Resolution No. 0084-2000: Approval of Accounting Standards for Trusts and Fiduciary Commissions

Lima, February 9, 2000

Superintendent Resolution No. 0084-2000

The Superintendent of Banking and Insurance

CONSIDERING:

That, the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendent of Banking and Insurance - Law No. 26702, modified by Laws No. 27008 and No. 27102, hereinafter referred to as the General Law, establishes in Chapter II of Title III of the Second Section the general rules for the execution of trust and fiduciary commission operations;

That, by Superintendent Resolution SBS No. 1010-99 of November 11, 1999, the Regulation of Trusts and Fiduciary Service Companies was approved;

That, it is necessary to establish provisions of an accounting nature that allow for the adequate recognition and accounting recording of trust and fiduciary commission operations by companies in the financial and insurance systems;

That, likewise, it is required to clarify the procedure applicable for the substitution of the fiduciary who is in the process of dissolution and liquidation;

Being in accordance with the opinion of the Adjunct Superintendencies of Banking, Insurance, and Legal Advice, as well as the Economic Studies Management;

And, in exercise of the powers conferred by items 7, 9, and 13 of Article 349 of the General Law;

RESOLVES:

Article First.- Approve the rules for the accounting treatment of trusts and fiduciary commissions, which form an integral part of this Resolution.1

Article Second.- Incorporate as the Third Final Provision of the Regulation of Trusts and Fiduciary Service Companies, approved by Superintendent Resolution SBS No. 1010-99 of November 11, 1999, the following:

“Third.- Liquidation of the Fiduciary

1 Article first repealed by Article eight of Superintendent Resolution No. 1882-2014 of 26-03-2014

When the fiduciary is in the process of liquidation, the Superintendent shall order the delivery of the trusts under its charge to another company or companies in accordance with what is established in the constitutive act or, failing that, through a contest or contests.

In the event that no other company assumes the trusts within six (6) months from the start of the liquidation process, said trusts shall terminate.

Likewise, the provisions of the preceding paragraph shall be applicable, where pertinent, to the situations considered in items 1 and 3 of Article 269 of the General Law.”

Article Third.- This Resolution shall enter into force the day following its publication in the Official Gazette “El Peruano”.

Register, communicate, and publish,

MARTÍN NARANJO LANDERER Superintendent of Banking and Insurance