Resolution SBS No. 03932-2022: Amending the Regulations on Electronic Money Operations

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, December 21, 2022 Resolution S.B.S.
No. 03932-2022
The Superintendent of Banks, Insurance, and Private Pension Fund Administrators:

CONSIDERING:

That, through Law No. 29985 and its amendments, the Law regulating the Basic Characteristics of Electronic Money as an Instrument for Financial Inclusion was approved;

That, through Supreme Decree No. 090-2013-EF and its amendments, the Regulations of Law No. 29985, the Law regulating the Basic Characteristics of Electronic Money as an Instrument for Financial Inclusion, were approved;

That, through SBS Resolution No. 6283-2013 and its amendments, the Regulations on Electronic Money Operations were approved, which establish the regulatory framework under which electronic money operations will be conducted;

That, through SBS Resolutions No. 11699-2008 and No. 17026-2010 and their modifying norms, the Internal Audit Regulations and the External Audit Regulations were approved, respectively, applicable to the companies indicated in articles 16 and 17 of the General Law of the Financial System and the Insurance System and the Organization of the Superintendence of Banking, Insurance and Private Pension Fund Administrators - Law No. 26702 and its amendments, hereinafter General Law;

That, through SBS Resolution No. 895-98 and its modifying and complementary norms, the Accounting Manual for Companies of the Financial System was approved;

That, through SBS Resolution No. 2755-2018 and its modifying norms, the Regulations on Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Administrators was approved;

That, through SBS Resolution No. 1262-2020, the increase in the limits applicable to simplified electronic money accounts established in article 5 of the Regulations on Electronic Money Operations was approved as part of the measures established during the national state of emergency to help facilitate transactions;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

That, likewise, through SBS Resolutions No. 1354-2020, No. 3049-2020, No. 1772-2021 and No. 2123-2022, it was considered convenient to establish a temporary and substitute modality to that contemplated in numeral 6.1 of article 6 of the Law regulating the Basic Characteristics of Electronic Money as an Instrument for Financial Inclusion, to guarantee the funds of electronic money issued, and to suspend for sixty (60) calendar days the compliance with what is established in articles 15 and 16 of the Regulations on Electronic Money Operations;

That, through SBS Resolution No. 2326-2022, among other formats, Report No. 32-B “Monthly Electronic Money Report” of Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System was modified, and the new Format “Operations through Mobile Applications and Homebanking” was created, with the objective of capturing information not available in the current formats, necessary to measure with greater precision the access and use of financial services and identify gaps in financial inclusion;

That, considering that through Supreme Decree No. 130-2022-PCM the National State of Emergency declared as a consequence of COVID-19 has been left without effect, and with the aim of reducing exposure to the risks of money laundering and/or terrorist financing of simplified electronic money accounts, which may arise from high amounts of the limits applicable to said accounts, and that in practice significant transactions by high amounts were not effectively carried out, it is convenient to reduce the amount of the limits applicable to simplified electronic money accounts established in the Regulations on Electronic Money Operations;

That, likewise, considering the current situation of the electronic money market and its main characteristics, it is necessary to establish that the temporary measure that authorizes electronic money issuers to use immediate-disposition deposits as collateral be considered as an alternative and permanent modality to the guarantee currently contemplated in said Regulations; as well as to establish that the returns of immediate-disposition deposits and/or the fiduciary trust patrimony, according to the modality used, are freely available, provided that one hundred percent (100%) coverage of the value of the electronic money issued is met; this with the aim of facilitating the operational processes associated with the schemes developed by companies that issue electronic money;

That, in concordance with what is stated in the previous consideration, it is necessary to modify Report No. 32-A “Daily Electronic Money Report” and section IV of Report No. 32-B “Monthly Electronic Money Report” of Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System, as well as the Internal Audit Regulations, the External Audit Regulations and the Regulations on Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, with the aim of including immediate-disposition deposits as an alternative guarantee modality for the value of the electronic money issued;

