Resolution No. 1010-99: Regulations for Trusts and Fiduciary Service Companies

Lima, November 11, 1999
Superintendent Resolution
No. 1010-99
The Superintendent of Banking and Insurance

CONSIDERING:
That, the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendent of Banking and Insurance - Law No. 26702, modified by Laws No. 27008 and No. 27102, hereinafter General Law, in its Article 242 establishes that multiple operations companies, fiduciary service companies, insurance companies, reinsurance companies and COFIDE may act as trustees in trust operations;

That, likewise, the General Law establishes in Chapter II of Title III of Second Section, the general rules for carrying out trust operations;

That, it is necessary to establish clarifications for the carrying out of trusts in their various modalities and for the functioning of fiduciary service companies;

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

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

RESOLVES:

First Article.- Approve the Regulations for Trusts and Fiduciary Service Companies, which forms an integral part of this Resolution.

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

Register, communicate and publish,

MARTÍN NARANJO LANDERER
Superintendent of Banking and Insurance

REGULATIONS FOR TRUSTS AND FIDUCIARY SERVICE COMPANIES

TITLE I
GENERAL ASPECTS

Article 1°. – Definitions 1
For the purposes of the provisions of this regulation, the following definitions are considered:
a) Assets: Movable and immovable property established in Articles 885 and 886 of the Civil Code, respectively. b) Days: Calendar days, unless it is specified that they are business days. c) Adjudicated and recovered assets: Those assets defined in the Regulation for the Treatment of Adjudicated and Recovered Assets and its Provisions, approved by SBS Resolution No. 1535-2005 and its modifying norms. d) Credit portfolio: Composed of direct credits, indirect credits, written-off credits and other operations of a similar nature; or by rights linked to them, including, but not limited to, cash flows. e) Fiduciary factor: Natural person designated by the trustee for the administration of the trust estate. f) Economic group: That defined in the Special Norms on Linkage and Economic Group, approved by SBS Resolution No. 445-2000 and its modifying norms. g) General Law: General Law of the Financial System and of the Insurance System and Organic Law of the Superintendent of Banking and Insurance, Law No. 26702 and its modifying norms. h) Hedging mechanisms: Means intended to guarantee the fulfillment of the obligations that the trust estate incurs with the holders of the instruments issued with its backing or with that of a third party, among which are the subordination of the issuance, overcollateralization, excess cash flows, portfolio substitution, guarantees, insurance policies, credit opening contracts and guarantee trusts. i) Accounting Manual: Accounting Manual for Companies of the Financial System approved by SBS Resolution No. 895-98 and its modifying and complementary norms. j) Enhancer: Natural or legal person who grants additional guarantees for the payment of the rights conferred by the instruments issued by virtue of the securitization trust. k) Linkage: According to what is established in Article 202 of the General Law, and which is clarified in the Special Norms on Linkage and Economic Group approved by SBS Resolution No. 445-2000 and its modifying norms, as well as in paragraph 6 of Circular B-2148-2005, F-0488-2005, S-0613-2005, CM-0335-2005, CR-0204-2005, EAF-0231-2005, EDPYME-0119-2005, FOGAPI-0026-2005 and its modifying norms. l) Chart of Accounts: Chart of Accounts for Companies of the Insurer System approved by SBS Resolution No. 348-95 and its modifying and complementary norms. m) Server: Person responsible for the custody, collection, sale, maintenance, replacement and/or other acts related to the assets that make up the trust estate, according to what is established in the constitutive act of the trust.

1 Article modified by SBS Resolution No. 1882-2014, dated 26-03-2014.

n) Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators. o) Disposition value: Value assigned to the assets subject to the guarantee trust for the purposes of its execution, in case of non-compliance with the obligation or obligations backed by said trust.

