Resolution SBS No. 0455-99: Regulation of Special Regimes and Liquidation of Financial System and Insurance System Companies

Lima, May 25, 1999
S.B.S. Resolution
No. 0455-99
The Superintendent of Banking and Insurance

CONSIDERING:

That, Section One of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendent of Banking and Insurance, Law No. 26702, modified by Law 27008, hereinafter the General Law, regulates the supervision regime, intervention regime, and the dissolution and liquidation of companies in the financial system and the insurance system;

That, through Law No. 27102 of May 6, 1999, the provisions contained in Section One of the General Law were modified;

That, through SBS Resolution No. 202-97 of March 24, 1997, the Regulation on norms and procedures applicable to the dissolution and liquidation of companies in the financial system and the insurance system was approved, modified by SBS Resolution No. 883-97 of December 16, 1997;

That, it is necessary to adapt said Regulation to the modifications made to the General Law, as well as to specify additional mechanisms to expedite the liquidation process of supervised companies;

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

And, in exercise of the powers conferred by articles 114 and 349, paragraphs 7 and 9 of the General Law;

RESOLVES:

First Article.- Approve the Regulation of the Special Regimes and of the Liquidation of the Companies of the Financial System and the Insurance System, which forms an integral part of this Resolution.

Second Article.- This regulation shall enter into force the day following the date of its publication in the Official Journal El Peruano and repeals SBS Resolutions No. 202-97 of March 24, 1997 and No. 883-97 of December 16, 1997, applying to companies that are subject to supervision, intervention, and to liquidation processes that began from the entry into force of the General Law.

Any mention in current regulations to SBS Resolution No. 202-97 shall be understood as referring to this Resolution, insofar as it is pertinent.

Register, communicate, and publish

MARTÍN NARANJO LANDERER
Superintendent of Banking and Insurance

REGULATION OF THE SPECIAL REGIMES AND OF THE LIQUIDATION OF THE COMPANIES OF THE FINANCIAL SYSTEM AND THE INSURANCE SYSTEM

TITLE I
GENERAL PROVISIONS

Article 1st.- SCOPE 1
The norms of this Regulation are applicable to the companies included in paragraph A of article 16 of the General Law authorized to capture public deposits, to the companies referred to in article 7 of the General Law, and to the companies of the insurance system, which are subject, as the case may be, to supervision or intervention regimes or to a liquidation process.

Companies in the financial system not included in the previous paragraph are governed by what is provided in the Ninth Final Provision.

Article 2nd.- DEFINITIONS
For the purposes of this Resolution, the following terms are considered:

1. Central Bank: Central Reserve Bank of Peru.
2. COFIDE: Development Financial Corporation.
3. CONASEV: National Commission for the Supervision of Companies and Securities.
4. Board of Directors: Board of Directors of the Deposit Insurance Fund.
5. Days: Business days.
6. Official Journal: Official Journal El Peruano
7. Companies: Companies included in paragraph A of article 16 of the General Law authorized to capture public deposits, companies referred to in article 7 of the General Law, and companies of the insurance system. 2
8. Fund: Deposit Insurance Fund.
9. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendent of Banking and Insurance – Law No. 26702, modified by Laws No. 27008 and No. 27102.
10. Ministry of Economy: Ministry of Economy and Finance
11. Plan: Rehabilitation Plan.
12. Regulation: Regulation of the Special Regimes and of the Liquidation of the Companies of the Financial and Insurance Systems.
13. Representatives: Representatives appointed by the Superintendent of Banking and Insurance with the purpose of administering the liquidation process.
14. Superintendency: Superintendent of Banking and Insurance.
15. Liquidator: The natural or legal person in charge of conducting the liquidation process of a company included in paragraph A of article 16 of the General Law authorized to capture public deposits, of a company referred to in article 7 of the General Law, or of a company of the insurance system, pursuant to what is established in article 115 of the General Law. Hereinafter, any reference to the "legal person liquidator" or "liquidating company" in the Regulation is understood to refer to the Liquidator. 3

1 Article modified by SBS Resolution No. 1624-2022 of 05/16/2022.
2 Paragraph modified by SBS Resolution No. 1624-2022 of 05/16/2022 3 Paragraph incorporated by SBS Resolution No. 1783-2015 of 03/19/2015 and modified by SBS Resolution No. 1624-2022 of 05/16/2022.

