Alert
Banking and Finance Alert - September 2026
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September 1, 2026
SBS Simplifies Authorization Procedures for Financial System Companies through New Regulation
On August 28, 2026, SBS Resolution No. 02133-2026 entered into force, a regulation that amends the Regulation on the Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021. The regulation aims to optimize the organization and operating authorization procedures, introducing differentiated evaluation schemes based on the risk profile and business model, reducing timeframes, simplifying administrative procedures, and incorporating a pre-qualification stage, while maintaining prudential standards applicable to each profile.
These are the main changes:
- Creation of three differentiated authorization modalities. The SBS distinguishes between:
- the authorization for companies that do not take deposits from the public, whose operating model represents lower complexity, applicable to: Credit Companies (Empresas de Crédito), Complementary or Related Services Companies such as Electronic Money Issuing Companies, General Deposit Warehouses, and Cash Transport, Custody and Management Companies; as well as Specialized Companies, such as Financial Leasing Companies, Factoring Companies, Fiduciary Services Companies, Surety and Guarantee Companies, among others (the “Non-Deposit-Taking Companies”);
- the Special Authorization, applicable to companies that are part of conglomerates under consolidated supervision by the SBS or that, together with the new company, would form part of a conglomerate under supervision, to financial system companies that will be direct or indirect subsidiaries of first-tier foreign banks included in the list published by the BCRP, among others; and,
- the Standard Authorization, applicable to companies that do not qualify for the aforementioned modalities, such as Banks, Finance Companies (Financieras), Cajas Rurales, Cajas Municipales, Cooperatives, Investment Banks.
- A pre-qualification stage is incorporated. Prior to the start of the comprehensive evaluation, the SBS will have a maximum period of 15 days to verify the applicable authorization modality and the minimum documentation submitted. As a result, the SBS may continue with the proceeding or require the applicant to adjust or supplement its submission.
- Differentiated timeframes depending on the authorization modality. Following the pre-qualification, the maximum comprehensive evaluation timeframes are as follows:
- Organization Stage:
- Authorization for Non-Deposit-Taking Companies: 90 days.
- Special Authorization: 70 days.
- Standard Authorization: 120 days.
- Operating Stage:
- Authorization for Non-Deposit-Taking Companies: 120 days.
- Special Authorization: 180 days.
- Standard Authorization: 180 days.
- Organization Stage:
- Feasibility study differentiated by authorization modality. Differentiated requirements are established for each authorization modality, including different time horizons for financial projections and economic-financial and market analysis.
- Document simplification. The self-assessment questionnaire required in the organization application is eliminated, while the one corresponding to the operating stage is maintained. In addition, the simplified regime that previously applied only to Credit Companies now extends to all companies covered by the authorization modality for Non-Deposit-Taking Companies. For these companies, the information on the economic group is reduced and it is not required to prove the communication to the home supervisor regarding receipt of the consolidated supervision questionnaire.
- Simplification of the publication of the organization application. The publication in a newspaper of major national circulation is replaced by publication on the SBS web portal.