TITLE II
ON TRUSTS

Article 2°. - Concept
A trust is a legal relationship by which a person, called the settlor, transfers assets to another person, called the trustee, for the constitution of a trust estate, subject to the fiduciary ownership of the latter and affected to the fulfillment of a specific purpose or purposes in favor of a third party or the settlor themselves, who are called beneficiaries. / 2

Article 3°. - Trust Estate
The trust estate is constituted by the assets transferred in trust and by the fruits they generate. The trust estate is distinct from the patrimony of the settlor, the trustee, the beneficiary, any other trust estate administered by the trustee and, if applicable, the recipient of the remainder.

Article 4°.- Fiduciary Ownership
Fiduciary ownership is the right of a temporary nature that grants the trustee the necessary faculties over the trust estate, for the fulfillment of the purpose or purposes of the trust, with the limitations established in the constitutive act, as indicated in Article 252 of the General Law. Fiduciary ownership is exercised from the transfer of the assets subject to the trust, unless contrary provision is established in the constitutive act, until the end of the trust.

Article 5°.- Trusts in favor of indeterminate persons
When trusts are constituted in favor of indeterminate persons, the constitutive act must contain at least the criteria to determine the requirements exigible to the beneficiaries.
In cases where this Superintendence is responsible for assuming the representation of the indeterminate beneficiaries, according to what is provided in Article 267 of the General Law, the trustee must communicate to it the constitution of the corresponding trust within fifteen (15) days following the celebration of the constitutive act.

Article 6°.- Registration of the trust in the Risk Central 3
As stated in paragraph 2 of Article 158 of the General Law, the registration of trusts in the Risk Central of this Superintendence is only for informational purposes.

2 Second paragraph eliminated by SBS Resolution No. 1882-2014, dated 26-03-2014.
Footnote: From the entry into force of Law No. 28677, Law of Movable Guarantee, the opposability and preference of trusts are governed by what is established in said norm. The registration of trusts in the risk central of the SBS is only for informational purposes as stated in paragraph 2 of Article 158 of Law No. 26702. 3 Article modified by SBS Resolution No. 12880-2009 dated 10/09/2009.

To carry out the registration in said Central, a request must be presented attaching the trust contract in which the identification of the assets subject to the fiduciary transfer, the purpose and term of the trust, the identification of the settlor and trustee and, as appropriate, the identification of the beneficiary or the criteria for their determination are specified.

Article 7°.- Participation Certificates
The rights corresponding to the beneficiary may be represented in participation certificates. Participation certificates have the following characteristics:
a) They are issued by the trustee to order determined beneficiaries. b) Determined beneficiaries may transfer their certificates to persons who are not impeded by law or by the constitutive act. c) In case of transfer by means other than endorsement, the assignee acquires all rights, but subjects them to personal exceptions that the assignor could have opposed to the assigner before the transfer. d) The provisions of the Securities Law relative to endorsement and those corresponding to theft, loss or deterioration of securities will be applicable to participation certificates, insofar as they are pertinent.

Article 8°.- Extension of the maximum term of the trust 4
When the conclusion of the trust due to the expiration of the maximum term established in the General Law causes harm to third parties, this Superintendence may exceptionally authorize the extension of the term indicated for a period strictly necessary taking into account the nature of the trust and the circumstances that generate the harm. In this case, the third party cannot be the beneficiary. For the purposes of the indicated authorization, the trustee or interested third parties must present to this Superintendence the following:
a) Request indicating the additional term and the reasons supporting the request; b) Constitutive act of the trust indicating its terms and conditions; and, c) Project of modification of the Constitutive Act.
The request must be presented with due advance notice to the expiration of the term of the trust. In the event that this Superintendence does not issue a statement on the request within thirty (30) useful days of being presented, with complete requirements, the extension of the term will be understood as authorized. When such a request is presented within the thirty (30) days prior to the expiration of the trust, the term of the trust is interrupted until the statement of the Superintendence or until the fulfillment of the term for it to issue its statement.

4 Second and third paragraphs of Article 8 modified by SBS Resolution No. 12880-2009 dated 10/09/2009.

Article 9°. – Fiduciary Factor
The designation of the fiduciary factor for the administration of the trust estate will be carried out within a period no greater than fifteen (15) days following the celebration of the constitutive act. For the case of testamentary trusts, the designation will be carried out within fifteen (15) days following the acceptance of the designation of the trustee. Likewise, the trustee will communicate to this Superintendence the name of the designated person within fifteen (15) days following the designation.

