2005-07-12 | Resolución SBS 1025-2005Added
Funds Transfer Enterprises (ETFs) with average transferred funds of 4,000 UITs must employ a full-time Internal Auditor. ETFs must submit monthly Reports No. 26 and 27 via SUCAVE within 15 days of month-end, starting September and July 2005 respectively. Agents must be exclusively contracted, with files and Annex ETF No. 2 submitted within 15 days of signing. Correspondent contracts must be reported within five days using Report No. 21-A. Share transfers require notification within ten business days using Annex ETF No. 4, alongside an annual shareholder list due within 30 days of fiscal year-end.
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Lima, July 12, 2005
S.B.S. Resolution
No. 1025-2005
The Superintendent of Banks, Insurance and Private Pension Fund Administrators:
CONSIDERING:
That, Article 17 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its amendments, hereinafter General Law, considers Funds Transfer Enterprises, hereinafter ETF, as complementary and related service companies, which are under the supervision and control of the Superintendence of Banks, Insurance and Private Pension Fund Administrators;
That, for adequate comprehensive supervision of ETFs, it is necessary to update the regulations issued by this Superintendence regarding the organization, operation, adequacy and presentation of accounting information of said companies, as well as to issue new regulations regarding their operations, office network, operation, prudential measures, security and sanctions, among others, with the aim of forming a single regulatory body;
Being in accordance with the opinion of the Adjunct Superintendencies of Banking and Microfinance, Risks and Legal Advice, as well as the Economic Studies Management;
And, in exercise of the powers conferred by paragraphs 3, 9 and 18 of Article 349 of the General Law;
RESOLVES:
Article First.- Approve the Regulations of the Funds Transfer Enterprises (ETF), which forms an integral part of this Resolution.
Article Second.- Add a second paragraph to Article 10, as well as a letter e) to numeral III "Complementary and Related Service Companies" of the Annex "Scheduled Activities" of the "Internal Audit Regulations" approved by SBS Resolution No. 1041-99, according to the following texts:
Article 10.-
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“ Funds Transfer Enterprises (ETF) whose average of transferred funds in the last 12 months is equal to or exceeds 4000 UITs, must have a full-time Internal Auditor. The Internal Auditor of ETFs whose cited average is lower than the aforementioned 4000 UITs, may be hired part-time and under any modality, being required to comply with the requirements and functions indicated in these regulations. ”
Complementary and Related Service Companies
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Letter e)
“ ETFs must include in the Annual Work Plan of the Internal Audit Unit, the following permanent activities, with their respective execution periodicity:
Activity Periodicity a) Verification of the accounting record of commissions charged for fund transfers. Includes verification of commissions charged to companies abroad for the delivery of funds to beneficiaries in Peru.
Semi-annual b) Verification of the adequate identification and control of the funds available own and third-party, objects of the service.
Semi-annual c) Compliance with deadlines for the delivery of funds to third parties in accordance with the policies and internal rules established by the company, the commitments assumed with users, as well as the adequate publicity and information to clients. Semi-annual d) Verification of compliance with the operational limit of the company referred to available funds. Quarterly e) Verification of the adequate recording, preparation and conservation of the information referred to Annexes and Reports sent to this Superintendence. Semi-annual f) Evaluation of the level of complaints presented by users to the company and the treatment given. Annual g) Evaluation of the adequacy of the company to the applicable rules on the administration of Operational and Information Technology Risks. Annual h) Verification of compliance with Board Agreements Semi-annual i) Evaluation of compliance with the recommendations made by the internal audit unit, external auditors and by this Superintendence; Semi-annual j) Report on the Progress of the Annual Control Plan Semi-annual k) Report on the adequate supervision and centralization of operations of Agents, if they have them. Semi-annual l) The other evaluations and reports that companies must perform periodically in accordance with the current provisions of this Superintendence. Not applicable
Article Third.- Add a numeral 2 in Item V "Other companies not indicated in the previous numerals" of the Annex "Reports complementary to the external audit societies" of the "External Audit Regulations" approved by SBS Resolution No. 1042-99, according to the following text:
V. Other companies not indicated in the previous numerals
“2. In the case of Funds Transfer Enterprises (ETF), the external audit society must additionally carry out evaluations of the following topics:
a) Evaluation of the policies and procedures for receiving and sending orders for fund transfers.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 3 b) Appreciation regarding the adequate identification by the company, of the groups economic and natural and legal persons linked according to the criteria established by this Superintendence. c) Evaluation of the procedures for recording, supervision and centralization of the operations of Agents, as well as those carried out with correspondents. d) Appreciation regarding compliance with the operational limit referred to available funds compatible with the volume of operations. e) Verification of the adequate compliance with the treatment of complaints presented by users. f) Evaluation regarding the adequate administration of Operational Risks, including the sufficiency of insurance policies contracted, regarding the conditions and amounts that cover the main risks of the funds transfer service.
Article Fourth.- Incorporate into Chapter V "Annexes and Reports to Financial Statements" of the Accounting Manual for Companies of the Financial System, Report No. 26 titled "Movements of fund transfers" and Report No. 27 "Costs for Fund Transfers", according to the formats attached to this regulation, whose periodicity will be monthly and must be sent to this Superintendence by all companies of the financial system that according to their authorized operations or modular scheme can perform operations of receiving and/or sending funds, within 15 calendar days following the close of each month. The submission of said Reports will be in printed form, and, from the moment it is requested, by means of the External Capture and Validation Submodule (SUCAVE). 1
Article Fifth.- Modify the Accounting Manual for Companies of the Financial System, approved by SBS Resolution No. 895-98 of September 1, 1998 and its modifying and complementary regulations, as follows:
a) In Chapter IV, replace the description of sub-account 2101.07 "Money orders payable", with the following text:
“Records the amount of money orders received by the company to be paid. A money order is understood as the delivery of money by a sender, without using company accounts, to be delivered in cash to a beneficiary, in the same location or a different one.”
b) In Chapter IV, replace the description of sub-account 2101.08 "Transfers payable", with the following text:
“Records the amount of transfers received by the company to be paid. A transfer is understood as the authorization for the company to debit from the sender's account, a certain amount, to be credited to another account of the same sender or of a third-party beneficiary, in the same location or a different one.”