TITLE II
SUPERVISION REGIME

Article 3rd.- EVALUATION AND DETERMINATION OF REAL NET WORTH 4
When a company is subject to the supervision regime, the Superintendency may evaluate and determine its real net worth. If as a result of said evaluation, the determined net worth is less than that stated by the company, the Superintendency will proceed to adjust the latter, first, charged against the profits of the fiscal year and accumulated profits, in that order. If they are insufficient or non-existent, it will proceed to adjust it, in this order, charged against donations, issuance premiums, discretionary reserves, and legal reserves.

Regarding companies in the financial system, if the adjustments referred to in the previous paragraph are insufficient, the instruments representing capital computable in ordinary level 1 capital and the instruments representing capital computable in additional level 1 capital will be applied, in this order. If the aforementioned capital-representing instruments are not sufficient to cover the losses of the financial system company, the Superintendency will apply ex officio the accrued but unpaid interest and the principal of the subordinated debt that can absorb losses without the company ceasing to operate, in that order. This subordinated debt corresponds to that which can be considered as additional level 1 capital, according to articles 13, 19, and 20 of the Subordinated Debt Regulation applicable to Financial System Companies. For this effect, the limits contemplated in article 22 of said Regulation are not taken into account. This must have been expressly contemplated in the documentation and information related to the instrument necessary for investors' decision-making.

If the aforementioned subordinated debt is insufficient to cover the company's losses, the Superintendency will apply ex officio the instruments representing capital computable in effective level 2 net worth.

Regarding companies in the insurance system, if the adjustments referred to in the first paragraph of this article are insufficient, the share capital will be applied. If the share capital is not sufficient to cover the losses of the insurance system company, the Superintendency will apply ex officio the accrued but unpaid interest and the principal of the subordinated debt that can absorb losses without the company ceasing to operate, in that order.

The determination of the real net worth of the companies and, if applicable, the reduction of the aforementioned capital-representing instruments gives rise to the issuance of a resolution, which does not require publication. The Public Registries will register the capital reduction by the sole merit of said resolution.

If the net worth evaluation requires it, the Superintendency may require the company subject to the supervision regime to carry out, immediately, asset valuation studies.

Article 4th.- CAPITAL CONTRIBUTION REQUIREMENT
After complying with what is provided in the preceding article, the Superintendency may require the company's shareholders to increase the share capital by the amount necessary for the company to function adequately and will set the deadline by which capital contributions must be made. These must be made in cash and immediately.

The requirement to shareholders may be made, at the Superintendency's discretion, through any of the following mechanisms:

1. Written communication, sent to the shareholders' address on file in the company's share register subject to the supervision regime, which for these purposes will be recognized as valid. Such communication shall take effect from its receipt at the shareholder's registered address; or,
   4 Article modified by SBS Resolution No. 03955-2022 published on 12/27/2022, effective from 01/01/2023.

2. In a general shareholders' meeting; or,

3. Communication means of the centralized trading mechanisms, when the shares or instruments representing them have quotation in said centralized mechanisms; or,

4. Other means that, at the Superintendency's discretion, allow timely and effective communication of the requirement indicated in the first paragraph of this article.

If shareholders do not make the required capital increase within the deadline indicated in the first paragraph of this article, the Superintendency will proceed according to what is provided in paragraph 3 of article 99 of the General Law.

Article 5th.- PARTICIPATION OF THIRD PARTIES
For the purposes of paragraph 3 of article 99 of the General Law, the Superintendency may call upon natural and legal persons who have suitability and solvency according to what is provided in SBS Resolution No. 600-98, to companies in the financial system or insurance system, as applicable, classified in category A or B, according to legal norms on the matter, and to COFIDE.

The Superintendency may dispose of the Fund's participation following the procedure established in the following article.

Article 6th.- FUND PARTICIPATION IN EXCEPTIONAL SITUATIONS
To dispose of the Fund's participation, the Superintendency will send a supporting report on the exceptional nature of the situation to the Central Bank and the Ministry of Economy.

