Lima, 30 May 2000

S.B.S. Resolution No. 368-2000

The Superintendent of Banking and Insurance

WHEREAS:

That, by means of SBS Resolution No. 0334-99 of 07 May 1999, this Superintendency extended the entry into force of the Accounting Manual approved by SBS Resolution No. 895-98 of 01 September 1998, until 01 January 2001, also extending the validity of the Chart of Accounts approved by SBS Resolution No. 1256-92 and its amending and/or supplementary rules until 31 December 2000, for those supervised companies that had not implemented the aforementioned Manual in the year 2000;

That, by means of SBS Resolution No. 0943-99 of 20 October 1999, this Superintendency approved the update of the Catalog, Financial Statements, Grouping Rules, Annexes and Supplementary Reports contained in the Accounting Manual, approved by Resolution 895-98 of 01 September 1998;

That, by means of SBS Resolution No. 333-2000 of 12 May 2000, the comprehensive update of the aforementioned Accounting Manual was ordered;

That the Accounting Manual applies to multiple-operation companies, financial leasing companies, factoring companies, fiduciary services companies and others designated by this Superintendency, hereinafter companies;

In accordance with the opinion of the Deputy Superintendencies of Banking and Legal Advisory, as well as of the Economic Studies Management; and,

In use of the powers conferred by numerals 7, 9 and 13 of article 349 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, amended by Laws No. 27008 and No. 27102;

RESOLVES:

Article One.- Adaptation of Plans

The companies must adapt their plans for the application of the Accounting Manual, which must contain a schedule of activities for the process of adaptation of the accounting and computer systems, in accordance with the requirements established in this rule.

Article Two.- Accounting adaptation

For the purposes of the accounting adaptation referred to in the previous article, the companies must bear in mind the following:

a) As from the information corresponding to the month of July 2000, the companies must submit the financial statements: Forms "A" - Balance Sheet - and "B" - Profit and Loss -, prepared in accordance with the Grouping Rules established in the Accounting Manual, using for this purpose the Equivalence Table or "Accounting Converter" that the company itself had adapted for said purpose, with the maximum deadline for the presentation of the information corresponding to the months of July and August being 31 August and 25 September 2000, respectively. Likewise, the companies must attach the detail of those accounting items where they have used analytical assumptions.

b) As from the information corresponding to the month of September 2000, the companies must submit Forms "A" - Balance Sheet - and "B" - Profit and Loss -, which must include in an integral manner the Credit Risk module, in accordance with the guidelines set forth in the Accounting Manual, with the maximum presentation deadline being 23 October 2000.

c) As from the information corresponding to the month of October 2000, the companies must submit the forms of the aforementioned financial statements, including the credit module fully generated by their computer systems, in accordance with the chart of accounts and guidelines established in the Accounting Manual. The maximum presentation deadline expires on 22 November 2000 (1)

d) As from the information corresponding to the month of November 2000, the companies must submit Forms "A" – Balance Sheet - and "B" - Profit and Loss -, generated by their computer systems, in accordance with the chart of accounts and guidelines established in the Accounting Manual. The maximum presentation deadline expires on 22 December 2000(1) .

The information corresponding to the month of December 2000 shall also include the annexes and reports in accordance with the formats established in the Accounting Manual, as well as the Trial Balance, with the maximum presentation deadline being 22 January 2001(1) .

e) As from the month of November, the information must necessarily be generated with the computer applications that support the accounting system, whose adaptation shall be carried out gradually in accordance with the provisions of the following article(1) .

Article Three.- Computer adaptation

For the purposes of the adaptation of the computer systems to the Accounting Manual, the companies must comply with the following obligations:

a) The companies must answer the "Evaluation Questionnaire" attached in Annex No. 1 of this Resolution, with information as of 30 June 2000. Said questionnaire shall be published on a website whose address shall be announced in due course, and must be submitted to this Superintendency, correctly filled out through the same website, before 15 July 2000.

b) As from the information corresponding to the month of July 2000, the companies shall submit a Monthly Progress Report on the implementation of the Accounting Manual, in accordance with

[1] Amended by SBS Resolution No. 803-2000 of 06.11.2000

the model attached in Annex No. 2 of this Resolution. Said report format shall be published on a website, whose address shall be announced in due course, and must be submitted to this Superintendency, correctly filled out through the same website, within the first fifteen (15) calendar days of the corresponding following month.

c) With respect to the process of adapting the computer applications that support the accounting system, companies must have completed the adaptation of the computer systems no later than the month of November 2000, and carried out the necessary tests no later than the month of December 2000 (1) .

Likewise, companies must define policies and procedures aimed at maintaining the adequacy of the converted systems and reducing the risks associated with change management through restrictions on the release to production of new applications or changes to those already adapted and validated, during the period that will begin on 01 December 2000 and end on 28 February 2001(1)

Article Four.- Responsibilities

Financial system companies, under the responsibility of the General Management, Internal Auditor and General Accountant, according to their functions, must execute the provisions and actions necessary for the implementation of the Accounting Manual.

Article Five.- Internal audit

The Internal Auditor must include in its work program the control of the progress of the Project for the application of the Accounting Manual and the review of the quality of the information submitted to this Superintendency. In this regard, it must submit bimonthly reports on the status of the aforementioned Project, in accordance with the report format attached in Annex No. 3 of this Resolution. The first report will correspond to the August-September bimonthly period of this year, and the last will correspond to the February-March 2001 bimonthly period, and must be submitted within 15 days after the corresponding evaluation period.

Article Six.- External audit

External Audit Firms must carry out an examination of the reasonableness of the required implementation, accompanying an opinion on it, within the Internal Control Letter corresponding to the year 2000. Likewise, at the time they consider necessary, they must report on the situations they have encountered, and that could impede the normal process of implementation of the project for the application of the Accounting Manual.

Article Seven .- Sanctions

Failure to comply with the provisions of this Resolution will give rise to the imposition of sanctions in accordance with the provisions of SBS Resolution No. 310-98 of 18 March 1998.

Article Eight .- Repeals

The provisions of article three of SBS Resolution No. 0334-99 of 07 May 1999 and Multiple Official Letter No. 8236-99 of 23 August 1999 are rendered without effect.

[1] Amended by SBS Resolution No. 803-2000 of 06.11.2000

Article Nine .- Validity

This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish,

MARTIN NARANJO LANDERER
Superintendent of Banking and Insurance