Lima, 06 August 2010

S.B.S. Resolution No. 8504 -2010

The Superintendent of Banking, Insurance and
Private Administrators of Pension Funds

WHEREAS:

That, in accordance with the provisions of article 87° of the Political Constitution of Peru, the Superintendency of Banking, Insurance and Private Administrators of Pension Funds, hereinafter the Superintendency, exercises control over banking and insurance companies, the others that receive deposits, as well as those others that, by carrying out related or similar operations, the law determines;

That, through Law No. 26516, the Derramas and Cajas de Beneficios created by Decree Law No. 21021, Supreme Decrees No. 01 and No. 78 of 1965 and Supreme Decree No. 30 of 1966, as well as any other Fund that receives resources from its affiliates, members or associates, for the purpose of allocating them to the provision of benefits consisting of the granting of severance, retirement, or similar or additional pensions thereto, whatever their denomination or form of constitution, were incorporated into the control and supervision of the Superintendency; it being provided that the control and supervision exercised by this Superintendency shall be carried out in accordance with the provisions of its Organic Law, and the others that it issues for such purpose; said control not reaching institutions supervised by other Superintendencies;

That, by Supreme Decree No. 160-95-EF, the Regulation for the Control and Supervision of Derramas, Cajas de Beneficios – Law No. 26516 was approved, specifying in its article 2º that this Superintendency shall control and supervise the entities created by Decree Law No. 21021, Supreme Decree No. 01 of 1965, Supreme Decree No. 78 of 1965 and Supreme Decree No. 30 of 1966, expressly indicated in Law No. 26516; establishing that the control and supervision exercised by this Institution shall be carried out only on those aspects specific to the severance and retirement pension funds; its main function being to safeguard the economic and financial soundness of the retirement, severance, similar or additional pension plans, which allows the payment of the benefits they grant, in accordance with the legal provisions and statutory norms governing each fund;

That, through Law No. 29532, published in the Legal Norms of the Official Gazette El Peruano on 12 May 2010, article 2º of the aforementioned Law No. 26516 was modified, providing that the control and supervision exercised by this Superintendency additionally comprises the powers of restructuring, repowering, dissolution and integral liquidation of the supervised institution and the funds it administers, in those cases in which the intervention of this Superintendency determines the existence of objective grounds for insolvency and illiquidity, in accordance with the provisions of the statute or regulation of the respective institution or fund and, in its absence, in accordance with the objective grounds approved by this Superintendency by regulatory norm;

That, for the purposes of compliance with the provisions of the amending legal norm, the same provision establishes that this Superintendency is empowered to apply supplementarily the provisions established in Law No. 26702 – General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance – , and in Law No. 26887 – General Law of Companies, its amending, complementary and regulatory norms –;

That, likewise, this Supervisory Body is empowered to establish, via resolution, the complementary and regulatory norms that make viable the dissolution and liquidation procedure indicated above; it being specified that, as long as the extinction of the affected institution with the procedures determined in Law No. 29532, amending Law No. 26516, is not registered in the corresponding public registry, the obligations established by laws, regulations and statutes remain;

That, in that sense, it is necessary to approve the Regulation for the Restructuring, Repowering, Dissolution and Liquidation of the Derramas, Cajas de Beneficios and other entities subject to the supervision and control of the Superintendency of Banking, Insurance and Private Administrators of Pension Funds by Law No. 26516, amended by Law No. 29532;

In accordance with the opinion of the Deputy Superintendencies of Insurance, Private Administrators of Pension Funds and Legal Advice and, having complied with the period of dissemination of the drafts of legal norms of a general nature referred to in article 14º of the Regulation that establishes provisions related to advertising, publication of regulatory drafts and dissemination of legal norms of a general nature, approved by Supreme Decree No. 001-2009-JUS; and,

In use of the powers conferred by numerals 3 and 9 of article 349º of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702, and its amendments;

RESOLVES:

Article One.- To approve the Regulation for the Restructuring, Repowering, Dissolution and Liquidation of the Derramas, Cajas de Beneficios and other funds that receive resources from their affiliates and grant severance, retirement and similar pensions, which are subject to the supervision and control of the Superintendency of Banking, Insurance and Private Administrators of Pension Funds by Law No. 26516, amended by Law No. 29532, in the terms indicated below:

“REGULATION FOR THE RESTRUCTURING, REPOWERING, DISSOLUTION AND LIQUIDATION OF THE DERRAMAS, CAJAS DE BENEFICIOS AND OTHER FUNDS THAT RECEIVE RESOURCES FROM THEIR AFFILIATES AND GRANT SEVERANCE, RETIREMENT AND SIMILAR PENSIONS

Definitions

Article 1°.- For the purposes of this norm, the following definitions must be considered:

a) Days: calendar days, unless it is indicated that they are business days.

b) Members and/or associates: natural persons whose registration in the derramas and benefit funds and other funds is current in accordance with the provisions of their respective bylaws or internal regulations, and who are the direct holders of the benefits that said entities grant.

c) Beneficiaries: natural persons who enjoy a benefit in the form of a pension or others, linked to retirement, withdrawal, unemployment, invalidity or disability, death, survival (widowhood, orphanhood, ascendants), among other risks, in accordance with the bylaws or internal regulations of the Derramas or pension funds. 1

d) Supervised Entity: the Derramas, Benefit Funds and other Entities subject to the Supervision and Control of the Superintendency of Banking, Insurance and Private Pension Fund Administrators by Law No. 26516, amended by Law No. 29532.

e) Funds: unemployment, retirement pension funds and in general the funds that are constituted or have been constituted with resources received from the members of the supervised entities.

f) General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance – Law No. 26702, and its amendments.

g) Equity: refers to accounting equity, constituted by the difference between assets and liabilities. Liabilities include, among other items, technical reserves. 2

h) Plan: it is the Restructuring and Repowering Plan that comprises the actions aimed at redesigning the internal structure of the institution and obtaining permanent resources over time that allow it to achieve a position of solvency and liquidity so that the entity can meet its obligations; or remove the cause or causes of the surveillance regime or intervention regime that may have been imposed, if applicable. 3

i) Technical reserves: They are the estimates of the obligations for coverage of insurable risks and pensions assumed by the entity with respect to its associates or members, or their beneficiaries, in accordance with its bylaws and/or internal regulations. 4

j) Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators.

k) Repeated failure to provide service to its members or associates and/or beneficiaries: partial or total failure to provide the benefits accrued in favor of its members or associates and/or beneficiaries, when this situation occurs during three (3) consecutive months, or in three (3) non-consecutive months within a period of twelve (12) months. Late or defective performance of benefits is considered a failure. 5

[1] Replaced by SBS Resolution No. 02738-2023 published on 22/08/2023

[2] Replaced by SBS Resolution No. 02738-2023 published on 22/08/2023

[3] Replaced by SBS Resolution No. 02738-2023 published on 22/08/2023

[4] Replaced by SBS Resolution No. 02738-2023 published on 22/08/2023

[5] Incorporated by SBS Resolution No. 02738-2023 published on 22/08/2023

l) Technical obligations: They are the technical reserves plus other obligations of the entity with respect to its associates or members, such as individual accounts, in accordance with its bylaws and/or internal regulations. 6

m) Board of Directors: Any reference to the board of directors also refers to the Board of Directors or any equivalent body. 7

Subjection to Surveillance Regime

Article 2.- The Superintendency shall subject any Supervised Entity to a surveillance regime when it incurs any of the following objective causes:

a) Failure to submit the adequacy plan to overcome a situation of deficit of technical obligations within the established deadlines or failure to comply with the commitments set forth in this adequacy plan; and/or when the eligible assets fail to cover the technical obligations, in two (02) consecutive quarterly periods, or in three (03) quarterly periods, within the span of one (01) year ending with the quarter of the last deficit. 8

b) Intentionally providing false information to the Superintendency, or giving rise to suspicion of the existence of fraud or significant alterations in the financial position.

c) Refusing to submit its books and business to the examination of the Superintendency or evading such submission.

d) Refusal by its directors, managers or other officers, as well as by the workers, to provide their statement before the Superintendency regarding the operations and business of the Supervised Entity.

e) Incurring in notorious or repeated violations of the law, the rules issued by the Superintendency, its institutional bylaws or regulations, or other legal provisions governing them. 9

f) Repeated failure to provide service to its members or associates and/or beneficiaries that leads to the failure to meet its obligations. 10

g) Lack of legitimacy of the Governing Bodies or their resolutions that affects the normal operation of the Supervised Entity, as well as the fulfillment of its objectives.

h) Resorting to financing its obligations that, in the opinion of the Superintendency, denotes a structural financial insufficiency for the fulfillment of its obligations.

i) Failure to clear observations indicated by the Superintendency.

