Resolution SBS No. 02387-2026: Approving the Regulation of the Effective Equity Management Process for Financial System Companies

Lima, September 28, 2026

RESOLUTION SBS
No. 02387-2026

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Resolution SBS No. 272-2017 and its amendments, the Regulation of Corporate Governance and Integrated Risk Management was approved, in which the responsibilities of the Board of Directors, the Risk Committee, and the Risk Unit are established, among which are the measures to ensure that companies operate in line with their risk appetite system, for which they must know the effective equity needs associated with their strategy; estimate the effective equity needs that allow covering the risks they face; and alert the corresponding instances, as appropriate, regarding possible effective equity insufficiencies;

That, through multiple letters issued by the Superintendence since 2009, financial system companies were requested to prepare and send the Capital Sufficiency Self-Assessment Report (IASC), which has had the objective that companies carry out a self-assessment of their effective equity needs to cover requirements for different risks established in the General Law and in the regulations issued by this Superintendence on the matter, as well as other requirements defined by the company itself, under a base scenario and two stress scenarios over a three-year projection horizon;

That, based on international standards and supervisory experience, it is necessary to issue specific regulations on the effective equity management process for financial system companies, allowing its integration with risk management, corporate governance, and strategic planning;

That, likewise, it is necessary to require the Annexes “Effective Equity Sufficiency Self-Assessment – Base Scenario”, “Effective Equity Sufficiency Self-Assessment – Stress Scenario”, “Effective Equity Sufficiency Self-Assessment – Severe Stress Scenario” and “Effective Equity Sufficiency Self-Assessment – Sensitivity Analysis”;

That, through Resolution SBS No. 11699-2008 and its amendments, the Internal Audit Regulation was approved, which establishes minimum criteria for its exercise in accordance with international standards and best practices;

That, in order to strengthen control and supervision mechanisms on effective equity management, it corresponds to incorporate in the Annual Work Plan of the Internal Audit Unit, the review of the provisions established in the Regulation of the Effective Equity Management Process of Financial System Companies;

That, in order to collect opinions from the general public, through Resolution SBS No. 01257-2026, the publication of the draft resolution on the matter was ordered on the digital headquarters of the Superintendence, in accordance with what is established in the Thirty-Second Final and Complementary Provision of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its amendments (hereinafter, the General Law), as well as in Supreme Decree No. 009-2024-JUS;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance and of Regulation and Legal Affairs; as well as of the Risk and Economic Studies Directorates; and,

In exercise of the powers conferred by numbers 7, 9, and 13 of article 349 of the General Law;

RESOLVES:

Article First.- Approve the Regulation of the Effective Equity Management Process of Financial System Companies, as indicated below:

“REGULATION OF THE EFFECTIVE EQUITY MANAGEMENT PROCESS OF FINANCIAL SYSTEM COMPANIES

CHAPTER I
GENERAL PROVISIONS

Article 1°.- Scope
This regulation is applicable to the companies included in letter A of article 16 of the General Law, to the Bank of the Nation, to the Agropecuario Bank, to the Development Financial Corporation (COFIDE) and to the MIVIVIENDA S.A. Fund, hereinafter companies.

Its application is exempted for credit companies that are not part of economic groups that include other companies included in the aforementioned letter A of article 16 of the General Law, unless this Superintendence orders its application in accordance with what is established in paragraph 10.5 of article 10 of this Regulation.

