The Automotive Association of Peru (AAP) expresses its support for the approval of the rules that regulate the new Movable Guarantees regime, a momentous step to improve access to credit for thousands of small businesses and families throughout the country. This advance represents a milestone in the promotion of financial inclusion and national economic development.
The new regime, which will enter into force on February 3, 2025, establishes a more efficient and transparent system for the registration and use of security interests. This will allow a greater variety of assets to be used as support in credit operations. It is important to note that this framework does not eliminate notarial intervention, but rather makes it optional, granting flexibility to users. Thus, those who wish can choose to go to the notary, maintaining a contractual scheme adjusted to their needs. In turn, this system enables a regulated channel that did not previously exist, allowing the creation of security interests more quickly and at a reduced cost.
Subsequently, as of March 2, 2025, the Movable Guarantees Information System (SIGM) will be launched, a technological tool designed to optimize access to information on said collateral. The SIGM will offer a modern, agile and accessible solution that will allow financial institutions and other actors in the system to more accurately evaluate the risks associated with their operations. This public digital system facilitates the registration and advertising of security interests quickly, economically and with a single fee. As a result, a significant reduction in the costs associated with access to formal credit and an acceleration in the constitution and execution of guarantees are expected.
It is important to highlight that the standards issued incorporate the guidelines agreed upon with entities such as the Superintendency of Banking, Insurance and AFP (SBS), which has expressed its agreement with the adopted provisions. Likewise, SUNARP must inform the Financial Intelligence Unit (UIF) about any relevant data, thus strengthening the control mechanisms in this area.
This advance will be crucial to facilitate vehicle financing, promoting the modernization of the national vehicle fleet and supporting the sustainable development of the country.
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