Article Sixth.- Modify Procedure No. 8 "Authorization for the constitution of Funds Transfer Enterprises" of the Single Text of Administrative Procedures – TUPA of the Superintendence of Banks, Insurance and Private Pension Fund Administrators approved by SBS Resolution No. 131-2002, as well as incorporate procedures 103 "Authorization for the adequacy of Funds Transfer Enterprises", 104 "Corporate reorganization and voluntary dissolution of Funds Transfer Enterprises", 105 "Cessation of fund transfer operations",
1
See Reports in Chapter V of the Accounting Manual.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 4 and 106 "Authorization to transfer shares above 10% of social capital - ETFs", according to the texts attached to this Resolution. 2
Article Seventh.- This Resolution will enter into force from the day following its publication in the Official Journal El Peruano, from which date Circulars No. ETF-001-97 of May 16, 1997; ETF-002-97 of September 29, 1997; ETF-003-99 of May 17, 1999; and ETF-004-99 of November 11, 1999 will be repealed. The submission of Reports No. 26 "Movements of Funds Transfer Enterprises" and No. 27 "Costs for Fund Transfers", must be made, at the latest, from the close of the month of September and July 2005, respectively.
Register, communicate and publish,
JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banks, Insurance and
Private Pension Fund Administrators
2
See procedures in the TUPA
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 5
REGULATIONS OF THE FUNDS TRANSFER ENTERPRISES
CHAPTER I
GENERAL ASPECTS
Scope and Definitions.-
Article 1st.- These Regulations are applicable to Funds Transfer Enterprises and their office network, hereinafter ETF, as well as, where appropriate, to legal and natural persons who intervene in some phase of their operations as agents and correspondents.
For the purposes of these Regulations, the following definitions are considered:
a) Beneficiary: Person in whose favor the funds sent by the sender are remitted. b) Days: Calendar days, unless otherwise indicated. c) ETF: Funds Transfer Enterprise. d) General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its amendments. e) Sender: Person who remits funds through an ETF, to another person (beneficiary) located generally in a different geographic location. f) Regulations: Regulations of the Funds Transfer Enterprises. g) Superintendence: Superintendence of Banks, Insurance and Private Pension Fund Administrators. h) Fund Transfer: Activity consisting of the receipt of cash funds from a sender, to be delivered to the beneficiary designated by the sender.
Funds Transfer Enterprises
Article 2nd.- A Funds Transfer Enterprise is considered to be that company whose corporate bylaws have as its main business the activity of offering the general public the service of receiving fund transfer orders in accordance with the instructions of the senders and/or making them available to the corresponding beneficiaries. The fund transfer activity can be carried out as a representative of international scope companies or independently through contracts signed with correspondent companies abroad.
It is also considered an ETF for the purposes of the General Law and the regulation issued by the Superintendence regarding said companies, those companies that carry out the service described in the previous paragraph as an accessory and complementary activity to their main business, for amounts whose average of the last 12 months, obtained based on the monthly averages of their fund transfer operations received and sent, exceeds an amount equivalent to 200 Tax Units (UIT) during the six consecutive months following having reached said level. For the purposes of computing the aforementioned average amount, the fund transfer services of those companies that are linked by single risk according to the criteria established in the regulations issued by the Superintendence will be consolidated. In this case, the linked company with the largest volume of transfer services will be considered as an ETF, being required to centralize and provide the information required from the rest of its linked companies that offer said service, either on its behalf and/or independently. For the aforementioned computation, services offered through the respective office network and/or agents will also be taken into consideration.
This definition does not include postal service concessionaires formally authorized to carry out postal remittance services in accordance with current regulations, provided that the total amounts of postal remittance do not exceed the average indicated in the previous paragraph.
Office Network.-
Article 3rd.- ETFs can carry out their operations and serve the public, through offices of the following categories:
Main Office: It is the central establishment constituted as the legal domicile of the ETF, where the senior management that organizes, administers and directs the activities and businesses that are proper to the corporate object of the institution is located, and which can carry out any of the services and operations permitted to the company. It supervises all agents acting on behalf of the ETF. It centralizes the company's accounting and may keep its own accounting.
Agencies: It is the establishment that depends organically from the main office, can carry out all operations and services permitted to the company and keep its own accounting. Companies may establish agencies that in turn supervise other agencies, in which case, they are authorized to centralize the accounting of all offices under their charge. It operates in its own or rented premises by the company, in which ETF personnel work. It can also supervise the agents designated by the Main Office.
Shared Premises: ETFs may share premises for the provision of operations and services they are authorized to, either among themselves or with any other type of companies supervised by this Superintendence, provided they have the necessary security measures for this purpose (insurance policies, liquid funds, etc.) and identification necessary to avoid public confusion. This power includes the possibility of agreeing on counter contracts and space leasing contracts, among other modalities. Understand by counter contracts the agreements that allow sharing different customer service counters in the same premises. On the other hand, the space leasing contract has as its object that an ETF makes use of a space or section in the office of any other ETF or company supervised by this Superintendence. The personnel working there belongs to each ETF.
In addition to the three categories of offices mentioned above, ETFs may also operate through Agents, as stated in Article 4.
Agents
Article 4th.- These are natural or legal persons whose main activity is not the transfer of funds and with whom the ETF signs contracts for the receipt or sending of money in the name and on behalf of the ETF, and through the ETF's operational system can carry out some of the services and operations permitted to it. The premises and personnel working there do not belong to the ETF. The ETF is responsible for the compliance by its agents of the current regulation applicable to fund transfers and anti-money laundering prevention. An agent can only represent one ETF and cannot act through sub-agents.
The signing of contracts with Agents by the ETF does not require prior authorization. However, before the start of operations of the respective Agent, the ETF must establish in the Main Office, an individual file for each Agent containing the following minimum information, which will be available to the Superintendence for supervision purposes:
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 7
Places where the fund transfer service will be provided, as well as indication of the number of premises in which it operates. In the case of opening or relocation of agent premises, the new location must be registered.
