Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) approved amendments to the regulation governing the election of representatives to the boards of Cajas Municipales de Ahorro y Crédito (CMAC), aligning the framework with the provisions introduced by Law No. 32515. The amendments incorporated into Resolution SBS No. 5788-2015 introduce requirements on candidates’ moral suitability, address the continuity of the board chair, and bring the Vice Ministry of Micro and Small Enterprises and Industry within the Ministry of Production into the process for selecting the representative of small merchants and producers in the CMAC’s operating territory. The changes also seek to ensure boards remain operational while replacements are appointed following a removal to preserve quorum and avoid prolonged vacancies, and they specify and strengthen the designation process by ordering the internal audit unit’s verification and communication steps and regulating nominations where CMACs have third-party shareholders.
Superintendencia de Banca, Seguros y AFP del Peru 2025-12-31
Peru's Superintendency of Banking, Insurance and Private Pension Funds amends rules for electing representatives to municipal savings and credit bank boards
Peru's SBS has amended regulations for electing representatives to CMAC boards, aligning with Law No. 32515. Changes include candidates' moral suitability, board chairs' continuity, and Vice Ministry involvement. Amendments also address board operational continuity, internal audit verification, and nomination regulations for CMACs with third-party shareholders.