Resolution SBS No. 6284-2013: Approves the Regulation of Electronic Money Issuing Companies

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Lima, October 18, 2013 S.B.S. Resolution No. 6284-2013

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, Article 345 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 the General Law, establishes that the Superintendence of Banking, Insurance and Private Pension Fund Administrators, hereinafter the Superintendence, exercises, within the scope of its attributes, the control and supervision of the companies forming part of the Financial System and the Insurance System, as well as other natural or legal persons incorporated by this law or by special laws, exclusively in the aspects that correspond to it;

That, through the Law that regulates the basic characteristics of electronic money as an instrument of financial inclusion, Law No. 29985, Electronic Money Issuing Companies (EEDE) were incorporated as companies regulated and supervised by this Superintendence, including them in item 6 of Article 17 of the General Law;

That, the First Final Complementary Provision of the Law that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion establishes that the Superintendence will issue the norms that are necessary regarding entry and exit to the market, operations, limits, guarantees or backing of electronic money in circulation, investment regime, use of trusts, sanctions and other aspects necessary for the adequate and safe functioning of EEDE, as well as for their supervision;

That, through Supreme Decree No. 090-2013-EF, the Regulation of Law No. 29985, Law that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion, was approved, establishing additional provisions regarding the issuance of electronic money;

That, it is necessary to issue the corresponding regulation in order to regulate the main aspects of EEDE, such as corporate purpose, authorization of organization and operation, permitted operations, applicable prudential measures, among others;

That, through SBS Resolutions No. 11699-2008 and No. 17026-2010 and their modifying norms, the Internal Audit Regulation and the External Audit Regulation were approved, respectively, applicable to the companies indicated in articles 16 and 17 of the General Law and private pension fund administrators;

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That, through SBS Resolution No. 895-98 and its modifying and complementary norms, the Accounting Manual for Companies of the Financial System was approved, which contains provisions regarding the complementary information that must be sent to this Superintendence;

That, it corresponds to the Superintendence of Banking, Insurance and Private Pension Fund Administrators, in accordance with the functional autonomy conferred by Article 346 of the General Law and Article 38 of Law No. 27444, to approve the modifications of the Institutional Single Administrative Procedures Text – TUPA;

That, in order to collect opinions from the general public regarding the proposal for regulation, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Economic Studies and Legal Advice, as well as of the General Manager of Products and Services to the User; and,

In exercise of the powers conferred by items 7, 9 and 13 of Article 349 of the General Law, as well as the powers granted in Law No. 29985 and its regulation approved by Supreme Decree No. 090-2013-EF;

RESOLVES:

Article First.- Approve the Regulation of Electronic Money Issuing Companies, in the following terms:

“REGULATION OF ELECTRONIC MONEY ISSUING COMPANIES

CHAPTER I
GENERAL PROVISIONS

Article 1.- Scope
The provisions of this Regulation are applicable to the Electronic Money Issuing Companies (EEDE) referred to in item 6 of Article 17 of the General Law, as well as to companies that are considered within the scope of Law No. 29985, at the discretion of the Superintendence, in application of the Fifth Final Complementary Provision of said Law.

Article 2.- Definitions
For the application of this Regulation, the following definitions shall be considered:

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a) Correspondent ATM: according to what is defined in the Regulation of Complementary Channels for Public Attention of Companies of the Financial System and of Electronic Money Issuing Companies, approved by SBS Resolution No. 4798-2015. 1

b) Electronic money: is a monetary value represented by a credit claimable against its issuer, which meets the characteristics established in the Law and in the Regulation of the Law.

c) Issuance of electronic money: comprises operations of conversion to electronic money, reconversion, transfers, payments and any movement or operation related to the monetary value available to the holder and necessary for said operations.

d) Law: Law that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion, Law No. 29985.

e) General Law: 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.

f) Accounting Manual: Accounting Manual for Companies of the Financial System approved by SBS Resolution No. 895-98 and its modifying and complementary norms.

g) Regulation of the Law: Regulation of Law No. 29985 that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion, approved by Supreme Decree No. 090-2013-EF.

h) Regulation of Operations with Electronic Money: Regulation of Operations with Electronic Money, approved by SBS Resolution No. 6283-2013.

i) Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

CHAPTER II
ON ELECTRONIC MONEY ISSUING COMPANIES

Article 3.- Corporate Purpose
EEDE are service companies complementary and connected to the financial system constituted as joint-stock companies in accordance with what is established in Article 12 of the General Law.
The shareholders of EEDE may be natural or legal persons.
EEDE have as their main purpose the issuance of electronic money, do not grant credit from the funds received and can only carry out other operations related to their main purpose, according to what is established in Article 5 of this Regulation.

