Resolution SBS No. 1049-2021: Amending the Regulation for the Expansion of Operations, Special Norms for Implementing Law No. 30607, and Incorporating Procedure No. 201 Simplified Authorization for Issuing and Administering Credit Cards into the SBS TUPA

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 1 Lima, April 08, 2021 S.B.S. Resolution No. 1049-2021 The Superintendent of Banking and Insurance and Private Administrators of Pension Funds

CONSIDERING:

That, Article 221 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms, hereinafter General Law, establishes the list of operations and services that companies in the financial system may provide, subject to the provisions of Articles 283 to 289 of the General Law;

That, Articles 283 to 289 of the General Law specify the operations that may be carried out by multiple-operation companies in the financial system according to the type of company, stating that companies may carry out other operations listed in Article 221 of the General Law and distinct from those described in the aforementioned articles, provided they meet the requirements established by this Superintendence;

That, by SBS Resolution No. 4465-2016, the Regulation for the Expansion of Operations was approved, seeking to ensure that the authorization procedure relates to the complexity of the operation and/or service requested by the company, as well as to the risk management quality of the applicant company;

That, it is considered convenient to modify the Regulation for the Expansion of Operations to include a simplified procedure regarding the authorization to issue and administer credit cards, seeking greater efficiency in this procedure to allow greater use of this payment method in users' transactions;

That, by SBS Resolution No. 1325-2018, the Special Norms for the Implementation of Law No. 30607, Law that Modifies and Strengthens the Functioning of Municipal Savings and Credit Caisses, were approved, whose Articles 1 and 2 must be modified to consider the application, where applicable, of the simplified procedure referred to in the preceding consideration;

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 2

That, for the purpose of collecting opinions from the general public regarding the proposed regulation, the draft resolution on the matter was published on the electronic portal of the Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS and its modifying norms;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, and Legal Advice; and,

In exercise of the powers conferred by items 2, 7, and 9 of Article 349 of the General Law;

RESOLVES:

Article First.- Include as Article 9 in the “Regulation for the Expansion of Operations” approved by SBS Resolution No. 4465-2016, the following text:

“Article 9.- Simplified procedure for issuing and administering credit cards

1. Through the simplified authorization procedure, companies that meet the conditions indicated in the following item do not require having previously obtained the development authorization referred to in item 2 of Article 3 of this Regulation, to issue and administer credit cards.

2. Companies must meet the following conditions:

a) Risk classification in the “B-” risk category or higher in the last semester, considering the highest risk classification granted by rating companies, in accordance with the provisions set forth in the Regulation for the classification of companies in the financial system and insurance companies approved by SBS Resolution No. 18400-2010.

b) Be authorized to issue debit cards.

c) Adequate organizational and management structure regarding the new operation, for which they must:

i. Have defined roles, responsibilities, policies, and procedures.

ii. Have computer systems that support the administration, processing, and monitoring of credit card operations.

iii. Comply with the provisions of the Credit and Debit Card Regulation, approved by SBS Resolution No. 6523-2013 and its modifying norms, or the norm that replaces it; stating the action plans established for those requirements in which work is being done to achieve adequate compliance.

3. Companies must submit an implementation authorization request signed by the General Manager, which must be accompanied by the following documents:

i. Certified copy of the agreement of the competent social body where the decision to carry out the new operation is recorded.

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 3

ii. Sworn declaration, according to the model attached as Annex 1 to this Regulation, of compliance with what is established in item 2 of this article, attaching a report describing how the company complies with each item established in letter c) of item 2. This report must be presented according to the format published by the Superintendence on the Supervised Portal, and the corresponding supporting information must be kept available to the Superintendence. If companies deem it convenient, they may attach an external evaluation by a specialized company.

iii. Feasibility study of the market, financial, and management aspects, which includes the elements referred to in items i, ii, iv, and viii of letter b) of Article 4 of this Regulation.

iv. Risk report for new products and significant changes, as required in Circular No. G-165-2012, which among the mitigation measures for identified risks must consider insurance for fraud and electronic or cybercrimes, among others.

4. Within a maximum period of thirty (30) calendar days counted from the presentation of the complete documentation indicated in item 3 of this article, if deemed appropriate, the Superintendence issues the corresponding resolution of implementation authorization to issue and administer credit cards.

5. For companies that do not comply with what is established in items 2 and 3 of this article, and wish to issue and administer credit cards, the provisions of Articles 3, 4, 5, 7, and 8 of this Regulation shall apply.”

Article Second.- Replace the last paragraphs of Articles 1 and 2 of the Special Norms for the Implementation of Law No. 30607 approved by SBS Resolution No. 1325-2018, according to the following texts:

Article 1.-

(…)

“The other operations and services indicated in Article 221 of the General Law that are not included in Article 286 of said Law may also be carried out by the CMACs from the third year of having operating authorization, prior authorization of the Superintendence considering for this purpose what is established in Articles 3 and 9, as applicable, of the Regulation for the Expansion of Operations approved by SBS Resolution No. 4465-2016 and its modifier (hereinafter, Regulation for the Expansion of Operations).”

Article 2.-

(…)

“The CMACs that on the date of publication of this Resolution do not meet the classification indicated in the first paragraph of this article and decide to carry out said operations and/or services must adhere to what is stated in Articles 3 and 9, as applicable, of the Regulation for the Expansion of Operations.”

Article Third.- Incorporate Procedure No. 201 “Simplified Authorization for issuing and administering credit cards” into the Single Text of Administrative Procedures – TUPA of the Superintendence of Banking, Insurance and Private Administrators of Pension Funds, approved by SBS Resolution No. 1678-2018 and its modifying norms, the text of which is attached to this Resolution and is published on the institutional portal

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(www.sbs.gob.pe), in accordance with what is provided in the Regulation of Law No. 29091, approved by Supreme Decree No. 004-2008-PCM.

Article Fourth.- Annex 1 of the Regulation for the Expansion of Operations approved by SBS Resolution No. 4465-2016 and its modifier is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001- 2009-JUS and its modifying norms.

Article Fifth.- This resolution enters into force from the day following its publication in the Official Gazette El Peruano.

Register, communicate, and publish.

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and
Private Administrators of Pension Funds