The Superintendency of Banking, Insurance and Private Pension Fund Administrators (“SBS”) approves the Regulation of the Registry of Companies and Persons that carry out Financial or Currency Exchange Operations, supervised by the Superintendency of Banking, Insurance and Private Pension Fund Administrators, through the Peruvian Financial Intelligence Unit (“Regulation”), for the prevention of money laundering and financing of terrorism. By means of SBS Resolution No. 650-2024, published in the official gazette “El Peruano” on February 26 of this year, said entity approved the Rule, which replaces the one approved by SBS Resolution No. 6338-2012.
It is specified that the Rule applies to legal entities incorporated in Peru, or to branches established and registered in Peru of legal entities incorporated and domiciled abroad.
It is specified that the definition of “exchange house” and, therefore, the activity of currency exchange, does not apply with respect to cryptoassets or cryptocurrencies, therefore the Rule would not apply to those who carry out activities with respect to cryptoassets or cryptocurrencies.
The registration in the Registry of Companies and Persons that carry out Financial or Currency Exchange Operations, in which exchange houses and/or loan and/or pawn companies are registered, is now of indeterminate validity.
New cases of cancellation of registration in said registry are established, among them, advertising activities using the logo of the SBS or indicating that they have the authorization, license, endorsement, guarantee or similar from the SBS.
The powers of the SBS in the event of the occurrence of any of the cases of cancellation of registration, or failure to comply with the obligation of registration, include, in addition to ordering the closing of the premises, the power to request, in the case of exchange houses and loan and/or pawn companies that operate electronically, as the case may be, to the supplier or the competent authority, the blocking of the electronic media through which they carry out their activities.
The SBS amends the Regulation for the Market Risk Effective Equity Requirement, approved by SBS Resolution No. 6328-2009 and the Regulation for the Operational Risk Effective Equity Requirement, approved by SBS Resolution No. 2115-2009. By means of SBS Resolution No. 525-2024, published in the official gazette “El Peruano” on February 12, 2024, the SBS approved the amendment of the aforementioned regulations, to establish new terms for the adjustment factors applicable to market risk weighted assets and operational risk weighted assets, so that they are in line with the new term of adequacy applicable to the minimum solvency requirements set forth in Article 199 of the General Law, established by SBS Resolution No. 274-2024.
The SBS amends the Regulation of capital requirements for insurance and reinsurance companies, approved by SBS Resolution No. 1124-2006 (“Capital Requirements Regulation”), the Chart of Accounts for Insurance System Companies, approved by SBS Resolution No. 348-95 (“Chart of Accounts”), among other provisions. By means of SBS Resolution No. 397-2024, published in the official gazette “El Peruano” on February 5, 2024, the SBS approved the amendment of the aforementioned regulations, mainly as follows:
The Regulation on Capital Requirements was amended to leave without effect the change in the calculation methodology, based on claims, of the solvency margin of group life insurance, provided for in SBS Resolution No. 1761-2021, in order to mitigate the impact of the excess mortality caused by the COVID -19 pandemic on insurance and/or reinsurance companies. Also, clarifications were made with respect to the calculation of indebtedness by the mentioned companies.
Annex No. ES-33 is modified, which allows gathering more detailed information corresponding to the remuneration paid to brokers, promoters, bancassurance and insurance marketers, in order to specify the type of remuneration that must be reported, and the Chart of Accounts is modified in order to incorporate clarifications in accordance with the modification of Annex ES-33.
SBS authorizes publication of draft Resolution approving amendments to the Credit and Debit Card Regulations approved by SBS Resolution No. 6523-2013, the Regulations for Information Security Management and Cybersecurity approved by SBS Resolution No. 504-2021, the Regulations for Market Conduct Management of the Financial System approved by SBS Resolution No. 3274-2017 and the Regulations for Complaints and Requirements Management approved by SBS Resolution No. 4036-2022. By notice dated February 15, 2024, the SBS authorized the dissemination, for the receipt of comments from the public, of the aforementioned project.
SBS authorizes the publication of the project that approves a new Regulation of Credit Foreign Exchange Risk Management. By means of a notice dated February 19, 2024, the SBS authorized the publication of the above mentioned draft for public comments.
SBS authorizes the publication of the draft amendment to the Chart of Accounts for Insurance System Companies, approved by Resolution SBS No. 348-95 and the External Audit Regulations, approved by Resolution SBS No. 17026-2010. By means of a notice dated February 19, 2024, the SBS authorized the dissemination of the aforementioned draft for public comments.