Article 4.- Constitution, operation and minimum capital 2
For their constitution and operation, EEDE must comply, insofar as applicable according to their nature and corporate purpose, with what is established in the Regulation of Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021 or the norm that replaces it. In addition, they must comply with what is indicated in articles 17 and 18 of the General Law regarding the minimum capital they must have.

Article 5.- Permitted operations 3
EEDE may carry out, with their own resources, the operations established in items 11, 17, 18, 19, 20, 21, 22, 23, 28, 29 and 42 of Article 221 of the General Law.

1 Literal modified by SBS Resolution No. 465-2017 of 02/02/2017 2 Article modified by SBS Resolution No. 2133-2026 published on 27.08.2026, effective from 28.08.2026 3 Article modified by SBS Resolution No. 1881-2026 of 17/07/2026

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In addition, EEDE may carry out other operations related to their main purpose indicated in Article 221 of the General Law, for which they must have prior authorization from the Superintendence. For this purpose, what is established in the Regulation for the Expansion of Operations, approved by SBS Resolution No. 4465-2016, shall apply.

For the purpose of carrying out electronic money issuance operations, EEDE must comply with the guidelines and provisions established in the Law, the Regulation of the Law and the Regulation of Operations with Electronic Money.

For the purpose of carrying out the operations established in item 29 of Article 221 of the General Law, the transfer of funds and settlements with their correspondents must be carried out with the own resources of the EEDE, which are distinct from those intended for the constitution of the guarantees referred to in item 6.1 of Article 6 of Law No. 29985.

Article 6.- Governing bodies
EEDE must comply with the current norms issued by the Superintendence that are applicable to the general meeting of shareholders, the board of directors, the managers and the main officials.

Article 7.- Risk classification
EEDE are not obliged to have a risk classification; without prejudice to this, they may submit to the classification of a risk rating company if they consider it convenient. When this occurs, they must comply with what is established in the norms issued by the Superintendence on risk classification.

CHAPTER III
ON PRUDENTIAL MEASURES

Article 8.- Limits on electronic money issuance operations
EEDE are subject to the limits of electronic money issuance per transaction and others, as referred to in the Law, the Regulation of the Law and the Regulation of Operations with Electronic Money.

Article 9.- Effective equity and requirement of effective equity 4
The provisions issued by the Superintendence on the calculation of effective equity are applicable to EEDE, insofar as they correspond to the operations they are authorized to carry out.

EEDE must have at all times, an effective equity not less than two percent (2%) of the total electronic money issued.

If the amount of effective equity were less than two percent (2%) of the total electronic money issued, the General Manager, under responsibility, will communicate this situation to the Board of Directors, the body that will convene the General Meeting of Shareholders, in order to adopt the appropriate corrective measures. This fact must be reported to the Superintendence within two (2) business days following the date on which it occurs. Likewise, within a period not exceeding fifteen (15) calendar days following the date of occurrence, it must present to the Superintendence an adaptation plan approved by the Board of Directors.

4 Article modified by SBS Resolution No. 465-2017 of 02/02/2017

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As long as the aforementioned effective equity deficiency subsists, the EEDE will be prevented from distributing dividends or carrying out any other form of profit distribution.

Article 10.- Treatment of investments
EEDE must adhere, as appropriate, to what is established in the Regulation of Classification and Valuation of Investments of Companies of the Financial System approved by SBS Resolution No. 7033-2012, in the Norms for Investment in Instruments Traded Through Non-Centralized Trading Mechanisms approved by SBS Resolution No. 964-2002 and its modifying norms, and in the Regulation of Repo Operations and Repurchase Agreements approved by SBS Resolution No. 1067-2005.