The persons designated as fiduciary factors must have the necessary technical and moral suitability for the administration of each trust. Persons included in paragraphs 1, 2, 3 and 8 of Article 81 of the General Law cannot be designated as fiduciary factors.

Article 10º. – Information to settlers and beneficiaries
Settlors and beneficiaries have the right to be permanently informed about the situation of the trust estate, for which it may be agreed in the constitutive act, in addition to the information established in paragraph 6 of Article 256 of the General Law, the presentation of periodic reports on the actions carried out and those that are being carried out for the fulfillment of the purpose of the trust and, if applicable, for the fulfillment of the other stipulations established in the constitutive act. These reports must have a quarterly periodicity, unless otherwise stipulated in the constitutive act. The annual report and the rendering of accounts provided for in paragraphs 6 and 11 of Article 256 of the General Law, respectively, must comprise the description of the actions carried out, status and legal situation of the assets of the trust estate and their corresponding financial statements. The maximum deadline for the presentation of the annual report and the rendering of accounts must be provided for in the constitutive act. In case said deadline is not contemplated, they must be presented within fifteen (15) days following the end of the respective year or the expiration of the term of the trust, as appropriate.

Article 11°. - Information to the Superintendence
Companies acting as trustees must keep available to this Superintendence the following information:
a) List of the trust estates they administer, indicating the settlors, beneficiaries, fiduciary factor, class of trust, composition of the trust estate of each of them, commissions, purpose and term of the trust; b) Accounting records and financial statements of each of the trust estates; c) Regarding the guarantee trust, the list of assets that would have been disposed of to fulfill the credit obligations that backed them, as established in the corresponding constitutive act; d) List of fund administration trusts, indicating the criteria for the administration of funds and the operations they perform with said funds; and, e) Others determined by this Superintendence.

Article 12°.- Non-compliance by the trustee due to fraud or fault
The beneficiary and the settlor have the right to demand from the trustee the indemnification and restitution established in Article 259 of the General Law, in the event that it fails to comply with its obligations due to fraud or fault.

Article 13º.- Non-compliance by the settlor
The beneficiary has the right to require the settlor or, if applicable, its successors to integrate into the trust estate the assets that make up the trust estate according to the constitutive act.

Article 14°. Accounting record of the trust estates 5
The trustee must register the operations of each trust estate according to the accounting criteria contemplated in the General Business Accounting Plan approved by Resolution No. 043-2010-EF/94 of the Accounting Standards Council. Regarding trusts where the settlor is a company under the control and supervision of the Superintendence, the trustee must register the operations of each trust estate according to the accounting criteria that correspond to apply to the settlor, except in securitization trusts that are within the framework of the Securities Market Law, which will adhere to what is provided in the third paragraph of this article. The trustee must prepare the Statement of Financial Position and the Statement of Comprehensive Income of each trust estate according to the formats established by the Securities Market Superintendence. Regarding securitization trusts that are within the framework of the Securities Market Law, the recording of the estate's operations, as well as the financial statements, will adhere to the norms issued by the Securities Market Superintendence.

TITLE III
OF THE SPECIAL CLASSES OF TRUST
Chapter I
On the Guarantee Trust

Article 15º. – Purpose
In the guarantee trust, the assets integrated into the trust estate are intended to ensure the fulfillment of certain obligations, contracted or to be contracted, by the settlor or a third party. The beneficiary, in their capacity as creditor, may require the trustee to execute or dispose of them according to the procedure established in the constitutive act.

