¿Crowdfunding como financiamiento alternativo para las mypes? Desafíos de su regulación normativa a partir del análisis del Decreto de Urgencia 013-2020
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2023-05-08
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Pontificia Universidad Católica del Perú
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La relevancia del presente trabajo es el análisis del Decreto de Urgencia 013-2020, emitido el 23 de
enero de 2020, bajo el título de “Decreto de Urgencia que promueve el financiamiento de la MIPYME,
emprendimientos y Startups” respecto de su Título IV sobre la regulación del Financiamiento
Participativo Financiero (o también conocido como crowdfunding financiero). En este sentido, se
cuestiona que las fuentes de financiamiento tradicional imposibiliten un acceso eficiente a las mypes,
por lo cual se plantea como objetivo que el crowdfunding financiero (en sus modalidades de valores
representativos de capital y/o de deuda, de préstamos y otras que establezca la SMV mediante
normas de carácter general) resulte ser una alternativa de financiamiento para las micro y pequeñas
empresas peruanas. Por ello, se ha analizado la experiencia comparada en América Latina y el
impacto de su regulación en aspectos vitales como la gestión de riesgos, la regulación y supervisión
de las entidades autoridades (SMV, SBS e Indecopi), y, con mayor énfasis, en las prohibiciones y
obligaciones por parte de las Sociedades Administradoras. Ante ello, se concluye que la regulación
del crowdfunding financiero debe ser considerada como una alternativa de financiamiento para las
micro y pequeñas empresas en cuanto se debe establecer la incorporación del término de inclusión
financiera como base fundamental de una regulación complementaria que pueda adaptarse a las
necesidades de financiamiento de las micro y pequeñas empresas para su desenvolvimiento en este
segmento empresarial. Así, se plantea que el desafío que ello implica es el diseño de un sistema de
calificación de riesgos que pueda garantizar la protección de todos los actores del financiamiento
participativo financiero.
The relevance of this research is the analysis of the Urgency Decree 013-2020, issued on January 23, 2020, under the title of "Urgency Decree that promotes the financing of micro and small companies, entrepreneurship and Startups" regarding its Title IV on the regulation of crowdfunding. Therefore, it is questioned that traditional sources of financing prevent efficient access to mypes, which is why the objective is that financial crowdfunding (in its modalities of capital and / or debt securities, loans and others) established by the SMV through general rules) turns out to be a financing alternative for Peruvian micro and small companies. For this reason, the comparative experience in Latin America and the impact of its regulation on vital aspects such as risk management, regulation and supervision of authority entities (SMV, SBS and Indecopi), and, with greater emphasis, on the prohibitions and obligations on the part of the Administrative Companies. Given this, it is concluded that the regulation of financial crowdfunding should be considered as a financing alternative for micro and small companies, insofar as the incorporation of the term of “financial inclusion” should be established as a fundamental basis of a complementary regulation that can be adapted to the needs of financing of micro and small companies for their development. Finally, it is proposed that the challenge that this implies is the design of a risk rating system that can guarantee the protection of all actors of crowdfunding.
The relevance of this research is the analysis of the Urgency Decree 013-2020, issued on January 23, 2020, under the title of "Urgency Decree that promotes the financing of micro and small companies, entrepreneurship and Startups" regarding its Title IV on the regulation of crowdfunding. Therefore, it is questioned that traditional sources of financing prevent efficient access to mypes, which is why the objective is that financial crowdfunding (in its modalities of capital and / or debt securities, loans and others) established by the SMV through general rules) turns out to be a financing alternative for Peruvian micro and small companies. For this reason, the comparative experience in Latin America and the impact of its regulation on vital aspects such as risk management, regulation and supervision of authority entities (SMV, SBS and Indecopi), and, with greater emphasis, on the prohibitions and obligations on the part of the Administrative Companies. Given this, it is concluded that the regulation of financial crowdfunding should be considered as a financing alternative for micro and small companies, insofar as the incorporation of the term of “financial inclusion” should be established as a fundamental basis of a complementary regulation that can be adapted to the needs of financing of micro and small companies for their development. Finally, it is proposed that the challenge that this implies is the design of a risk rating system that can guarantee the protection of all actors of crowdfunding.
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Pequeñas empresas--Legislación--Perú, Empresas--Financiación, Recolección de fondos