Peru moves forward in fintech regulation: The SBS approved the Regulation of Innovative Models
Corporate Peru Alert
February 1, 2022 is the key date, when the new Regulation for the temporary performance of activities in innovative new models will come into force. This regulatory framework has been proposed by the Superintendency of Banking, Insurance and Peruvian pension funds administrators (SBS) to specify the requirements that apply to the development of pilot tests, including aspects such as maximum duration, number of participants, risk management and eligibility criteria, provided that such pilot tests seek to ensure that the activity to be tested adds value to the user experience or contributes to the development of the industry and that, in addition, they have the sufficient level of maturity and development.
It is also specified that companies may perform any activity digitally if they are already authorized to do so; and that additional criteria may be defined for the operation and mutual recognition of other local and international sandboxes.
This SBS Resolution No. 2429-2021, published on August 20, 2021, complements the general regulatory framework published in January 2021 that promotes the financing of MSMEs (micro, small and medium enterprises), entrepreneurships and startups.
It should be recalled that last May 26, 2021, SBS pre-published (for public comments) the Regulation for the temporary performance of activities innovative models according to the Urgency Decree No. 013-2020, which provided that the SBS may establish the temporary performance of any operation or activity through novel models, being able to grant exceptions to the regulation.