PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
Rubio Leguía Normand Av. Dos de Mayo 1321 San Isidro
Lima Peru Tel: 511 203 800 Fax: 511 442 3511 Email: abogados@rubio.pe Web: www.rubio.pe
Securitisation processes under Peruvian law Under Peruvian law, securitisation is the pro - cess of establishing a special-purpose vehicle to support the payment of rights conferred to holders of securities issued against it. Securiti - sation involves transferring assets to the special- purpose vehicle and issuing the corresponding securities. Beyond fulfilling its primary objective, the spe - cial-purpose vehicle may also guarantee other obligations contracted with financial entities or multilateral organisations, subject to limits set by the Superintendency of the Securities Market (the securities market regulator). Securitisation can be carried out through trust estates, securitisation trusts or special-purpose entities. In practice, however, nearly all securiti - sation processes are conducted through secu - ritisation trusts, governed by the Securities Mar - ket Law ( Ley del Mercado de Valores ) and the Regulations on Asset Securitisation Processes ( Reglamento de los Procesos de Titulización de Activos ).
Securitisation in Peru: An Introduction The securitisation market in Peru has experi - enced significant growth in recent years, with a notable increase in the number of securitisation trusts over the past decade, reaching approxi - mately 600. Although this figure cannot be fully validated due to the private placement nature of many securitisation bonds, it provides an indica - tion of the market’s growth, particularly among non-bank securitisation companies – entities that do not belong to an economic group with a banking institution. These companies conduct a higher number of transactions, albeit on a smaller scale. A large part of the growth in asset securitisation operations, securitisation trusts and the amount of securities issued through these structures stems from their use in financing public infra - structure, contributing to closing Peru’s infra - structure gap. In addition, securitisation trusts are increasingly used to finance real estate projects. Notably, there has been a rise in the securitisation of credit portfolios, with fintech companies leveraging these structures to obtain funding for loans, factoring and other operations.
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