Article 16º. – Contractual aspects
The constitutive act of the guarantee trust must contain provisions relating to the following aspects:
a) Determination of the obligations that will be backed by the trust estate or, failing that, the criteria that allow determining said obligations; b) Indication regarding the revocability or irrevocability of the trust. In the absence of such indication, the trust will be considered irrevocable; c) Procedure and other conditions that will be applied in the disposal of the assets that make up the trust estate when the obligations are not fulfilled; d) Disposition value of the assets that make up the trust estate or, failing that, the criteria for the determination of said value; e) Percentage or amount of the trust estate that will be destined to back the fulfillment of obligations; and,

5 Article modified by SBS Resolution No. 1882-2014, dated 26-03-2014.

f) In the case of trusts constituted with more than one asset, the criterion for the selection of the assets to be disposed of to fulfill the obligation or obligations backed must be established.

Chapter II
On the Testamentary Trust

Article 17°. – Communication to the trustee of its designation
The designation of the trustee made by the testator may be notified, at the request of a party or ex officio, by the Judge who is responsible for knowing the succession or, if applicable, by the Notary in charge of the verification of the will, giving them a reasonable time limit for acceptance. In case the designated trustee excuses themselves from accepting the designation, they can also indicate the interest of another company or companies to act as trustee in their place. After the time limit has passed, without the designated trustee sending their acceptance, the trust will be extinguished.

Article 18°. – Communication to the Superintendence
In the case of the second paragraph of Article 5 of this regulation, the trustee must communicate to this Superintendence the constitution of the corresponding trust within ten (10) days following the acceptance of their designation.

Chapter III
On the Securitization Trust

Article 19°. – Applicable norms
The securitization trust is subject to what is provided in the Securities Market Law and its regulatory norms. When companies subject to the supervision of this Superintendence participate in such trusts as settlors, they must additionally comply with the provisions established in Title IV of this Regulation.

Article 20°. -
6

Article 21°.- Enhancers and servers
Companies subject to the supervision of this Superintendence that act as enhancers or servers in securitization trusts will be governed by what is provided in the Securities Market Law and its regulatory norms, as well as by what is provided in the provisions established in Title IV of this Regulation and the provisions that this Superintendence issues on the matter.

Chapter IV
Of Other Classes of Trust

6 Article tacitly repealed by Law No. 29782 dated 27-07-2011 and Urgency Decree No. 013-2020 dated 22-01-2020

Article 22°. – Other classes of trust
Without prejudice to what is provided in this Title, other classes of trust may be constituted, which are subject to the provisions of the General Law, this Regulation and the other norms issued by this Superintendence on the matter.

TITLE IV
OF THE PARTICIPATION OF SUPERVISED COMPANIES IN TRUSTS
Chapter I
Participation of supervised companies in trusts and authorization of the Superintendence 7

Article 23°.- Participation in trusts
Companies included in Articles 16 and 17 of the General Law may participate in trusts subject to the provisions contained in the General Law, this Regulation, the Securities Market Law and its complementary norms, as well as the provisions on the matter issued by this Superintendence.

Article 23-Aº.- Participation as trustees 8
Multiple operations companies included in letter A of Article 16 of the General Law, the Development Financial Corporation (COFIDE), fiduciary service companies, insurance companies, reinsurance companies and companies or institutions supervised by this Superintendence whose object is to guarantee, support, promote and advise directly or indirectly the micro and small enterprise of any economic sector may act as trustees.”

Article 24°. - Participation as settlors 9
For companies included in Article 16 of the General Law to act as settlors, they must request prior authorization from this Superintendence in any of the following cases:
a) When the beneficiary is directly or indirectly linked to the settlor; b) When the trusts are composed of credit portfolio, unless they are written-off credits or credits classified as loss and provided for one hundred percent (100%); or, c) When the trusts are composed of adjudicated assets, recovered assets and/or investments, unless they are entirely provided for. Regarding insurance and reinsurance companies, when the trusts are composed of investments, regardless of whether these investments are entirely provided for, authorization from this Superintendence will be required. In the cases for which it is not required to request authorization, the settlor must communicate to this Superintendence the celebration of the respective contract within five (5) business days following said celebration, attaching the information and documentation indicated in the following article.

7 Denomination of Chapter modified by SBS Resolution No. 1882-2014, dated 26-03-2014.
8 Article incorporated by SBS Resolution No. 1882-2014, dated 26-03-2014.
9 Article modified by SBS Resolution No. 1882-2014, dated 26-03-2014.

