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Asian Investment Desk
Banking and Finance
Banking Regulation
Capital Markets
Corporate and Commercial
Corporate Compliance
Energy
Environmental
ESG | Environmental, Social and Governance
Fintech
Fishery
Forestry
Immigration
Infrastructure and Concessions
Insurance and Reinsurance
Intellectual Property
International Trade and Customs
Labor & Employment
Life Sciences
Maritime and Aviation
Mergers and Acquisitions
Mining
Oil & Gas
Privacy and Data Protection
Project Development
Project Finance
Public Law
Public Procurement
Public Services Regulation
Real Estate Investment
Restructuring and Insolvency
Tax
Telecom, Media & Technology (TMT)
Venture Capital and Entrepreneurship
Water Resources and Sanitation
Wealth Management
Newsletter
Capital and Financial Market Newsletter - June 2024
Themes
July 1, 2024
SBS standards
The Superintendency of Banking, Insurance and Private Pension Fund Administrators ("SBS") modifies the Credit and Debit Card Regulation, approved by Resolution SBS No. 6523-2013, the Regulation for Information Security and Cybersecurity Management, approved by SBS Resolution No 504-2021, the Regulation on Management of Market Conduct of the Financial System, approved by SBS Resolution No. 3274-2017, and the Regulation on Claims and Requirements, approved by Resolution SBS No. 4036-2022. By Resolution SBS No. 2286-2024 ("Resolution"), published in the official journal "El Peruano" on 28 June of this year, the entity approved the amendment of the above-mentioned regulations, mainly for:
- Establish that the process of authentication of the user for making transactions with credit and/or debit cards must be carried out as set out in article 19 of the Regulation for the Information Security and Cybersecurity Management, approved by Resolution SBS N° 504-2021, using the authentication factors provided for in that regulation, and following the special rules established by said Resolution.
- Provide for the obligation of financial system enterprises to use some or a combination of authentication factors, to verify the identity of its customers and to record the acceptance of financial products and services contracts they enter into with them.
- Establish liability for the entities of the financial system in case of transactions not recognised by customers or carried out without the authentication mechanism reinforced.