SBS Resolution No. 04142-2025: Amending the Regulation for the Temporary Execution of Activities in Innovative Models and TUPA No. 202

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, November 19, 2025 SBS Resolution No. 04142-2025

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:
That, the Fifth Complementary Amending Provision of Urgency Decree No. 013-2020, which promotes financing for SMEs, startups, and entrepreneurial ventures, incorporates the Thirty-Fourth Final and Complementary Provision of Law No. 26702, General Law of the Financial System and Insurance System and Organic Law of the Superintendency of Banks and Insurance, hereinafter General Law, which provides that the Superintendency may establish, within the scope of its supervisory functions, the temporary execution of any operation or activity through innovative models, and may grant exceptions to the applicable regulation for natural or legal persons carrying out such operations or activities, as well as regarding other necessary provisions for their development; That, pursuant to the foregoing, this Superintendency issued SBS Resolution No. 2429-2021, Regulation for the Temporary Execution of Activities in Innovative Models, with the aim of having a regulatory framework that allows spaces for temporary tests for the development of activities applicable to operating companies, as well as those in the authorization process, with the purpose of promoting innovative development of financial products and/or services that enable companies to achieve greater efficiency and quality; That, the aforementioned provisions establish the possibility for companies to request the Superintendency to conduct tests on activities related to supervised systems, providing them with the opportunity to experiment with carrying out an activity on a small scale, temporarily and in a controlled manner, whose viability validation involves clients and users, including the authorization procedures to which companies will be subject when requesting these tests, through the establishment of general and specific conditions for each case; That, notwithstanding the foregoing, this Superintendency considers it necessary to expand the scope of application of the regulation, in order to allow legal entities not supervised by the SBS to submit proposals aimed at conducting temporary tests of innovative business models with potential application in systems supervised by the Superintendency. This expansion seeks to incentivize the participation of new actors in the financial innovation ecosystem, promote competition, and strengthen financial inclusion through solutions that may eventually be incorporated into the current regulatory and operational framework, prior to evaluation and validation of their viability, security, and convenience for users; That, the Superintendency may also call for open or direct participation alongside companies in temporary tests of innovative business models, which will be subject to specific analysis and review in each case, and likewise, companies may request, as part of their innovative proposal, the participation of this Superintendency, a request that will be evaluated based on the value such participation contributes to user experience or industry development;
That, in this context, the Superintendency considers it necessary to amend various articles of the Regulation for the Temporary Execution of Activities in Innovative Models, with the aim of incorporating provisions that allow the participation of unsupervised legal entities in these schemes, establishing the applicable requirements, conditions, and procedures for evaluating and authorizing their innovation proposals, as well as supervision and control mechanisms that guarantee user protection and financial system stability, along with its own participation in these innovative models; That, it is necessary to amend the Single Text of Administrative Procedures (TUPA) of the Superintendency, with the aim of incorporating the aforementioned aspects into administrative procedure No. 202 regarding “Authorization for the execution of temporary activities in innovative models”; That, in order to gather opinions from the general public regarding the regulatory proposal, the prepublication of the draft resolution was arranged on this Superintendency's electronic portal through SBS Resolution No. 3365-2025, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 009-2024-JUS and its amending regulations; With the approval of the Adjunct Superintendencies of Banking and Microfinance, Cooperatives, Insurance, Pensions, and Regulation and Legal Affairs, as well as the Risk Management Department; In exercise of the powers conferred by paragraphs 3, 7, and 9 of Article 349 of the General Law; RESOLVES:
First Article.- Amend the Regulation for the Temporary Execution of Activities in Innovative Models, approved by SBS Resolution No. 2429-2021, as indicated below:

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000

1. Amend paragraph 1.2 of Article 1, subsection b) of paragraph 4.2 of Article 4, subsection a) of paragraph 5.1 of Article 5, Article 9, paragraph 12.1 of Article 12, paragraph 13.1 of Article 13, Article 15, and paragraphs 8 and 9 of Annex No. 2.
   Article 1. Scope
   “(...)
   1.2 It also applies to the National Bank, the Agricultural Bank, the Development Financial Corporation (COFIDE), the MIVIVIENDA Fund S.A., and Derramas, Benefit Funds under Superintendency control, the Regional or Provincial Associations of Funds for Traffic Accident Compensation (AFOCAT), and Savings and Credit Cooperatives not authorized to operate with third parties, provided they do not conflict with specific regulations governing the operations of said institutions.
   (...)”
   Article 4. Execution of temporary activities in innovative models
   “(...)
   4.2 Pilot tests that require the flexibility of regulatory requirements under the Superintendency's competence for their development or refer to innovative models based on activities not contemplated in current regulations, may be carried out prior authorization of this Superintendency, through one of the following regimes:
   (...) b) Extraordinary: For pilot tests of innovative models based on activities not contemplated in the current regulatory framework. In the case of financial system companies, these activities correspond to those referred to in paragraph 44 of Article 221 of the General Law. Those pilot tests in which the Superintendency participates at the request of companies will be subject to the procedure of this Regime”.
   Article 5. Requirements applicable to pilot tests
   “5.1 Pilot tests must comply with the following:
   a) Have a maximum duration of eighteen (18) months, with the possibility of renewal for up to twelve (12) additional months, prior duly substantiated request, which will be authorized by resolution. To request such renewal, the participating entity must have approval from the Risk Committee, Board of Directors, or equivalent bodies, as applicable.
   The company must submit a formal request communicating the reasons supporting the extension, which will be processed within a maximum period of thirty (30) business days.
   (...)”
   Article 9. Group applications
   9.1. Two or more companies, regardless of whether they are supervised or not or if they are in the organization process, may submit a single authorization request to conduct a pilot test jointly when it concerns the same innovative model. For this purpose, the authorization request must indicate each company's obligations in the pilot test processes and their responsibilities regarding participants, as well as what is provided in paragraph 8.1 of Article 8 and Article 22, as applicable, of this Regulation.
   9.2. When more than one company participates in a project, it must comply with the preceding paragraph and provide evidence of the corresponding agreement or alliance, which must establish the participation conditions of each entity in the application and eventual operation of the pilot test.
   9.3. When a group application involves the participation of an AFOCAT, the agreement or alliance must explicitly state that participating companies other than the AFOCAT will not have administrative, disposal, or direct management powers over the Regional or Provincial Fund for Traffic Accident Compensation.
   Article 12. Execution of pilot tests
   “12.1. Companies with organization authorization may conduct pilot tests under the Flexibility Regime and the Extraordinary Regime, prior authorization of the Superintendency; for this purpose they must comply with the provisions set forth in Articles 5, 6, 8, and 9 of this Regulation. The organizer must comply with the obligations related to the General Manager, Board of Directors, or Risk Committee established in said articles. (...)”
   Article 13. Sufficient guarantees and resources
   13.1. The Superintendency may require organizers of companies in the organization process or legal representatives of unsupervised companies to establish liquid guarantee mechanisms aimed at protecting the rights and funds of participants committed as part of the pilot test, and their eventual compensation. Such guarantees may include, among others, guarantee deposits established in financial system companies, as well as bonds issued by companies supervised by the Superintendency that have authorization for this purpose. The guarantees must be established in favor of participants.
   (...)”
   Article 15. Communication of Inquiries
   The Superintendency will establish communication mechanisms to receive inquiries regarding regimes, conditions, and requirements for the development of pilot tests; and proposals for regulatory adaptations identified as necessary to facilitate innovation. The company representative, prior to submitting the authorization request for the innovative model, may request a meeting with the Superintendency to present their pilot project and receive information on supervisor expectations, requirements, procedures, general guidelines, evaluation criteria, and the method for communicating evaluation results.
   ANNEX NO. 2
   INFORMATION REQUIRED FOR PILOT TEST AUTHORIZATION “(...)
2. Submit the exit plan, which must include a schedule and activity plan enabling a controlled exit within an estimated timeframe, as well as procedures for closing the test and executed operations, including account closure, fund return, and payment of commitments to participants; among other aspects; to reverse the pilot test if it must conclude before the scheduled date.
3. For organizers and legal representatives, description of liquid guarantee mechanisms as stated in paragraph 13.1 of Article 13 of this Regulation.”
4. Incorporate paragraphs 1.4 and 1.5 into Article 1, subsection m) into Article 2, paragraph 4.3 into Article 4, Article 5A, paragraphs 8.3, 8.4, and 8.5 into Article 8, Article 17, Chapter V, and Chapter VI.
   “Article 1.- Scope
   (...)
   1.4. This Regulation applies to unsupervised companies by the Superintendency that wish to implement and develop innovative models within the scope of financial operations under the Superintendency's supervision, provided they meet established requirements and obtain corresponding authorization to participate in the pilot test. The requirements established in this Regulation must be fulfilled by the legal representative, as well as related regulations applicable to the instrument, operation, and/or activity temporarily submitted to the innovative model.
   1.5. The provisions contained in this Regulation will apply to companies in accordance with their applicable regulatory framework, respecting the prudential and user protection principles governing said companies.
   Article 2.- Definitions
   “(...) m) Unsupervised companies: Legal entity incorporated in Peru, or foreign legal entity with a legal representative in the country, not under the supervision of the Superintendency, according to current legal provisions, and that develops or proposes to develop business models, products, or services with potential application in one of the systems supervised by the Superintendency.
   (...)”
   Article 4. Execution of temporary activities in innovative models
   “(...)
   4.3 In the case of a pilot test that qualifies for both regimes by its nature, it will be subject to the Extraordinary Regime, additionally requiring justification in the request of what is required in subsection c) of paragraph 8.1 of Article 8 of the Regulation.
   (...)”
   Article 5A. Additional requirements applicable to pilot tests for AFOCAT and Savings and Credit Cooperatives not authorized to operate with third parties.