Additionally, the Superintendency may decide to subject a Supervised Entity to a surveillance regime if it considers that there are serious reasons not contemplated in the preceding paragraphs that justify the measure.

Term and knowledge of the Surveillance Regime

Article 3.- The surveillance regime has a duration of no more than forty-five (45) days, which may be extended for an identical period, only once, and only if, despite the efforts deployed and the improvements obtained, the aforementioned causes persist.

The decision of the Superintendent to subject a Supervised Entity to the surveillance regime does not give rise to a resolution; it is made known by official letter to the entity's domicile or to the domicile of the directors

[6] Incorporated by Resolution SBS No. 02738-2023 published on 22/08/2023

[7] Incorporated by Resolution SBS No. 02738-2023 published on 22/08/2023

[8] Replaced by Resolution SBS No. 02738-2023 published on 22/08/2023

[9] Replaced by Resolution SBS No. 02738-2023 published on 22/08/2023

[10] Replaced by Resolution SBS No. 02738-2023 published on 22/08/2023

of the entity and is kept under strict confidentiality. The directors, officers and employees of the Supervised Entities subject to the surveillance regime are obliged to maintain such confidentiality, and the provisions of Article 372 of the General Law shall apply. The breach of this obligation is considered a serious offense without prejudice to the liability determined by Article 249 of the Criminal Code.

Requirement to entities subject to Surveillance Regime11

Article 4.- During the surveillance regime, the competence and authority of the governing bodies of the Supervised Entity are maintained, with no limitations other than those resulting from submission to said special regime.

Within thirty (30) calendar days following receipt of the official letter communicating the decision to subject it to the surveillance regime, the Supervised Entity must propose, to the satisfaction of the Superintendency, a financial recovery proposal, or, if the ground for submission to the surveillance regime is of a nature other than financial, one aimed at reversing the corresponding ground. This proposal shall contemplate the prudential rules that the Superintendency considers appropriate. Within seven (7) business days following the approval given to said proposal, and without prejudice to initiating its execution in the interim, the agreement formalizing it must be signed, unless it concerns ground g) provided in Article 2, in which case it is executed immediately. Additionally, the Supervised Entity must demonstrate, with the frequency established in said agreement, an improvement in the situation that motivated the submission to the surveillance regime.”

Power of the Superintendency

Article 5.- At any time during the surveillance regime, the Superintendency is empowered to:

a) Evaluate the actual equity of the Supervised Entity, through the adequate valuation of assets and liabilities.

b) Order the application of Art. 355 of the General Law insofar as relevant.

Without prejudice to the provisions of the preceding paragraph, the Superintendent may appoint an officer with the following powers:

1. Require from the Supervised Entity all information it deems necessary in relation to its operations in general or that related to the ground for submission to the surveillance regime.

2. Attend as an observer the sessions of the Board of Directors, Board of Directors or equivalent body.

Consequences of the Surveillance Regime

Article 6.- The following are inseparable consequences of submission to the surveillance regime, and remain in effect until it concludes:

a) The permanent inspection of the Supervised Entity by the Superintendency, with the powers conferred by the General Law.

b) The prohibition to create or accept trusts.

c) The deprivation of the right to vote, which may correspond to them in the sessions held by the Board of Directors, Board of Directors or equivalent body, for the directors who have

[11] Replaced by Resolution SBS No. 02738-2023 published on 22/08/2023

served as members of said corporate body at the time of the submission of the Supervised Entity to the surveillance regime, until the call referred to in the following letter.

d) The Superintendency shall call a session of the Board of Directors, Board of Directors or equivalent body, immediately, for the adoption of the necessary agreements to overcome the grounds that motivated the submission to the surveillance regime, a call that shall be made without the need for any formality. If the necessary agreements are not adopted, proceedings shall be carried out in accordance with the provisions of Articles 7 and 8 of this regulation.

e) Other measures that the Superintendency deems pertinent.

