PERU

On June 11, the plenary session of the Peruvian Congress approved a bill proposing to empower Banco de la Nación (BN) to perform multiple banking operations and services. The services include buying, keeping and selling shares of banks or other foreign institutions that operate in financial intermediation or in the stock market. The approved text was sent to the Executive Branch for its analysis and subsequent enactment. On the other hand, the Executive Branch submitted to Congress a bill proposing the creation of a national authority for transparency, access to public information and protection of personal data. It is expected that the Justice Committee will begin its study in the short term.

Bill that authorizes Banco Nación to carry out operations

The approved bill also enables the BN to grant consumer loans, receive savings deposits, among others directed to individuals established in Article 221 of the General Law of the Financial System and the Insurance System and the Organic Law of the SBS. On the other hand, BN will be excluded from the scope of the National Fund for the Financing of the State’s Entrepreneurial Activity (Fonafe in Spanish), and according to the document, 50% of the profit obtained from the effective date of this law will be administered by the bank itself and will be used for reinvestment, growth and expansion.

Personal data protection bill

The initiative presented by the President of Peru, Francisco Sagasti, proposes the creation of the National Authority for Transparency, Access to Public Information and Protection of Personal Data, which will be the entity in charge of resolving claims made by the holders of personal data due to the violation of their rights.