That, likewise, considering the complexity of the developments that implies for companies of the financial system and electronic money issuing companies the modification and/or implementation of the changes made to Report No. 32-B “Monthly Electronic Money Report”, as well as the creation of the new Format “Operations through Mobile Applications and Homebanking”, which were required through SBS Resolution No. 2326-2022; it is considered convenient that the new deadline to send the aforementioned formats be the month of July 2023, with information from June 2023;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239

That, for the purpose of collecting opinions from the general public, the draft resolution was pre-published on the electronic portal of the Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as Supreme Decree No. 001-2009-JUS and its amendments;

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

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

RESOLVES:

Article First. - Modify the Regulations on Electronic Money Operations, approved by SBS Resolution No. 6283-2013 and its amendments, according to the following:

1. Substitute letters b), c), d) and e) of article 5, as follows:

“Article 5.- Simplified Electronic Money Accounts

“Simplified electronic money accounts” are considered those accounts that electronic money issuers make available to natural persons and that meet the following conditions:

(…)

b) Each transaction is subject to a limit of 1.5 times the current Minimum Vital Remuneration (RMV).

c) The consolidated balance of electronic money accounts of the same holder, under any modality, with the same electronic money issuer, cannot exceed 3 times the RMV.

d) The accumulated conversions to electronic money of the same holder, under any modality, with the same issuer in a month, cannot be greater than 3 times the RMV.

e) The accumulated transactions (conversions, transfers, payments, reconversions, etc.) of the same holder, under any modality, with the same issuer in a month, cannot exceed 6 times the RMV.

(…)”

2. Substitute articles 15 and 16, as follows:

“Article 15.- Constitution of Guarantees

Electronic money issuers must use one of the following guarantee modalities, or a combination of both, to back one hundred percent (100%) of the value of the electronic money issued:

a) Immediate-disposition deposits, in multiple-operation companies classified in category A+, according to what is established in the Regulations for the Classification of Companies of the Financial System and Companies of the Insurance System, approved by SBS Resolution No. 18400-2010. In case the multiple-operation company has two different classifications, the lowest one must be taken. Likewise, regarding issuers that are multiple-operation companies that capture public deposits and meet the aforementioned requirement, these deposits can be maintained in the issuer company itself.

b) Fiduciary trust patrimonies whose exclusive purpose is to back the holders of electronic money accounts. For this purpose, electronic money issuers, in their capacity as settlors, must constitute trusts in companies authorized to act as trustees according to the current legislation on the matter, different from the electronic money issuer. Likewise, in the constitutive act of the trusts, a substitute trustee must be designated and the substitution procedure in case of bankruptcy or when another cause for removal of this operates.

Article 16.- Value of Guarantees

Electronic money issuers are responsible for establishing mechanisms to ensure that immediate-disposition deposits and/or the value of the fiduciary trust patrimony, according to the modality used, are superior or equivalent, at all times or at least at the daily close of operations, to the value of the electronic money issued.

In case the immediate-disposition deposits and/or the value of the fiduciary trust patrimony, according to the modality used, are less than the value of the electronic money issued, said difference must be covered with liquid assets owned by the electronic money issuer. The returns of the immediate-disposition deposits and/or the fiduciary trust patrimony, according to the modality used, are freely available provided that one hundred percent (100%) coverage of the value of the electronic money issued is met.”

3. Eliminate the second paragraph of article 17.

Article Second. - Substitute numeral 1 of the section “Electronic Money Issuing Companies” of section III “Reports applicable to companies of complementary and related services” of Annex I “Complementary reports in charge of external audit firms” of the External Audit Regulations, approved by Resolution SBS No. 17026-2010 and its modifying norms, as follows:

“Electronic Money Issuing Companies

1. Review of specific business issues, the report must contain as a minimum the following:

• Policies and procedures for the conduct of electronic money operations.
• Economic groups, natural persons, legal persons and legal entities linked according to the criteria established by the Superintendence.
• Procedures for registration, supervision and centralization of correspondent cash machine operations.
• Compliance with limits established in the regulations.
• Compliance with provisions regarding guarantees: constitution, functioning, balances and effective coverage, etc.
• Review of risk management.”

