Resolution SBS No. 00975-2025: Approval of the Regulation on Economic Groups, Related-Party Transactions, Application of Operational Limits under Articles 201 to 204 of the General Law, and Large Exposures

Lima, March 12, 2025
Resolution S.B.S.
No. 00975-2025

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, through Law No. 32089, Law that delegates to the Executive Branch the authority to legislate on matters of economic reactivation, simplification, and regulatory quality, state business activity, public safety, and national defense, the Congress of the Republic delegated to the Executive Branch the authority to legislate, among others, on matters of access and competition in financial services, for a period of ninety (90) calendar days;

That, subsection b) of sub-section 2.5.1 of section 2.5 of Article 2 of Law No. 32089 delegates authority to the Executive Branch to modify Chapter II of Title II Limits and Prohibitions of Section Two of Law No. 26702, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance (hereinafter, General Law), regarding operational limits on concentration, with the aim of promoting the granting of financing by financial system companies through operational limits on concentration aligned with international standards and the particularities of the national financial system;

That, in this context, Legislative Decree No. 1646 modified the General Law with the aim of promoting the granting of financing by financial system companies and contributing to better management of concentration risk in safeguarding the solvency and stability of the financial system;

That, Legislative Decree No. 1646 establishes that the Superintendence of Banks, Insurance, and Private Pension Fund Administrators (hereinafter, the Superintendence), within one hundred and eighty (180) calendar days from the publication of said Legislative Decree, must issue the necessary regulations for its application; and that, in addition, the Superintendence must establish through general norms the forms and deadlines for compliance with what is established in said Legislative Decree;

That, through Circular No. B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF-0231-2005, S-0613-2005 and its amendments, provisions were approved for the application of operational limits referred to in Articles 201 to 212 of the General Law, which regulate the manner of application of said limits;

That, through Resolution SBS No. 472-2006 and its amendment, the Prudential Norms for Operations with Related Parties to Financial System Companies were approved, which regulate the treatment of financing to related parties;

That, through Resolution SBS No. 5780-2015, the Special Norms on Related-Party Transactions and Economic Groups were approved, which determine the criteria for related-party transactions and single risk, among other aspects;

That, through Circular No. B-2264-2023, F-602-2023, CM-451-2023, CR-318-2023, provisions were approved for limits on exposure to foreign government debt instruments;

That, it is necessary to issue the Regulation of Legislative Decree No. 1646 regarding concentration limits, to adapt the Superintendence's regulations on this matter to international standards and the particularities of the national financial system, for which Circular No. B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF-0231-2005, S-0613-2005, Resolution SBS No. 472-2006, Resolution SBS No. 5780-2015, and Circular No. B-2264-2023, F-602-2023, CM-451-2023, CR-318-2023, as well as other norms issued by the Superintendence, must be modified;

That, through Resolution SBS No. 2755-2018 and its amending norms, the Regulation of Infractions and Sanctions of the Superintendence of Banks, Insurance, and Private Pension Fund Administrators was approved;

That, it is necessary to modify Annex 1 "Common Infractions" of the Regulation of Infractions and Sanctions of the Superintendence of Banks, Insurance, and Private Pension Fund Administrators, to align the references to the modifications made to the General Law through Legislative Decree No. 1646;

That, in order to gather opinions from the general public, the publication of the regulatory project was ordered through Resolution SBS No. 04305-2024, in the official newspaper El Peruano and on the Superintendence's digital site, in accordance with what is provided in the Thirty-Second Final and Complementary Provision of the General Law and in Legislative Decree No. 009-2024-JUS;

Counting with the approval of the Adjunct Superintendencies of Banks and Microfinance, Economic Studies, Risks, and Legal Advisory;

In exercise of the powers conferred by subsections 7, 9, and 19 of Article 349 of the General Law;

RESOLVES:

Article First.- Approve the Regulation on Economic Groups, Related-Party Transactions, Application of Operational Limits referred to in Articles 201 to 204 of the General Law, and Large Exposures, which forms an integral part of this Resolution:

“REGULATION ON ECONOMIC GROUPS, RELATED-PARTY TRANSACTIONS, APPLICATION OF OPERATIONAL LIMITS REFERRED TO IN ARTICLES 201 TO 204 OF THE GENERAL LAW, AND LARGE EXPOSURES

CHAPTER I
ON GENERAL ASPECTS

Article 1.- Scope
1.1. This Regulation applies to companies included in subsections A, B, and C of Article 16 of the General Law, to the Development Financial Corporation (Cofide), to the National Bank, to the Agricultural Bank (Agrobanco), and to the Mivivienda Fund S.A., hereinafter companies.
1.2. In the case of the Mivivienda Fund S.A., the provisions of this Regulation regarding limits shall apply insofar as they do not contradict specific regulations governing the actions of said Fund.
1.3. The provisions of this Regulation regarding limits do not apply to the National Bank.
1.4. The provisions of this Regulation regarding limits for financing granted to financial system companies do not apply to Cofide.
1.5. The provisions of Chapter II and Articles 31 and 32 of this Regulation apply to companies included in Article 17 of the General Law.

