Peru's SBS opens public consultation on open finance

Peru's banking and insurance regulator, the SBS, has opened public consultation on the draft General Regulation for the Open Finance System under Resolution SBS No. 02433-2026. The proposal sets rules for secure financial data sharing, governance mechanisms, participation requirements for entities and user rights. Comments and observations may be submitted for 18 calendar days.

What does the draft sent out for consultation cover?

The draft under consultation is the first regulatory block of the Open Finance System and develops the first four sections of the regulation. According to Gestión, it covers scope, objectives and principles, the data included, participant roles and responsibilities, registration and technical authorization, as well as user experience and consent management provisions.

Infobae Perú reported that the framework would require banks, finance companies, insurers and private pension fund administrators to share customer information only with the user's authorization. The coverage also said the proposal includes measures tied to system security, data integrity and user protection.

Andina said the SBS published this first regulatory block in the official gazette El Peruano as a proposal subject to public consultation. El Peruano, meanwhile, confirmed that the official notice set an 18-day calendar deadline for comments, counted from the day after publication in the official gazette.

What implementation deadlines appear in the proposal?

Press coverage of the draft says it is expected to take effect on January 1, 2028, and that entity registration would begin on August 1, 2027. Those dates are part of the timeline released alongside the public consultation.

Gestión added that the SBS plans to publish a second regulatory block in the coming weeks to develop other aspects of the Open Finance System and receive new public comments. It also reported that the comments received will be reviewed before the final version of the rule is issued.

What oversight power would the SBS retain?

The SBS could suspend an entity's authorization for up to 120 calendar days if it detects risks to system security, data integrity or user protection, according to the draft's coverage. That power is part of the conditions set for participant registration and technical authorization.