Conclusion of the Surveillance Regime

Article 7.- The Superintendent shall conclude the surveillance regime when it considers that the grounds that determined its submission have disappeared or when the Supervised Entity has incurred any of the grounds for intervention provided in this Regulation. It is the power of the Superintendent to also conclude the surveillance regime before the end of the established term, if it becomes convinced that during said term it is not possible to overcome the detected problems, in which case proceedings shall be carried out in accordance with the provisions of Article 8 of this regulation.

Submission to Intervention Regime

Article 8.- In accordance with the provisions of the General Law, the Superintendency must intervene by resolution of the Superintendent in any Supervised Entity that incurs any of the grounds provided in this Regulation or, when before the start of a Surveillance Regime, it were technically, materially or legally impossible that during the granted term the detected problems be overcome. 12

By virtue of the objective grounds that support them, the Superintendency shall subject a Supervised Entity to an intervention regime, without the need for prior submission to a surveillance regime for that purpose

Objective grounds for intervention

Article 9.- The objective grounds for intervention of a Supervised Entity are:

a) The suspension of payment of its obligations to its associates or affiliates.

b) The insolvency of the entity that implies the inability to generate resources that allow it to comply with the payment of its future obligations.

c) Failure to submit the Financial Recovery Proposal or a proposal to reverse the cause that determined its submission to a surveillance regime, as applicable, to its satisfaction; or failure to comply with the commitments assumed in said proposal. 13

d) 14

e) 15

f) If, prior to initiating a Surveillance Regime, the Superintendent has the objective conviction that during the term of said regime it would not be possible to overcome the cause that would motivate it. 16

[12] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[13] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[14] Deleted by SBS Resolution N° 02738-2023 published on 22/08/2023

[15] Deleted by SBS Resolution N° 02738-2023 published on 22/08/2023

[16] Incorporated by SBS Resolution N° 02738-2023 published on 22/08/2023

Duration of the intervention17

Article 10°.- The intervention ordered by the Superintendency shall have a duration of forty-five (45) days, extendable for a single time for an identical period. Once said term has elapsed, unless it has been extended in accordance with the provisions of Article 13°, in which case said extended term shall apply, in accordance with the procedure provided for in Article 14º, the corresponding resolution of dissolution of the Supervised Entity shall be issued, initiating the respective liquidation process. Notwithstanding the foregoing, the intervention regime may conclude before the end of the established term, when the Superintendent deems it appropriate.

Consequences of the intervention

Article 11°.- The following are inseparable consequences of the intervention and subsist as long as it has not concluded:

a) The cessation of the competence of the Board of Directors, Directorate or equivalent governing body.

b) The suspension of the operations of the Supervised Entity.

c) The application of the prohibitions contained in Article 116º of the General Law, from the publication of the resolution determining submission to the intervention regime; and,

d) Others that the Superintendency deems appropriate.

In the case referred to in subsection a), the Superintendency may convene representatives of the members to formalize the dispositions issued by said Control Body. 18

Powers of the Superintendency

Article 12°.- During the intervention regime, the Superintendency is empowered to:

a) Determine the actual assets of the entity and the existing actuarial deficit.

b) Exceptionally, be able to order the contracting of asset and/or liability valuation studies at the expense of the supervised entity.

c) Carry out the corresponding administrative acts, by virtue of the provisions of Title VI of the First Section of the General Law, as well as the powers derived from its status as a supervision and control body provided for in the provisions cited in Article Second of this resolution.

d) Establish by means of an official letter the specific and/or complementary procedures and instructions to those indicated in this Regulation, in the exercise of its supervision powers, with respect to the implementation of actions aimed at the approval of the Restructuring and Re-energizing Plan of the Supervised Entity by its members, as well as for the election of the members of the Directorate and the Supervisory Council or equivalent bodies of the Supervised Entity, within the framework of an intervention regime, as indicated in Article 13° of this Regulation. 19

e) Appoint the members of the Board of Directors and the Supervisory Council or equivalent bodies of the Supervised Entity, within the framework of an intervention regime, in accordance with the provisions set forth in this Regulation; as well as specify the powers held by said bodies.20