Article 2.- Definitions
For the application of this Regulation, the following definitions shall be considered:
a) Advisors: persons who provide temporary or permanent advisory services to a legal person or legal entity and have influence on the decisions of the Board of Directors or equivalent body, as applicable. b) Clients: persons or legal entities that have received financing. c) Spouse: For the purposes of this regulation, this includes the cohabitant by reason of a de facto union in accordance with Article 326 of the Civil Code. d) Accounts receivable: For the purposes of this Regulation, accounts receivable from sales of goods on installment, accounts receivable from payments made on behalf of third parties, accounts receivable from repo operations, as well as other accounts receivable that have the nature of financing are considered. e) Legal entities: are i) autonomous assets managed by third parties, which lack legal personality, or ii) contracts in which two or more persons, who associate temporarily, have a common right or interest to carry out a specific activity, without constituting a legal person. Among others determined by this Superintendence, investment funds, mutual investment funds in securities, fiduciary trusts, and consortia are considered in this category. f) Financing: For the purposes of this Regulation, direct credits, accounts receivable, investments, credit exposure equivalent of operations with derivatives and contingent credits, as well as other operations that have the nature of financing are considered. With respect to exposures to national or foreign financial system companies, deposits held in such companies must be included. g) Sovereign financing: financing granted to Public Treasuries, Central Banks, or other State entities when there are funds allocated by the Public Treasury to specifically pay such financing. h) Managers: in accordance with what is stated in the Complementary Norms for the Election of Directors, Managers, and Internal Auditors, approved by Resolution SBS No. 1913-2004 and its amending norms or the norm that replaces it, or whoever acts in their place. i) Manager: person responsible for the management of a legal entity, as well as for the execution of its operations. The same person can be a manager of several legal entities. j) Holding: legal person or legal entity whose main activity is holding shares, participations in social capital, or other modalities of contributions that grant similar rights, of other legal persons or legal entities, over which it exercises control as provided in Article 4 of this Regulation. k) General Law: General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banks and Insurance – Law No. 26702 and its amendments. l) Relatives: relatives up to the second degree of consanguinity and the first degree of affinity. m) Persons: natural or legal persons. n) Senior officials: in accordance with what is stated in the Norms for the Registration of Shareholders, Directors, Managers, and Senior Officials - REDIR, approved by
Circular No. G-213-2021 or the norm that replaces it, or whoever acts in their place. o) Regulation on Repo Operations Applicable to Financial System Companies: Regulation on Repo Operations Applicable to Financial System Companies approved by Resolution SBS No. 5790-2014 or the norm that replaces it. p) Regulation for the Requirement of Effective Equity for Credit Risk: Regulation for the Requirement of Effective Equity for Credit Risk approved by Resolution SBS No. 14354-2009 and its amendments or the norm that replaces it. q) Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions: Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions approved by Resolution SBS No. 11356-2008 and its amendments or the norm that replaces it. r) Superintendence: Superintendence of Banks, Insurance, and Private Pension Fund Administrators. s) Liquid assets: cash in hand, bank deposits in checking and savings accounts, investments in debt instruments with a maturity of less than one (1) year, and investments in capital instruments that trade on centralized negotiation mechanisms.

CHAPTER II
ON ECONOMIC GROUPS

Article 3.- Definition of economic group
3.1. It is the set of legal persons or legal entities, national or foreign, composed of at least two members, when any of them exercises control over the other or others, or when control over the legal persons or legal entities corresponds to one or more natural persons who act jointly as a decision-making unit.
3.2. Economic groups are classified into financial conglomerate, mixed conglomerate, and non-financial conglomerate.

Article 4.- Control
4.1. Control is defined as the predominant and continuous influence in the decision-making of the governing bodies of a legal person or bodies that fulfill the same purpose in the case of a legal entity.
4.2. Control can be direct or indirect. Control is direct when a person or legal entity exercises more than fifty percent (50%) of the voting power in the general meeting of shareholders or partners of a legal person, and in the case of legal entities, in the equivalent bodies.
4.3. Control is indirect when a person or legal entity has the authority to appoint, remove, or veto the majority of the members of the Board of Directors or equivalent body, to exercise the majority of votes in Board of Directors or equivalent body sessions, to approve operational or financial policies, to approve decisions on dividends and other distributions, to appoint, remove, or veto the general manager in the case of legal persons, or the manager who is authorized to manage the funds in the case of legal entities; even if it does not exercise more than fifty percent (50%) of the voting power in the general meeting of shareholders or partners of a legal person, and in the case of legal entities, in the equivalent bodies.
4.4. Neither legal entities nor holders of participation certificates of legal entities are considered controlled by fiduciary companies, Mutual Investment Fund in Securities Management Companies (SAFM), nor Investment Fund Management Companies (SAFI) solely by virtue of the fact that the legal entities are administered by said companies.
4.5. Holders of participation certificates of mutual investment funds in securities are not considered to exercise control over said funds.
4.6. Pension funds are not considered controlled by private pension fund administrators.

Article 5.- Presumptions of control and membership in an economic group
5.1. It is presumed, unless proof to the contrary is provided to the satisfaction of this Superintendence, that a legal person or legal entity is part of an economic group when the majority of its Board of Directors or equivalent body members are also directors, managers, managers, advisors, or senior officials of a legal person or legal entity, as applicable, belonging to said economic group, or have held any of these positions at any time during the last twelve (12) months.
5.2. This Superintendence, for prudential reasons, may apply additional presumptions of control to those considered in this article in its supervisory role.

Article 6.- Financial conglomerate
It is the economic group composed of legal persons included in Articles 16 or 17 of the General Law, or by the following legal persons or legal entities:
a) Holding. b) Intermediary agents in the securities market. c) Mutual investment funds in securities and investment fund management companies. d) Securitization companies. e) Special purpose companies. f) Financial autonomous assets. g) Pension fund management companies. h) Health service providers. i) Leasing companies not included in the scope of the General Law. j) Factoring companies not included in the scope of the General Law. k) Lending and/or pawn companies. l) Others, whose corporate object or activities, in the judgment of this Superintendence, are compatible with those indicated above.

Article 7.- Mixed conglomerates
It is the economic group composed of at least two (2) members, one of them included in Article 6 and the other not.

Article 8.- Non-financial conglomerate
It is the economic group composed of legal persons or legal entities that are not included in Article 6.

Article 9.- Incorporation of a legal person or legal entity into an economic group
The incorporation of a legal person or legal entity into an economic group is determined based on the date on which it is under the same direct or indirect control, as established in Article 4.

CHAPTER III
ON THE LIMIT TO DIRECTORS AND EMPLOYEES UNDER ARTICLE 201 OF THE GENERAL LAW

Article 10.- Application of the limit to directors and employees under Article 201 of the General Law
10.1. The calculation of the limit under Article 201 of the General Law is carried out without prejudice to the fact that such financing is considered for the calculation of the limit under Article 202 of the General Law, as provided in paragraph 29.4 of Article 29 of this Regulation, when applicable.
10.2. Companies must monitor the limits of operations carried out with directors and employees.
10.3. For the monitoring and control of this limit, companies must have an updated database that includes directors and employees, as well as their spouses and relatives.

