PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
other financial institutions authorised to operate by the SBS, for commissions and interest, are not subject to general sales tax. It should also be noted that financial system companies may freely set the interest rates they charge for their operations, except in the case of consumer loans, low consumer loans (those whose amount is equal to or less than 2 UIT) and loans for small and micro-enterprises, for which they must observe the maximum inter - est rates set by the BCRP, following a regulatory amendment introduced in 2021 (previously, there were no interest rate limits for financial system companies). In the case of fintech companies, they must observe the maximum interest rates set by the BCRP. Likewise, as described in 2.5 Regulatory Sand- box , the sandbox is only available to financial system companies, insurance companies and specialised companies (which are companies that carry out a specific activity of all those that can be carried out by financial system compa - nies), as well as those companies undergoing incorporation that have an organisation authori - sation to become a financial system company, insurance company or specialised company. Consequently, fintech companies cannot apply to the regulatory sandbox, unless they even have an organisational authorisation granted by the SBS. 2.5 Regulatory Sandbox Peru has a regulatory sandbox, as provided in the Banking Law and the Reglamento para la realización temporal de actividades en modelos novedosos (the “Sandbox Regulation” ), issued by the SBS. The Banking Law allows the SBS to establish, within the scope of its supervisory functions,
the temporary performance of any operation or activity through innovative models, being able to grant exceptions to the regulation that applies to natural or legal persons who carry out such operations or activities, as well as regarding the other necessary provisions for their develop - ment. As provided in the Sandbox Regulation, com - panies of the financial system (which includes banks and other financial institutions), insurance companies, specialised companies, and private pension fund administrators may apply to the sandbox. Companies undergoing incorporation that have an organisation authorisation granted by the SBS may apply to the sandbox. The Sandbox Regulation allows companies to carry out pilot tests, temporarily, of innovative models based on activities contemplated in the current regulatory framework, and for which they are authorised by the SBS. Pilot tests that require the relaxation of norma - tive requirements under the SBS’s competence for their development or that are referred to inno - vative models based on activities not contem - plated in current regulations may be carried out with prior authorisation from the Superintend - ence, through one of the following regimes: • flexibility – for pilot tests of innovative mod - els based on activities contemplated in the current regulatory framework that require the temporary relaxation of one or more norma - tive requirements; and • extraordinary – for pilot tests of innovative models based on activities not contemplated in the current regulatory framework.
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