WORLD TRADE  
ORGANIZATION  S/C/N/548 
26 April 2010 
 (10-2143) 
Council for Trade in Services Original:   Spanish 
  
 
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE 
GENERAL AGREEMENT ON TRADE IN SERVICES 
 
  The following notification from the delegati on of Peru, dated 15 April 2010, is being 
circulated to the Members of th e Council for Trade in Services. 
 
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 1. Member(s) notifying.  If applicable th e sub-central government or authority or 
non-governmental bodies involved should be specified: 
Peru 
 
2. Notification under Article(s): 
 Article III:3 of the General Agreement on Trade in Services 
 
3. Date of entry into force/duration: 
1 July 2009, with the exception of the following, which entered into force on 
1 December 2008: 
 
(a) The first paragraph and pa ragraph 4 of Article 116, Ar ticle 151(2)(e), Article 178, 
Article 200(3) and (4), Article 221(16), ( 17) and (22), Article 223, Article 225, 
Article 283, Article 284, Article 285, Article 286, Article 287, Article 288, 
Article 305, Article 311, the Sixteenth Tran sitional Provision and the definition of 
"financial intermediation" in the glossary contained in the Annex of the General Law 
on the Financial System and the Insurance System and the Organic Law on the 
Supervisory Authority for Banking and Insurance (Law No. 26702) and amendments 
thereto, contained in Article 1 of Legislative Decree No. 1028. 
 
(b) The Thirty First and Thirty Second Fina l and Supplementary Provisions, the Twenty 
Second Transitional Provision and the defi nition of "financial services" in the 
glossary contained in the Annex of the Ge neral Law on the Financial System and the 
Insurance System and the Organic Law on th e Supervisory Authority for Banking and 
Insurance (Law No. 26702) and amendments thereto, contained in Article 2 of the 
notified Legislative Decree. 
 
Duration: 
Indefinite 
 S/C/N/548 
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  4. Agency responsible for enfo rcement of the measure: 
Supervisory Authority for Banking, Insurance and Private Pension Fund Administrators 
(SBS). 
 
5. Complete description of the measure: 
Legislative Decree No. 1028 amending the Gene ral Law on the Financial System and the 
Insurance System and the Organic Law on the Supervisory Authority for Banking and Insurance (Law No. 26702). 
The purpose of the notified Decree is to ame nd the regulatory framework for the financial 
sector and bring it into line with the new inte rnational standards on re gulation and supervision 
(Basel II) in order to enhance the compe titiveness of enterprises and allow non-bank 
microfinance institutions to have access to new operations with a view to strengthening their 
position and competing with new operators. 
To that end, Legislative Decree No. 1028 provides that: 
• The net assets of the enterprises shall be at least 10 per cent of the total risk-weighted 
assets and contingency funds, equivalent to the sum of:  the requirement of net assets 
weighted according to market risk multiplied by 10, the requirement of net assets 
weighted according to operational risk  multiplied by 10, and the assets and 
contingency funds weighted according to credit risk.
1  The calculation shall include 
any exposure or assets in national or fore ign currency, including their branches 
abroad. 
• In operations carried out pursuant to Ar ticle 221, enterprises engaged in multiple 
operations shall be subject to the follow ing overall limits, according to their net 
assets: 
• For operations involving derivatives:  10 per cent. 
• For shareholdings, as well as for certificat es of participation in mutual funds 
and certificates of participation in investment funds:  40 per cent. 
• The Supervisory Authority for Banking and In surance shall, to the extent practicable: 
(a) publish in advance any regulations of  general application relating to the 
subject matter of this Law, as well as the purpose of such regulations; 
(b) provide interested persons a reasonable opportunity to comment on such 
proposed regulations; 
(c) at the time it adopts final regulations , consider substantive comments received 
from interested persons with respect  to the proposed regulations;  and 
(d) allow reasonable time between publicati on of final regulations and their entry 
into force; 
                                                      
1 The Decree includes a timetable for the adaptations to comply with the overall limit required.  S/C/N/548 
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  Furthermore, the notified Decree extends th e operations that may be carried out by 
microfinance enterprises. 
The measure described affects Peru's mode 3 commitments in Sectors 7A (All insurance and 
insurance-related services) and 7B (Banking and other financial services). 
 6. Members specifically affected, if any: 
None 
 
7. Texts available from: 
Information Service 
 
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