Article 2°.- Definitions
For the application of this Regulation, the following definitions must be considered:

a) General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms.

b) Minimum regulatory effective equity level: Minimum level of effective equity that allows the company to cover effective equity requirements for credit, market, and operational risks; the requirements for Level 1 ordinary capital cushions; and the effective equity requirements for additional risks (discounted by applicable voluntary provisions to decrease this requirement).

c) Solvency level: Level of effective equity and its components, composed of Level 1 effective equity (Level 1 ordinary capital and Level 1 additional capital) and Level 2 effective equity.

d) Effective equity planning: Set of activities oriented towards the preparation of projections of effective equity requirements and sources, both in a base scenario and under stress scenarios, within the framework of the effective equity management process.

e) Target effective equity level: Effective equity level defined by the company for the projection horizon presented in the Effective Equity Sufficiency Self-Assessment Report (IASPE), composed of the minimum regulatory effective equity level and a target cushion, determined considering its risk profile, its business model, the exploitation of growth opportunities, and the results of base and stress scenarios.

f) Risk: In accordance with what is stated in the Regulation of Corporate Governance and Integrated Risk Management, approved by Resolution SBS No. 272-2017 and its amendments or the norm that replaces it.

g) Risk appetite system: In accordance with what is stated in the Regulation of Corporate Governance and Integrated Risk Management, approved by Resolution SBS No. 272-2017 and its amendments or the norm that replaces it.

h) Effective equity sufficiency: Degree to which the level and structure of effective equity allow compliance with the target effective equity level.

i) Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

CHAPTER II
EFFECTIVE EQUITY MANAGEMENT

Article 3°.- Effective equity management process
Companies must establish an internal process for the management of their effective equity with the purpose of ensuring and preserving an adequate relationship between the risk profile (current and projected), the business strategy, and the solvency level, in a manner consistent with the nature, size, and complexity of their operations and the economic environment in which they operate. This process must be integrated into the risk management, risk appetite system, corporate governance, and strategic planning of the companies, in accordance with the functions and responsibilities corresponding to the different areas of the company.

Article 4°.- Principles for effective equity management
The implementation of the effective equity management process must be carried out based on the following principles:

a) Companies must establish a process to evaluate the sufficiency of their effective equity in relation to their risk profile and business strategy.

b) Companies must have a strategy to preserve and, if necessary, increase the levels or quality of their effective equity.

c) Companies must have the capacity to operate at solvency levels above the minimum regulatory effective equity level, consistent with the risks to which they are exposed and the sustainability of their business model.

d) Companies must carry out permanent monitoring of the sufficiency of their effective equity, in order to ensure compliance with the minimum regulatory effective equity level and the target effective equity level established.

e) Companies must have the capacity to implement preventive actions to prevent their solvency levels from falling below the established target effective equity level.

Article 5°.- Responsibilities of the Board of Directors and Management
5.1. The Board of Directors and Management must consider effective equity planning as a crucial element to achieve the established strategic objectives.

5.2. The Board of Directors is ultimately responsible for the adequate management and sufficiency of the company's effective equity, as well as for the performance and effectiveness of its planning process, therefore it must:

a) Approve the effective equity strategy and ensure that it is coherent with the risk profile, the risk appetite system, the budget, and the strategic objectives of the company. This strategy must define the effective equity needs, its intended use, the target level, and the internal and external sources of strengthening.

b) Ensure that the company has a framework for the identification and evaluation of the various risks to which it is exposed, as well as a process that relates these risks to the target effective equity level, which must be developed, implemented, and maintained by Management.

c) Approve the formal policies, procedures, and controls for the effective equity management process, and ensure that Management applies and communicates them effectively to the entire organization.

d) Approve the Effective Equity Sufficiency Self-Assessment Report annually.

5.3. Management is responsible for:

a) Understanding the nature and level of risks assumed by the company, and determining how these risks relate to adequate levels of effective equity.

b) Analyzing the current and projected minimum effective equity requirements of the company in relation to its strategic objectives and the economic environment in which it operates.

c) Establishing target effective equity levels that are appropriate for the risk profile, the risk appetite system, risk management, the company's control environment, and the results of stress scenarios.

d) Propose to the Board of Directors the policies and procedures for effective equity management and monitor their compliance.

e) Ensure that the company has sufficient effective equity to support its risks above the minimum regulatory effective equity level.

f) Establish a process to evaluate the sufficiency of effective equity.

Article 6°.- Effective equity management policies and procedures
6.1. The Board of Directors is responsible for approving policies and procedures for the effective equity management process, as well as for ensuring their compliance.