CHAPTER IV
ON RELATED-PARTY TRANSACTIONS TO THE COMPANY AND THE LIMIT UNDER ARTICLE 202 OF THE GENERAL LAW

Article 11.- Criteria for defining related parties to the company
11.1. Related parties to the company are considered to be persons or legal entities that have direct or indirect ownership relationships with the company in accordance with Article 12 of this Regulation.
11.2. Likewise, related parties to the company are considered to be persons or legal entities that have significant influence over their management or the management of the members of their economic group in accordance with Article 13 of this Regulation, unless proof to the contrary of the existence of such influence is provided to the satisfaction of this Superintendence.
11.3. It is presumed that there is a related-party relationship by ownership or significant influence over the management of the company when there is no information that allows identifying the shareholders, partners, or similar of those legal persons or legal entities that have received financing, unless proof to the contrary is provided to the satisfaction of this Superintendence.
11.4. Related parties to the company are considered to be the legal persons or legal entities that integrate its economic group.
11.5. Related parties to the company are considered to be the relatives and spouse of a natural person related to the company, with no rebuttal of proof admitted.
11.6. A related party to the company is considered to be the legal person or legal entity over which the natural person related to the company, their relatives, or spouse, exercises control, either individually or by belonging to a group of natural persons who act as a decision-making unit, unless proof to the contrary is provided to the satisfaction of this Superintendence. This rebuttal of proof will not be admissible when it concerns a natural person related to the company by ownership relationship (direct or indirect) greater than or equal to twenty percent (20%), or when the aforementioned percentage is reached with participations of other natural persons with whom they act as a decision-making unit.
11.7. A related party to the company is considered to be the legal person or legal entity that belongs to the economic group of a legal person or legal entity related to the company, unless proof to the contrary is provided to the satisfaction of this Superintendence. This rebuttal of proof will not be admissible when it concerns a legal person or legal entity related to the company by ownership relationship (direct or indirect) greater than or equal to twenty percent (20%), or when the aforementioned percentage is reached with participations of other legal persons or legal entities of the economic group of the legal person or legal entity related.

Article 12.- Ownership relationships
12.1. There is an ownership relationship when the shares or participations with voting rights that a person or legal entity owns directly or indirectly (through third parties) represent more than four percent (4%) of the shares or participations with voting rights of a company. The aforementioned relationship is presented based on the characteristics of the share or participation, even if the political or economic rights related to these have been transferred, through any title, to third parties.
12.2. The ownership relationship links the holder of the shares or participations with the company in which such ownership is held, and vice versa.
12.3. Likewise, it is considered that the ownership relationship involves the persons or legal entities through which such indirect ownership is held.
12.4. It is considered that a person or legal entity has indirect ownership of a company in the following cases:
a) When the spouse or relatives of a natural person directly own shares or participations with voting rights of a company. b) When the spouse or relatives of a natural person indirectly own shares or participations with voting rights of a company, over which they exercise control. c) When a person or legal entity has ownership relationships with a company through one or more other legal persons or legal entities in accordance with what is stated in Annex I. d) When, through the intervention of agents or representatives, ownership relationships with a company are held.
12.5. For the purposes of this Regulation, in the case of legal entities, "shares or participations with voting rights" are considered to be those modalities of contributions that grant similar rights.
12.6. Holders of participation certificates of mutual investment funds in securities are not considered related by ownership relationship to said funds.

Article 13.- Significant influence
13.1. The following persons or legal entities are considered to have significant influence, unless proof to the contrary of the existence of such influence is provided to the satisfaction of this Superintendence:
a) The person or legal entity that represents the company b) The legal person or legal entity that has in common at least one member of the Board of Directors, manager, manager, advisor, or senior official, as applicable, of the company c) The legal person that has common shareholders or partners with the company who have the possibility to appoint, veto, or dismiss at least one member of the Board of Directors of the company d) The natural person who is a director, manager, advisor, or senior official of the company, or has held any of these positions at any time during the last twelve (12) months e) The natural person who is a director, manager, manager, advisor, or senior official of a legal person or legal entity, as applicable, belonging to the economic group of the company, or has held any of these positions at any time during the last twelve (12) months f) The person or legal entity that has the possibility to appoint, remove, or veto at least one member of the Board of Directors of the company

g) the person or legal entity that participates in policy-setting processes that impact the company's solvency and risk management, including decisions on dividends and other distributions;

h) the person or legal entity that has the ability to appoint, remove, or veto the managers, principal officials, or executives of the company;

i) the legal person or legal entity to or from which rotation of directors, managers, principal officials, and/or executives of the company takes place.

13.2. This Superintendence may apply other presumptions of significant influence in the management of the company based on the results of supervisory activities, such as the volume, frequency, or other conditions of transactions between a person or legal entity and the company, unless proven otherwise to the satisfaction of this Superintendence.

Article 14.- Transactions between Related Parties

14.1. Transactions between related parties are those that involve the transfer of resources, services, obligations, or others, regardless of whether or not there is consideration, carried out between parties that are related in accordance with Article 202 of the General Law.

14.2. Such transactions shall not be conducted under more favorable conditions than the best conditions the company maintains with its customers.

Article 15.- Liability of Companies

Companies must appropriately identify their related parties, adequately evaluate the risks involved in transactions with them, grant financing under conditions no more favorable than the best conditions the company maintains with its customers, and continuously control that such financing complies with the limits and requirements established by the General Law and other regulations issued by this Superintendence. The Board of Directors is responsible for approving the policies and procedures necessary to comply with the aforementioned, and Management is responsible for adopting the necessary measures to that end.

Article 16.- Policies and Procedures Manuals

The policies and procedures established for the adequate control of granting financing to related parties must be clearly defined in the policies and procedures manuals. Among other aspects, they must include control over whether the conditions of financing granted to related parties are not more favorable than the best conditions the company grants to its clientele regarding terms, interest rates, and guarantees, as well as control over the limits of Articles 202 and 204 of the General Law applied to related parties.

Article 17.- Database of Related Parties

17.1. In order to facilitate the control of compliance with the provisions of the preceding articles of this Chapter, companies must maintain an updated database of their related parties, which must be available to this Superintendence. This database must also distinguish those related parties excluded from the limit calculation of Article 202 of the General Law due to the causes established in paragraphs 19.3 and 19.4 of Article 19 of this Regulation.

17.2. When companies consider that a related party no longer meets the conditions to be considered as such, they must communicate this to this Superintendence via a letter explaining the reasons, within a period not exceeding fifteen (15) calendar days from the exclusion of said person or legal entity from the database.

Article 18.- Approval of Financing to Related Parties

Any financing to be granted to a related party, including those granted to related parties excluded from the limit calculation of Article 202 of the General Law, must have prior approval from the Board of Directors.

Article 19.- Application of the Limit of Article 202 of the General Law

19.1. For the calculation of the limit on total financing to related parties referred to in Article 202 of the General Law, the criteria set forth in Article 11 of this Regulation must be applied. Companies must perform daily control of the limit referred to in Article 202 of the General Law.

19.2. For the calculation of the limit of Article 202 of the General Law, take into account what is established in paragraph 23.2 of Article 23 of this Regulation.

19.3. For the purpose of calculating the limit of Article 202 of the General Law, companies do not consider financing that is deducted from the company's effective capital in accordance with Article 184 of the General Law, intraday interbank financing, nor derivatives that are exempt from the calculation of the equivalent credit exposure in accordance with Article 26 of the Regulation for the Requirement of Effective Capital for Credit Risk.