These investments are those made with the own resources of the EEDE, which are different from those made with the resources intended for the constitution of the guarantees referred to in item 6.1 of Article 6 of the Law.

Article 11.- Treatment of trusts
The norms on trusts issued by the Superintendence are applicable to EEDE, in their capacity as settlors, as well as what is established in the Regulation of Operations with Electronic Money.

Article 12.- Risk management
EEDE must implement timely management of the risks they face in carrying out their operations, for which they must adhere to the guidelines established in the Regulation of Integral Risk Management approved by SBS Resolution No. 37-2008 and its modifying norms, in the Regulation for the Management of Operational Risk approved by SBS Resolution No. 2116-2009, and other norms that are applicable, depending on the operations that EEDE are authorized to carry out.

CHAPTER IV
ON INFORMATION TO BE PRESENTED TO THE SUPERINTENDENCE

Article 13.- Accounting record
EEDE must register their operations and prepare their financial information in accordance with what is established in the Accounting Manual and other accounting norms issued by the Superintendence.

Article 14.- Presentation of information 5
EEDE must present to the Superintendence the following information contemplated in the Accounting Manual, their complementary information and any other applicable to them according to current regulation, considering for this purpose the Responsibility Agreement on Information Sent via the SUCAVE Application, in accordance with what is established in SBS Resolution No. 1270-2007 or in accordance with what is established in the applicable regulation:

Form A - Statement of Financial Position.
Form B-1 - Statement of Results.
Form B-2 – Statement of Results and Other Comprehensive Income.
Form C – Statement of Cash Flows.

5 Article modified by SBS Resolution No. 1881-2026 of 17/07/2026

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Form D – Statement of Changes in Equity.
Form F – Trial Balance.
RRR Complaints: Information on complaints received from users (RR1, RR2 and RR3).
Report No. 1: Composition of shareholding.
Report No. 1-A: Transfer of shares.
Report No. 3: Effective Equity.
Report No. 19: Report on the Economic Group to which the Company belongs.
Report No. 19-A: Information on members of the Economic Group to which the company belongs.
Report No. 21: Information on Persons and Legal Entities Linked to the Company and Financing to Linked Persons.
Report No. 30: ATMs, Basic Operations Establishments and Correspondent ATMs. 6 Report No. 32-A: Daily Electronic Money Report.
Report No. 32-B: Monthly Electronic Money Report.

In the case of complaints presented by users, in accordance with paragraph 16.2 of Article 16 of the Regulation of Complaints and Requirements Management, approved by SBS Resolution No. 04036 2022 and its modifications, EEDE must report monthly to this Superintendence, within fifteen (15) calendar days following the close of each month, the statistics of the complaints presented by their respective users, through SUCAVE, using, as appropriate, the complaint reports No. RR1, RR2 and RR3 which are presented as Annex No. 2 of said Resolution.

Additionally, EEDE must present to the Superintendence, Annex ETF No. 1-B Summary of international fund transfers, when applicable, according to the form, periodicity and deadline established in Article 17 of the Regulation of Fund Transfer Companies approved by SBS Resolution No. 1025-2005 and its modifications.

CHAPTER V 7
SPECIAL REGIMES AND LIQUIDATION OF ELECTRONIC MONEY ISSUING COMPANIES

Article 15.- Applicable norms 8
The Surveillance Regime and Intervention Regime, as well as the Dissolution and Liquidation of EEDE, are governed by what is established in the Fifth Final and Complementary Provision of the Regulation of Operations with Electronic Money, as well as, insofar as pertinent taking into account the operations they are authorized to carry out, by the General Law and the Regulation of Special Regimes and Liquidation of Companies of the Financial System and of the Insurance System, approved by SBS Resolution No. 455-99 and its modifying norms.

FINAL AND COMPLEMENTARY PROVISIONS

First.- Other applicable regulation 9

6 Report incorporated by SBS Resolution No. 4798-2015 of 21/08/2015 7 Chapter incorporated by SBS Resolution No. 465-2017 of 02/02/2017 8 Article incorporated by SBS Resolution No. 465-2017 of 02/02/2017 9 Provision replaced by SBS Resolution No. 465-2017 of 02/02/2017. Subsequently replaced by SBS Resolution No. 1881-2026 of 17/07/2026

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The provisions contained in the General Law regarding companies of the financial system are applicable to EEDE, insofar as they are pertinent taking into account the operations they are authorized to carry out.

