PERU
On May 13, the Peruvian Congress enacted the law that empowers members of the Private Pension Fund Management System (AFP) to voluntarily withdraw up to 4 tax units (UIT) of their total accumulated funds in their Individual Capitalization Account (CIC). The law is already in force. On the other hand, the Superintendence of Banking and Insurance (SBS) modified the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates, in order to adapt the calculation of the consolidated effective equity to international standards. It comes into force June 1, 2022.
- Law authorizing the withdrawal of up to 4 UIT from the AFP
The regulation states that members may submit their withdrawal request within 90 calendar days after the publication of the law’s secondary regulations. In turn, the payment will be made in three parts, in the first two deposits up to 4,400 soles (1 UIT) will be delivered every 30 days, and in the last disbursement, the corresponding remaining money will be issued. In the event that the member wishes to stop withdrawing the funds, he/she may request it only once to the AFP within ten days prior to the disbursement. The SBS must issue the operating procedure for compliance with the law within 15 calendar days.
- Modification to the Financial and Mixed Conglomerates Regulation
The SBS through SBS Resolution No. 01378-2021 establishes that for the calculation of the effective equity of the consolidable group, the difference of the consolidated effective equity with respect to the equity requirement arising from equity elements or certain subordinated debts will be taken into account.
In turn, the standard states that the consolidated financial statements of the group should contain the following information:
- Available funds and interbank funds,
- Financial investments,
- Net loan portfolio,
- Investment properties,
- Goodwill and intangible assets,
- Net accounts receivable and other assets; and Accounts payable, provisions and other liabilities,
- Debts and financial obligations,
- Interest and similar income; interest and similar expense,
- Transactions with stockholders, related parties and related companies.