Article 25th.- Authorization Request
The authorization request indicated in the preceding article must be submitted to this Superintendency together with the following documentation:
a) Certified copy of the respective agreement of the Board of Directors or corresponding corporate body; b) Draft trust contract indicating the identification, responsibilities, and rights of the intervening parties; c) Identification of the assets that will be the subject of the trust, indicating their characteristics, book value, provisions, and depreciation, and, in the case of real estate, their realization value; d) Financial analysis of the operation, indicating projected cash flows and yields; e) Effects on effective equity, provisions, and global and individual limits, if any; f) Identification of hedging mechanisms, if any, indicating the magnitude of the risks assumed by the settlor, the impact on operational limits, and the mechanisms to manage such risks; g) Identification of the enhancer, if any, specifying the relationship between it and the settlor and its economic group, as well as any additional guarantees provided by it; and, h) Others requested by this Superintendency.

Article 26th.- Participation of insurance and reinsurance companies as trustees
Insurance and reinsurance companies require an expansion of their operating authorization to act as trustees, as provided for in Article 318th of the General Law.
To this end, such companies must submit to this Superintendency a request attaching a certified copy of the board agreement, where the approval of the expansion of operations is recorded.

Chapter II
On Prudential Standards

Article 27th.- Specialized department
To carry out trust operations as trustees, authorized companies must establish a specialized department, which must be clearly differentiated from other areas, except in the case of securitization trusts, in which case a subsidiary must be established in accordance with numeral 6 of Article 224th of the General Law.

Article 28th.- Rights of the settlors 10
Settlors must recognize and account for the rights generated in their favor according to the constitutive act, in accordance with the provisions established in the Accounting Manual and Chart of Accounts, as applicable.

Article 29th.- Equity requirements 11
Settlors that are companies included in Article 16th of the General Law, for the rights recognized accountingly in accordance with the provisions established in the Accounting Manual and Chart of Accounts, as applicable, must calculate the effective equity requirements according to the risk represented by such rights.

10 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
11 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.

As the settlors' rights are amortized, the amortized amount will be deducted for the calculation of equity requirements. When it is not possible to identify or assign the amortized amount to a specific asset, this amount will be deducted proportionally from all assets included in the trust estate.

Article 30th.- Provisions 12
Settlors that are companies included in Article 16th of the General Law, for the rights recognized accountingly in accordance with the provisions established in the Accounting Manual and Chart of Accounts, as applicable, must establish provisions according to the risk represented by such rights.

As the settlors' rights are amortized, the amortized amount will be deducted for the calculation of provisions. When it is not possible to identify or assign the amortized amount to a specific asset, this amount will be deducted proportionally from all assets included in the trust estate.

Article 31st - Credit concentration limits and other limits 13
Settlors that are companies included in Article 16th of the General Law, for the rights recognized accountingly in accordance with the provisions established in the Accounting Manual and Chart of Accounts, as applicable, must consider such rights for the purpose of calculating the limits indicated in Articles 201st, 202nd, 204th, 205th, 206th, 207th, 208th, 209th, and 211st of the General Law.

Regarding insurance and reinsurance companies, the Superintendency will establish other limits, according to the characteristics of the trust.

As the settlors' rights are amortized, the amortized amount will be deducted from the calculation of the limits indicated in the preceding paragraphs. When it is not possible to identify or assign the amortized amount to a specific asset, this amount will be deducted proportionally from all assets included in the trust estate.

Article 32nd.- Provision for assigned or recovered assets 14
Companies included in Article 16th of the General Law that establish trusts with assigned, received-in-payment, or recovered assets, for the rights recognized accountingly in accordance with the provisions established in the Accounting Manual, must establish provisions according to the risk represented by such rights. Settlors must inform this Superintendency of the status of the provisions through Annex No. 4-A of the Accounting Manual.

