PERU Trends and Developments Contributed by: Carlos A. Patrón, David Kuroiwa and Vania Cruz, Payet, Rey, Cauvi, Pérez Abogados
only changes in INDECOPI’s administrative criteria or practice, but also higher-ranking regulatory reforms, including possible amendments to the Regulation of the Merger Control Law approved by the Presidency of the Council of Ministers. On the other hand, in recent years there has also been discussion regarding the possibility of institutionally strengthening INDECOPI through its potential recogni - tion as a Constitutional Autonomous Body ( Organismo Constitucional Autónomo or OCA). In this regard, the Peruvian Congress approved, in a first vote, a consti - tutional reform bill aimed at granting INDECOPI con - stitutional, technical, functional, administrative and budgetary autonomy, similar to that granted to other constitutionally autonomous entities in Peru. However, since this is a constitutional reform, the initiative still requires a second vote in a subsequent legislative session – or alternatively submission to referendum – in order to enter into force. Although these proposals are not directly related to the merger control regime, they reflect a trend toward strengthening the institu - tional and technical independence of the competition authority. At the same time, Peru is currently facing a particu - larly relevant political context, given that during the second half of 2026 the country will define who will assume the presidency for the next governmental term. Depending on the electoral outcome and mar - ket perception regarding the economic and regula - tory policies of the next administration, M&A activity could temporarily slow down while companies wait for greater political and economic clarity before pursuing significant transactions. Historically, electoral periods in Peru have tended to generate volatility in exchange rates, financing conditions and company valuations, all of which may affect the timing and feasibility of transactions subject to merger control review.
Nevertheless, beyond possible fluctuations in trans - action volumes, the Peruvian merger control regime appears to be increasingly consolidated from an insti - tutional and technical perspective. During its first five years in force, INDECOPI has generally maintained a technical approach aligned with international stand - ards, while progressively acquiring greater experience in complex investigations and remedy negotiations. In this context, the issuance of new soft law instru - ments – such as the expected Remedies Guidelines – together with possible procedural simplifications, could contribute to improving the predictability and efficiency of the system.
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