Compilation of Financial System Regulation and Control Norms - Credit Risk Cap - Treatment of Securities Issued by the National Government - Effectiveness

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Montevideo, August 21, 2025

Ref: COMPILATION OF REGULATIONS AND CONTROLS OF THE FINANCIAL SYSTEM - Credit Risk Cap - Treatment of Securities Issued by the National Government - Effectiveness

The market is informed that the Superintendency of Financial Services adopted Resolution SSF No. 2025-403 on August 19, 2025.

JUAN PEDRO CANTERA
Superintendent of Financial Services

2025-50-1-01375
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy

CIRCULAR No. 2486

SUPERINTENDENCY OF FINANCIAL SERVICES – RESOLUTION SUPERINTENDENCY OF FINANCIAL SERVICES

VIEWING: The resolution of the Superintendency of Financial Services RR-SSF-2025-402 of August 19, 2025, which introduces modifications to the risk cap regulations effective from July 1, 2026.

RESULTING:
I) That the regulation referenced in the VIEWING maintains the current criterion for credit risks assumed with the Central Bank of Uruguay, considering them non-covered risks. II) That, with respect to securities issued by the National Government, their treatment is modified, becoming non-covered risks.

CONSIDERING:
I) That the resolution referred to in the VIEWING enters into force from July 1, 2026.
II) That with the objective of facilitating the operations of institutions, it is considered convenient to admit that securities issued by the National Government be excluded from the credit risk cap regulation from the date of the present resolution.

ATTENTION: To the provisions of literal A) of article 38 of Law No. 16.696 of March 30, 1995, as amended by article 2 of Law No. 20.345 of September 19, 2024.

IT IS RESOLVED:

1. To admit that securities issued by the National Government be excluded from the credit risk cap regulation established in the Compilation of Regulations and Controls of the Financial System from the date of this Resolution.
2. To communicate the foregoing by Circular.

JUAN PEDRO CANTERA
Superintendent of Financial Services

RR-SSF-2025-403 Date: 19/08/2025 16:35:52
Exp. 2025-50-1-01375

Publishable: Yes - Signatory: JUAN PEDRO CANTERA SENCIÓN

CIRCULAR No. 2486