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Regulatory Alert – February 2023

ALERT - REGULATORY

Approval of the procedure for prior control of concentrations included in Law 31112 and its Regulation, when there is no specific authorization procedure established by the SBS

 

On Thursday, February 16, 2023, Resolution SBS 00511-2023 (the “Resolution”), issued by the Superintendency of Banking, Insurance and Pension Fund Administrators (“SBS”), was published in the Official Gazette “El Peruano”, which approves the “Procedure for carrying out prior control of concentrations included in Law 31112 and its Regulation, when there is no specific authorization procedure established by this Superintendency”.

This regulation is issued within the framework of Article 16 of Law 31112, in order to regulate the authorization procedure before the SBS for the prior control of concentrations in the financial sector, for which the SBS has not established a specific procedure.

Specifically, the regulation applies to companies of the financial system that collect deposits from the public or insurance companies, and whose operations could qualify as business concentrations under the scope of Law 31112. After the evaluation by the SBS, it shall be determined whether the agents must go to INDECOPI to obtain the authorization regulated by Law 31112.

The procedure shall apply if the SBS has not established a specific authorization procedure for the concentration.

However, in order to deal with this procedure, it shall be necessary for the applicant to submit to the SBS, among others, the following information:

i) Detailed description of the operation, indicating the objectives, the parties involved and the amount involved;

ii) Analysis report on the risks associated with the operation, and its impact on the risk profile and the solvency of the company and its economic group, issued by the Risk Committee or equivalent body of the company; and

iii) Evaluation to determine that the transaction is covered by Law 31112, including the calculation of the thresholds as set forth in Article 6 of the aforementioned law.

Finally, it is important to mention that this regulation comes into force today, February 17, 2023.

For further information, please contact Verónica Sattler (vsattler@estudiorodrigo.com), Ítalo Carrano (icarrano@estudiorodrigo.com) and/or Fiorella Monge (fmonge@estudiorodrigo.com).