Capital Markets Newsletter - June 2026
Themes
SBS REGULATIONS
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (“SBS”) Amends the Regulation on Consolidated Supervision of Financial and Mixed Conglomerates, Approved by SBS Resolution No. 11823-2010 (the “Consolidated Supervision Regulation”)
Through SBS Resolution No. 01681-2026, published in the Official Gazette El Peruano on June 30, 2026, the SBS amended the Consolidated Supervision Regulation. According to the recitals of the resolution, the purpose of the amendment is to strengthen the risk-based supervisory approach and improve the efficiency of information reporting to the SBS. The main changes are as follows:
- The submission format for the Annexes set out in paragraphs B (for financial groups), C (for consolidated groups within the financial system), and D (for consolidated groups within the insurance system) of Article 20 of the Consolidated Supervision Regulation (the “Annexes”) is amended, clarifying when they must be submitted through the External Capture and Validation Submodule (SUCAVE) and when they must also be filed in physical or electronic form:
- If the reporting entity has signed the SUCAVE Agreement, the Annexes must be submitted through this system. However, the Annexes corresponding to paragraph (a) of the “Financial Statements” sections under the aforementioned items must also be submitted in physical or electronic form and must be signed by the General Manager, the Chief Accountant, and at least two directors.
- If the reporting entity has not signed the SUCAVE Agreement, it must submit the Annexes through SUCAVE, as well as in physical or electronic form duly signed by the General Manager and the Chief Accountant. In the case of the Annexes corresponding to paragraph (a) of the “Financial Statements” sections of the aforementioned items, the signatures of at least two directors are also required.
- The exceptional treatment exempting compliance with certain requirements of the Consolidated Supervision Regulation, provided for in its First Final Provision, is expanded to cover cases where the consolidated group within the financial system is composed exclusively of non-deposit-taking institutions. Likewise, where it deems appropriate, the SBS may fully exempt the application of the aforementioned regulation to such groups, as well as to financial groups in which the only entities within the scope of the regulation are credit companies (which were already included under the existing exceptional regime).
- The Fourth Final Provision of the Regulation, relating to the submission of information through SUCAVE, is repealed.
The SBS amends the information requirements regarding shareholding composition and share transfers applicable to various supervised entities
Through SBS Resolution No. 01682-2026, published on June 26, 2026, in the Official Gazette El Peruano, the SBS amended the Accounting Manual for Companies of the Financial System, approved by SBS Resolution No. 895-98 (the “Manual”), as well as various sector-specific regulations, in order to strengthen transparency and corporate supervision of entities under its oversight. The main changes include the following amendments:
- In the Accounting Manual, the current Report No. 1 “Share Transfers” is replaced by the new Report No. 1 “Shareholding Composition,” which must include information on the entity’s shareholding structure as of the reporting date, including the breakdown by class of shares, the nationality of shareholders, and the main shareholders. The Manual also introduces the new Report No. 1-A “Share Transfers,” intended to report share transfers that result in the acquirer’s final holding—calculated on an aggregated basis at the end of each month and considering both prior holdings and acquisitions during the period—reaching or exceeding 1% of share capital. The reporting frequency, submission deadlines, and formats of these reports (the “Reports”) are also established.
- The Regulation for Funds Transfer Companies, approved by SBS Resolution No. 1025-2005, is amended to align its reporting obligations with the new Reports.
- The Regulation for Electronic Money Issuing Companies, approved by SBS Resolution No. 6284-2013, is amended by replacing the designation of Report No. 1 “Share Transfers” with “Shareholding Composition” and introducing the obligation to submit the new Report No. 1-A “Share Transfers.”
- The Regulation for General Warehouses, approved by SBS Resolution No. 040-2002, is amended to require General Warehouse Companies to submit both shareholding composition information and share transfer information to the SBS, using the Report formats and following the same periodicity and deadlines established for financial system companies.
- Additionally, SBS Resolution No. 243-2007 is amended to require Cash Transport, Custody, and Administration Companies to submit information on shareholding composition and share transfers in accordance with the aforementioned Reports, within the deadlines established by the regulation.
The SBS approves the Regulation for the implementation and operation of the Financial Ownership Identification Mechanism (the “Financial Ownership Regulation”)
Through SBS Resolution No. 01586-2026, published on June 10, 2026, in the Official Gazette El Peruano, the SBS approved the Financial Ownership Regulation, within the framework of Legislative Decree No. 1732.
The mechanism established by the regulation (the “Mechanism”) allows certain authorities to confirm whether a natural or legal person holds bank accounts in financial system entities, the Banco de la Nación, or credit unions not authorized to accept public deposits. According to the recitals, its purpose is to reduce the operational burden arising from individual information requests and to strengthen investigations related to money laundering, its predicate offenses, and terrorist financing.
The main provisions of the Financial Ownership Regulation are as follows:
- The Regulation applies to financial system entities referred to in subsection A of Article 16 of Law No. 26702 that receive funds from the public, as well as to Banco de la Nación and savings and credit cooperatives that are not authorized to receive funds from the public.
- The information obtained through the Mechanism does not include transactions, account balances, operations, or any other information protected by constitutional banking secrecy.
- Queries may be submitted by accredited users of authorized and legally entitled entities, including the Public Prosecutor's Office, the Peruvian National Police, judges and courts of the Judiciary, certain congressional investigative committees, the Office of the Comptroller General, the SBS for financial intelligence purposes, and the authorities acting pursuant to Article 6 of Law No. 29782 (i.e., the Superintendence of the Securities Market (SMV)).
- Entities must provide the requested information directly to the accredited user without delay, within a period that allows for validation of the request and its supporting grounds, which may not exceed three business days from the submission of the query.
- Entities must appoint both a principal officer and an alternate officer responsible for compliance with these obligations.
- The Regulation also classifies as a serious infringement the failure to respond, or the late response, to SBS information requests related to the supervision of the Mechanism. It further classifies as a very serious infringement the failure to provide accredited users with the information requested through the Mechanism, or the failure to provide such information within the time limit established by the applicable regulations.
SBS DRAFT REGULATIONS
The SBS authorizes the publication of the draft amendment to the Regulation on the Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021
By notice dated June 26 of the current year, the SBS authorized the publication of the aforementioned draft for public consultation and the submission of comments.
The SBS authorizes the publication of a draft amendment to the Regulation on the Investment of Pension Funds Abroad, approved by SBS Resolution No. 8-2007, as well as Title VI of the Compendium of Regulations of the Private Pension Fund Administration System, approved by Resolution No. 052-98-EF/SAFP
By notice dated June 22, 2026, the SBS authorized the dissemination of the aforementioned draft for the purpose of receiving public comments.