Peru

On May 14, the Executive filed a bill with Congress to regulate and supervise crowdfunding loan initiatives as well as the entities managing these platforms. So far, no committee has yet been appointed to examine the regulatory proposal.

The text, drawn up by the Ministry of Economy and Finance, establishes a legal framework for crowdfunding lending activity which envisages three modalities of participative financing: through representative capital or debt values, straightforward loans or “other modalities authorized by law..

In addition, the bill establishes the supervisory role of the Superintendency of the Securities Market (SMV for its acronym in Spanish) and provides that platforms may only be administered by public limited companies, including financial companies, which have been previously incorporated in Peru and duly authorized by the SMV..

The SMV, as the supervisory entity, is empowered to establish maximum limits for the resources to be raised for each project per fiscal year by the recipient, as well as the maximum number of times they may publish calls for offers on the platforms per fiscal year. The SMV may also set limits on investors.