Contract to be signed with the agent, which must include as a minimum, clauses related to:
All modifications, renewals or conclusion of contracts with agents must be included in the respective individual file.
Certification by the ETF accrediting that the agent and its personnel know and have the necessary infrastructure to adequately develop the ETF's operational procedures, anti-money laundering prevention measures and others related to the centralized recording of operations carried out by the agent, by the ETF.
Permits from other competent authorities, applicable to the Agent's operations.
Other aspects necessary for the agent's operability.
Likewise, within 15 days following the signing or renewal of the contract with each agent, the ETF must send to the Superintendence Annex ETF No. 2. Said annex must also be sent whenever there are significant variations in the information it contains, as well as when the contract is terminated, within 15 days following its occurrence.
Correspondents.-
Article 5th.- These are legal persons established in other countries with whom ETFs sign contracts for the receipt and/or sending of funds internationally.
Contracts signed with Correspondents must contain, as a minimum, clarifications regarding the information that each company must provide in compliance with the applicable regulations regarding the anti-money laundering prevention system, as well as specify, if applicable, whether they are supervised by the respective control bodies in the country of origin.
Any contract signed with Correspondents must be made known to the SBS within a maximum period of 5 days from signing, attaching correspondent information using Report No. 21-A established in Table No. 1 of Article 17 of these Regulations.
Corporate Form and Bylaws.-
Article 6th.- ETFs must be Joint Stock Companies and have a Board of Directors. The number of shareholders and directors will be governed by what is provided in the General Law of Companies. Any statutory modification of ETFs must have prior approval of the Superintendence of Banks and Insurance, except those exclusively referred to increases in social capital through cash contributions, capitalization of
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 8
profits and capital restatement as a consequence of comprehensive accounting adjustments for inflation, in which case they must only be brought to the knowledge of this Superintendency.
Social Capital
Article 7°.- ETFs must have, at the time of their constitution or adaptation, as applicable, social capital contributed in cash, as well as during their effective functioning, a net worth above the minimum capital indicated in articles 17° and 18° of Law No. 26702.
Exceptionally, up to 40% of said minimum capital may be constituted with the contribution of real estate, provided they are necessary for the development of their operations. The qualification of exceptionality will be carried out by the Superintendency, among other criteria, based on the relationship between the minimum social capital and the volume of actual or projected operations that the company in adaptation or constitution has, as applicable.
ETFs, prior to carrying out activities additional to those listed in their Bylaws at the time of obtaining their operating authorization or adaptation, must communicate to the Superintendency information on the characteristics and volume of the additional operations and services, for the purpose of evaluating capital sufficiency.
Transfer of Shares.-
Article 8°.- Any transfer of shares of an ETF must be communicated to the Superintendency within the first ten (10) business days following the month in which the transfer occurred, using Annex ETF No. 4 established in Table No. 1 of article 17° of this Regulation.
Likewise, based on the information required in the Annex referred to in the previous paragraph, ETFs must send, annually, a detailed list of their shareholders. This list has a maximum transmission deadline of 30 days after the close of each fiscal year.
ETFs included in article 2° of this regulation and that, in addition, present income from fund transfers in amounts greater than 60% of their total annual income, are subject to the prior authorization referred to in articles 57° and 58° of the General Law, making applicable to them the Regulation on Acquisition of Property in the Social Capital of Supervised Enterprises and Significant Owners; and, where pertinent, article 59° of said Law.
3
CHAPTER II
AUTHORIZATIONS
Organization and Functioning 4
Article 9º.- The process for the constitution of ETFs is regulated by the provisions indicated below:
Authorization of Organization.-
3
Third paragraph modified by Resolution SBS No. 6420-2015 of 10/23/2015.
4 Article 9° modified by Resolution SBS No. 12881-2009 of 09/10/2009.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 9
a) Organizers: All those natural and legal persons in charge of carrying out the organization and functioning procedures of the company in constitution. b) Responsible Organizers: That organizer or organizers who subscribe, according to the social constitution minutes, at least four percent (4%) of the social capital of the company in constitution and who are responsible before this Superintendency for the procedures for the organization and functioning authorizations of the company. These organizers will form part of the permanent management team of the future company, being able to transfer their participations prior to the authorization of this Superintendency.
Information of the company requesting constitution: The organization request that must be presented in a single opportunity must contain the following:
a) Organization request addressed to the Superintendent of Banks, Insurance and Private Pension Fund Administrators, presented in a single opportunity. b) Draft Social Constitution Minutes. c) List of Organizers, Responsible Organizers, and Shareholders. d) Two copies of the feasibility, market, financial, and management study. e) Certificate of deposit of guarantee, constituted in a company of the country's financial system, valid at the time of presenting the request and payable to the order of the Superintendency or endorsed in its favor, for an amount equivalent to five percent (5%) of the minimum capital, valid on the date of the request. f) Copy of the draft insurance policy contracts to be contracted at the start of operations, indicating their conditions and amounts, which must cover the main risks inherent to the volume of projected fund transfer operations, especially the funds and goods belonging to third parties, object of the service, to the satisfaction of the Superintendency. g) Identify correspondents and agents, if applicable, presenting the draft contracts corresponding to them and the authorizations they have obtained from the respective competent national or international authorities, as applicable. h) Report and documentation demonstrating that it has the necessary infrastructure to comply with the provisions on the prevention of money laundering, among others, what is established in article 16° of the "Complementary Norms for the Prevention of Money Laundering and Financing of Terrorism" approved by Resolution SBS No. 838-2008, which is applicable to them as indicated in the Law creating the Financial Intelligence Unit of Peru – UIF, Law No. 27693 and its amendments.
Organizers: Must attach to the organization request, the following documentation:
a) Curriculum Vitae duly signed or the Annual Report, when applicable. b) Sworn statement indicating not being subject to the impediments established in article 20º of the General Law. Likewise, they must present a Sworn Statement on the existence or non-existence of unfinished judicial processes in which the organizer is involved.