[17] Article replaced by SBS Resolution N° 4610-2019, effective from 10/10/2019

[18] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[19] Subsection incorporated by SBS Resolution N° 4610-2019, effective from 10/10/2019. Subsequently, replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[20] Subsection incorporated by SBS Resolution N° 4610-2019, effective from 10/10/2019

Restructuring and Re-energizing of the Supervised Entity21

Article 13°.- At any time during the intervention regime, actions aimed at achieving the restructuring and re-energizing of the Supervised Entity may be carried out. In this regard, the Superintendency must evaluate the proposals submitted to determine their viability. To this end, at least thirty percent (30%) of the total number of members may submit a Restructuring and Re-energizing Plan to the Superintendency. 22

For the restructuring or re-energizing of the Supervised Entity to proceed, the Plan or Plans must be approved by the Superintendency in accordance with the procedure established in Article 14º for such purposes, with the prior opinion of the Public Administration Entities involved in the operation of the Supervised Entity.

The approval of the Plan or Plans by the Superintendency automatically extends the term of the intervention regime, until the next business day after the date on which this Superintendency pronounces itself on the results of the approval and election processes of the members of the Board of Directors and the Supervisory Council or equivalent bodies of the Supervised Entity; and, if applicable, formalizes the appointment of said members, as established in the following paragraphs. During said term, it is not feasible to receive new plans or to modify the approved Plan or Plans, whether in terms of content or level of support.

Once the Plan or Plans have been approved by the Superintendency, it issues, through an Office Memorandum, specific procedures and instructions related to carrying out the processes of: i) approval of said Plan or Plans by the members of the Supervised Entity, in the event that they have not previously approved it by a majority (backing of more than 50% of the total members), and ii) election of the members of the Board of Directors and the Supervisory Board or equivalent bodies of the Supervised Entity, to be proposed for their appointment by the Superintendency, in accordance with the powers established in subsection e) of article 12° of this Regulation. The specific procedures and instructions to be issued to carry out the two aforementioned processes include the determination of the participants, the modality of approval and election, the time limits, the formality and requirements for convening, the adoption of agreements, among other aspects that may be necessary. It should be noted that the elected members must not be subject to the impediments indicated in article 81° of the General Law. 23

Once the Plan has been approved, in accordance with the provisions of the preceding paragraph, and the appointment of the members of the Board of Directors and the Supervisory Board or equivalent bodies of the Supervised Entity has been made, the intervention regime of the latter concludes and its management is handed over to the appointed Board of Directors or equivalent body, in order for it to be in charge of conducting the process for the restructuring and strengthening of the Supervised Entity, in accordance with the Plan approved by the Superintendency and by the members, as well as the powers and provisions contained in the current regulatory framework and the internal rules of the Supervised Entity. 24

The appointment of the members of the Board of Directors and the Supervisory Board or equivalent bodies of the Supervised Entity corresponds to the Superintendency. To this end, the Superintendency takes into account the proposal submitted by the Supervised Entity, after it has carried out the election process referred to in the fourth paragraph of this article. The

[21] Article replaced by SBS Resolution N° 4610-2019, effective from 10/10/2019

[22] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[23] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

[24] Replaced by SBS Resolution N° 02738-2023 published on 22/08/2023

Superintendency validates that the members elected by the Supervised Entity are not subject to the impediments indicated in article 81° of the General Law.

For the purposes of the registration of the Board of Directors and the Supervisory Board or equivalent bodies of the Supervised Entity, where applicable, the Superintendency issues and submits to the Public Registries a resolution containing the appointment of the members of the Board of Directors and the Supervisory Board or equivalent bodies, specifying the powers they have.