The Central Bank and the Ministry of Economy will issue their opinion. If the opinions are favorable, the Superintendency will communicate to the Fund, in writing, the determination of its participation. Such communication must also indicate, the classification of the situation as exceptional, attaching the opinions of the Central Bank and the Ministry of Economy, compliance with what is provided in paragraphs 2 and 3 of article 99 of the General Law, the financing, and the type of operation applicable.

The President of the Board of Directors of the Fund will immediately convene the Board of Directors to an extraordinary session to authorize the operations determined by the Superintendency and approve the financing conditions obtained for such purposes.

Article 7th.- CAPITAL CONTRIBUTIONS
Once the capital contribution is made, the Superintendency will immediately convene a general shareholders' meeting to regularize the capital increase and, if pertinent, elect a new Board of Directors. The call may be made through the mechanisms established in the preceding article 4, which are pertinent.

Likewise, the company will proceed, if applicable, to deliver the share certificates corresponding and will register the respective shares in the share register.

Article 8th.- SHAREHOLDERS IMPEDIMENTED FROM VOTING
The following may not vote in the general shareholders' meeting referred to in the preceding article:

1. Shareholders who were part of the Board of Directors or served as managers of the company at the time of submission to the supervision regime or in the two (2) years prior to said submission; and,

2. Natural or legal persons who have a link with the shareholders indicated in the preceding paragraphs, according to the norms on linkages and economic groups issued by the Superintendency.

Article 9th.- EXCEPTION OF LIMITS
In order to facilitate compliance with the recovery agreement, the Superintendency may, temporarily, exempt or excuse from compliance with some of the limits established in the General Law and in other provisions applicable to it, with the exception of those established under article 101 of the General Law.

In the case of the absorption or acquisition of the company subject to the supervision regime by another company, the Superintendency within the framework of an adaptation plan may temporarily exempt or excuse the absorbing or acquiring company from compliance with some limits established in the General Law and in other provisions applicable to it.

TITLE III
INTERVENTION REGIME

Article 10th.- DETERMINATION OF REAL NET WORTH 5
Once a company is subject to the intervention regime, the Superintendency may determine its real net worth and, if applicable, will make adjustments according to what is provided in the first three (3) paragraphs of article 3 of this Regulation.

If the capital-representing instruments and subordinated debt referred to in the second and third paragraphs of article 3 of this Regulation are not sufficient to cover the company's losses, the Superintendency will apply ex officio the accrued but unpaid interest and the principal of the remaining subordinated debt, in that order.

Regarding companies in the financial system, this subordinated debt corresponds to subordinated debt that can be considered level 2, according to articles 16, 19, and 20 of the Subordinated Debt Regulation applicable to Financial System Companies. For this effect, the limits contemplated in article 22 of said Regulation are not taken into account. If the aforementioned subordinated debt is insufficient to cover the company's losses, the Superintendency will apply ex officio the subordinated debt issued without meeting the requirements to be computable in net worth.

The determination of the real net worth and, if applicable, the reduction of the capital-representing instruments gives rise to the issuance of a resolution. The Public Registries will register the capital reduction by the sole merit of said resolution.

The Superintendency must evaluate the need to contract asset valuation studies charged to the resources of the company subject to the intervention regime. Likewise, it must dispose of the inventory and custody of all credit files, including the securities that evidence or guarantee obligations in favor of the company.

Article 11th.- EXCLUSION OF LIABILITIES
For the total or partial exclusion of liabilities from the balance sheet of the company subject to the intervention regime as provided in paragraph 2 of article 107 of the General Law, the Superintendency will consider the following criteria:

1. The excluded liabilities necessarily include the concepts considered in article 117 paragraph A and article 118 of the General Law, as well as the impositions indicated in article 152 up to the limit of article 153 of the aforementioned law.

2. Regarding the liabilities considered in paragraph 2 - c of article 107 of the General Law, the exclusion will be made up to a maximum and equal value per depositor.

Article 12th.- EXCLUSION OF ASSETS
For the exclusion of assets from the balance sheet indicated in paragraph 2 of article 107 of the General Law, the Superintendency will take into consideration, among others, the following criteria:

1. Feasibility of transfer;
2. Liquidity of the assets;
3. Possibility of achieving better prices in the transfer; and
4. Lesser difficulty in the valuation of the assets.