The sanctions referred to in numeral 12 of article 20° of Law No. 26702 are those referred to disqualification or dismissal originated by infractions considered very serious, according to the Sanctions Regulation of the Superintendency.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 10
c) Sworn statements of:
i) Not being subject to the impediments referred to in articles 20° and 81 of Law No. 26702. The sanctions referred to in numeral 12 of article 20° of Law No. 26702 are those mentioned in numeral 3) b) of this article. ii) List of their patrimonial assets, and if applicable, indicate if they are subject to any type of encumbrance or limitation for their free availability. d) Information and documentation required from shareholders.
The aforementioned declaration must also refer to the existence or non-existence of unfinished judicial processes in which the acquirer is involved. Likewise, the declaration must specify if they are included in the list issued by the Office of Foreign Assets Control of the US Department of the Treasury (OFAC).
The sanctions referred to in numeral 12 of article 20° cited in article 52° of the General Law are those referred to in numeral 3) b) of this article. ii) List of their patrimonial assets and, if applicable, indicate if they are subject to any type of encumbrance or limitation for their free availability. In the case of independent persons, a sworn statement from SUNAT and of their companies, if any, as well as the registry certificate and financial statements of the last two years of these must be included.
If dependent, a letter of introduction from the employer and proof of income must be attached. In the case of non-resident persons, a document from the corresponding tax authority on their tax contributor status must be presented. d) Shareholding participation in the company in constitution. e) List of persons with whom the shareholders are linked and legal persons with which they form an economic group according to the regulation of this Superintendency in force on the matter. This list must include the ownership and management structure of the economic group and the list of its shareholders or partners, directors, managers, and main officials, according to said regulation. The detail of shareholding of legal persons forming part of the economic group and related companies must be provided up to the level of natural persons, including companies that issue bearer shares. f) Reference letter as a habitual client of one or more companies of the country's financial system and/or abroad, as applicable. In the case of the latter, it must be a recognized top-tier company.
Legal person shareholders must additionally present:
i) Certified copy of the agreement of the respective social body in which participation in the company to be constituted is agreed upon, as well as the designation of the person who will represent it. ii) Notarized copy by a notary public of the public deed of social constitution and its amendments. iii) Annual Report and audited financial statements of the last two (2) years of the legal person shareholder and of all companies with which they form an economic group according to the regulation of this Superintendency in force on the matter, as well as, when applicable, the consolidated financial statements of the conglomerate to which it belongs. iv) Information on its respective social capital. v) If the shareholder is a legal person resident abroad, a study prepared by a recognized risk classifier, detail of investments, and annual report of the last two (2) years, or if applicable, of its parent company, must be attached. vi) If the shareholder is a legal person belonging to the foreign financial system, a certificate issued by an organism similar to the Superintendency of its country of origin must be presented, stating no objection to the company to be constituted, as well as the list of administrative sanctions applied to the company in the last three years. In the case of companies whose consolidated supervision does not correspond to this Superintendency, the degree of scope of the consolidated supervision to which it will be subject must be additionally specified.
Additionally, the Superintendency may request the list of shareholders with participation greater than 4% of the social capital of the legal person shareholder. In case the list contemplates shareholders that are themselves legal persons, the names of the shareholders of these societies must be provided and so on until providing shareholding information at the level of natural persons.
In the case of legal representatives who will not perform such functions in the new company to be constituted, they only need to present the information referred to in letters a), b) and c) i).
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 12
iii) Future Market Analysis: The main trends and their possible impact on the company are explained. Estimation of market size and participation of the company in constitution. iv) Competition Analysis: Considers the identification of competing companies and a comparative analysis of the products and conditions (tariffs, commissions, term, currency, etc.) that the proposed entity would offer in relation to said competing companies. c) Management Analysis. i) Strategic Planning: Presents the background of the economic group and corporate philosophy, the objectives of the constitution of the company for the organizers. Likewise, the mission of the company, the objectives, the differentiation strategies of operations and services, as well as the general commercialization and sales strategy will be included. ii) Organization: Comprises the corporate governance system, the organizational and administrative structure, as well as personnel requirements. iii) General Policies and Procedures:
(1) General policies and procedures for the identification and administration of risks, with special emphasis on operational and liquidity risks. The risks to be assumed for being part of a conglomerate, in cases where applicable.
(2) General policies and procedures for internal control and internal audit.
(3) General policies and procedures regarding the operations and services that the company considers providing.
(4) Money laundering and terrorism financing prevention policies. Report and documentation demonstrating that it has the necessary infrastructure to comply with the provisions on the prevention of money laundering and terrorism financing.
(5) Transparency and contracting with the public user policies. iv) Economic Group (1) List of linked persons and legal persons forming the economic group to which the company in constitution belongs according to the regulation of this Superintendency in force on the matter. This additionally includes, according to said regulation, the following information regarding the economic group to which it belongs:
(a) Ownership and management structure.
(b) List of shareholders or partners, directors, managers, and main officials. v) Equipment:
(1) Description of information systems including a detail of the computer equipment and systems that the company considers implementing.
(2) Location of offices, agents, and correspondents, if applicable.
(3) Security conditions, office equipment, and insurance. d) Financial Analysis:
(1) Capital:
(a) The amount of capital with which operations are proposed to start, indicating the sum that will be paid in cash before starting the verification stage, which cannot be less than the amount of minimum capital required on the date of presentation of the request. Exceptionally, up to 40% of said minimum capital may be constituted with the contribution of real estate, provided they are necessary for the development of their operations. The qualification of exceptionality will be carried out by the Superintendency, among other criteria, based on the relationship between the minimum social capital and the volume of actual or projected operations that the company in adaptation or constitution has, as applicable. (b) Opening balance sheet. (c) Investment budget and financing structure. (d) Information on operations (characteristics and conditions) and sources of financing, indicating if there is any link with the company. (2) Financial Projections: The projections of the Balance Sheet, Statement of Income and Loss, Cash Flow, Break-Even Point, and all aspects necessary to help demonstrate the viability and permanence of the project will be made. Additionally, the following will be included:
(a) Projection of financial indicators.
(b) Comparative analysis of financial indicators with comparable companies.
(c) Criteria for the evaluation of the viability of the project (NPV, IRR).
