PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
for consumer protection in Peru and provides a set of rights for consumers. The Consumer Protection Code requires that businesses provide consumers with clear and accurate information about products and servic - es, including pricing, terms and conditions, and any limitations or restrictions. It also requires that businesses not engage in deceptive or mislead - ing practices, and that they provide adequate after-sales support and customer service. Digital and Electronic Signature Digital and electronic signatures in Peru are gov - erned by the Electronic Signature Law ( Ley de Firmas y Certificados Digitales ) and its regula - tions. This law establishes the legal framework for the use of electronic signatures in the country and provides guidelines for their use and rec - ognition. 2.12 Review of Industry Participants by Parties Other than Regulators In addition to regulators, other key players are actively involved in the sector. The most impor - tant fintech companies are grouped into different industry associations, some of which focus on specific verticals, such as lending (Perú Lend - ing) and payments (Perú Payments), while others have a broader scope, such as the Asociación Fintech del Perú . The interests of various financial institutions are represented by organisations like the Asociación de Bancos del Perú (ASBANC), the Asociación de Instituciones de Microfinanzas del Perú (ASOMIF), the Federación Peruana de Cajas Municipales de Ahorro y Crédito (FEPCMAC), and the Federación Nacional de Cooperativas de Ahorro y Crédito del Perú (FENACREP).
Additionally, several organisations promote the adoption and development of blockchain tech - nology in its various applications. 2.13 Conjunction of Unregulated and Regulated Products and Services In Peru, companies authorised to operate by the SBS or the SMV are allowed to carry out only those activities for which they have received proper authorisation. As a result, even if these companies conduct some activities digitally or develop business models that align with vari - ous fintech verticals, it does not imply that their overall operations are exempt from regulation for products and services without specific regula - tions. On the other hand, fintech companies that do not possess authorisation to operate granted by a governmental authority may offer a combina - tion of regulated and unregulated products and services. The regulatory framework for fintech companies in Peru continues to evolve, and some services may not be covered under the current regulatory scope, while others might be subject to regulations from the SBS or other regulatory bodies. Fintech companies providing both regulated and unregulated services might adopt differ - ent approaches to structuring their businesses. Some may opt to operate under a single legal entity that offers all products and services (and secures relevant registrations for verticals where registration is mandatory), while others may decide to establish separate legal entities for distinct types of services to manage risks or comply with specific regulatory requirements (for instance, by creating separate legal entities for verticals that require registration).
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