5 Article modified by SBS Resolution No. 03955-2022, published on 12/27/2022, effective from 01/01/2023.

Likewise, the assets for exclusion must be valued according to the accounting and prudential norms applicable to supervised companies and adjusted to their net value. The Superintendency may contract the realization of asset valuation studies charged to the company subject to the intervention regime.

Regarding companies in the insurance system, the exclusion of assets implies the exclusion of the liabilities that guarantee the fulfillment of obligations derived from said assets, taking into account the precedence established in article 117 of the General Law.

Article 13th.- TRANSFER OF ASSETS AND/OR LIABILITIES
The assets and/or liabilities excluded from the balance sheet of the company subject to the intervention regime, as provided in paragraph 3 of article 107 of the General Law, may be transferred in ownership, trust, or any other contractual modality, jointly or independently, totally or partially.

In the case that the company subject to the intervention regime is from the insurance system, the transfer of the excluded assets and/or liabilities will be carried out according to what is provided in the last paragraph of the preceding article.

The excluded assets and/or liabilities that are not transferred will be integrated into the balance sheet of the company subject to the intervention process or to the estate of the company if the liquidation process has begun, as applicable.

Article 14th.- SELECTION PROCEDURE
The selection of the company that acquires, under any contractual modality, the assets and/or liabilities excluded from the balance sheet of the company subject to the intervention regime, will be carried out through an auction procedure or another that, at the Superintendency's discretion, is convenient.

When the company subject to the intervention regime belongs to the financial system, companies in the financial system and COFIDE may participate in the selection process. Regarding a company in the insurance system that is subject to the intervention regime, insurance and reinsurance companies may participate in the selection process.

COFIDE may acquire the assets and/or liabilities excluded from the balance sheet of the company subject to the intervention regime within the scope of what is provided in article 7 of the General Law.

Article 15th.- FORMALIZATION OF THE TRANSFER OF ASSETS AND LIABILITIES
To transfer the assets and/or liabilities excluded from the balance sheet of the company subject to the intervention regime, as provided in paragraph 3 of article 107 of the General Law, the Superintendency will sign the contracts and all corresponding documentation on behalf of said company.

Likewise, the certifications of the transfer contracts issued by the Superintendency have sufficient merit to be registered in the respective public registries, as provided in the Twenty-Seventh Final and Complementary Provision of the General Law.

Article 16th.- FUND PARTICIPATION
When a member company of the Fund is subject to the intervention regime, the Superintendency may determine the Fund's participation as provided in paragraph 2 of article 151 of the General Law, the selection procedure indicated in article 14 of this Regulation not being applicable.

To determine the Fund's participation and the type of operation it carries out, the Superintendency will consider, at least, the following criteria:

1. Lesser net use of Fund resources;
2. Lesser delay in attending to depositors;
3. Lesser deterioration of the value of the assets of the company subject to the intervention regime; and,
4. Difficulty in the valuation of the assets.

Once the type of Fund participation is determined, the Superintendency will communicate in writing to the Fund the type of operation and the applicable financing. The President of the Board of Directors of the Fund will immediately convene the Board of Directors to an extraordinary session to authorize the operations determined by the Superintendency and approve the financing conditions obtained for such purposes.

Article 17th.- EXCEPTION OF LIMITS
In order to facilitate the transfer of the assets and/or liabilities excluded from the balance sheet of the company subject to the intervention regime, the Superintendency may, temporarily, exempt or excuse the acquirer of said assets and/or liabilities from compliance with some of the limits established in this Law and in other provisions applicable to it. Such exception may be granted within the framework of an adaptation plan.

TITLE IV
LIQUIDATION

CHAPTER I
BEGINNING OF THE LIQUIDATION PROCESS

Article 18th.- LIQUIDATION PROCESS
Once the dissolution of the company is declared by a resolution issued by the Superintendency, the corresponding liquidation process begins. The Superintendent will entrust this process, through public competition, to a legal person in accordance with what is established in article 115 of the General Law.

