Resolution SBS No. 02192-2023: Modification of the Regulations on Special Regimes and Liquidation of Financial System and Insurance System Companies

Lima, June 23, 2023
Resolution SBS
No. 02192-2023

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

CONSIDERING:

That, Section One of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its amendments, hereinafter the General Law, regulates the supervision regime, the intervention regime, and the dissolution and liquidation of companies in the financial system authorized to capture public deposits, as well as those referred to in Article 7 of the aforementioned Law, and of the insurance system;

That, the General Law, in subsection b) of paragraph 1 of Article 95, establishes as a cause applicable for the submission to the supervision regime of companies in the financial system authorized to capture public deposits, as well as those referred to in Article 7 of the aforementioned Law, the decrease in effective equity or social capital below the minimum required capital;

That, the General Law, in subsection e) of paragraph 2 of Article 95, establishes as a cause applicable for the submission to the supervision regime of companies in the financial system authorized to capture public deposits, as well as those referred to in Article 7 of the aforementioned Law, the infringement of other individual or global limits with a frequency or magnitude that, in the judgment of the Superintendent, reveals inadequate management of the business by the company, combined with the omission in the approval and execution of corrective measures;

That, through Resolution SBS No. 455-99 and its amendments, the Regulations on Special Regimes and Liquidation of Companies in the Financial System and the Insurance System were approved;

That, through Legislative Decree No. 1531, the General Law is modified to continue adapting the regulatory framework to the Basel III capital standard and subsequently the regulation is adapted to what is established in said Legislative Decree, regulating the structure of effective equity, as well as the elements that count and that are

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 2 deducted from the different sub-levels and levels of effective equity, according to the characteristics of each element;

That, the supervisory causes cited in the previous considerations are not referred to a reduction in effective equity as a consequence of the application of regulatory changes, a situation that escapes the control of the companies;

That, the Second Final Complementary Provision of Legislative Decree No. 1531 empowers this Superintendence to establish, through general norms, the forms and deadlines for adaptation to comply with the modifications of articles 184, 185, 199, and 233, as well as the incorporations of articles 199-A and 199-B of the General Law;

That, for the reasons indicated, it is considered necessary, in addition to what is contemplated in Resolution SBS No. 1048-2023, to provide that, for the determination of the causes for submission to the supervision regime contemplated in subsection b) of paragraph 1 of Article 95 and subsection e) of paragraph 2 of Article 95, for companies in the financial system authorized to capture public deposits, as well as for those referred to in Article 7 of the aforementioned Law, the reduction in effective equity that has occurred due to the deduction of the assets referred to in subsections v, vi, and vii of subsection h) of paragraph 1.1 of Article 184 of the General Law, as well as the deduction of assets recognized for the difference between the fair value and the nominal value of the acquired credit portfolio, by application of Legislative Decree No. 1531, shall not be considered until December 31, 2023;

That, likewise, it is considered convenient to extend the suspension of the limits referred to in Article 185 of the General Law;

That, furthermore, it is considered convenient to modify the adaptation deadline applicable to the solvency requirements established in Article 199 of the General Law;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Economic Studies, and Legal Advice;

In exercise of the powers conferred by paragraphs 7 and 9 of Article 349 of the General Law, and based on the exceptional conditions established in Article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article First.- Substitute the final tenth provision of the Regulations on Special Regimes and Liquidation of Companies in the Financial System and the Insurance System approved by Resolution SBS No. 455-99 and its amendments, as follows:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 3

“TENTH.- Determination of causes by reduction of equity

For the determination of the causes for submission to the supervision regime contemplated in subsection b) of paragraph 1 of Article 95 and subsection h) of paragraph 2 of Article 95 and of the cause for intervention contemplated in paragraph 4 of Article 104 of the General Law, for companies in the financial system authorized to capture public deposits, as well as for companies referred to in Article 7 of the same General Law, the reduction in effective equity originating from the deduction of the assets referred to in subsections v, vi, and vii of subsection h) of paragraph 1.1 of Article 184 of the General Law, as well as the deduction of assets recognized for the difference between the fair value and the nominal value of the acquired credit portfolio, by application of Legislative Decree No. 1531, shall not be considered until December 31, 2023.

Likewise, for the determination of the cause for revocation of the certificate of authorization to operate contemplated in paragraph 2 of Article 28-A of the General Law, for companies in the financial system not authorized to capture public deposits, the reduction in effective equity originating from the deduction of the assets referred to in subsections v, vi, and vii of subsection h) of paragraph 1.1 of Article 184 of the General Law, as well as the deduction of assets recognized for the difference between the fair value and the nominal value of the acquired credit portfolio, by application of Legislative Decree No. 1531, shall not be considered until December 31, 2023.

This provision does not affect the calculation of effective equity reported through the Annexes and Reports sent to this Superintendence.”

Article Second.- Substitute Article Three of Resolution SBS No. 3952-2022, as follows:

“Article Third.- For the solvency requirements established in Article 199 of the General Law, the following adaptation period applies:

Period
Minimum requirement of level 1 ordinary capital (percentage of total risk-weighted assets and contingencies) Minimum requirement of level 1 effective equity (percentage of total risk-weighted assets and contingencies) Global limit January 2023 to March 2023 3.825% 5.10% 8.5% April 2023 to February 2024 4.05% 5.40% 9.0% March 2024 to August 2024 4.275% 5.70% 9.5% September 2024 onwards 4.50% 6.00% 10.0%

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 4

Article Third.- Substitute Article Four of Resolution SBS No. 3952-2022, as follows:

“Article Fourth.- The limits in the computation of effective equity referred to in Article 185 of the General Law, modified by Legislative Decree No. 1531, are suspended from January 1, 2023, to November 30, 2023, entering into effect from December 1, 2023.”

Article Fourth.- Substitute Article Three of Resolution SBS No. 1048-2023, as follows:

“Article Third.- Excesses to the operational limits referred to in the General Law and the norms issued by this Superintendence, which have occurred subsequent to the realization of the operations that caused the excesses, due to the reduction in effective equity from the deduction of the assets referred to in subsections v, vi, and vii of subsection h) of paragraph 1.1 of Article 184 of the General Law, as well as by the deduction of assets recognized for the difference between the fair value and the nominal value of the acquired credit portfolio, within the framework of Legislative Decree No. 1531, shall not be sanctionable, temporarily, provided that such excess is overcome within a period not exceeding December 31, 2023, and a plan for adaptation, to the satisfaction of this Superintendence, must be submitted. In these cases, companies may not increase their exposure until they are again within the legal limit. Likewise, in the determination of the causes indicated in subsections d) and e) of paragraph 2 of Article 95 of the General Law, the excesses that occur as a result of the causes indicated in this article are not considered.

Article Fifth.- This Resolution enters into effect from June 30, 2023.

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MARÍA DEL SOCORRO HEYSEN ZEGARRA
SUPERINTENDENT OF BANKS, INSURANCE, AND AFP”