PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
9.2 Contractual Terms to Assure Performance and Accuracy
works under the Copyright Law ( Ley de Dere- chos de Autor ). According to this law, computer programs are protected in the same way as lit - erary works, and this protection extends to all forms of expression, including both operating systems and applications, whether in the form of source code or object code.
While contract terms can be freely negotiated with regtech suppliers, there are legal provisions governing subcontracting processes. See 2.8 Outsourcing of Regulated Functions . 10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry Numerous traditional players in Peru are employ - ing or contemplating the implementation of blockchain technology to enhance information processing, management and storage. Addition - ally, they aim to automate specific procedures, conduct cross-border transactions, and tokenise and exchange financial instruments. 10.2 Local Regulators’ Approach to Blockchain Peru has not implemented specific regulations or proposals related to blockchain. However, the government and regulators have shown interest in leveraging the potential benefits of blockchain for various sectors of the economy. The BCRP has been closely observing devel - opments in the blockchain and cryptocurren - cy space. While they have not imposed strict regulations on the use of blockchain, they have issued warnings about the risks associated with cryptocurrencies. The BCRP has also been stud - ying central bank digital currencies (CBDCs) and their potential role in the financial system. The Peruvian government is exploring the use of blockchain technology to enhance transpar - ency and efficiency in public administration. For instance, there have been discussions about implementing blockchain-based solutions for
8. Insurtech 8.1 Underwriting Processes
Each distinct type of insurance, such as life, property and casualty, is subject to its own unique regulations. These regulations are gov - erned by the Banking Law, which encompasses provisions applicable to insurance companies, as well as any supplementary regulations estab - lished under the same law. 8.2 Treatment of Different Types of Insurance Each distinct type of insurance, such as life, property and casualty, is subject to its own unique regulations. These regulations are gov - erned by the Banking Law, which encompasses provisions applicable to insurance companies, as well as any supplementary regulations estab - lished under the same law. 9. Regtech 9.1 Regulation of Regtech Providers Regtech providers are not regulated by Peru - vian law. Regtech providers are commonly hired by financial entities to help them comply with regulatory requirements. See 2.8 Outsourcing of Regulated Functions .
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