When a Plan is not submitted, or if submitted it has not been expressly approved by the Superintendency, as well as by the members, and/or the call has been made to carry out the process of election of the members of the Board of Directors and the Supervisory Board or equivalent bodies and said election has not been completed or the elected members are subject to the impediments indicated in article 81° of the General Law, the Supervised Entity is subject to the provisions of article 15° of this Regulation, which will give rise to its dissolution and the beginning of the respective liquidation process. 25

On the procedure for approval of the Plan by the Superintendency26

Article 14°.- In case a restructuring or strengthening plan is submitted, the Superintendency must follow the following procedure:

a) On the day following its receipt, communication must be sent to the entities of the public administration involved, in order to attach a copy of the plan and proceed to issue an opinion before this Superintendency.

b) The plan must be evaluated by the Superintendency within a maximum period of ten (10) days following its receipt, and must cover all those aspects that allow confirming, under reasonable scenarios, the overcoming of the conditions that gave rise to the intervention.

c) Once this is completed, the pronouncement will be communicated to the applicants of the Plan. Said pronouncement is not subject, in any case, to the scope of the opinion that the entities of the public administration involved may or may not have issued.

d) Based on the pronouncement issued by the Superintendency, the provisions of the third, fourth and fifth paragraphs of article 13° above shall be followed, if it has been favorable, and of the eighth paragraph, if it has not been favorable. 27

The submission of a restructuring and strengthening plan, as well as the pronouncement of the Superintendency, is framed within the deadlines provided in article 10° of this regulation, with the exception of the provisions of the third paragraph of the previous article. 28

Dissolution and Liquidation of the Supervised Entity

Article 15°.- Supervised Entities are dissolved, with a reasoned resolution of the Superintendency, for the following causes:

a) Due to the expiration of the deadlines referred to in article 10° of this Regulation, as the case may be.

[25] Replaced by Resolution SBS N° 02738-2023 published on 22/08/2023

[26] Article replaced by Resolution SBS N° 4610-2019, in force since 10/10/2019

[27] Subsection modified by Resolution SBS N° 4610-2019, in force since 10/10/2019

[28] Paragraph replaced by Resolution SBS N° 1361-2019 of 29/03/2019

b) In the event that the restructuring and/or strengthening Plan of the Supervised Entity referred to in the preceding articles has not been approved, within the period established in article 10° of this regulation or in application of the power of the Superintendency referred to in subsection d) of article 12 of this Regulation.

c) In the event that, having approved the restructuring and/or strengthening Plan of the Supervised Entity, two election processes have been convened without it having been possible to complete the election of the members of the Board of Directors and the Supervisory Board or equivalent bodies, or any of the elected members are subject to the impediments indicated in article 81° of the General Law.

d) In the event that the new Board of Directors or equivalent governing body elected or appointed under an intervention regime does not comply with the implementation of the Plan that was approved, such that the Supervised Entity incurs (again) or does not timely overcome the grounds for the surveillance regime established in article 2° or the grounds for the intervention regime established in article 9° of this Regulation.

e) For the grounds contemplated in the pertinent articles of the General Corporations Law, or in accordance with the provisions of the bylaws or regulations of the Supervised Entity.

The dissolution resolution does not terminate the legal existence of the Supervised Entity, which continues until the liquidation process concludes and, as a consequence, the extinction is registered in the Public Registries.

Appointment and selection of liquidators

Article 16°.- The Superintendency shall entrust, by contract, the liquidation of the Supervised Entities to duly qualified legal persons, and shall be responsible for the supervision and control of said process.

The selection of the liquidator shall be made through public tender. In the event that the second call for public tender is declared void, the liquidation shall be carried out by the Superintendency, or by the duly qualified legal person that it designates, or through judicial proceedings in accordance with the procedure established in the final paragraph of article 115° of the General Law, in accordance with the pertinent rules of Section Four of Book IV of Law No. 26887, General Corporations Law.

Designation of the representatives of the Superintendency

Article 17°.- As long as the legal person indicated in the first paragraph of article 16° has not been appointed, the Superintendent shall designate two (2) representatives, whose functions shall be those established in article 21° of SBS Resolution No. 0455-99 or the one that modifies it, to the extent applicable.

