SBS Resolution No. 02869-2025: Amending the Liquidity Risk Management Regulation (SBS Resolution No. 4221-2023) and Chapter V "Complementary Information" of the Accounting Manual for Financial System Companies

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Lima, August 14, 2025
SBS Resolution
No. 02869-2025
The Superintendent of Banks, Insurance, and Private Pension Fund Administrators CONSIDERING:
That, through SBS Resolution No. 4221-2023, the Regulation for Liquidity Risk Management (hereinafter, the Regulation) was approved, which establishes the regulatory framework applicable to financial system companies for liquidity risk management, referring to the identification, measurement, evaluation, treatment, control, information, and monitoring of said risk; That, through SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Financial System Companies (hereinafter, the Accounting Manual), as well as the periodic reports that supervised companies must submit, were approved; That, within the framework of the Issuer Driven ETF program promoted by the World Bank, which aims to deepen the local capital market, the financial instrument named “Perú Soberano VanEck El Dorado ID ETF” was launched, an exchange-traded fund whose underlying assets are exclusively sovereign bonds issued by the Republic of Peru in local currency, and whose assembly (creation) and disassembly (redemption) process is carried out intraday; That, considering the nature and characteristics of said instrument, it is convenient to amend the Regulation so that exchange-traded funds or Exchange Traded Fund (ETFs) formed exclusively by central government sovereign bonds are included within the category of liquid assets for purposes of the calculation of liquidity ratios, adjusted liquidity ratios, and net investment liquidity ratios, as referred to in Articles 17, 18, and 19 of the Regulation, as well as for calculating the corresponding limits for said ratios provided in Article 45 of the Regulation; That, additionally, Annexes No. 15-A “Treasury Report and Daily Liquidity Position” and No. 15-C “Monthly Liquidity Position” of the Accounting Manual should be amended, in order to include said instruments within the category of liquid assets and allow their adequate reporting;

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With the approval of the Adjunct Superintendencies of Banking and Microfinance, and Regulation and Legal Affairs, as well as the Risk Management and Economic Studies Department; and, In exercise of the powers conferred by numerals 7, 9, and 13 of Article 349 of the General Law of the Financial System and Insurance System and Organization of the Superintendency of Banking and Securities – Law No. 26702 and its amending regulations (hereinafter, General Law); and based on what is stated in the Thirty-Second Final and Complementary Provision of the General Law; RESOLVES:
Article One.– Amend the Regulation for Liquidity Risk Management, approved by SBS Resolution No. 4221-2023, as follows:

1. Substitute numeral 20.1 of Article 20, as follows:
   “Article 20°.- Liquid assets
   20.1 For the calculation of the ratios referred to in Articles 17°, 18° and 19° of this Regulation, the following concepts, as well as their accrued yields, must be considered as liquid assets:
   a) Cash b) Funds available at the BCRP c) Funds available at national financial system companies d) Funds available at first-category foreign banks e) Net active interbank funds f) Debt securities issued by the BCRP g) Debt securities issued by the Central Government h) Negotiable deposit certificates and bank certificates issued by national financial system companies i) Public debt securities and securities of the foreign financial and insurance systems, rated investment grade by at least one risk rating agency to the satisfaction of the Superintendency, and that trade in centralized negotiation mechanisms j) Corporate bonds issued by private non-financial sector companies eligible for securities repurchase operations with the BCRP k) High-quality liquid assets received in repurchase operations, as stated in Articles 26° and 27° of this Regulation l) Exchange-traded funds (ETFs) formed exclusively by sovereign bonds issued by the Central Government, whose assembly (creation) and disassembly (redemption) process is carried out intraday, and that trade in centralized negotiation mechanisms m) Others determined by the Superintendency through general regulations”

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Article Two.– Amend Chapter V “Complementary Information” of the Accounting Manual for Financial System Companies, approved
by SBS Resolution No. 895-98 and its amending and complementary regulations, as follows:

1. Incorporate into Section I of Annex No. 15-A “Treasury Report and Daily Liquidity Position” the “Exchange-traded funds (ETFs) formed exclusively by sovereign bonds issued by the Central Government” within the Liquid assets category.
2. Incorporate as methodological note 8C of Annex No. 15-A “Treasury Report and Daily Liquidity Position” the following: “Whose assembly (creation) and disassembly (redemption) process is carried out intraday, and that trade in centralized negotiation mechanisms. Therefore, only the valuation of the multiple of the number of units enabling said process must be considered.”
3. Incorporate into Sections I and II of Annex No. 15-C “Monthly Liquidity Position” the “Exchange-traded funds (ETFs) formed exclusively by sovereign bonds issued by the Central Government” within the Liquid assets category.
4. Incorporate as methodological note 6C of Annex No. 15-C “Monthly Liquidity Position” the following: “Whose assembly (creation) and disassembly (redemption) process is carried out intraday, and that trade in centralized negotiation mechanisms. Therefore, only the valuation of the multiple of the number of units enabling said process must be considered.”
   Article Three.– This Resolution takes effect as of September 1, 2025.
   Registered, communicated, and published,