PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
BCRP, and the APDP, depending on the type of services they provide and the source of funds they use. Compliance with these regulations is essential for maintaining a stable, transparent, and competitive fintech lending market in Peru. 4.4 Syndication of Fiat Currency Loans While not representing traditional loan syndica - tion, crowdlending platforms (which facilitate loans funded by multiple investors via the plat - form) can be considered a form of loan syndica - tion. See 2.2 Regulatory Regime . Also, while not a syndication per se, it is not uncommon for fintech companies that provide loans to transfer all or part of their loan portfo - lio to investment funds that invest in this asset class. In addition, there has recently been a growing interest in asset securitisation struc - tures, which allow fintech companies that make loans to transfer the risk derived from the place - ment of such loans to investors, typically through private offerings. Payment processors are generally expected to use existing payment rails but can also create or implement new payment rails. 5.2 Regulation of Cross-Border Payments and Remittances There are no explicit provisions in Peru that pro - hibit cross-border payments or remittances. In the context of remittances, the Banking Law categorises funds transfer companies as com - plementary and related service companies. These companies are required to secure authori - 5. Payment Processors 5.1 Payment Processors’ Use of Payment Rails
sation from the SBS to establish and operate in the country. Complementary and related ser - vice companies offer services that support or are connected to those provided by entities within the financial system. Funds transfer regulations identify “funds trans- fer companies” as businesses that, according to their bylaws, primarily aim to offer the public the service of receiving fund transfer orders based on the payer’s instructions and/or making funds accessible to beneficiaries. Funds transfer activ - ities can be performed either as a representative of international companies or independently via agreements with foreign correspondent compa - nies. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Exchanges and trading platforms are subject to SMV regulation, as provided in the Securi - ties Market Law. Apart from the conventional exchanges and markets that are regulated by the Securities Market Law, there has been a rise in the formation of crowdfunding platforms where individuals in need of financing are linked with those willing to provide it. Additionally, a considerable number of crypto-asset exchanges have emerged in recent times. For crypto-asset exchanges, see 6.3 Impact of the Emergence of Cryptocurrency Exchanges . 6.2 Regulation of Different Asset Classes See 6.1 Permissible Trading Platforms . 6.3 Impact of the Emergence of Cryptocurrency Exchanges The rise of cryptocurrency exchanges has pushed Peruvian regulators to consider AML/
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