19.4. Likewise, for the calculation of the limit of Article 202 of the General Law, companies do not consider financing granted to companies of the financial system of the country or abroad that belong to their economic group, provided that:

a) they are subject to consolidated supervision by this Superintendence or under similar standards by another supervisory body abroad, at the discretion of this Superintendence; and

b) there is sufficient information available on the assets of said company to the satisfaction of this Superintendence, in the case of companies belonging to the financial system abroad, when consolidated supervision corresponds to this Superintendence.

19.5. Regarding investments in mutual funds and investment funds, take into account what is established in paragraph 23.3 of Article 23 of this Regulation.

19.6. For the computation of repurchase operations in the limits, take into account what is established in the Regulation on Repurchase Operations applicable to Financial System Companies.

19.7. For the computation of the limit of Article 202 of the General Law, regarding syndicated credits referred to in item 8 of Article 221 of the General Law, risk mitigants are considered proportionally to the shares of the credits granted.

19.8. Credit counterparty substitution is not applied for the computation of the limit to related parties referred to in Article 202 of the General Law, in accordance with what is stated in paragraph 29.4 of Article 29 of this Regulation.

Article 20.- Application to Related Parties of Articles 203 and 204 of the General Law

20.1. Any financing granted to related parties must comply with what is established in Article 204 of the General Law and therefore must comply with what is established in Chapter V of this Regulation.

20.2. Any financing granted to related parties must comply with what is established in Article 203 of the General Law and therefore must comply with what is established in Chapter VI of this Regulation.

CHAPTER V
GROUP OF CONNECTED COUNTERPARTIES BY SINGLE RISK AND LIMITS OF ARTICLE 204 OF THE GENERAL LAW

Article 21.- Criteria to Define Group of Connected Counterparties

Two or more persons or legal entities are considered a group of connected counterparties by single risk if at least one of the following criteria is met:

a) Control relationship: one of the counterparties exercises direct or indirect control over the other(s), meaning they belong to the same economic group. Also considered as connected counterparties by single risk are natural persons who exercise control of the economic group in accordance with paragraph 3.1 of Article 3 of this Regulation.

b) Economic interdependence: if one of the counterparties has financial problems, particularly in funding or repayment of financing, it is likely that the other(s) will also have difficulties in funding or repayment of financing.

Article 22.- Criteria to Define Economic Interdependence

22.1. To establish economic interdependence, companies must consider, as a minimum, if at least one of the following criteria is met, unless proven otherwise to the satisfaction of this Superintendence:

a) When fifty percent (50%) or more of the gross annual income or gross annual expenses of a person or legal entity derive from transactions with the other person or legal entity.

b) When a person or legal entity has guaranteed totally or partially the exposure of the other person or legal entity or is responsible by other means, provided that it is not a company of the financial system or insurance system and the exposure represents eighty percent (80%) or more of the liquid assets of the guarantor or responsible party.

c) When in the last economic year sixty percent (60%) or more of the value of the production of a person or legal entity was sold to the other person or legal entity, and the selling person or legal entity cannot demonstrate that it can replace the buying person or legal entity within a maximum period of one quarter.

d) When the planned source of funds to repay the loans of both persons and/or legal entities is the same and none of the persons and/or legal entities demonstrate having, within a maximum period of one quarter, another independent source of income with which the loan can be serviced and repaid in full.

e) When two (2) or more persons and/or legal entities have the same source of funds that during the last economic year represented eighty percent (80%) or more of the funds of each of them, so that in case the common fund provider presents any restriction in granting funding, it is likely that the funding problems of said provider will be transferred to the other persons and/or legal entities.

f) When a person or legal entity is the final recipient of financing granted to another person or legal entity, for the duration that the financing is maintained. This criterion does not apply to second-tier financing granted.

g) When from the official documentation of a person or legal entity it can be affirmed that it acts as a division or department of the other person or legal entity.

h) When two or more persons and/or legal entities have a contractual relationship that is included in item ii) of letter e) of Article 2 of this Regulation.

i) When there is assignment of guarantees between persons and/or legal entities that back obligations with the company.

j) Any other criterion defined by the company.

22.2. Regarding natural persons, a natural person receiving financing along with their spouse and relatives are considered a group of connected counterparties by single risk due to economic interdependence, unless proven otherwise to the satisfaction of this Superintendence.

22.3. In cases where the sum of all financing to an individual person or legal entity exceeds five percent (5%) of Level 1 effective capital, companies must identify the person or legal entity or groups of persons and/or legal entities connected by single risk based on economic interdependence.

22.4. For the evaluation of the criteria in paragraph 22.1 of this article, the financial information available to the counterparties must be considered, and this evaluation must be updated annually. The results of the evaluation must be included in a report that must be available to this Superintendence in the means requested by it.

Article 23.- Criteria for the Calculation of Limits Referenced in Article 204 of the General Law

23.1. For the calculation of the limits referenced in Article 204 of the General Law, the criteria set forth in Articles 21 and 22 of this Regulation must be applied, considering the group of connected counterparties as a single counterparty. Companies must perform daily control of the limits referenced in Article 204 of the General Law.

23.2. For the calculation of the limits referenced in Article 204 of the General Law:

a) Assets, other than derivatives, that are part of the banking book are considered at gross book value, i.e., without deducting provisions made or other adjustments. Likewise, accrued yields, deferred items, and items collected in advance must not be considered.

b) Assets, other than derivatives, that are part of the trading portfolio are considered at book value (fair value less impairment when applicable). Likewise, accrued yields must not be considered.

c) Contingencies are considered at the value of the equivalent credit exposure taking into account the credit conversion factors (CCF) contemplated in Article 25 of the Regulation for the Requirement of Effective Capital for Credit Risk.

1
1 Literal c) substituted by Resolution SBS No. 1758-2025 published on 15/05/2025, effective from 01/06/2025.

d) Derivatives are considered at the value of the equivalent credit exposure in accordance with Article 26 of the Regulation for the Requirement of Effective Capital for Credit Risk.

e) For the valuation of what is stated in letters a) and c) above, the application of risk mitigants must be taken into account in accordance with Subchapters IV and V of Chapter II of the Regulation for the Requirement of Effective Capital for Credit Risk.

f) The Level 1 effective capital to be used for the computation of the limits is the last one submitted by the company and not observed by this Superintendence.

