On October 6, the Superintendency for Banking, Insurance and Pension Funds (SBS, for its acronym in Spanish), issued SBS Resolution No. 2413-2020, adopting a Regulation creating the Registry of Financial Leasing Companies. The idea is to include these companies in the scope of the General Law of the Financial System according to the volume of their operations and the risk they may represent for the stability of the financial system.
Companies must comply with the following conditions:
- Report at least a total balance of 800 million soles for financial leasing operations as an individual legal entity or in a consolidated form as a group of legal entities belonging to an economic group.
- Belong to a financial or mixed conglomerate made up of at least one company included in Section A or D of Article 16 of the Law.
In turn, the resolution states that financial leasing companies that do not meet these criteria, whether or not they are incorporated or domiciled in the country, must be registered in the Registry of Financial Leasing Companies created by the resolution. These companies must submit information about their operations to the SBS on a quarterly basis, as well as their financial statements on a semi-annual basis (June and December).