Article 33rd.- Hedging mechanisms
Companies included in Articles 16th and 17th of the General Law may provide hedging mechanisms as settlors or enhancers of securitization trusts, provided they meet the following conditions:

12 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
13 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
14 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.

1. Hedging mechanisms must be accounted for according to their nature. In the case of portfolio substitution, guarantees, and other similar instruments, they will be recorded as contingent.
2. Regarding companies included in Article 16th of the General Law, for hedging mechanisms that are accounted for as assets and contingents, they must calculate the effective equity requirements according to the risk represented by such assets and contingents. Insurance companies will weight for credit risk only the hedging mechanisms that generate credit risk in accordance with Article 304th of the General Law. 15

Article 34th.- Credit Report of Debtors 16
Companies included in Article 16th of the General Law, which participate as settlors in trusts where the trust estate is composed of assets subject to reporting in the Credit Report of Debtors (RCD), and provided that the settlor has derecognized a loan portfolio in accordance with the accounting standards established in the Accounting Manual, will continue to submit information on debtors in an additional RCD, in any of the following cases:
a) When they are securitization trusts of loan portfolios. b) When the trustee is a person linked to the settlor. c) If rights are maintained as settlor. d) When the company has provided any hedging mechanism.

In cases where the RCD must be submitted, it must be submitted on a monthly basis, with updated information, until the cancellation of the respective debts, in accordance with the instructions of the Risk Central of this Superintendency.

It is presumed that the company obligated to submit the RCD is the settlor company, unless the trust contracts stipulate that it is the trustee company or the servicer if it is a company supervised by this Superintendency and with the obligation to submit the RCD. If it is subsequently decided to change the obligor to submit the RCD, such change must be reported in writing to this Superintendency no later than five (5) business days after the modification occurred, attaching a copy of the document incorporating said change in the trust contract. The Risk Central of this Superintendency will provide companies with instructions to proceed with the requested change.

In the event that the settlor is in the process of liquidation and dissolution, the trustee of the respective trust will be responsible for submitting the RCD to this Superintendency.

The trust contracts entered into by companies must include the necessary stipulations to comply with the provisions of this article.

Article 35th.- Information on weighting and provisions of the settlor's rights and contingents 17
For the purposes of Article 29th and numeral 2 of Article 33rd of this regulation, settlors or enhancers must report the credit risk weighting of assets and contingents in Report No. 2-A1 "Assets and Contingents Weighted by Credit Risk – Standard Method" or No. 2-A2 "Assets and Contingents Weighted by Credit Risk - Methods Based on Internal Ratings", as applicable, of the Accounting Manual, in accordance with the Regulation for Effective Equity Requirement for Credit Risk.

Likewise, if applicable, settlors must report the provision applicable to assets transferred in trust in the Annexes of the Accounting Manual titled Annex No. 5-C "Report on Classification of Portfolio Transferred in Trust" and Annex No. 5-C' "Summary of Pro-Cyclical Provisions for Portfolio Transferred in Trust".

Regarding insurance companies, they will adhere to the instructions established by this Superintendency.

Trust contracts must contain the necessary stipulations so that settlors comply with the provisions of this article.

Article 36th.- Application of additional prudential measures
The Superintendency may establish, when it deems appropriate for prudential reasons, additional equity requirements, operational limits, and other measures for settlors.

TITLE V
ON FIDUCIARY SERVICES COMPANIES

Article 37th.- Definition
Fiduciary services companies are joint-stock companies, duly authorized by this Superintendency, that are dedicated exclusively to acting as trustees in all types of trusts except for securitization trusts.

Article 38th.- Constitution 18
The constitution of fiduciary services companies is carried out in accordance with the provisions of the Regulation for the Constitution, Reorganization, and Establishment of Companies and Representatives of the Financial and Insurance Systems approved by SBS Resolution No. 10440-2008.

Article 39th.- Concentration and operational limits 19
The provisions on concentration and operational limits established in the General Law, except for the global limit established in Article 199th, will not be applicable to fiduciary services companies. The Superintendency may establish additional equity requirements and operational limits that it considers necessary.

