by the competent bodies. This marks a significant shift from the 2022 rules that had centralized investment operations exclusively within the IOR.

The Apostolic Letter, dated 29 September 2025, abrogates the previous Rescriptum ex Audientia SS.mi of 23 August 2022, titled Instruction on the Administration and Management of Financial Activities and Liquidity of the Holy See. The reform aims to streamline governance, clarify institutional roles, and promote “co-responsibility within the communion,” in line with the Apostolic Constitution Praedicate Evangelium of March 2022.

“This shared responsibility,” the letter states, “requires that the provisions developed over time be consolidated and that the roles and competences of each institution be clearly defined, allowing all to converge in a dynamic of mutual collaboration.”

The new norms will take immediate effect upon publication in L’Osservatore Romano and will later be included in the Acta Apostolicae Sedis, the official gazette of the Holy See.

The reform underscores Pope Francis’s continued push for financial transparency and accountability within the Vatican, reinforcing oversight mechanisms while allowing the Curia to better adapt to a complex global financial environment.