Peru: Regulatory Waivers

The Regulator

La Superintendencia de Banca, Seguros y AFP (SBS) is the organization responsible for the regulation and supervision of the Peruvian financial system.

La Superintendencia del Mercado de Valores (SMV) is the Peruvian Securities Market regulator.

Requirements to Practice

Those who work in the areas of investments and risks must pass the first level of an internationally recognized certificate exam.

To register as representative with the Superintendencia del Mercado de Valores the minimum professional experience required is at least two (2) years in work related to financial markets, which must have been attained within the last ten (10) years. The minimum academic level required to act as a Representative is to have obtained the academic degree or professional title in the specialties of economics, administration, accounting, industrial engineering or other related careers, granted by a Peruvian or foreign university.

The Waiver

Pension Fund Administrators (AFP): The Administradores de Fondos Pensiones (AFP) (Pension Fund Administrators) require passing the CFA Program Level 1 exam as fulfillment of SBS Regulation 114-2005 (PDF). This regulation defines the minimum qualification and experience requirements to ensure adequate technical competence of employees.

Director of Markets Regulation at the Stock Exchange: Passing the CFA Program Level 1 exam meets the minimum requirements for becoming a Director of Market Regulation of the Securities Exchange. Find out more.

Representative with the Superintendencia del Mercado de Valores: Passing the CFA Program Level 1 exam is approved for various representative roles including:

  • Portfolio managers;
  • Executing transactions in futures, options and other derivatives;
  • Buy and sell securities on behalf of third parties as well as on one's own account in or outside of the centralized mechanisms;
  • Buy or sell, securities not registered in the Exchange, on behalf of themselves or third parties;
  • Create, manage and oversee securities portfolios per SMV guidance.

To obtain approval to register for these roles, individuals must have additional years of work experience in addition to the 2 years already required to pre-qualify for most roles. Find out more.

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