Article Third. - Substitute numeral 8 of section III “Companies of complementary and related services” of the Annex “Planned Activities” of the Internal Audit Regulations, approved by Resolution SBS No. 11699-2008 and its modifying norms, as follows:

“8) Additionally, Electronic Money Issuing Companies (EEDE) must include the following activities in the Work Plan:

• Evaluation of compliance with the limits and operational conditions established by the Law regulating the basic characteristics of electronic money as an instrument for financial inclusion, Law No. 29985 and its amendment; the Regulations of Law No. 29985 regulating the basic characteristics of electronic money as an instrument for financial inclusion, approved by Supreme Decree No. 090-2013-EF and its amendment; and the Regulations on Electronic Money Operations, approved by SBS Resolution No. 6283-2013 and its amendments.

• Evaluation of commissions charged for operations, as well as their accounting registration.

• Evaluation of compliance with commitments assumed with clients, as well as adequate information and advertising provided to them.

• Evaluation of compliance with Board of Directors Agreements.

• Evaluation of compliance with provisions regarding guarantees: constitution, functioning, balances and effective coverage, etc.

• Evaluation of adequate supervision and centralization of correspondent cash machine operations, if they have them.”

Article Fourth. - Modify Report No. 32-A “Daily Electronic Money Report” and section IV of Report No. 32-B “Monthly Electronic Money Report” of Chapter V “Complementary Information” of the Accounting Manual for Companies of the Financial System, approved by Resolution SBS No. 895-98 and its modifying and complementary norms, according to the formats shown in Annexes 1 and 2, respectively, which are an integral part of this Resolution, and are published on the institutional portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS and its amendments.

Article Fifth. - Substitute numeral 37) of Section II “Serious Infractions” of Annex 2 “Specific infractions of the financial system and companies of complementary and related services” of the Regulations on Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Administrators approved by Resolution SBS No. 2755-2018 and its amendments, as follows:

Article Sixth. - Substitute what is established in Article Fourth of SBS Resolution No. 2326-2022, as follows:

“Article Fourth.- The modified formats, as well as the new format, which are an integral part of this Resolution, begin to be sent to this Superintendence according to the following detail:

Format Date of sending Information
37) Not maintaining immediate-disposition deposits and/or trusts for one hundred percent (100%) of the value of the electronic money issued, as established by the current regulatory framework.

The Format “Operations through Mobile Applications and Homebanking” must be sent by multiple-operation companies included in letter A of article 16 of the General Law, electronic money issuing companies referred to in numeral 4 of article 17 of the General Law, the National Bank and the Agropecuario Bank.

(*) Sections I, II, III and V of Report No. 32-B “Monthly Electronic Money Report” whose format was approved with SBS Resolution No. 2326-2022 enter into force for information corresponding to June 2023 which is sent in July 2023. Section IV of Report No. 32-B “Monthly Electronic Money Report” whose format was approved with SBS Resolution No. 2326-2022, is considered modified by Annex 2 of SBS Resolution No. 03932-2022 which enters into force for information corresponding to January 2023 which is sent in February 2023 1.

Article Seventh. - This resolution enters into force as of January 1, 2023. Report No. 32-A “Daily Electronic Money Report” that is modified according to Annex 1 of this Resolution begins to be sent from January 2, 2023 for information corresponding to January 1, 2023. Section IV of Report No. 32-B “Monthly Electronic Money Report” that is modified according to Annex 2 of this Resolution begins to be sent in February 2023 for information corresponding to January 2023.

Register, communicate and publish.

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and AFP

1 Errata Publication by Office No. 54920-2022-SBS published on December 23, 2022.

Annex C “Inventory of Offices in Operation”
Report No. 30 “ATMs, Basic Operation Establishments and Correspondent Cash Machines” Report No. 32-B “Monthly Electronic Money Report”(*) Format “Operations through Mobile Applications and Homebanking” July 2023 June 2023 December 2022 January 2023 February 2023