PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
ment networks, encompassing both issuing and acquiring activities. Insurtech Insurance activities such as those that may be carried out by insurtech business models are subject to the same provisions that are appli - cable to insurance companies, as well as to insurance intermediaries and auxiliaries. Also, because of an amendment introduced to the Banking Law (which is also applicable to insur - ance companies) in 2022, insurance system companies are allowed to digitally perform any of the operations for which they are authorised. 2.3 Compensation Models In Peru, there is no specific regulation for fin - tech compensation models. Fintech companies in Peru can use various compensation models to charge their customers, depending on the ser - vices they provide. However, fintech companies that provide credit services and are not part of the financial system (ie, that are not institutions supervised by the SBS) must observe the interest rate limits appli - cable to transactions between companies that are not part of the financial system. Likewise, and no less important, the Código de Protección y Defensa del Consumidor (Consum - er Protection and Defence Code) also contains provisions that are applicable to companies that provide credit services and that are not super - vised by the SBS. Among these provisions are those referring to the determination of the inter - est rate, as well as the obligation to publicise the annual effective cost rate ( Tasa de Costo Efectivo Annual – TCEA), in accordance with the parameters established by the SBS. Likewise, it is established that the charging of commis - sions and expenses must imply the rendering of
an effective service, duly justified, and be sup - ported by a real and demonstrable expense for the service provider. Additionally, the regulation recently published by the BCRP regarding the interoperability of payment services establishes that the criteria for charging fees and commissions for offering interoperable payment services must be trans - parent, non-discriminatory and reflect a real and demonstrable cost in order not to limit the access and use of these services. Likewise, the regulation of card payment agreements, also published by the BCRP, establishes, as one of its principles, the dissemination and transparency of commissions and fees, so that card payment agreement participants and end users under - stand the commissions and costs associated with the card payment service. 2.4 Variations Between the Regulation of Fintech and Legacy Players Regulation of fintech and legacy players (tradi - tional financial institutions) can vary significantly. As mentioned in 2.2 Regulatory Regime , fintech business models in Peru are not subject to regu - lation unless they engage in activities such as financial intermediation or securities intermedia - tion. However, the regulations applicable to them are scattered across various regulations, as Peru does not have a specific regulation applicable to fintech companies, as is the case in other juris - dictions. Due to the type of activity, companies engaged in financial intermediation or securities broker - age are subject to greater regulation, including those related to the treatment and mitigation of risks or capital requirements. From a tax point of view, income received by banking companies, finance companies and
626 CHAMBERS.COM
Powered by FlippingBook