23.3. Regarding investments in mutual funds and investment funds, in cases where the company uses the transparency approach for the calculation of the requirement of effective capital for credit risk, the underlying assets and contingencies whose exposure value is equal to or greater than 0.25% of its Level 1 effective capital must be identified, and the limits of Article 204 of the General Law are computed based on these underlying assets and contingencies. For positions in underlying assets and contingencies that are below the aforementioned threshold, the mutual fund or investment fund can be considered as the counterparty for the computation of the limits. In case the company does not use the transparency approach for the calculation of the requirement of effective capital for credit risk, or cannot identify the underlying assets, the mutual fund or investment fund must be considered as the counterparty for the computation of the limits, provided that this exposure does not exceed 0.25% of its Level 1 effective capital. Otherwise, the total amount of the exposure must be assigned to the "unknown client". All exposures assigned to the "unknown client" must be considered as a single counterparty connected by single risk, to which the limits of Article 204 of the General Law are applied.

23.4. For the computation of repurchase operations in the limits, take into account what is established in the Regulation on Repurchase Operations applicable to Financial System Companies.

23.5. The following are excluded from the calculation of the limits referenced in Article 204 of the General Law:

a) Financing that is deducted from the company's effective capital, in accordance with Article 184 of the General Law;

b) Intraday interbank financing;

c) Financing other than sovereigns, to which the standard method corresponds a weighting factor of 0% in the calculation of the requirement of effective capital for credit risk; and

d) Derivatives that are exempt from the calculation of the equivalent credit exposure in accordance with Article 26 of the Regulation for the Requirement of Effective Capital for Credit Risk.

23.6. The guarantees referred to in items 1 and 3 of Article 204 of the General Law are preferred guarantees, very rapid realization preferred guarantees, and self-liquidating preferred guarantees contemplated in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions that have not been applied as risk mitigants in accordance with Subchapters IV and V of Chapter II of the Regulation for the Requirement of Effective Capital for Credit Risk. The provisions on guarantee valuation contained in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions are applicable for the purpose stated in item 3 of Article 204 of the General Law. For the computation of the limit of the group of connected counterparties by single risk, guarantees must not exceed the exposure amount of each member of the group, unless it has been expressly established in the corresponding contract that such guarantee can cover other members of the group.

23.7. In case that, in accordance with the Regulation for the Requirement of Conservation Buffers, by Economic Cycle and by Risk of Market Concentration approved by Resolution SBS No. 3954-2022 or the norm that replaces it, it has been opted that each of the companies within an economic group covers the buffer requirement for risk of market concentration; for the purposes of item 4 of Article 204 of the General Law, it is considered that only the company with majority participation in the assets of the economic group maintains the aforementioned buffer.

23.8. For the computation of the limits, regarding syndicated credits referred to in item 8 of Article 221 of the General Law, risk mitigants or presented guarantees are considered proportionally to the shares of the credits granted.

23.9. For financing to entities, organisms, departments, legal persons, and legal entities that are part of the Peruvian State and for financing to foreign sovereigns, take into account what is established in Articles 24, 25, and 26 of this Regulation.

Article 24.- Criteria to Determine Counterparties or Group of Connected Counterparties When Dealing with Entities, Organisms, Departments, Legal Persons, and Legal Entities That Are Part of the Peruvian State

24.1. The Public Treasury of Peru and the Central Reserve Bank of Peru are each considered as an individual counterparty. When there are funds allocated by the Public Treasury of Peru to other entities of the Peruvian State to specifically pay financing, these financing are considered as granted to the Public Treasury of Peru.

24.2. Each regional or local government is considered as an individual counterparty.

24.3. Cofide, Agrobanco, Fondo Mivivienda S.A., Banco de la Nación, savings and credit municipal banks, and the popular credit municipal bank are each considered as an individual counterparty.

24.4. Entities, legal persons, or legal entities that carry out business activity of the Peruvian State, other than those mentioned in the preceding paragraph, are considered as a group of connected counterparties by single risk. However, those entities, legal persons, or legal entities whose economic and administrative autonomy is declared by Law may be treated each as an individual counterparty.

24.5. Other entities, organisms, and departments that are directly or indirectly considered or form part of the Peruvian State are considered as a group of connected counterparties by single risk. However, those entities, organisms, or departments whose economic and administrative autonomy is declared by Law may be treated each as an individual counterparty.

2 Modificado por Fe de Erratas publicada el 14 de marzo de 2025

24.6. Entities, organisms, departments, legal persons, or legal entities over which the entities, organisms, departments, legal persons, or legal entities mentioned in the preceding paragraphs of this article maintain control, must be considered as a group of connected counterparties by single risk with the entities, organisms, departments, legal persons, or legal entities mentioned in the preceding paragraphs of this article.

3 Modificado por Fe de Erratas publicada el 14 de marzo de 2025

Article 25.- Application of Limits vis-à-vis the Peruvian State

25.1. The total of Peruvian sovereign financing is not subject to limits.

25.2. Financing granted to regional or local governments is subject to the limits established in items 1, 3, and 5 of Article 204 of the General Law, as applicable. These limits apply with respect to each local or regional government.

25.3. Financing granted to Cofide, Agrobanco, Fondo Mivivienda S.A., Banco de la Nación, savings and credit municipal banks, and the popular credit municipal bank is subject to the limits established in items 3, 4, and 5 of Article 204 of the General Law, as applicable. These limits apply with respect to each of the aforementioned entities.

25.4. The total of financing granted to entities, legal persons, or legal entities that carry out business activity of the State not contemplated in the preceding paragraph is subject to the limits established in items 1, 3, and 5 of Article 204 of the General Law, as applicable. However, those entities, legal persons, or legal entities whose economic and administrative autonomy is declared by Law may be treated as individual debtors.

25.5. The total of financing granted to other entities, organisms, and departments that are directly or indirectly considered or form part of the Peruvian State is subject to the limits established in items 1, 3, and 5 of Article 204 of the General Law, as applicable. However, those entities, organisms, or departments whose economic and administrative autonomy is declared by Law may be treated as individual debtors.

25.6. When calculating the limits mentioned in this article, include in each case the entities, organisms, departments, legal persons, or legal entities over which control is maintained.

25.7. For the calculation of the limits referred to in paragraphs 25.2 to 25.5 of this article, what is stated in Articles 21 to 23 of this Regulation must be applied, as applicable.

