The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) published SBS Resolution No. 00511-2023, which approves the procedure to carry out the prior control of concentration operations involving companies of the financial or insurance system, within the framework of Law No. 31112, the law that establishes the prior control of corporate concentration operations, and its regulations.
On 24 October 2022, the National Authority for the Protection of Personal Data approved a Guide to the International Transfer of Personal Data. According to articles 11 and 15 of Law No. 29733, Personal Data Protection Act, international transfer of personal data can only be carried out when a sufficient level of protection of personal data is guaranteed in the recipient country.
Law No. 31435 was published on 22 March 2022, amending the Consumer Protection and Defense Code which modifies the deadlines for handling consumer protection claims.
INDECOPI has established a criterion of interpretation regarding the prohibition of disseminating misleading advertising material referring to promotional prices or discounts, in accordance with the provisions of Legislative Decree No. 1044 (“Law on Repression of Unfair Competition”).
Law No. 31112 (“Law”), which establishes the prior control of corporate concentration operations and a regime of prior approval by INDECOPI of certain acts of corporate concentration, will enter into force on 14 June 2021
The Law that establishes the new merger control regime, which regulates the prior control of business concentration operations, will enter into force as of 14 June 2021.
On 7 January 2021, Peru´s new merger control law was published. The law underwent minor amendments and will replace the Emergency decree from November, and is expected to enter into force around 23 February 2021. The law remains predominantly the same, keeping many of the previous provisions, including thresholds, phases of the procedure, and deadlines for evaluating the concentration act, evaluation criteria, among others. Please refer to our client alert on the Emergency Decree, with details on of the main aspects of the merger control law.