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 In addition to what applies to them under Article 5, AFOCATs and Savings and Credit Cooperatives not authorized to operate with third parties must comply with the following requirements:

1. In the case of AFOCAT, the pilot test must have approval from the Board of Directors prior to its execution, after it has reviewed and evaluated the risk report associated with the pilot test in accordance with the Regulation for Supervision of Regional or Provincial Associations of Funds for Traffic Accident Compensation (AFOCAT) and Operation of the Central Risk Registry for Claims Derived from Traffic Accidents - Supreme Decree No. 040-2006-MTC and the Regulation for Access and Maintenance of Registration in the Registry of Regional or Provincial Associations of Funds for Traffic Accident Compensation (AFOCAT) approved by SBS Resolution No. 5624-2019.
2. In the case of COOPACs, the pilot test must have approval from the Board of Administration prior to its execution, after it has reviewed the risk report associated with the pilot test, in accordance with subsection d) of paragraph 15.2 of Article 15 of the General Regulation for Savings and Credit Cooperatives not authorized to capture public funds, approved by SBS Resolution No. 480-2019, and Article 7 of the Regulation for Integrated Risk Management for Savings and Credit Cooperatives not authorized to operate with Public Funds, approved by SBS Resolution No. 13278-2009.
   Article 8. Authorization Request
   “(...)
   8.3. Authorized companies must initiate their pilot test within a maximum period of six (6) months from the issuance of the authorization resolution, extendable by a maximum of six (6) additional months prior duly substantiated request authorized by resolution, in which case the company must submit a formal request, governed by subsection a) of paragraph 5.1 of Article 5 of this Regulation, and processed within the period indicated in said paragraph.
   8.4. If the Superintendency has authorized a company to extend the start date of its pilot test pursuant to paragraph 8.3 of Article 8 of this Regulation, it may authorize extending the period set forth in subsection a) of paragraph 5.1 of Article 5 by an additional period exceeding twelve (12) months, provided it does not exceed the maximum total duration of thirty (30) months for the pilot test.
   8.5 In the case of an AFOCAT, the request must detail the financing structure of the pilot test. Operational expenses and eventual losses associated with the pilot test cannot be financed from the Fund constituted by risk contributions, and must be covered by the administrative expense budget. Investment in assets necessary for the pilot test may be made through direct administration of Fund surpluses, only if specific regulation applicable to this matter is met.”
   Article 17. Dissemination
   The Superintendency, within ten (10) business days after the authorization is issued, publishes information on companies approved to conduct the pilot test, as well as a general description of innovative developments that will be subject to evaluation. The Superintendency may disseminate general information on conducted pilot tests.

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000
CHAPTER V
TEMPORARY EXECUTION OF ACTIVITIES IN INNOVATIVE MODELS BY UNSUPERVISED COMPANIES
Article 18. Execution of temporary activities in innovative models for unsupervised companies
Unsupervised companies may develop pilot tests through a special regime involving operations and/or activities provided or not in the current regulatory framework, under the Superintendency's competence, in which case it may require regulatory flexibility or implementation if they concern operations not considered in the current regulatory framework.
Article 19. Execution of pilot tests
19.1. Unsupervised companies may conduct innovative models in accordance with the regime set forth in the preceding article, prior authorization of the Superintendency. For this purpose they must comply with the provisions of this chapter and Articles 5, 6, 8, 9, 13, and 22 of the Regulation, as applicable. The unsupervised company must comply with obligations related to the General Manager, Board of Directors, or Risk Committee established in said articles, as applicable.
19.2. The Superintendency may exclude certain operations and/or activities from the execution of temporary activities in innovative models, in any case, for prudential reasons and/or due to the characteristics of the operation and/or activity.
19.3. Unsupervised companies by the Superintendency must submit a sworn statement declaring their willingness to be subject to pilot rules in accordance with the Regulation. Submission of this statement will be a prior requirement for their participation, and their involvement will be subject to established supervision, conditions, and requirements.
19.4. The