SBS Resolution No. 04200-2025: Amending the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates, approved by SBS Resolution No. 11823-2010 and its amendments, and TUPA No. 221

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, November 24, 2025 SBS Resolution No. 04200-2025

The Superintendent of Banking, Insurance and Private Pension Fund Administrators WHEREAS: That, by means of SBS Resolution No. 11823-2010 and its amendments, the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates (hereinafter, the Consolidated Supervision Regulation) was approved, which established capital requirements and concentration limits at the consolidated level; That, by means of SBS Resolution No. 01581-2023 the Single Text of Administrative Procedures (TUPA) of the Superintendent of Banking, Insurance and Private Pension Fund Administrators was approved; That, it is necessary to amend the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates to clarify the accounting framework used for harmonizing accounting policies in the financial statement consolidation process, as well as the determination of effective capital for consolidatable groups and financial groups, and the information to be submitted to the Superintendent; That, for the purpose of collecting public opinions on the proposal, the publication of the draft resolution was ordered in accordance with the Thirty-Second Final and Complementary Provision of the General Law of the Financial System, Insurance System, and Organization of the Banking and Securities Superintendency – Law No. 26702 and its amending regulations (hereinafter, General Law), as well as Supreme Decree No. 009-2024-JUS; That, additionally, by means of SBS Resolution No. 02148-2025, the Accounting Manual for Private Pension Fund Administrators was amended and provisions regarding the first application of such amendments were established; That, based on information provided by Private Pension Fund Administrators and the evaluation conducted by this Superintendency, it has been determined to modify the deadline provided for in SBS Resolution No. 02148-2025, in order to make the necessary adjustments in technological systems and adequately implement the amendments approved by said Resolution;

2 Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Having obtained the approval of the Deputy Superintendencies of Banking and Microfinance, Insurance, Pensions and Regulation, and Legal Affairs, as well as the Risk Management and Economic Studies Departments; and, In exercise of the powers conferred by paragraphs 7, 9, and 13 of Article 349 of the General Law; as well by subsection d) of Article 57 of the Single Text of the Law on Private Pension Fund Administration Systems: RESOLVES:

First Article.- Amend the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates, approved by SBS Resolution No. 11823-2010 and its amendments, as indicated below:

1. Substitute letters b), c), and d) of paragraph 1 of subsection A of Article 5-B° “Calculation of effective capital of the consolidatable group of the financial system”, as follows: “b) In the case of a consolidatable group formed entirely under one or more holding companies, the portion of current or prior year profits from the holding company(ies) that originates from profits of the consolidatable group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, without exceeding the consolidated profits corresponding to the holding portion(s). Likewise, current or prior year profits from said companies will be added, whose calculation applies the aforementioned accounting regulations in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, corresponding to non-controlling interests of companies under the holding company(ies). In the case of a consolidatable group not formed entirely under one or more holding companies, for the sub-group under holding company(ies) the treatment described in the preceding paragraph shall apply; and for companies not under any holding company, the sum of individual current or prior year profits of consolidatable group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24° will be considered. Profits from the current or prior years computed in effective capital may not be reduced at their own discretion if such reduction generates non-compliance with any of the minimum solvency requirements of the consolidatable group of the financial system established in Article 5-A°. c) In the case of a consolidatable group formed entirely under one or more holding companies, the portion of current and prior year profits from the holding company(ies) that originates from profits of consolidatable group companies whose calculation does not apply the accounting regulations established by this Superintendency in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24°, and which have capitalization agreements from competent corporate bodies. Likewise, current or prior year profits with capitalization agreements from competent corporate bodies corresponding to non-controlling interests of companies under the holding company(ies) whose calculation does not apply the aforementioned regulations in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24° will be added. In the case of a consolidatable group not formed entirely under one or more holding companies, for the sub-group under holding company(ies) the treatment described in the preceding paragraph shall apply; and for companies not under any holding company, the sum of individual current or prior year profits of consolidatable group companies whose calculation does not apply the accounting regulations established by this Superintendency in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24° and which have capitalization agreements from competent corporate bodies will be considered. A copy of the aforementioned agreements must be sent to the Superintendency at the time source financial statements are submitted for the period in which such agreements were adopted. Regarding current year profits, consolidatable group companies will have a maximum deadline of ninety (90) calendar days to execute the capitalization agreement for said profits, counted from the date the financial statements of that year are approved. Regarding prior year profits, companies will have a maximum deadline of ninety (90) calendar days to execute the capitalization agreement for said profits, counted from the date the aforementioned agreement is approved. When it is identified that any company of the consolidatable group has disregarded or invalidated a capitalization agreement for current or prior year profits referenced in this letter, the Superintendency has the authority to not consider any future agreement of this type from said company for purposes of its computation in consolidated effective capital for a period of up to two (2) years counted from the expiration of the maximum deadline in which said agreement should have been executed. If, after the situation described in the preceding paragraph occurs, within five (5) years following the first non-compliance date, it is again identified that any company of the consolidatable group has disregarded or invalidated a capitalization agreement for current or prior year profits referenced in this letter, the Superintendency has the authority to not consider any future agreement of this type from said company for purposes of its computation in consolidated effective capital for a period of up to five (5) years counted from the expiration of the maximum deadline in which said agreement should have been executed. d) Net unrealized gains/losses attributable to available-for-sale investments corresponding to securities and debt instruments issued by the Government of Peru or foreign governments of investment-grade countries, and to securities and debt instruments issued by the Central Reserve Bank of Peru that originate from consolidatable group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, without exceeding the net unrealized gains/losses attributable to consolidated available-for-sale investments corresponding to said securities and instruments.”