In the event that, within a one-year period, the second call for public competition to select the legal person in charge of the liquidation remains vacant, the Superintendent must request the Supreme Court to designate the Liquidator. 6

CHAPTER II
OF THE REPRESENTATIVES

Article 19th.- DESIGNATION OF THE REPRESENTATIVES
Until the legal person indicated in the first paragraph of the preceding article is appointed, the Superintendent will designate two (2) representatives, whose functions will be those established in the Chapter.

These representatives will exercise their functions until the designation of the legal person in charge of the liquidation or, in the case of the second paragraph of the preceding article, until the designation of the liquidator by the Supreme Court.

Article 20th.- NOTICE OF PUBLIC KNOWLEDGE
Once the liquidation process begins, the representatives must publish a notice requiring all companies in the national financial system and, in general, any person who possesses assets of the liquidating company, to make them available. The aforementioned notice must be published two (2) consecutive times in the official journal and in a major circulation newspaper of the locality.

6 Paragraph modified by SBS Resolution No. 1783-2015 of 03/19/2015.

In the case of correspondent banks abroad with which the company in liquidation operates, the same notice shall be made by certified communication.

Article 21st.- OBLIGATIONS AND POWERS OF THE REPRESENTATIVES

The representatives, depending on whether the liquidation corresponds to a company in the financial system or the insurance system, must carry out the following acts:

1. Register the resolution declaring the dissolution of the company in the corresponding Public Registry.
2. Take immediate possession for its administration of all the company's assets, ordering that titles, securities, contracts, books, archives, documents, and anything belonging to it be handed over.
3. Prepare, from the start of the liquidation process, the general balance sheet as well as the income statement, in accordance with the pertinent provisions issued by the Superintendence.
4. Order the inventory of all assets, including those of the supporting documents, and the respective list must be prepared in triplicate: one for the company, one for the liquidating legal entity, and one for the Superintendence.
5. Order the valuation of all the company's assets.
6. Prepare the list of insured persons covered by the Deposit Insurance Fund and, if applicable, send it to the aforementioned Fund in accordance with what is established in Article 154th of the General Law.
7. Prepare the list of the company's creditors, indicating the amount, nature of the credits, and preference they enjoy in accordance with Article 117th of the General Law.
8. Notify the tenants of Safety Deposit Boxes and other persons who, according to the company's books, are owners of any asset left in its possession, that they must proceed with the corresponding withdrawal within a period of sixty (60) days.
9. Keep the company's liquid resources in multiple-operation companies classified in categories “A” or “B”, according to the current regulations on the matter.
10. Receive from clients the amortizations and/or cancellations for credits granted and services provided, as applicable.
11. Continue reporting to the Superintendence the Credit Report of Debtors (RCD), as applicable, in accordance with current regulations.
12. Continue actions for the effective and timely recovery of credits granted by the company, as well as for the collection of reinsurance and co-insurance, if applicable.
13. Take the necessary actions to formalize received guarantees or lift encumbrances prior to cancellation or judicial or extrajudicial transaction.
14. Initiate judicial processes and continue with those initiated by the company against third parties and adopt the necessary measures to avoid prejudice to them with the powers established in Article 29th of this Regulation.
15. Deliver possession of all assets, books, archives, and documentation belonging to the company to the legal entity in charge of the liquidation or to the liquidator designated by the Supreme Court, as applicable. A minutes shall record the delivery; said minutes must contain the inventory of what was delivered.
16. Other administrative and labor acts that require immediate resolution.
17. Create or maintain a website where all acts and documents that, according to the Regulation, must be displayed or communicated to the public, as well as those that by special norm or by instruction of the Superintendence must be communicated reliably, are published. The financial information of the company in liquidation must be published after the review carried out by the Superintendence.
18. Send a report to the Deposit Insurance Fund accounting for the use of transferred funds, complying with what is stated in the second paragraph of Article 156th of the General Law. Said report must include the complete list of all insured persons covered, indicating the amount corresponding to each one; this list must be sent in both physical and electronic media. Likewise, when the funds requested from the Deposit Insurance Fund exceed by more than 10% the amount of covered deposits reported to the Superintendence in the month prior to the date of intervention, the report must include an explanation of said difference.

Likewise, these representatives may carry out, when pertinent and with prior authorization from the Superintendence, the acts established in Articles 27th and 28th of this Regulation, subject to the obligation contained in the last paragraph of Article 26th.