Liquidation process

Article 18°.- Once the liquidation process has begun, those in charge of it must publish a notice requiring all companies of the national financial system and, in general, all persons that possess assets of the entity in liquidation, to make them available to them. The aforementioned notice must be published twice (2) consecutively in the official gazette and in one of the newspapers with the largest circulation in the locality where the headquarters of the Supervised Entity is located.

Prohibitions

Article 19°.- The publication of the dissolution resolution of a Supervised Entity entails the continuity of the prohibitions contained in article 116° of the General Law.

The assets of a Supervised Entity in the process of liquidation are not subject to any precautionary measure. Precautionary measures decreed prior to the respective resolution of the Superintendency shall be lifted by the sole merit of the latter, under the responsibility of the ordering authority.

Priority in the payment of obligations

Article 20°.- In accordance with the provisions of article 117° of the General Law, the obligations of a Supervised Entity in the process of liquidation shall be paid in the following order, and the preferences established by special laws shall not apply:

a) Compliance with labor obligations, including payment of remuneration, as well as social benefits, contributions to the Private Pension System and to the Office of Pension Normalization, as well as other labor credits of the workers of the Supervised Entity in the process of liquidation, accrued up to the date on which the dissolution is declared.

b) The payment of retirement, severance, similar or additional pensions, or any other benefit granted by the Supervised Entity, which are accrued in favor of its beneficiaries, up to the date of its dissolution.

c) Compliance with tax obligations, including what corresponds to the Social Health Insurance (ESSALUD), for obligations for health benefits payable by the dissolved Supervised Entity, as employer; and, the other taxes, if any.

d) Compliance with other obligations according to their seniority; and when it cannot be determined, pro rata.

The variable or fixed commission agreed with the liquidators to cover their remuneration and expenses is excluded from the order of priority. 29

Other Provisions

Article 21°.- The debts of the Supervised Entity in liquidation only accrue legal interest. Their payment only takes place once the principal of the obligations has been paid, respecting the ranking established in the preceding article.

The liquidators may transfer, totally or partially, the assets and liabilities linked to the benefit systems administered by the Supervised Entity.

FINAL PROVISIONS30

First31 .- In compliance with the provisions of the second paragraph of article 2 of Law No. 26516, as amended by Law No. 29532, the resolutions that the Superintendency may issue pursuant to the provisions of articles 11 and 12 of this regulation are understood to be within the scope of the twenty-sixth final and complementary provision of Law No. 26702.

Second32 .- The provisions contained in this Regulation are applicable to supervised entities, insofar as they do not conflict with their nature and the regulatory framework that

[29] Replaced by SBS Resolution No. 02738-2023 published on 22/08/2023

[30] Amended by SBS Resolution No. 4610-2019, in force since 10/10/2019

[31] Amended by SBS Resolution No. 4610-2019, in force since 10/10/2019

[32] Incorporated by SBS Resolution No. 4610-2019, in force since 10/10/2019

regulates them. In the event of a contradiction between them, the Superintendency shall issue the necessary provisions, in accordance with its powers.

Third33 .- This Superintendency shall issue provisions containing the criteria that will apply regarding technical suitability.”

Article Second.- The power to dissolve and initiate the respective liquidation process of the Supervised Entity must be exercised by the Superintendency in accordance with the rules of Title VII of Section One of the General Law, as well as with the regulatory rules issued by this Superintendency, applicable to the procedure for the dissolution and liquidation of the other persons subject to the control and supervision of this Supervisory Body approved by SBS Resolution No. 0455-99 and its amendments, SBS Resolution No. 369-97 and the complementary rules it has issued, to the extent applicable.

Article Third.- This resolution shall enter into force on the day following its publication in the Official Gazette El Peruano.

TRANSITORY PROVISION

Sole.- As long as the comprehensive restructuring proposals by the High-Level Commission referred to in article 5 of Urgency Decree No. 014-2010 of 21 February 2010 have not been implemented, the application of this resolution to the entity covered under the scope of Decree Law No. 21021 shall be suspended.

Register, communicate and publish.

FELIPE TAM FOX
Superintendent of Banking, Insurance and
Private Pension Fund Administrators

[33] Incorporated by SBS Resolution No. 4610-2019, in force since 10/10/2019