Peru's Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) issued a new regulatory framework enabling Entities of the Financial System to operate as Fund Management Companies within the Private Pension System (SPP), setting out prudential and risk-management expectations for new entrants. The resolution, issued under Law No. 32123 and its implementing rules, sets conditions and an assessment approach focused on financial strength, an economic-financial feasibility study, and analysis of financial and non-financial risks. It introduces a maximum review period of 40 business days for SBS to decide on applications and incorporates the procedure into the SBS administrative procedures framework (TUPA). The framework also requires existing Pension Fund Administrators (AFPs) to submit an implementation plan for centralising SPP operational processes under Laws Nos. 32123 and 29903, and sets complementary expectations for potential conflicts of interest and the management of accumulation and decumulation phases, including investments.
Superintendencia de Banca, Seguros y AFP del Peru 2025-11-27
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators opens a 40-business-day authorization route for financial institutions to manage private pension funds
Peru's SBS issued a framework allowing Financial System Entities to operate as Fund Management Companies within the Private Pension System (SPP). It outlines prudential and risk-management expectations, financial strength assessments, and a 40-business-day application review period. Existing Pension Fund Administrators must submit plans for centralising SPP operations and managing conflicts of interest and investment phases.