Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance (the “LGSF”) is amended. Legislative Decree No. 1646, published in the Official Gazette El Peruano on September 13 of this year, amended the LGSF in order to (i) reduce the minimum capital required for cash transport custody and management companies that provide services to companies supervised by the Superintendency of Banking, Insurance and Private Pension Fund Management Companies (the “SBS”), and (ii) simplify the rules regarding the concentration operating limits applicable to companies in the financial system.
The Superintendence of the Securities Market (“SMV”) authorizes the publication of the Draft of “Provisions that regulate the mechanisms for the subscription of the Form that contains the information of the beneficial owner of the Legal Entities”. By means of Resolution SMV N° 009-2024-SMV/01, published in the Official Gazette El Peruano on September 5, 2001, the publication of the aforementioned draft is authorized for public comments.
The SBS approves the Rule that establishes the guidelines that regulate the operation of the Peruvian Public-Private Financial Information Exchange Mechanism (“MEPIF”). By means of SBS Resolution No. 3330-2024, published in the Official Gazette “El Peruano” on September 23rd of this year, the SBS approved the above-mentioned regulation, whose objective is to establish an information exchange instance between the public and private sectors, to prevent and combat extortion and related crimes.
The MEPIF will be integrated by public and private sector entities, who will appoint representatives, and will have an Executive Secretariat, in charge of the SBS, through the UIF-Peru.
The aforementioned Rule regulates the bodies of the MEPIF, including the Plenary Assembly, as well as its working groups, among other aspects.
This rule provides that the MEPIF will be installed at the first session of the Plenary Assembly, which will be convened by the Executive Secretariat.
The SBS approves the Rule that regulates the services provided to citizens and the handling of complaints against supervised companies (“Rule”). By means of Resolution SBS No. 3141-2024, published in the Official Gazette “El Peruano” on September 9 of this year, the aforementioned entity approved the Rule, which regulates the services provided by the SBS to citizens and establishes the requirements and procedures for the processing of complaints against supervised companies. The Rule replaces a similar rule approved by SBS Resolution No. 4464-2016 (which is repealed), in order to introduce new approaches, principles and definitions relevant to the procedures initiated in relation to such services and complaints.
Along these lines, the Standard establishes that the services provided by the SBS must comply with the approaches of quality of service, intercultural and attention to persons with disabilities, and that they are governed by the principles of accessibility, non-discrimination, treatment with respect to cultural differences, mutual respect and timeliness of attention.
The Standard also establishes specific provisions with respect to the different services it provides, including citizen orientation and consultation services.
In addition, the Rule establishes the requirements that must be complied with for the attention of complaints, specifying that such complaints must deal with the possible breach of any of the obligations set forth in the regulatory framework that governs the activities regulated and/or supervised by the SBS, excluding other situations such as disputes between individuals, discussions on contractual aspects that may exist between a supervised company and a citizen, as well as those facts that could imply an affectation of consumer rights.
The SBS amends Title VI of the Compendium of Superintendence Rules of the Private Pension Fund Management System, approved by Resolution No. 052-98-EF/SAFP (“Compendium”), and Annex 4 of the Regulation of Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Management Companies, approved by Resolution SBS No. 2755-2018 (“Regulation of Infractions”). By means of Resolution SBS N° 3001-2024, published in the Official Gazette “El Peruano” on September 2 of the current year, the referred entity approved the modification of the aforementioned regulations.
The aforementioned resolution modifies the regime of imputability of the private pension fund managers (“AFP”) for the excess investments with the resources of the pension funds they manage, contained in Title VI of the Compendium, mainly in the following aspects:
Annex 4 of the Regulations on Infractions is amended to qualify as a serious infraction of the AFPs: (i) not complying with the replacement of determinable losses generated by imputable investment excesses with own resources to the pension funds, and (ii) incurring in excesses imputable to the maximum investment limits and/or sublimits.