Article 26.- Application of Limits to Foreign Sovereign Financing

26.1 Sovereign financings with an external government with a risk classification in the Risk I category cannot exceed sixty percent (60%) of the company's effective Tier 1 equity.
26.2 Sovereign financings with an external government with a risk classification in the Risk II or Risk III categories cannot exceed twenty-five percent (25%) of the company's effective Tier 1 equity.
26.3 Sovereign financings with an external government with a risk classification in the Risk IV or higher risk category cannot exceed fifteen percent (15%) of the company's effective Tier 1 equity. 4
26.4 The risk categories indicated in this article are those corresponding to the debtor classification categories for sovereign exposures, established in Article 9 of the Regulation for the Requirement of Effective Equity for Credit Risk.
26.5 External risk classification companies considered in the Equivalence Table for External Risk Classification Companies of Annex No. 1 of the Regulation for the Requirement of Effective Equity for Credit Risk are eligible to perform external risk classifications of external sovereign instruments.
26.6 In addition to what is stated in the previous paragraph, companies must consider the following criteria to choose the risk category:
a) If only one risk classification is available, that classification is taken. b) When two risk classifications are available, the most conservative one will be taken. c) When three or more classifications are available, the highest among the two lowest will be used.
26.7 For the calculation of the limits referred to in this article, what is stated in Articles 21 to 23 of this Regulation must be applied, as appropriate.
Article 27.- Limit applicable to guarantee funds constituted by Law and to autonomous patrimony of credit insurance referred to in Article 204 of the General Law
The coverages granted by an autonomous patrimony of credit insurance or a guarantee fund constituted by Law in favor of the same company cannot exceed twenty-five percent (25%) of its effective Tier 1 equity.

CHAPTER VI
OF LARGE EXPOSURES
Article 28.- Calculation of a large exposure
For the calculation of large exposures, the criteria indicated in Articles 21 to 24 of this Regulation must be applied.

4 Paragraph substituted by Resolution SBS No. 1758-2025 on 15/05/2025, effective from 01/06/2025.

CHAPTER VII
OF OTHER PROVISIONS ON THE COMPUTATION OF LIMITS AND EXCESSES
Article 29.- Application of the credit counterparty substitution of Article 212 of the General Law
29.1 Personal guarantees and credit derivatives indicated in Articles 43 and 45 of the Regulation for the Requirement of Effective Equity for Credit Risk, and which comply with what is established in Article 42 of the aforementioned Regulation, are eligible to effect the counterparty substitution referred to in Article 212 of the General Law.
29.2 In cases where companies apply counterparty substitution, they must maintain documentation that accredits the coverage of a credit derivative or that accredits that the credit risk falls on the person granting the personal guarantee, as appropriate.
29.3 Guarantee letters or letters of credit must contain clauses that obligate their realization, execution, or automatic, immediate, or upon simple request payment, and must be honored by the guarantor legal entity without further procedure, upon simple written request of the creditor or beneficiary of the guarantee. Similarly, surety bonds must contain clauses that obligate their realization, execution, or automatic, immediate, or upon simple request payment, and must be honored by the insurance company without further procedure, upon simple request of the insured.
29.4 Credit counterparty substitution has effects for the calculation of the limits referred to in Articles 201 and 204 of the General Law, and of large exposures. Regarding Article 201 of the General Law, it applies only to those workers not related to the company according to Article 202 of the General Law. Credit counterparty substitution is not applied for the computation of the limit to related parties referred to in the aforementioned Article 202 of the General Law.
Article 30.- Computation of operations in foreign currency and excesses in limits due to market price variations, the condition of clients, and reduction of effective Tier 1 equity due to losses
30.1 For the application of the limits referred to in this Regulation, the computation of operations in foreign currency must be carried out using the daily accounting exchange rate published by this Superintendency. In case periodic information is presented, the accounting exchange rate published by this Superintendency on the closing date of the financial information will be used. 5
30.2 When certain circumstances modify the condition of a person or legal entity, such that the limits to which it is subject in the new situation are different from those originally applied to it or it is subject to additional limits, such as those referred to in Articles 201 and 202 of the General Law, the entire balance of exposures that such person or legal entity maintains will be computed for the new limits. For the purposes of this paragraph, condition is understood as the situation that determines that certain limits are applicable to a person or legal entity, for example, being an employee, director, or related party to the company.

5 Modified by Errata published on March 14, 2025

30.3 Excesses to the limits that occur subsequent to the approval of financing operations due exclusively to variations in exchange rates, other market prices, the condition of clients, a reduction in effective Tier 1 equity associated with current year losses and/or negative accumulated results from previous years, or to client deposits in company accounts in countries with a time difference with our country that are resolved no later than the next business day, are not considered sanctionable; in these cases, companies cannot increase their exposure through new operations until they are back within the limit. However, in case this Superintendency deems it necessary due to the magnitude of the excess or the quality of the company's risk management, it may require, on a case-by-case basis, a plan to adjust such excesses. In the determination of the cause indicated in letter d) of numeral 2) of Article 95 of the General Law, the excesses that occur as a result of the causes indicated in this paragraph are not considered.

CHAPTER VIII
OF THE SUBMISSION OF INFORMATION
Article 31.- Information on economic groups of supervised companies
31.1 The companies indicated in letters A, B, and C of Article 16 and Article 17 of the General Law must submit to this Superintendency, within a period not exceeding January 15 and July 15 of each year, Report No. 19 “Information on the Economic Group to which the Company Belongs” (which includes Reports No. 19-I and No. 19-II) and No. 19-A “Information on members of the economic group to which the company belongs”, according to the established formats. This Superintendency may exempt or limit the sending of the aforementioned information regarding companies whose economic group includes persons or legal entities operating abroad and where consolidated supervision corresponds to a supervisor other than this Superintendency. Likewise, when Report No. 19 is submitted, the company must send a written communication describing how the economic group is organized. 6
31.2 In the case that two or more companies belonging to an economic group are obligated to present such information, it must be presented only by the one that has majority participation in the assets of the economic group. Likewise, when it cannot be determined which company it is, this Superintendency indicates the responsible one. 7

Article 32.- Modification of the composition of the economic groups of supervised companies
Any modification regarding the information presented in accordance with what is provided in Article 31 of this Regulation causes the reports to be resubmitted within fifteen (15) calendar days following the close of the month in which such modification occurred.