6.2. These policies and procedures must be oriented to ensure and preserve the sufficiency of the company's effective equity, considering the nature, size, and complexity of its operations, risk profile, risk appetite system, and market concentration. Likewise, they must be in accordance with the provisions established in this regulation.

6.3. Management must carry out the effective equity management process in accordance with the policies and procedures approved by the Board of Directors, as well as communicate these guidelines to the entire company.

6.4. Management must ensure that the effective equity management process integrates the functions of risk management and other relevant areas of the company, within the existing organizational structure, with responsibilities duly defined in the organization and functions manual.

6.5. The aforementioned policies and procedures, as well as the evidence of their execution, must be available to the Superintendence, in the means that it requires.

Article 7°.- Relationship between effective equity, risk management, and internal control
The level of effective equity that companies need to have to support their risks is a function of the strength and effectiveness of their risk management and internal control processes. In this sense, increases in the effective equity level should not be considered the only option to address material risks faced by companies, but other measures should be evaluated, such as strengthening risk management, applying internal limits, increasing the level of provisions, and improving internal controls. Companies should not consider effective equity as a substitute for addressing inadequate risk management or internal control processes.

Article 8°.- Monitoring and reporting
8.1. Companies must establish a process to monitor and report their risk exposures and evaluate how changes in their risk profile affect effective equity needs.

8.2. The Board of Directors must periodically receive information on the risk profile, exposures, and effective equity needs. The aforementioned information must allow:

a) Evaluate the level and trend of material risks and their impact on effective equity levels.

b) Analyze the reasonableness of the key assumptions used in the effective equity sufficiency assessment.

c) Determine that the company has sufficient effective equity to cover the various risks to which it is exposed and to comply with the established target effective equity level.

d) Evaluate the projected effective equity requirements considering the reported risk profile and the economic environment in which the company operates, and make, when appropriate, the corresponding adjustments in the strategic plan.

8.3. The frequency of the information referred to in paragraph 8.2 must be consistent with the nature, size, and complexity of the operations, the economic environment in which the company operates, and its level of effective equity sufficiency.

8.4. Companies must annually submit the Effective Equity Sufficiency Self-Assessment Report (IASPE) to the Superintendence, in accordance with the provisions established in Chapter III of this Regulation.

Article 9°.- Internal Audit
The Internal Audit Unit must evaluate the compliance with the policies and procedures established for the effective equity management process, as well as the provisions contained in this Regulation, in accordance with what is established in the Internal Audit Regulation, approved by Resolution SBS No. 11699-2008 and its amendments or the norm that replaces it.

CHAPTER III
EFFECTIVE EQUITY SUFFICIENCY SELF-ASSESSMENT REPORT (IASPE)

Article 10°.- Effective equity sufficiency self-assessment
10.1. Companies must carry out, at least annually, a self-assessment of the sufficiency of their effective equity, in order to determine if it allows them to reach the target effective equity level, considering the risks to which they are or could be exposed, over a three-year projection horizon, under a base scenario and two stress scenarios.

10.2. For this purpose, companies must construct projected scenarios that are prudent and conservative, that consider changes in market conditions, and that are in accordance with the risks inherent to their activity, their risk profile, their defined risk appetite system, their business strategy, the quality of their corporate governance and integrated risk management system, the economic environment where they operate, and the possible fluctuations of the country's economic cycle and the international environment.

10.3. The results of the self-assessment must provide relevant information to the Superintendence, as well as to the evaluated company itself, regarding the latter's capacity to operate under adverse but plausible economic scenarios, maintaining appropriate consistency between its risk profile, its assumed risk appetite system, and the solvency level required based on its nature, size, and complexity.

10.4. Companies must define concrete action plans that allow them to reach a sufficient level of high-quality effective equity and/or strengthen their corporate governance and integrated risk management, based on the results obtained from the self-assessment.