Article 22nd.- SAFETY DEPOSIT BOXES

Once the period referred to in numeral 8 of Article 21st of this Regulation has expired, the representatives must order that any Safety Deposit Box in the company's possession be opened in the presence of a Notary or whoever acts on their behalf according to law, and a minutes be drawn up with the inventory of its contents. Subsequently, a package will be made with the contents, including a copy of the minutes, and this package, duly sealed and stamped with the name and address of the client, will be delivered in custody to a company in the market.

Article 23rd.- CALLING CREDITORS

Once the list of creditors referred to in numeral 7 of Article 21st of this Regulation has been prepared, the representatives must display it so that it is accessible to the public. Likewise, the call to interested parties to verify the lists displayed by the company must be published two (2) times, with three (3) calendar days interval between each notice, in the official newspaper, and in one of the most circulated national newspapers or by radio or television broadcasting.

The lists must be displayed for a period not exceeding thirty (30) business days, counted from the first day following the publication of the first of the notices.

In the publication referred to in this article, the right of creditors to present a Rehabilitation Plan, in accordance with Article 124th of the General Law, is reserved.

Article 24th.- OPPOSITION, CHALLENGE OR CLAIM BY CREDITORS

Interested parties who feel their rights are affected as a result of the publication of the credit list may present any opposition, challenge, or claim, duly supported, until the second day following the expiration of the period indicated in the second paragraph of the preceding Article 23rd.

The claims filed must be resolved by the Representatives within a period not exceeding thirty (30) business days from their presentation. The resolution may be challenged following the procedure of Article 122nd of the General Law.

Article 25th.- DEFINITIVE LISTS

Once the periods indicated in the previous article have concluded, the representatives prepare in triplicate a definitive list of creditors, indicating the approval or rejection of the claims filed and establishing the order of preference of the credits.

The list must be published so that it is accessible to the public. The corresponding notices must be made in the manner indicated in the first paragraph of Article 23rd. The list must remain published until the payment of the company's obligations or until the declaration of its extinction.

CHAPTER III
OF THE LEGAL ENTITY IN CHARGE OF THE LIQUIDATION

Article 26th.- ACTS OF ADMINISTRATION, DISPOSITION AND REPRESENTATION

The acts of administration, disposition, and representation of the company are assumed, with full powers, by the Liquidator designated by the Superintendence, in accordance with what is provided in Article 115th of the General Law, and are governed by the principles of transparency, diligence, and efficiency.

By the principle of transparency, all regulations governing the procedures used within the framework of the liquidation process must be available to interested parties, with due advance, through the website of the company in liquidation, as well as by other means considered appropriate.

By the principle of diligence, all acts of the liquidation process are carried out with due care and promptness. To this effect, the Liquidator must act with the diligence of an orderly merchant and a loyal representative, and the acts of the liquidation process must be carried out respecting the deadlines, methods, and procedures established by the company in liquidation itself and the current regulations.

By the principle of efficiency, the assets of the company in liquidation must be administered and disposed of optimally, so as to obtain the maximum benefit and to be able to cover, as far as possible, all the company's obligations.

The Liquidator must pay with the funds of the company under their charge the expenses inherent to the liquidation process that have been agreed upon in the corresponding contract. As stated in Article 117th of the General Law, the attention of the operational expenses of the liquidation process has priority over the payment of the obligations indicated in the same article, without prejudice to what is provided in Article 118th of the General Law. Likewise, it should be noted that the assets entrusted to the company in liquidation must assume the expenses corresponding to them.

All acts of administration, disposition, and representation carried out by the Liquidator must be recorded in minutes, under responsibility.