(d) Sensitivity analysis considering at least three scenarios.
(e) Break-even point analysis.
(3) Assumptions of the projections: The assumptions of the projections must be clearly specified, detailing at least the following information:
(a) Macro variables: exchange rate, interest rate, economic growth rate, and the sector where the company will operate.
(b) Determination of prices for products and/or services, as applicable.
(c) Average size of operations, estimated number of operations, number of customers.
(d) Financial expenses and administrative expenses. Personnel expenses and third-party services.
(e) Dividend distribution policy.
(f) Depreciation, legal and/or tax charges.
(4) Presentation of financial information: The presentation of financial information must follow the following guidelines:
(a) The format for presenting projected financial statements must correspond to accounting standards approved by the Superintendency. In default, generally accepted accounting standards will be used.
(b) Annual projections for 5 years and monthly for the first year.
(c) Financial information will be presented in national currency.
(d) In addition to the printed documentation, the financial analysis must be presented in files compatible with Excel, incorporating the formulas used.
The publication must be carried out twice alternately, the first in the Official Journal El Peruano and the second in a newspaper of extensive national circulation, within the 10 business days of notification to the responsible organizer(s) of the Office containing the model of the notice to follow, by this Superintendency.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 14
Along with the resolution authorizing the organization, the Superintendency grants the corresponding Certificate.
This certificate must be published by the interested parties, within thirty (30) calendar days of its issuance, in the Official Gazette El Peruano, under penalty of expiration at the end of said period.
The organizers must grant the corresponding public deed in which said certificate is necessarily inserted, under the responsibility of the intervening public notary.
The organization authorization certificate expires two years after being granted.
Authorization for Operation.-
a) Certified copy by a notary public of the Superintendency of the public deed of constitution duly registered in the Public Registries;
b) Updated list of Directors and Officials, attaching regarding them, the information indicated in item 6) of this article;
c) Manuals of policies and procedures and other pertinent documents.
d) Present Unique Taxpayer Registry number (RUC).
e) Present copy of the insurance policies referred to in item 2) f) of this article.
f) Present copy of the contracts referred to in item 2) g) of this article, as applicable.
During the verification process, the Superintendency may conduct inspection visits and meetings with the Responsible Organizers, Directors, and Principal Officials, as well as request any information and documentation it deems necessary.
This Superintendency reserves the right to request more information from the company after having received the request for the Verification Visit, based on changes that occurred with respect to the original organization file and/or the time that has elapsed between the issuance of the Organization Certificate and the presentation of the communication regarding compliance with the requirements for operation, to the extent that the initial assumptions of the project and/or the economic environment may have varied, factors that could affect the company's risk profile.
Once the verifications referred to in the previous section are completed without observations and within a period not exceeding thirty (30) calendar days from their execution, the Superintendency issues the corresponding resolution, and if authoritative, grants a certificate of operation authorization.
This certificate must be published by the responsible organizers twice alternately, the first in the Official Gazette El Peruano and the second in a newspaper of extensive national circulation.
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In addition, said certificate must be permanently displayed in the company's main office, in a place visible to the public.
The company must begin operations within three (3) months of the granting of the operation authorization certificate, a period within which it must set a definite date for the start of its operations, making this fact known to the public in a mass media outlet prior to its entry into the market.
Clarifications regarding information requirements
Relevant information in legal matters in any language other than Spanish will be translated into Spanish for presentation to the Superintendency. Such translation must include the name of the translator and their signature. For any discrepancy in interpretation, the Spanish version shall prevail.
Any sworn declaration made in accordance with the requirements of this regulation must conclude with a reference that in case fraud or falsity is detected in said declaration, as provided in article 32.3° of Law N° 27444, the administrative act based on said declaration will be annulled, without prejudice to applicable fines and criminal actions that may arise if the conduct fits one of the scenarios provided for crimes against Public Faith.
Exception to the Guarantee Certificate and cash contribution
The requirement to present the guarantee certificate indicated in article 21º of the General Law, as well as the cash contribution of social capital, is excepted in cases of conversion, constitution of subsidiaries by merger or spin-off of companies, transformation of branches of foreign companies into a legal entity, merger, spin-off, or other form of reorganization carried out in the manner provided in the General Companies Law.
Incompatibilities to hold positions as directors and managers
Clarify that the provisions contained in articles 81° and 92° of the General Law regarding the prohibition of directors and workers of a company holding positions as directors and managers in another company of the same nature, do not apply to those cases where such companies are in processes of corporate reorganization in accordance with the General Companies Law.
Adaptation
Article 10º.- Companies that at the time of entry into force of this Regulation are within the definition of ETF established in article 2°, as well as those that during its validity, reach for six consecutive months the level of fund transfer operations indicated in said definition, must present within 60 calendar days following the validity of this regulation or of the completion of said six-month period, respectively, the information indicated in the following adaptation procedure:
Present the following documents to request their adaptation:
a) Prove the minimum capital as established in articles 17º and 18º of the General Law and in article 7° of this regulation.
b) Modifications considered necessary in the company's statutes, to adapt them to the applicable provisions of the General Law and this Regulation: Supervision capacity of the Superintendency, application where appropriate of the General Law, and of the regulations on ETFs and fund transfer activity issued by the Superintendency.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 16
c) Copies of current insurance policies, indicating their conditions and amounts, covering the main risks inherent to the activity, mainly to funds and goods belonging to others, object of the service, to the satisfaction of the Superintendency.
d) Financial Statements of the last two years and of the quarter prior to the date of the adaptation request.
e) Latest modifications to the public deed of social constitution.
f) Detail of the measures and security conditions, as well as the equipment used in the development of their activities.
g) Updated organizational structure of the company, with detail of personnel and offices in operation at the time of the adaptation request.
h) List of correspondents, agents, and financial system institutions with which contracts related to their fund transfer operations have been signed, attaching copies of current contracts, and as applicable, authorizations from competent bodies.