EEDE are subject, insofar as they are pertinent taking into account the operations they are authorized to carry out, to any norm or provision issued by the Superintendence that refers to them in its scope or that is applicable to companies of the financial system.

The Superintendence may determine the application to EEDE of other norms and provisions issued by it.

Second.- Adaptation Procedure
Companies that, at the time of entry into force of this Regulation, are within the definition of EEDE established in this norm, must submit an application for authorization of adaptation to continue operating, within sixty (60) calendar days following the entry into force of this regulation, attaching the information indicated in the following adaptation procedure:

1. Presentation of Documents

a) Prove the minimum capital in accordance with what is established in articles 17 and 18 of the General Law.

b) Financial Statements of the last two (2) years and of the quarter prior to the date of the adaptation request.

c) Report describing their business model and strategy, as well as their operational model.

d) Modifications considered necessary in the company's bylaws, to adapt them to the applicable provisions of the General Law, the Law, the Regulation of the Law, the Regulation of Operations with Electronic Money and this Regulation.

e) Latest modifications to the public deed of social constitution.

f) Identify who the shareholders are and their participation in the ownership of the company. In the case that the shareholder is a legal person, the public deed of social constitution of the legal person shareholder must also be presented, as well as identifying their ultimate beneficiaries. In the case that the shareholder is a legal entity, indicate their ultimate beneficiaries, as well as attach relevant financial information.

g) Sworn declaration by the shareholders not to be subject to the impediments indicated in articles 52 and 54 of the General Law.

h) Sworn declaration of not having criminal or police records in the country for resident shareholders, and in the country of domicile for non-resident shareholders.

i) Curriculum Vitae and Sworn Declaration of Directors and main officials not being subject to the impediments indicated in Article 81 of the General Law.

j) List of natural persons, legal persons or legal entities with which the shareholders are linked, and with which they form an economic group in accordance with the current regulation of the Superintendence on the matter. This list must include the ownership and management structure of the economic group.

k) Sworn declaration of not having protests in the last five (5) years, both of the shareholders and of the company in adaptation, in any Chamber of Commerce of the country, or in the foreign entity that corresponds.

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l) Updated organizational structure of the company, with details of personnel and offices in operation at the time of the adaptation request. m) List of companies with which it has signed contracts related to its electronic money operations, and, as appropriate, authorizations from competent bodies. n) Organization and Functions Manuals and Procedures Manuals, especially those referring to electronic money operations, which must be approved by the Board of Directors. o) Demonstrate the existence of adequate infrastructure to carry out electronic money operations, especially manuals, procedures, formats, among others, as well as for compliance with current regulation regarding the prevention of money laundering and terrorist financing, applicable to them as stated in item 4.2 of Article 4 of the Law. p) Report containing the adaptation plan to the regulations indicated in the First Final and Complementary Provision of this Regulation. q) Indicate the information security and business continuity policies and procedures implemented for critical processes, products, and services, in accordance with current regulations. r) Inform whether the necessary computer systems and/or communication media have been implemented for the process of consolidation and validation of consolidated financial information, both accounting and non-accounting, required by this Superintendency. s) Describe the physical and environmental security measures implemented in their offices. t) Describe the main characteristics of their technological platform and the architecture of the computer systems employed.

In this stage of the procedure, the Superintendency may request rectifications and/or corrections of those documents and information it considers incomplete or inadequate, as well as require additional information when it deems appropriate.

2. Publication
   The Superintendency, after verifying the complete and adequate presentation of the information required in the previous item, through the relevant checks, orders the company in adaptation to publish, twice alternately, the first in the Official Gazette and the second in one of wide national circulation, a notice informing the public about the adaptation process, as well as the names of the shareholders, citing any interested person to, within a term of fifteen (15) days, counted from the date of the last notice, formulate any well-founded objection to the adaptation of the company or to the shareholders comprising it.

