PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
Likewise, companies undergoing incorporation may carry out pilot tests under the Flexibility Regime, with prior authorisation from the SBS. Furthermore, companies may carry out any activity for which they are authorised in the SBS regulatory framework digitally. Additionally, the performance of pilot tests can help, but it is not a precondition, to the development of regulatory adaptations that may be necessary to allow and facilitate innovation. 2.6 Jurisdiction of Regulators The fintech industry in Peru is regulated by multiple authorities, each with specific areas of responsibility. The SBS and SMV are the primary regulators for fintech companies, while INDECO - PI and BCRP play complementary roles in the sector. Superintendencia de Banca, Seguros y AFP The SBS is responsible for regulating and super - vising financial institutions, insurance compa - nies, and pension fund administrators. Its main objectives include protecting the public interest, ensuring the financial stability of the institutions it oversees, enforcing the Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros (the “Banking Law” ) and its regulations, and leading and supervising the anti-money laundering sys - tem. Superintendencia del Mercado de Valores The SMV regulates and supervises the securities market in Peru, including the activities of stock exchanges, brokerage firms, and other partici - pants. Fintech companies involved in the securi - ties market, such as crowdfunding platforms, are subject to SMV’s oversight. The regulator aims to ensure transparency, protection of investors,
and the proper functioning of the securities mar - ket. Banco Central de Reserva del Perú BCRP is the central bank of Peru, responsible for conducting monetary policy, managing for - eign reserves, and ensuring the stability of the country’s financial system. While BCRP does not directly regulate fintech companies, it is involved in the development of policies and regulations that may affect the fintech sector, such as guide - lines for payment systems. Instituto Nacional de Defensa de la Competencia y de la Propiedad Intelectual INDECOPI is responsible for promoting and pro - tecting free competition, intellectual property rights, and consumer protection across various industries in Peru. While it does not specifically regulate the fintech sector, it has jurisdiction over fintech companies in matters related to unfair competition, consumer protection, and intellec - tual property. Unidad de Inteligencia Financiera-Perú The Unidad de Inteligencia Financiera – Perú (UIF-Perú) is the financial intelligence unit of Peru, responsible for preventing and detecting money laundering and terrorist financing activi - ties in the country. The UIF-Perú plays an impor - tant role in fintech activities by supervising and regulating the compliance of fintech companies with AML and CFT regulations. In addition, the UIF-Perú provides guidance and training to fin - tech companies to help them understand and comply with AML and CFT regulations. This guidance can include best practices for cus - tomer due diligence, transaction monitoring, and reporting of suspicious activities.
628 CHAMBERS.COM
Powered by FlippingBook