SBS Resolution No. 0879-2026: Amending the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates, approved by SBS Resolution No. 11823-2010 and its amendments

Lima, March 24, 2026

SBS Resolution No. 00879-2026

The Superintendent of Banks, Insurance and Private Pension Fund Administrators: CONSIDERING: That, through Legislative Decree No. 1646, the General Law was amended with the aim of promoting the granting of financing by financial system companies and contributing to better management of concentration risk in safeguarding the solvency and stability of the financial system; That, through SBS Resolution No. 11823-2010 and its amendments, the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates was approved, hereinafter referred to as the Consolidated Supervision Regulation, which established capital requirements and concentration limits at the consolidated level; That, through SBS Resolution No. 975-2005 and its amendment, the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures applicable to financial system companies was approved, to align the Superintendency's regulations on this matter with what is established in Legislative Decree No. 1646, international standards, and particularities of the national financial system; That, it is necessary to amend the Regulation for the Consolidated Supervision of Financial and Mixed Conglomerates to align it with what is established in the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2005 and its amendment; That, in order to gather public opinions on the proposal, the publication of the draft resolution on this matter was ordered in the Superintendency's digital headquarters through SBS Resolution No. 4346-2025, in accordance with the Thirty-Second Final and Complementary Provision of the General Law, as well as Supreme Decree No. 009-2024-JUS; Having obtained the approval of the Adjunct Superintendencies for Banking and Microfinance and for 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; 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, in the terms indicated below:

1. Eliminate subsection a of Article 2° "Definitions".
2. Replace subsections b, c, d, f, i, k, and r of Article 2° "Definitions", as follows: “b. Financial or mixed conglomerate: Types of economic groups defined as such under the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. c. Control: Determined in accordance with what is provided by the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. d. Holding company: In accordance with what is established in the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or in the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. f. Financing: In accordance with what is established in the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or in the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. i. Economic group: In accordance with what is defined by the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. k. Significant influence in management: Exists in the cases indicated by the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable. r. Legal entity: In accordance with what is established in the Special Regulations on Linkages and Economic Groups approved by SBS Resolution No. 5780-2015; or in the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it; as applicable.”
3. Replace Article 13° "Limit on financing to natural persons, legal persons or linked legal entities of the consolidatable group", as follows: “Article 13°.- Limit on financing to natural persons, legal persons or linked legal entities of the consolidatable group The total financing that companies of the consolidatable group of the financial system grant to natural persons, legal persons and legal entities that align with the criteria established in Articles 11 and 19 of the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it, may not exceed an amount equivalent to twenty-five percent (25%) of the Level 1 effective equity of said consolidatable group. The total financing granted by a consolidatable group of the insurance system to natural persons, legal persons and legal entities that directly and/or indirectly hold a proportion greater than 4% of the voting shares or participations in said companies, and to natural persons, legal persons and legal entities that have significant influence in the management of any company of the consolidatable group, may not exceed an amount equivalent to thirty percent (30%) of the effective equity of said consolidatable group. The company responsible for submitting the information referred to in Article 21 of this Regulation must keep available to the Superintendency an updated database with the list of all natural persons, legal persons and legal entities linked as referred to in this article.”
4. Replace Article 14° "Concentration limit on financing applicable to the consolidatable group of the financial system", as follows: “Article 14°.- Concentration limit on financing applicable to the consolidatable group of the financial system The total financing that companies of the consolidatable group of the financial system grant to a counterparty or group of counterparties connected by single risk, aligning with the criteria established in Articles 21, 22 and 23 of the Regulation on Economic Groups, Linkages, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by SBS Resolution No. 975-2025 or the regulation that replaces it, may not exceed twenty-five percent (25%) of the Level 1 effective equity of said consolidatable group. Financing granted by a consolidatable group of the financial system that is integrated by some company of the financial system required to maintain a market risk concentration buffer, to another company of the financial system required to maintain said buffer and to the members of the group of counterparties connected by single risk of the latter that is a holding company and to financial system companies in the country and abroad, from its financial group, may not exceed fifteen percent (15%) of the Level 1 effective equity of the consolidatable group of the financial system. In no case may the exposure of the consolidatable group of the financial system with a counterparty or group of counterparties connected exceed twenty-five percent (25%) of the Level 1 effective equity of said consolidatable group.”
5. Replace Article 16° "Criteria applicable for the calculation of limits", as follows: “Article 16°.- Criteria applicable for the calculation of limits The limits indicated in the preceding articles shall be calculated aligning with the criteria established in the General Law and in the regulations issued by the Superintendency for the calculation of respective operational limits at the individual level. In this regard, current regulations on counterparties connected by single risk,