In the case of agents, Annex ETF No. 2 with information on each of them will be presented additionally.
i) Organization and Functions Manuals and Procedures, especially those referred to fund transfer activities, which must be approved by the Board of Directors.
j) Demonstrate the existence of adequate infrastructure to carry out fund transfer operations, especially manuals, procedures, formats, among others, as well as for compliance with current regulation regarding the prevention of money laundering, including what is established in article 16° of the "Complementary Norms for the Prevention of Money Laundering" approved by Resolution SBS N° 1725-2003, which is applicable to them as indicated in the Law creating the Financial Intelligence Unit of Peru – UIF, Law N° 27693 and its amendments.
k) Sworn declaration by shareholders not being subject to the impediments indicated in articles 52º and 54° of the General Law.
l) Sworn declaration of having no criminal or police records in the country for resident shareholders, and in the country of domicile for non-resident shareholders.
m) List of persons with whom shareholders are linked and legal entities with which they form an economic group in accordance with the current regulation of this Superintendency on the matter. This list must include the ownership and management structure of the economic group, and the list of its shareholders or partners, directors, managers, and principal officials, according to said regulation. To this information, Report No. 21-A indicated in Table No. 1 of article 17° of this Regulation must be attached.
n) Sworn declaration of not having protests in the last five years, both of the shareholders and of the company in adaptation, in any Chamber of Commerce in the country, or in the foreign entity that corresponds.
o) In the case that the shareholder is a legal person, the public deed of social constitution of the shareholder legal person must also be presented.
p) Curriculum Vitae and Sworn Declaration of Directors and principal officials not being subject to the impediments indicated in article 81º of the General Law.
q) Presentation of an "Adaptation Plan" regarding implementation at the latest within six months of obtaining the adaptation authorization, of differentiated accounting records for fund transfer activities, with respect to other activities that the company may carry out, when these are not the sole business activity.
r) Information on the characteristics and volume of operations and services other than fund transfer, for the purpose of evaluating the corresponding capital sufficiency.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 17
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 deemed pertinent.
The Superintendency, after verifying the complete and adequate presentation of the information required in the previous item, through the verifications that result pertinent, orders the company in adaptation to publish twice alternately, the first in the Official Gazette and the second in one of extensive national circulation, a notice making public aware of the adaptation process, as well as the names of the shareholders, citing any interested person to, within a term of fifteen days, counted from the date of the last notice, formulate any well-founded objection to the adaptation of the company or to the shareholders that constitute it.
Once 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 ETF and locations of its Agents, 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 incurred by the ETF.
The companies referred to in this article, which do not request or do not successfully complete the aforementioned adaptation process, in the terms, conditions, and deadlines indicated in this Regulation, will not be able to continue offering the public fund transfer services.
Non-compliance with what is indicated in the previous 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.
Opening and relocation of the Main Office and agencies
Article 11º.- For the purpose of verifying that the new agencies of ETFs will maintain basic operating conditions, as well as adequate infrastructure and sufficient facilities for public service, ETFs must send 15 days before the opening of a new agency, the information indicated below:
Certified copy of the relevant part of the board agreement or corresponding social body where the opening of the new agency is approved.
Operations and services intended to be carried out based on the study conducted on the geographic and economic area of influence of the proposed agency, and the economically active population of the operating zone.
Data transmission systems to be used and procedures to apply.
Functional organizational chart and staff table, indicating the organizational dependency of the agency in question, as well as the agencies and agents under its responsibility, if applicable.
Security conditions and equipment of the new office.
Budget for installation and operation.
Indicate if the premises will be owned by the company or rented from a third party.
In the case of relocation of the Main Office or any agency, a communication must be made 15 days before the relocation, indicating the locations and corresponding addresses, before and after the future relocation, indicating if there are variations with respect to the initial characteristics of the office subject to relocation.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 18
Use of shared premises
Article 12º.- At least 15 days before the opening of a shared premises, the following information and documentation must be presented to the Superintendency:
a) Certified copy of the relevant part of the agreement of the corresponding social body of both companies where the use of shared premises is decided.
b) Measures to be taken so that the public can identify and differentiate the companies sharing the premises.
c) Copy of the draft contract that the interested parties will sign for the purpose of sharing a certain premises, indicating the validity period of said contract and the operations and services that each of them will provide in the shared premises.
Likewise, during the development of their activities in the shared premises, the companies must:
a) Indicate on the exterior part of the building, the full names, including the symbols of the companies sharing the building.
b) Adequately identify the respective location of the assigned places, avoiding confusion among the public.
Closure of agencies and shared premises
Article 13º.- At least 15 days before the closure of agencies or shared premises, ETFs must communicate this fact to the Superintendency, attaching a copy of the relevant part of the corresponding Board agreement. Likewise, in said communication, the treatment to be given to ongoing transfers from the premises to be closed must also be specified, as well as explain the reasons for the closure.
Corporate reorganization, voluntary dissolution, and cessation of fund transfer operations.
Article 14º.- The request of an ETF to carry out any of the modalities of corporate reorganization permitted by law, as well as to obtain authorization for voluntary dissolution, must be accompanied by the corresponding copy of the minutes of the General Shareholders' Meeting meeting in which the adopted agreement is recorded, observing the other requirements and formalities established by the General Companies Law, as well as any other information or requirement that the Superintendency deems convenient.
The obligation to present the request referred to in the previous paragraph, only applies to those companies that carry out fund transfer activity as their main business, and those others that have been included in the definition of ETF of article 2° of this regulation, and whose income from fund transfers is greater than 60% of their annual income. In other cases, a communication explaining the corresponding reasons must be sent.
ETFs that cease to provide the fund transfer service may request the Superintendency not to consider them as such and issue the corresponding Resolution of cessation in the fund transfer service, cancelling the respective authorization of operation or adaptation, as applicable.