Article 40th.- Accounting recording of operations 20
Fiduciary services companies must record their operations in accordance with the Accounting Manual.

18 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
19 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
20 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.

Article 41st.- Submission of information to the Superintendency 21
Fiduciary services companies must submit to this Superintendency financial information in accordance with the provisions of the Accounting Manual.

Likewise, fiduciary services companies must submit the information required through Circular B-2108-2002, F-0447-2002, CM-0294-2002, EAF-0206-2002, CR-0163-2002, EDPYME-0092- 2002, FOGAPI-0011-2002, and ESF-001-2002, as well as any information required by specific norms issued by the Superintendency.

Article 42nd.- Dissolution and liquidation
The dissolution and liquidation process of a fiduciary services company will be governed by what is provided in the General Law and other complementary norms issued by this Superintendency for such purpose.

FINAL PROVISIONS
First.- Information to the Superintendency
Through a Circular, this Superintendency may modify the information that trustees must keep at their disposal in accordance with Article 11th of this Regulation.

Second.- Modification of SBS Resolution No. 0943-99
Annex No. 4-A "Assigned and recovered assets transferred in trust", (*) approved by SBS Resolution No. 0943-99 of October 20, 1999, is replaced by the annex attached to this Regulation.

Third.- Liquidation of the trustee 22
When the trustee is in the process of liquidation, the Superintendency will order the delivery of the trusts under its charge to another company or companies in accordance with what is provided 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, such trusts terminate (1).

Likewise, what is provided in the preceding paragraph will be applicable as appropriate to the scenarios considered in numerals 1 and 3 of Article 269th of the General Law (1).

Fourth.- Application to the National Bank, the Agricultural Bank (AGROBANCO), the Development Financial Corporation (COFIDE), and the MIVIVIENDA Fund 23 The provisions of this Regulation are applicable to the National Bank, the Agricultural Bank (AGROBANCO), the Development Financial Corporation (COFIDE), and the MIVIVIENDA Fund, insofar as they do not conflict with the specific regulations governing the actions of these entities.

Fifth.- Trusts in guarantee constituted on credits within the framework of Circular No. 017-2011-BCRP 24

21 Article modified by SBS Resolution No. 1882-2014, of 03-26-2014.
(*) Annex No. 4-A eliminated by SBS Resolution No. 164-2004 of 02/03/2004 22 Incorporated by SBS Resolution No. 0084-2000 of 02/09/2000 23 Final provision incorporated by SBS Resolution No. 1882-2014, of 03-26-2014.
24 Final provision incorporated by SBS Resolution No. 1882-2014, of 03-26-2014.

The provision contained in Article 24th will not be applicable to companies included in letter A of Article 16th of the General Law, which are authorized to capture public deposits, as well as to the Agricultural Bank, when they participate in guarantee trusts on credit rights, within the framework of repurchase agreement operations regulated by Circular No. 017-2011-BCRP, provided that the Central Reserve Bank of Peru is the acquirer of the participation certificates. Such trust operations must be communicated to this Superintendency on the next business day following their realization.

Regardless of the corresponding sanctions, operations that have been carried out without observing what is indicated in the preceding paragraph will be considered by this Superintendency as not carried out for accounting, limit, provision, equity requirement, and other prudential measures established in the General Law and in the provisions issued by this Superintendency.

Sixth.- Transparency on guarantee trust contracts 25 Disclosure in financial statements Companies will disclose through notes to quarterly financial statements information on assets included in guarantee trusts, as settlors, during the validity of the trust contracts. The disclosure will be carried out in accordance with the instructions established in the Accounting Manual for Companies of the Financial System and the Chart of Accounts for Insurance System Companies, as applicable.

Publication
Financial system companies that enter into or agree on guarantee trust contracts on assets, as settlors, in support of received financing, must publish information on such contracts, jointly with the Statement of Financial Position and the Statement of Comprehensive Income, corresponding to quarterly periods, in accordance with the instructions established in the Accounting Manual for Companies of the Financial System.

25 Final provision incorporated by SBS Resolution No. 1882-2014, of 03-26-2014.