Article 33.- Information on clients including those representing a group of counterparties connected by single risk corresponding to large exposures

6 Paragraph substituted by Resolution SBS No. 1758-2025 published on 15/05/2025, effective from 01/06/2025.
7 Modified by Errata published on March 14, 2025

33.1 The companies included in Article 7 and in letters A, B, and C of Article 16 of the General Law must submit to this Superintendency, within fifteen (15) calendar days following the close of each semester, Report No. 20 “Client Information (including those Representing a Group of Counterparties Connected by Single Risk) corresponding to Large Exposures” and Report No. 20-A “Information on the Persons, Legal Entities, Departments, Agencies, Entities or Others that make up a Group of Counterparties Connected by Single Risk with Clients”, according to the established formats.
33.2 Additionally, financings that represent ten percent (10%) or more of the effective Tier 1 equity of the reporting company before applying credit counterparty substitution and netting mitigants must be reported in Report 20; financings that are excluded in accordance with what is established in paragraph 23.5 of Article 23 of this Regulation and that represent ten percent (10%) or more of the effective Tier 1 equity of the reporting company; and at least the twenty (20) largest financings: calculated in accordance with what is established in Article 23 of this Regulation regardless of whether they represent less than ten percent (10%) of the effective Tier 1 equity of the reporting company, or whether they correspond to financings that are excluded in accordance with what is established in paragraph 23.5 of Article 23 of this Regulation regardless of whether they represent less than ten percent (10%) of the effective Tier 1 equity of the reporting company.
Article 34.- Report on financing to related parties of the company
The companies included in Article 7 and in letters A, B, and C of Article 16 of the General Law must submit to this Superintendency, within fifteen (15) calendar days following the close of each quarter, Report No. 21 “Information on Persons and Legal Entities Related to the Company and Financing to Related Parties of the Company”, according to the established format. The Superintendency may exempt or limit the sending of the aforementioned information regarding companies whose economic group includes persons or legal entities operating abroad and where consolidated supervision corresponds to a supervisor other than this Superintendency. 8
Article 35.- Character of sworn declaration
The information required in this Chapter has the character of a sworn declaration, with the board of directors and management of the company responsible for its presentation being responsible for the truthfulness and timeliness of its submission, in accordance with what is provided in Articles 87 and 92 of the General Law.

CHAPTER IX
OF SUPERVISION AND ITS COLLABORATORS
Article 36.- Investigation on related-party transactions and/or economic groups
36.1 This Superintendency is empowered to establish the existence of financial or mixed conglomerates, in accordance with what is provided in numeral 11 of Article 349 of the General Law, and may, ex officio or at the instance of a party, initiate investigations to determine the existence of economic groups, as well as to determine the existence of related-party transactions or the existence of counterparties connected by single risk.
36.2 To that end, it may also require the information it deems pertinent from companies subject to its supervision, from shareholders, directors, managers, advisors, and main officials thereof, from risk classification companies, from audit firms, from experts registered in the Register of Appraisers (Repev) and from insurance auxiliaries, and from any other natural person, legal person, or legal entity, even if they are not included within the scope of its competence, in accordance with Article 356 of the General Law.
Article 37.- Internal Audit Unit
The internal audit unit must incorporate into the Annual Work Plan the evaluation of compliance with what is provided in this Regulation, in accordance with the Annex of Scheduled Activities contained in the Internal Audit Regulation.
Article 38.- External Audit Firm
External audit firms must carry out the review in accordance with Annex I of the External Audit Regulation.
Article 39.- Coordination with Supervisory Bodies
This Superintendency coordinates with other national or foreign supervisory bodies with the purpose of obtaining information that allows determining the existence of related-party transactions with the company, a group of counterparties connected by single risk clients, or an economic group.

ANNEX I
CALCULATION OF INDIRECT OWNERSHIP
Indirect ownership of a natural person, legal person, or legal entity through a legal person or legal entity is determined as follows:
PN1 ⎯⎯⎯→ PJ2 ⎯⎯⎯→ PJ3 ........... PJ(n-1)% ⎯⎯⎯→ PJ(n) P1% P2% P(n-1)% PJ1 ⎯⎯⎯→ PJ2 ⎯⎯⎯→ PJ3 ........... PJ(n-1)% ⎯⎯⎯→ PJ(n) P1% P2% P(n-1)%

Where K% is the percentage of participation of PN1 or PJ1 in PJ(n)

1. If P1 % ≤ 50%:
   K% = P1% * P2% * .... * P(n - 1)%
2. If P1% > 50%, P1% is considered 100%:
   a) Where P2 % ≤ 50%
   K% = 100% * P2% * .... * P(n - 1)% b) Where P2 % > 50% P2% is considered 100%:

K% = 100% * 100% * P3%* .... * P(n - 1)%, and so on.
PJ: legal person or legal entity
PN: Natural Person
Pi%: Percentage of participation of the natural person, legal person, or legal entity “i” in the share capital of the legal person or legal entity “i+1”. For i = 1, 2, 3, ... , n-1.

Second Article.- Substitute Article 13 of the Regulation of the MIVIVIENDA S.A. Fund approved by Resolution SBS No. 980-2006 and its amendments, as follows:
Article 13°.- Global and individual limits
The limits indicated in Chapter II of Title II of the Second Section of the General Law and the provisions issued by the Superintendency on this matter are applicable to the MIVIVIENDA S.A. Fund, with the exception of the limits referred to in Article 204 of the General Law only for its second-tier bank business model regarding the channeling of mortgage credits to final beneficiaries through the granting of financing lines to companies in the financial system.

Third Article.- Modify the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions approved by Resolution SBS No. 11356-2008 and its amendments, as follows:

1. Substitute letter s) of numeral 2 of Chapter I as follows: “s) Legal entities: according to the definition indicated in letter e) of Article 2 of the Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures”.
2. Substitute letter v) of numeral 2 of Chapter I as follows: “v) Economic Group: according to the definition indicated in Article 3 of the Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures”.
3. Incorporate as letter w) in numeral 2 of Chapter I as follows: “w) Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures: Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures approved by Resolution SBS No. 00975-2025 or norm that substitutes it”.
4. Substitute the eighth paragraph of numeral 5.1 of numeral 5 of Chapter I as follows:
   “(...)
   The debtor evaluation criteria indicated in Article 222 of the General Law are applied in the context of their belonging to a group of counterparties connected by single risk in accordance with what is established in Article 203 of the General Law and the Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures. (...)”
5. Substitute the third paragraph of Non-Retail Debtors of numeral 1.3 of numeral 1 of Chapter IV as follows:
   “(...)
   In the case of debtors that make up a group of counterparties connected by single risk in accordance with what is established in Article 203 of the General Law and the Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures, the review will be carried out considering them as a single client. (...)”
6. Substitute the second paragraph of Retail Debtors of numeral 1.3 of numeral 1 of Chapter IV as follows:
   “(...)
   In the case of debtors that make up a group of counterparties connected by single risk in accordance with what is established in Article 203 of the General Law and the Regulation on Economic Groups, Related-Party Transactions, application of Operational Limits referred to in Articles 201 to 204 of the General Law and Large Exposures, the review will be carried out considering them as a single client. (...)”
7. Substitute the second paragraph of numeral 2.1 of numeral 2 of Chapter IV as follows:
   “(...)
   Refinanced operations are also considered when the cases of novation contained in Article 1277 and following of the Civil Code occur, provided they are the product of difficulties in the debtor's payment capacity. When difficulties in the payment capacity of a debtor motivate a subjective novation by delegation, such operations will not be considered as refinanced unless the debtor being replaced is part of the group of counterparties connected by single risk of the replacing debtor. (...)”