2. Substitute subsection (viii) of letter g) of paragraph 1 of subsection A of Article 5-B° “Calculation of effective capital of the consolidatable group of the financial system”, as follows: “(viii) Investment in capital-representative instruments issued by other companies of the financial system or insurance system, domestic or foreign, that meet the requirements to be computed in consolidated Tier 1 ordinary capital and have not been deducted. For the set of investing companies that for the measurement of said investments applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, the total amount of profits and losses registered in current year results of investing companies will be reversed, provided that this amount is profit and does not exceed the current year profits of said set that were not computed in consolidated effective capital; likewise, the total amount of unrealized gains and losses registered in equity accounts of said investing companies will be reversed, whose calculation applies the aforementioned regulations in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, considering that this amount, when it is a gain, does not exceed the unrealized gains of said set that were not computed in consolidated effective capital, and when it is a loss, does not exceed the unrealized losses of said set that did not affect consolidated effective capital.”

3. Substitute subsection (i) of letter c) of paragraph 2 of subsection A of Article 5-B° “Calculation of effective capital of the consolidatable group of the financial system”, as follows: “(i) Investment in capital-representative instruments or subordinated debt-representative instruments issued by other companies of the financial system or insurance system, domestic or foreign, that meet the requirements to be computed in consolidated Tier 1 additional capital and have not been deducted. For the set of investing companies that for the measurement of said investments applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, the total amount of profits and losses registered in current year results of investing companies will be reversed, provided that this amount is profit and does not exceed the current year profits of said set that were not computed in consolidated effective capital nor previously used in any reversal computation; likewise, the total amount of unrealized gains and losses registered in equity accounts of said investing companies will be reversed, whose calculation applies the aforementioned regulations in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, considering that this amount, when it is a gain, does not exceed the unrealized gains of said set that were not computed in consolidated effective capital nor previously used in any reversal computation, and when it is a loss, does not exceed the unrealized losses of said set that did not affect consolidated effective capital nor previously used in any reversal computation.”

4. Substitute subsection a) of paragraph 4 of letter B of Article 5-B° “Calculation of effective capital of the consolidatable group of the financial system”, as follows: “a) Investment in capital-representative instruments or subordinated debt-representative instruments issued by other companies of the financial system or insurance system, domestic or foreign, that meet the requirements to be computed in consolidated Tier 2 effective capital and have not been deducted. For the set of investing companies that for the measurement of said investments applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, the total amount of profits and losses registered in current year results of investing companies will be reversed, provided that this amount is profit and does not exceed the current year profits of said set that were not computed in consolidated effective capital nor previously used in any reversal computation; likewise, the total amount of unrealized gains and losses registered in equity accounts of said investing companies will be reversed, whose calculation applies the aforementioned regulations in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, considering that this amount, when it is a gain, does not exceed the unrealized gains of said set that were not computed in consolidated effective capital nor previously used in any reversal computation, and when it is a loss, does not exceed the unrealized losses of said set that did not affect consolidated effective capital nor previously used in any reversal computation.”