3. Authorization of Adaptation
   After the deadlines for the publications referred to in the previous item have expired, without well-founded and valid objections occurring, the Superintendency issues the corresponding authorizing resolution of adaptation, which must be permanently displayed in the different offices of the EEDE, in a place visible to the public. The aforementioned authorizing resolution of adaptation is of indefinite validity and may be cancelled by the Superintendency as a sanction for a very serious offense committed by the EEDE.

The companies referred to in this final and complementary provision, which do not request or do not successfully complete the aforementioned adaptation process, under the terms, conditions, and deadlines indicated in this Regulation, may not continue offering electronic money services to the public.

Non-compliance with the above paragraph will result in the Superintendency imposing sanctions and/or carrying out actions it deems appropriate, as well as disseminating to the public regarding the non-presentation or successful completion of the adaptation request.

Companies that have initiated the adaptation authorization procedure before this Superintendency must comply with the norms established in the Law, the Regulation of the Law, and the Regulation of Electronic Money Operations, for which purposes, the Superintendency may grant additional deadlines according to the status of the ongoing authorization procedure.”

Article Second.- Incorporate into section III "Reports applicable to companies of complementary and related services" of Annex I "Complementary Reports to be prepared by external audit firms" of the External Audit Regulation, approved by Resolution SBS No. 17026-2010 and its modifying norms, the following:

"Electronic Money Issuing Companies

1. Review of specific business sector issues, the report must contain as a minimum the following:

• Policies and procedures for carrying out electronic money operations.
• Economic groups, natural persons, legal entities, and legal entities linked according to criteria established by the Superintendency.
• Procedures for registration, supervision, and centralization of correspondent ATM operations.
• Compliance with limits established in the regulations.
• Compliance with provisions regarding received funds: constitution of trusts, operation, balances, and effective coverage of the trust, etc.
• Review of risk management.

2. Review of existing controls in the company, of the security and reliability of the computer systems that produce financial information, within the scope of external audit."

Article Third.- Incorporate as item 8) of section III "Companies of complementary and related services" of Annex "Planned Activities" of the Internal Audit Regulation approved by Resolution SBS No. 11699-2008 and its modifying norms, the following:

"8) Additionally, Electronic Money Issuing Companies (EEDE) must include the following activities in the Work Plan:

• Evaluation of compliance with the limits and operational conditions established by the Law regulating the basic characteristics of electronic money as an instrument of financial inclusion, Law No. 29985; the Regulation of Law No. 29985 regulating the basic characteristics of electronic money as an instrument of financial inclusion, approved by Supreme Decree No. 090-2013-EF; and the Regulation of Electronic Money Operations, approved by Resolution SBS No. 6283-2013.
• Evaluation of commissions charged for operations, as well as their accounting record.
• Evaluation of compliance with commitments assumed with clients, as well as adequate information and advertising provided to them.
• Evaluation of compliance with Board of Directors Agreements.

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• Evaluation of compliance with provisions regarding received funds: constitution of trust, operation, balances, and effective coverage of the trust, etc.
• Evaluation of adequate supervision and centralization of correspondent ATM operations, if they have them."

Article Fourth.- Modify item 1 of letter B "Scope" of Chapter I "General Provisions" of the Accounting Manual, in the following terms:

"1. The entities that must apply this Manual are the companies indicated in letters A and B of Article 16 of the General Law, the Bank of the Nation, the Agropecuario Bank, the Development Financial Corporation - COFIDE, the MIVIVIENDA S.A. Fund, Electronic Money Issuing Companies, and in the case of other companies when their application is required by the Superintendency. Likewise, the Manual is applicable to each of the foreign branches of the companies indicated above."

Article Fifth.- Modify the denomination of procedure number 01 of the TUPA of the Superintendency of Banks, Insurance, and Private Pension Fund Administrators, approved by Resolution SBS No. 3082-2011 dated March 11, 2011, with the following denomination: "Authorization for the Constitution of companies referred to in Article 16 of Law No. 26702: Multiple Operations Companies, Insurance Companies, Investment Banks, Specialized Companies, as well as Electronic Money Issuing Companies, as applicable."

Article Sixth.- This Resolution enters into force the day after its publication in the official newspaper El Peruano.

Register, communicate, and publish,
JAVIER POGGI CAMPODÓNICO
Superintendent of Banks, Insurance, and
Private Pension Fund Administrators (a.i.)

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