Fourth Article.- Modify the Credit Risk Management Regulation approved by Resolution SBS No. 3780-2011 and its amendments, as follows:

1. Substitute letter a) of Article 18 as follows: “a) Limits with a counterparty or with a group of counterparties connected by single risk.”
2. Substitute letter b) of Article 20 as follows: “b) They must take into account the total of exposures affected by credit risk with a counterparty or with a group of counterparties connected by single risk.”
3. Substitute letter e) of Article 21 as follows: “e) Personnel who present a conflict of interest must be prevented from participating in decision-making processes. In particular, operations with related parties according to Article 202° of the General Law require the approval of the Board of Directors, avoiding the participation of members who present conflicts of interest.”
4. Substitute letter a) of Article 34 as follows: “a) Measure, evaluate, and monitor their concentration by type of exposure subject to credit risk, by counterparty or group of counterparties connected by single risk, economic sector, geographic location, regulatory classification, internal classification, exposure to credit foreign exchange risk, to retail over-indebtedness risk, and country risk.”
5. Substitute clause ii. of letter a) of Article 36 as follows: “ii. The degree of exposure to risk and tolerance to credit risk that the company is willing to assume in the development of the business. These parameters include specific limits for a counterparty or with a group of counterparties connected by single risk.”
6. Substitute the first paragraph of letter a) of Article 38 as follows:
   a) “Levels of appetite and tolerance to credit risk, establishing limits such as the following:
   o Concentration limits with a counterparty or with a group of counterparties connected by single risk, o Limits by economic sectors, by geographic location, and other common risk factors that impact the total of credit risk exposures. o Limits by country or group of countries. o Limits on types of investment instruments.
   (...)”
7. Substitute letter a) of Article 43 as follows: “a) Measure, evaluate, and monitor their concentration by type of exposure subject to credit risk, by counterparty or group of counterparties connected by single risk, economic sector, geographic location, external risk classification, by reinsurer company, by policyholders or contractors of surety bonds and credit insurance.”

Fifth Article.- The mentions to “related-party transactions”, “single risk” “economic group” and “control”, as well as to Circular No. B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF-0231-2005, S-0613-2005 and their amendments, the Prudential Norms for Operations with Related Parties of Companies of the Financial System, and others that refer to them, are understood to refer to the provisions of this Regulation.

Financial System approved by SBS Resolution No. 472-2006 and its amendment, the Special Rules on Related Parties and Economic Group approved by SBS Resolution No. 5780-2015 and the Limits on exposure to foreign government debt instruments approved by Circular No. B-2264-2023, F-602-2023, CM-451-2023, CR-318-2023, in the norms issued by the Superintendency applicable to financial system companies, must be understood as referring to the Regulation on Economic Group, Related Parties, application of operational limits referred to in articles 201 to 204 of the General Law and Large Exposures, approved by SBS Resolution No. 00975-2025 or the norm that replaces it. Likewise, references to articles 203 to 211 of the General Law in the norms issued by the Superintendency must be understood as referring to articles 203 to 204 of the General Law modified by Legislative Decree No. 1646, as applicable.
Article Sixth.- Replace numeral 83 of section II "Serious Infractions" of Annex 1 "Common Infractions" of the Regulation on Infractions and Sanctions of the Superintendency of Banking, Insurance and Private Pension Fund Administrators approved by SBS Resolution No. 2755-2018 and its amendments, with the following:
"Failure to report quarterly on the compliance with the adequacy plan approved by the Superintendency for cases of deficit regarding any of the minimum solvency requirements or excess of financing limits of articles 202 and 204 of the General Law, within the established period for the submission of quarterly information."
Article Seventh.- This Resolution enters into force on June 1, 2025, from which date financial system companies are excluded from the scope of the provisions referred to the Application of operational limits referred to in articles 201 to 212 of the General Law approved by Circular No. B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF-0231-2005, S-0613-2005 and its amendments, and from the Special Rules on Related Parties and Economic Group approved by SBS Resolution No. 5780-2015. Likewise, as of June 1, 2025, the Prudential Rules for Operations with Related Parties of Financial System Companies approved by SBS Resolution No. 472-2006 and its amendment, the Limits on exposure to foreign government debt instruments approved by Circular No. B-2264-2023, F-602-2023, CM-451-2023, CR-318-2023 and Circular No. B-2148-2005, FOGAPI-0026-2005, CR-0204-2005, CM-0335-2005, F-0488-2005, EDPYME-0119-2005, EAF-0231-2005 and its amendments are rendered without effect.
Article Eighth.- Companies included in the scope of the Regulation approved by Article First of this Resolution have the following schedule to adapt to the limits established in the aforementioned Regulation:

Period	Reduction of the 50% of Equity (PE) limit to 25% of Tier 1 Equity (PE)	Reduction of the 30% of Equity (PE) limit to 25% of Tier 1 Equity (PE)	Reduction of the 30% of Equity (PE) limit to 15% of Tier 1 Equity (PE)
June 2025 to December 2026	40% of Tier 1 Equity (PE)	37.50% of Tier 1 Equity (PE)	27.50% of Tier 1 Equity (PE)
January 2027 to December 2027	35% of Tier 1 Equity (PE)	35% of Tier 1 Equity (PE)	25% of Tier 1 Equity (PE)
January 2028 to December 2028	32.50% of Tier 1 Equity (PE)	32.50% of Tier 1 Equity (PE)	22.50% of Tier 1 Equity (PE)
January 2029 to December 2029	30% of Tier 1 Equity (PE)	30% of Tier 1 Equity (PE)	20% of Tier 1 Equity (PE)
January 2030 to April 2030	27.50% of Tier 1 Equity (PE)	27.50% of Tier 1 Equity (PE)	17.50% of Tier 1 Equity (PE)
May 2030 onwards	25% of Tier 1 Equity (PE)	25% of Tier 1 Equity (PE)	15% of Tier 1 Equity (PE)

The limits established in each column must be applied without prejudice to the limits established in the other columns and others established in the General Law not contemplated in this table.
Register, communicate and publish.