5. Substitute letters b), c), and d) of paragraph 1 of letter A of Article 10° “Calculation of effective capital of the financial group”, as follows: “b) In the case of a financial group formed entirely under one or more holding companies, the portion of current or prior year profits from the holding company(ies) that originates from profits of financial group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, without exceeding the consolidated profits corresponding to the holding portion(s). Likewise, current or prior year profits from said companies whose calculation applies the aforementioned accounting regulations in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24° and corresponding to non-controlling interests of companies under the holding company(ies) will be added. In the case of a financial group not formed entirely under one or more holding companies, for the sub-group under holding company(ies) the treatment described in the preceding paragraph shall apply and for companies not under any holding company, the sum of individual current or prior year profits of financial group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24° will be considered. Profits from the current or prior years computed in effective capital may not be reduced at their own discretion if such reduction generates non-compliance with any of the minimum solvency requirements of the financial group established in Article 9°. c) In the case of a financial group formed entirely under one or more holding companies, the portion of current and prior year profits from the holding company(ies) that originates from profits of financial group companies whose calculation does not apply the accounting regulations established by this Superintendency in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24° and which has capitalization agreements from competent corporate bodies. Likewise, these profits with capitalization agreements from competent corporate bodies corresponding to non-controlling interests of companies under the holding company(ies) whose calculation does not apply the aforementioned regulations in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24° will be added. In the case of a financial group not formed entirely under one or more holding companies, for the sub-group under holding company(ies) the treatment described in the preceding paragraph shall apply; and for companies not under any holding company, the sum of individual current or prior year profits of companies whose calculation does not apply the accounting regulations established by this Superintendency in their source financial information nor through application of accounting harmonization pursuant to paragraph 3 of Article 24° and which have capitalization agreements from competent corporate bodies will be considered. A copy of the aforementioned agreements must be sent to the Superintendency at the time source financial statements are submitted for the period in which such agreements were adopted. Regarding current year profits, financial group companies will have a maximum deadline of ninety (90) calendar days to execute the capitalization agreement for said profits, counted from the date the financial statements of that year are approved. Regarding prior year profits, companies will have a maximum deadline of ninety (90) calendar days to execute the capitalization agreement for said profits, counted from the date the aforementioned agreement is approved. When it is identified that any company of the financial group has disregarded or invalidated a capitalization agreement for current or prior year profits referenced in this letter, the Superintendency has the authority to not consider any future agreement of this type from said company for purposes of its computation in consolidated effective capital for a period of up to two (2) years counted from the expiration of the maximum deadline in which said agreement should have been executed. If, after the situation described in the preceding paragraph occurs, within five (5) years following the first non-compliance date, it is again identified that any company of the financial group has disregarded or invalidated a capitalization agreement for current or prior year profits referenced in this letter, the Superintendency has the authority to not consider any future agreement of this type from said company for purposes of its computation in consolidated effective capital for a period of up to five (5) years counted from the expiration of the maximum deadline in which said agreement should have been executed. d) Net unrealized gains/losses attributable to available-for-sale investments corresponding to securities and debt instruments issued by the Government of Peru or foreign governments of investment-grade countries, and to securities and debt instruments issued by the Central Reserve Bank of Peru that originate from financial group companies whose calculation applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24° without exceeding the net unrealized gains/losses attributable to consolidated available-for-sale investments corresponding to said securities and instruments.”

6. Substitute subsection (viii) of letter g) of paragraph 1 of letter A of Article 10° “Calculation of effective capital of the financial group”, as follows: “(viii) Investment in capital-representative instruments issued by other companies of the financial system or insurance system, domestic or foreign, that meet the requirements to be computed in consolidated Tier 1 ordinary capital and have not been deducted. For the set of investing companies that for the measurement of said investments applies the accounting regulations established by this Superintendency in their source financial information or through application of accounting harmonization pursuant to paragraph 3 of Article 24°, the total amount of profits and losses registered in current year results of investing companies will be reversed, provided that this amount is profit and does not exceed the current year profits of said set that were not computed in consolidated effective capital; likewise, the total amount of unrealized gains and losses registered in equity accounts of said investing companies will be reversed, whose calculation applies the aforementioned regulations in their source financial information...”