Banking & Finance

The recent amendment to the law governing the financial system in Peru includes key measures that promote the participation of new entities in the sector. In this way, it promotes the diversification of the supply of local financial services, particularly those that provide alternatives to the traditional model, such as digital banking.
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).
Garrigues was named the Team of the Year for the Andean States in banking and finance law by the International Financial Law Review (IFLR), which each year selects the best deals carried out in the Americas. In choosing the winners, the IFLR Editorial Committee takes into account the cross-border element, as well as innovation and the valuation of the companies involved.
On 31 March, 2020 an amendment to the Act on specific solutions related to the preventing, counteracting and combating COVID-19, other infectious diseases and crisis situations caused by them, together with other acts (the “Act”) entered into force. 
On 26 March 2020, the Parliament received a governmental bill amending the Act on special arrangements for preventing, counter-acting and combating COVID-19, other infectious diseases and crisis situations caused by them and certain other laws (hereinafter the 'Anti-Crisis Shield' or 'the Act'), which is being carried out by the necessary legislative process in an extraordinary manner. Since, in accordance with Article 92 of the Act, it enters into force on the day following its promulgation, with a number of exceptions, including those providing for the retroactive effect of certain regulations, it seems necessary to examine the main solutions provided for in the Anti-Crisis Shield now.