On October 13, the Central Reserve Bank of Peru (BCRP) amended the Regulation of the Real Time Gross Settlement System (RTGS), the main payment system, in order to strengthen its security and efficiency. The regulation will enter in force in December 2021. On the other hand, the Superintendency of Banking and Insurance launched a public consultation on the draft Regulation of commissions and expenses of the financial system, in order to regulate the approval of commissions to be applied by companies in products and/or services offered to customers. You can make your observations until November 12 at the following link.
Among the main changes made, the BCRP simplified and reduced the level of fees. To this end, a single fee was established for instructions sent electronically, as well as for instructions sent by coded facsimile and for the settlement of offsets. You can access the new tariffs by clicking here. On the other hand, the Circular establishes new additional risk control measures such as the obligation to establish an Intraday Repo Pre-Reservation for banking companies and non-banking entities.
It is worth mentioning that the RTGS System provides Participants with different services, among which are fund transfers, interbank purchase and sale of foreign currency, and Intraday Repo transactions. Likewise, overnight deposits are made through this system, as well as the settlement of the results of the Electronic Clearing House (ECC in Spanish) and the Multibank Securities Settlement System (SLMV in Spanish).
Draft Regulations on Commissions and Expenses
The proposed regulation states that for the application of commissions and expenses, companies must submit to the Superintendency a report containing the technical, economic and legal grounds, no less than 15 days prior to their incorporation in the tariffs of their products. In turn, in the case of new commissions and/or expenses not established, the entities must submit the report no less than 45 days in advance.