10.5. The Superintendence may prudently require the companies exempted in article 1 of this regulation to prepare the IASPE. This requirement applies when, in the exercise of its supervisory function, the Superintendence identifies in these companies significant changes in the size, complexity of their operations, risk management, among other criteria it considers relevant.

Article 11°.- Structure of the self-assessment report
11.1. Companies must present the Effective Equity Sufficiency Self-Assessment Report (IASPE) to the Superintendence. The report must have, at least, the chapters detailed below:

1. Base Scenario.
   1.1. Financial projections.
   1.2. Minimum regulatory effective equity level.
   1.3. Target effective equity level.
   1.4. Capacity for generation and quality of effective equity.
   1.5. Evaluation of the solvency level.

2. Stress Scenarios.
   2.1. Description of two scenarios, assumptions, and/or methodology.
   2.2. Evaluation of results.

3. Sensitivity Analysis.

4. Management actions and strengthening of effective equity.

5. Annexes.

11.2. In Annex 1 “Guide for Effective Equity Sufficiency Self-Assessment” of this Regulation (hereinafter, the Guide), the minimum content of the IASPE is detailed, as well as the general guidelines for its presentation.

Article 12°.- Communication of results to the Superintendence
12.1. Companies must establish in their internal policies and procedures the deadlines for the preparation of the IASPE and its approval by the Board of Directors before its presentation to the Superintendence.

12.2. The Superintendence publishes on the Supervised Portal (i) the projections of the most relevant macroeconomic variables that will be reference for the construction of the base scenario and the two stress scenarios, and (ii) the increase in default rates (DR) by company and type of credit for the sensitivity analysis, no later than the last business day of December of each year.

12.3. Companies must present the IASPE to the Superintendence within thirty (30) calendar days of the month of April of each year, along with the annexes indicated below, in accordance with their corresponding methodological notes, through the Capture and External Validation Sub-Module (SUCAVE) in the formats attached as Annex 2:

• Effective Equity Sufficiency Self-Assessment – Base Scenario.
• Effective Equity Sufficiency Self-Assessment – Stress Scenario.
• Effective Equity Sufficiency Self-Assessment – Severe Stress Scenario.
• Effective Equity Sufficiency Self-Assessment – Sensitivity Analysis.

CHAPTER IV
SUPERVISION BY THE SUPERINTENDENCE

Article 13°.- Prudential measures
13.1. The Superintendence may require companies information complementary to that presented in the IASPE, such as working documents and other documentation that supports the construction of the scenarios, the identification of the risks to which they are exposed, the reasonableness of the sources of equity strengthening, among others.

13.2. Likewise, the Superintendence may require companies to modify or, even, prepare a new IASPE, when it concludes that the presented document does not meet the minimum standards established in the Guide.

13.3. If the Superintendence determines that the measures or action plans proposed by companies are not in accordance with their risk profile, their risk appetite system, and/or their market concentration, it may demand complementary actions, among which are, non-exclusively, the following:

a) Strengthening of corporate governance systems, integrated risk management, or strategic planning.

b) Reinforcement of efficiency, profitability, or asset quality management.

c) Modifications in the policies for the reinvestment of earnings.

d) Specific actions for equity strengthening.

e) Additional effective equity requirements.”

Article Second.- Approve Annex 1 “Guide for Effective Equity Sufficiency Self-Assessment” and Annex 2 Formats of the Annexes “Effective Equity Sufficiency Self-Assessment – Base Scenario”, “Effective Equity Sufficiency Self-Assessment – Stress Scenario”, “Effective Equity Sufficiency Self-Assessment – Severe Stress Scenario” and “Effective Equity Sufficiency Self-Assessment – Sensitivity Analysis”, attached to this Resolution, which are published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 009-2024-JUS and its amendments.

The “Guide for Effective Equity Sufficiency Self-Assessment” comprises general guidelines, minimum content (base scenario and stress scenarios), sensitivity analysis, management actions and strengthening of effective equity, and annexes.