To this effect, they will present the accounting and financial documentation demonstrating the cessation of fund transfer operations, certified copies of the minutes of the corresponding social body deciding the cessation of fund transfer operations, copies of the resolution of contracts with their correspondents and agents, as well as copies of the communications that must be displayed in their offices making public aware that they no longer perform fund transfers. Once the Resolution of cessation in the fund transfer service is issued, it must be displayed in their offices that have contact with the public, for three months following the date of said Resolution.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)2218990 Fax: (511) 4477760 19
CHAPTER III
ACCOUNTING AND STATISTICAL INFORMATION
Accounting Plan.-
Article 15°.- ETFs must use the Revised General Accounting Plan for the accounting of their operations, including accounts with their respective description and dynamics, allowing clear identification of the following concepts:
a) Accounts necessary to achieve separate accounting of operations related to fund transfer, both with respect to the operations of the ETF itself, as with respect to activities developed additionally to fund transfer, when this activity is complementary to other businesses of the ETF, among them, at minimum:
a. Income from fund transfers.
b. Cash / Banks that are not of the ETF, but correspond to received remittances that must be delivered.
c. Transfers in transit.
d. Accounts payable. (Transfers that have not been delivered to beneficiaries.)
e. Accounts receivable. (Transfers that have been delivered to beneficiaries and that have not yet been collected from the correspondent or represented company)
b) Accounts necessary to identify the movement of transfers with each correspondent, agent, or financial system company.
The Superintendency may establish the obligation to carry out special and uniform accounting records with respect to fund transfer operations.
Dissemination of Financial Statements.-
Article 16°.- ETFs must disseminate their financial statements approved by the General Shareholders' Meeting of the last annual exercise, in all public service offices, through brochures or other alternative means.
Accounting and Statistical Information.-
Article 17°.- ETFs must present to the Superintendency, the accounting and statistical information, in the form and periodicity indicated in Table No. 1 shown below, starting from the information corresponding to the month following the entry into force of this Regulation, with the exceptions indicated in the fourth and fifth Final and Transitional Provision.
(Table No. 1)
ACCOUNTING AND STATISTICAL INFORMATION
Information Name Periodicity Maximum Presentation Deadline (*)
General Balance (1) - Quarterly 30 days
Statement of Profit and Loss (1) - Quarterly 30 days
Statement of Cash Flow - Annual 30 days
Statement of Changes in Equity
Summary of fund transfers Annex ETF No. 1 Monthly 30 days
Information on Agents Annex ETF No. 2 Upon signing the contract 15 days
Offices, Agents, and number of personnel
Annex ETF No. 3 Quarterly 15 days
Share Transfer Annex ETF No. 4 Monthly 10 business days
Collections for fund transfers Annex ETF No. 5 Monthly 15 days
Report on the Economic Group Report No. 19 Annual 15 days
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 20
Information Name Periodicity Maximum Deadline for Submission (*) Company Information (2) Information on legal entities that are part of the economic group (2) Report No. 19-A Annual 15 days Information on legal entities linked to the company (3) Report No. 21-A Quarterly 15 days Information on Complaints Received from Users (4) Report No. 24 Quarterly 15 days Detail of Other Operations – Services or Products and Other Reasons for Complaints (4) Report No. 24-B Quarterly 15 days Valid insurance contracts (5) - According to validity 15 days
Notes:
(*) Calendar days following the closing of the reporting period, unless business days are indicated.
(1) Must include Notes to the Financial Statements.
(2) Reports that ETFs must submit in compliance with what is established in Article 15 of Resolution SBS No. 445-2000 of 06/28/2000.
(3) The format corresponding to Report No. 21-A established in Resolution SBS No. 445-2000 of 06/28/2000 will be used, in which additionally, using the "Other Charge" column, the correspondents of the ETFs (entering code 7) and linked companies and/or those that also carry out fund transfer operations whose information the reporting ETF is responsible for centralizing, as indicated in Article 2 of the ETF Regulation (entering code 8) will be included. (4) Reports that ETFs must submit in compliance with numeral 6 of Circular G-110-2003 of 02/21/2003. (5) A list including at minimum the information referred to: insurance company, validity, coverage, Policy No. and other relevant data must be sent. This information must be updated within 15 days of contracts being signed, renewed, or their coverage being modified.
The submission of the information required in Table No. 1 will be in printed form and through the External Capture and Validation Submodule (SUCAVE), from the moment it is incorporated into said software.
CHAPTER IV
OPERATING STANDARDS
Liquidity.-
Article 18.- ETFs must maintain, at all times, available funds at a level compatible with the nature of their operations. This amount must not be less than the equivalent of the daily average of two days of transfers, calculated based on the movements of the last 12 months. The aforementioned available funds can be credited through funds advanced by the company to which they represent or by their correspondents, credit lines from financial system companies, working capital of the ETF, among other modalities satisfactory to the Superintendency.
Likewise, control programs and contingency plans related to fund availability must be established, which ensure the functioning of the ETF in the event of a temporary fund mismatch. These contingency plans must be prepared and reviewed semi-annually and be available to the Superintendency.
The levels of liquid funds managed through the ETF's network of offices and Agents must be compatible with the coverage amounts of the insurance policies contracted to cover the risks inherent to the fund transfer activity.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 21
Information Retention.-
Article 19.- ETFs are obligated to keep their books and documents for a period of no less than ten (10) years, in accordance with the standards issued by the Superintendency on the matter. If within that period, a judicial action is initiated against them, the aforementioned obligation persists for as long as the process lasts, regarding all documents related to the disputed matter.
Additionally, ETFs must retain information on operation records applicable to obligated subjects as established in the Law creating the Financial Intelligence Unit of Peru, Law No. 27693 and its amendments.
Public Service Hours.-
Article 20.- Due to the nature of the services they provide, ETFs must offer effective public service in each of their offices, with a minimum of six (6) hours daily during all working days of the year. Any exception only applies in cases of force majeure, which must be justified to the Superintendency in advance, if circumstances permit. Public service on non-working days is optional, with the corresponding freedom to establish the schedule for service provision, informing the Superintendency in a timely manner.
Advertising and Transparency in Information to the Public.-
Article 21.- ETFs may freely establish the tariffs, commissions, exchange rates to be used, and expenses charged for the services provided, concepts that must be made known to the public (originators and beneficiaries) in advance, both in the corresponding contracts and through the dissemination to their clients, of rate sheets, brochures, and/or informative charts permanently updated, with examples of the calculation of said concepts. The aforementioned dissemination must be carried out in all public service locations, both of the ETF and its agents. Likewise, when providing clients with settlements for the offered service, they must detail the aforementioned concepts.
