The Superintendency of Banking, Insurance and Private Pension Fund Administrators (“SBS”) amended its Regulation of Infractions and Sanctions, approved by SBS Resolution Nº 2755-2018. Through SBS Resolution No. 01814-2023, published in the Official Gazette El Peruano on May 25, 2023, the SBS approved the modification of the Sanctions Regulation to, among others, incorporate the following three infractions, referring to the financial system and complementary and related services companies:
Carrying out repurchase of credit portfolio, exchange or use any mechanism through which, directly or indirectly, it assumes all or part of the credit risk of the transferred portfolio, excluding spot transactions with repurchase agreement or purchase option made with the Central Reserve Bank of Peru and those with SBS authorization, as established in the regulations in force.
Not having prior authorization from the SBS for the acquisition of the loan portfolio of a related party, except in the case where the transferor is a company supervised by the SBS in accordance with current regulations.
Exceeding the sub-limit of 40% of the total effective equity for the acquisition of movable and immovable assets, in accordance with the provisions of the regulations in force.
The SBS published draft regulations to amend the Special Rules for the Implementation of Law Nº 30607, Law that modifies and strengthens the operation of Municipal Savings and Credit Banks (CMAC), approved by SBS Resolution Nº 1325-2018 and its amendments, in order to be consistent with the provisions of Law Nº 31711, Law for the Strengthening of Municipal Savings and Credit Banks to promote competition for the benefit of consumers. By notice dated May 26, 2023, the SBS published the aforementioned draft for public comments until June 26, 2023.