The formats “Effective Equity Sufficiency Self-Assessment – Base Scenario”, “Effective Equity Sufficiency Self-Assessment – Stress Scenario”, “Effective Equity Sufficiency Self-Assessment – Severe Stress Scenario” and “Effective Equity Sufficiency Self-Assessment – Sensitivity Analysis” comprise entity name, projection of the main items of Form A (Statement of Financial Position) and Form B-1 (Statement of Results), projected financial indicators, total risk-weighted assets and contingent assets, minimum regulatory effective equity level, target effective equity level, effective equity, evaluation of the solvency level, sources of equity strengthening, and complementary management actions.

Third Article.- Modify the Credit Risk Management Regulation, approved by Resolution No. 3780-2011 and its amendments, under the following terms:

1. Incorporate as the second paragraph of Article 35°, the following:

“(…)
Types of stress tests:
a) With respect to the stress scenarios of the Self-Assessment of Effective Capital Sufficiency Report (IASPE) required by this Superintendence, the criteria indicated in the Regulation on the Effective Capital Management Process for Financial System Companies, approved by Resolution SBS No. 02387-2026 or the norm that replaces it, apply. b) In the event that companies perform additional stress analyses beyond that indicated in the previous paragraph, they must comply with what is indicated in this article. (…)”

Fourth Article.- Eliminate literal m) of Article 5° of the Regulation for the Administration of the Risk of Over-indebtedness of Retail Debtors, approved by Resolution No. 6941-2008 and its amendments.

Fifth Article.- Modify the Internal Audit Regulation, approved by Resolution No. 11699-2008 and its modifying norms, under the following terms:

1. Incorporate numeral 26) in Section I of the Annex “Planned Activities”, according to the following text:

“I. COMPANIES INDICATED IN LITERALS A, B AND C OF ARTICLE 16° OF THE GENERAL LAW (EXCEPT GUARANTOR AND GUARANTEE COMPANIES), BANCO DE LA NACIÓN, BANCO AGROPECUARIO, FONDO MIVIVIENDA AND CORPORACIÓN FINANCIERA DE DESARROLLO (COFIDE):
(…)
26) For the companies included in literal A of Article 16 of the General Law (with the exception of Credit Companies that are not part of economic groups that integrate other companies of literal A of Article 16 of the General Law), as well as for Banco de la Nación, Banco Agropecuario, the Corporación Financiera de Desarrollo (COFIDE) and Fondo MIVIVIENDA S.A., evaluation of compliance with the provisions indicated in the Regulation on the Effective Capital Management Process for Financial System Companies, insofar as it is applicable to them.”

Sixth Article.- Modify Report No. 4-D “Summary of Capital Requirements” of Chapter V “Complementary Information” of the Accounting Manual for Financial System Companies, as indicated below:

Substitute note 3 as indicated below:
(3) Ordinary Level 1 Capital that is intended to cover conservation buffer requirements, by economic cycle and by market concentration risk, shall not be included, nor shall the effective capital that is intended to cover effective capital requirements for additional risks (individual concentration risk, concentration by economic sector, regional concentration risk, and interest rate risk in the banking book) in accordance with what is established in Articles 199-A and 199-B of the General Law. Likewise, the effective capital assigned to cover a specific requirement cannot be used again to cover another regulatory requirement. Incorporate note 9 as indicated below:
(9) When the company has excess effective capital, this must be distributed among rows (IX), (XIV) and (XIX) as appropriate, considering that effective capital requirements for credit, market and operational risk, and the effective capital requirement for additional risks are covered with effective capital, and the buffer requirement is covered only with ordinary Level 1 capital.

Seventh Article.- The Annexes indicated in paragraph 12.3 of Article 12 of the Regulation on the Effective Capital Management Process for Financial System Companies must be submitted annually starting with information corresponding to the closing of the month of December 2026, within thirty (30) calendar days of the month of April of the following year.

Eighth Article.- This Resolution enters into force as of December 1, 2026.

Register, communicate and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE AND AFP