ETFs must submit monthly to the Superintendency, within 15 days following the closing of each month, Annex ETF No. 5 indicated in Table No. 1 of Article 17 of this regulation.
When the ETF operates as a representative of companies with international scope, it must adopt the necessary measures so that the client identifies the ETF providing the service and does not confuse it with the international company with which it works, clearly leaving its status as a representative. The same criterion applies to the agents of the ETF, regarding the ETF for which they are agents, the compliance of which is the responsibility of each ETF.
In all ETF offices, as well as on its website, if it has one, an updated list of its agents must be included.
Risk Unit.-
Article 22.- In accordance with what is provided in Article 17 of the "Internal Control System Regulation", approved by Resolution SBS No. 1040-99, the function of the Risk Unit of ETFs may be assumed by the General Management or by an area independent of the operational and business functions of the company.
Contributions.-
Article 23.- ETFs must pay a supervision contribution to the Superintendency, in accordance with the annual resolution issued on the matter, in compliance with what is established in Article 374 of the General Law.
CHAPTER V
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 22
SANCTIONS
Non-compliance with applicable standards.-
Article 24.- ETFs, their Directors, Managers, and workers will be sanctioned as indicated in Article 361 of the General Law and in the current Sanctions Regulation, when they incur in the following infractions, according to their degree of gravity:
Minor Infractions
Serious Infractions
Very Serious Infractions
FINAL AND TRANSITIONAL PROVISIONS
First.- ETFs that during 24 consecutive months do not carry out fund transfer activities and do not request their cessation in the fund transfer service as provided in Article 14 of this regulation, will cease to be considered ETFs, proceeding to the cancellation of their operating or adaptation authorization, as appropriate.
The respective Resolution of license cancellation must be displayed by the companies referred to in this provision, in the premises where they maintain contact with the public, for the three months following the date of said Resolution.
Second.- Companies that have initiated the adaptation authorization procedure before this Superintendency must comply with the requirements and procedures established in this Regulation, for which purposes, the Superintendency may grant additional timeframes according to the status of the ongoing authorization procedure.
Third.- ETFs that, in compliance with what is established in Article 6 of this Regulation, must transform their corporate form into a joint-stock company and have a Board of Directors, must comply with this requirement within six months following the entry into force of said Regulation.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 23
Fourth.- The obligation to submit Reports 21-A, 24, and 24-B, applies from the closing of the third quarter of the year 2005. The obligation to submit Annex ETF No. 4 monthly, applies from the information of the month of September 2005. The obligation to submit Annex ETF No. 5, applies from the closing of the month of July 2005.
Fifth.- ETFs that are supervised at the time of entry into force of this Regulation, must present to this Superintendency Annex ETF No. 2 relative to each of their agents, within a timeframe not exceeding August 31, 2005.
Sixth.- ETFs must inform within a timeframe not exceeding 15 calendar days counted from the publication of this norm, the list and validity of contracts signed with their agents and correspondents prior to the entry into force of this norm, which must be adapted to the minimum requirements established in this regulation, at the time of their renewal.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 24
SUPERINTENDENCY OF BANKING, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS COMPANY:
ANNEX ETF No. 2
INFORMATION ON AGENTS
............................ ...................
General Manager Made by
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 25
SUPERINTENDENCY OF BANKING, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS.
COMPANY:
ANNEX ETF No. 5
CHARGES FOR FUND TRANSFERS ( )*
Information at the end of the month: ..............................
1.4. Currency in which the transfer is delivered:
1.4.1. Free choice of currency: ( )
1.4.2. Mandatory exchange to the beneficiary's currency: ( )
1.4.2.1. Average of the Exchange Rate used: 5
.........................
5 Average of the weighted exchange rates by the amount of the transfers subject to exchange in the month of the report.
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 26
SUPERINTENDENCY OF BANKING, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS COMPANY:
ANNEX ETF No. 1 - A
SUMMARY OF FUND TRANSFER – DOMESTIC
In the month of.................................of........
(In thousands of ...................)
TRANSFERS RECEIVED TRANSFERS SENT Maximum Individual Amount Minimum Individual Amount FROM (Department) No. of Operations Amount DESTINATION (Department) No. of Operations Amount Received Sent Received Sent Name National Location Code Name National Location Code Total: Total:
() By type of currency in which the transfer is made.
The information will be grouped by Departments, having the Lima Department as the recipient or transferor. In the case of transfers between Departments other than Lima, this information will be presented separately and consolidated without disaggregating Departments, in the column of transfers received, with the title "Transfers between Departments other than Lima".
............................ ...................
General Manager Accountant
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 27
SUPERINTENDENCY OF BANKING, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS COMPANY:
ANNEX ETF No. 1 - B
SUMMARY OF FUND TRANSFER – INTERNATIONAL
In the month of...............................of........
(In thousands of ...................)
TRANSFERS RECEIVED TRANSFERS SENT Maximum Individual Amount Minimum Individual Amount FROM (Country) No. of Operations Amount DESTINATION (Country) No. of Operations Amount Received Sent Received Sent Name International Location Code Name International Location Code Total: Total:
() By type of currency in which the transfer is made.
............................ ...................
General Manager Accountant
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 28
SUPERINTENDENCY OF BANKING, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS. ANNEX ETF No. 3
COMPANY ..................................................................................
TOTAL:
Notes:
() Code to be assigned by the SBS.
(1) Consider (1) Main Office; (2) Agency; (3) Shared Premises; (4) Agent; Information must be grouped by type of Office. In case of operating in a shared premises with another supervised company, indicate an asterisk () next to the indicative number of the type of office. (2) All personnel working in the fund transfer activity must be considered, according to the function they perform, regardless of whether they are appointed or contracted. MANAGER GENERAL MADE BY
Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)2218990 Fax: (511) 4477760 29
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Amended 1 time · last 2026-06-26
This document amends: Resolution No. 0895-98: Accounting Manual for Financial System Companies
Source: Superintendencia de Banca Seguros y AFP — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works