Foreign-owned pension funds may operate in Peru either through full ownership of locally incorporated firms or through the establishment of subsidiaries. Branches of foreign pension funds are not allowed to operate in the country.
"Article 13.- The AFPs must be incorporated as corporations. They are of indefinite duration and their corporate purpose is to manage the Pension Funds. For such purpose, the AFPs collect, by themselves or through third parties, the resources destined to the Funds. Said Funds are intangible, except in the case of the balance commission referred to in Article 24 paragraph d). The corporate name of the AFP must include the acronym "AFP" and in no case may include the name of existing legal or natural persons, or names that distort the nature of the service or lead to error or confusion." (Supreme Decree 054-97-EF, adopted 14 May 1997, last amended 3 May 2019, Article 13 [google translation])
Supreme Decree 054-97-EF, adopted 14 May 1997, last amended 3 May 2019
[<a href="https://www.sbs.gob.pe/Portals/0/jer/LEYES_SPP/2023/TUO_Ley_SPP_13-01-2023.pdf">Law</a>]