Article 27th.- OBLIGATIONS OF THE LIQUIDATING COMPANY

The obligations of the liquidating legal entity are the following:

1. Sign the corresponding contract with the Superintendence in accordance with Article 115th of the General Law, in which the possibility of rehabilitation of the company will be expressly established.
2. Receive from the representatives possession of all assets, books, archives, and documentation belonging to the company, verify the inventory, and sign the corresponding minutes.
3. Send, if applicable, to the Deposit Insurance Fund the list containing the relationship of covered insured persons, as provided in Article 154th of the General Law. Said list must be previously approved by the Superintendence.
4. Present the final list of the company's creditors with indication of their amount and order of preference. Said list will be prepared in triplicate: one for the company, one for the liquidating company, and the third for the Superintendence. This last list must be notarized.
5. Order the permanent display of the list referred to in the previous numeral.
6. Keep information about the liquidation process permanently available to interested parties.
7. Initiate and/or continue actions for the effective and timely recovery of credits granted by the company, as well as for the collection of reinsurance and co-insurance, if applicable.
8. Continue reporting to the Superintendence the Credit Report of Debtors (RCD), as applicable, in accordance with current regulations.
9. Comply with the obligation contained in numeral 9 of Article 21st of this Regulation.
10. Submit the Rehabilitation Plan to the company's creditors if it has been approved by the Superintendence, in accordance with Article 126th of the General Law. In the case of companies included in letter A of Article 16th of the General Law authorized to capture public deposits, prior opinion from the Central Bank must be obtained.
11. Liquidate the company's business, carry out all acts and contracts, and incur expenses that in their judgment are necessary.
12. Send all information requested by the Superintendence, as well as carry out any other act required or authorized by the Supervisory Body for the best fulfillment of its functions.
13. Keep the books and documents of the company in liquidation until the completion of the liquidation process or until the completion of the ten-year period referred to in Article 183rd of the General Law, whichever is shorter. Upon completion of the liquidation process, the books and documents of the companies in liquidation are delivered to the person or entity that, according to Law, must conserve them after the extinction of the company.
14. Approve Manuals of Policies and Procedures for the execution of the main operations of the liquidation process, such as portfolio transfer or other assets, refinancing of credits, foreclosure, recoveries, write-off of credits, evaluation of appraisals, and others of similar importance. The Manuals that are approved must be adequate to the provisions issued by the Superintendence.

For the transfer of assets, the Manual must contemplate at least the following: (i) requirements and conditions for direct sales, public auctions, or invitations to bid and the cases in which each modality is applicable, (ii) appraisals must not be older than one year; (iii) an appraiser cannot appraise the same asset twice in a row; (iv) transfer in favor of employees, workers, or lessors of the company in liquidation nor of the Liquidator, as well as persons linked to them, is not permitted, according to the criteria established in SBS Resolution No. 445-2000 and its modifying regulations; and, (v) the requirement that asset transfer agreements must be duly supported and their circumstances must be recorded in the minutes of the company in liquidation.

For the transfer of insurance policy portfolios, the Manual must contemplate the procedure for the attention of clients with valid insurance policies, valuation of liabilities and reserves, among others necessary.

15. Hire the services of external audit companies periodically, according to what is agreed in the Liquidator's contract or at the request of the Superintendence.
16. Correct and/or implement the recommendations formulated by the Superintendence or the external audit firm.
17. Verify that the valuations of the assets of the company in liquidation are consistent with their technical characteristics, specifications, and market value. When the valuation presents a sudden variation according to what is stated in the last paragraph of Article 39th of the Regulation, an additional valuation must be requested, without prejudice to recording in Minutes the reasons for the difference.
18. The correct preparation and presentation of the Financial Statements and any other financial information of the company in liquidation.

Article 28th.- POWERS OF THE LEGAL ENTITY IN LIQUIDATION

The powers of the liquidating legal entity are:

1. Transfer, under any modality, the assets and liabilities of the company, taking into account what is provided in Articles 117th, 118th, and 121st of the General Law. The Liquidator may carry out the transfer of the assets of the company in liquidation, understood as movable and immovable property, credit and guarantee rights, securities, and shares, taking into consideration the following:

• Assets whose realization value is less than or equal to ten (10) Tax Unit (UIT) may be transferred by direct sale.
• Assets whose realization value exceeds ten (10) UIT and is less than or equal to thirty (30) UIT must be submitted to at least one (1) Public Auction and one (1) Invitation to Bid program, before proceeding to their direct sale.
• Assets with a realization value greater than thirty (30) UIT must be transferred only by Public Auction.

2. Refinance matured credits or those in judicial collection granted by the company.
3. Write off or forgive partially or totally the capital value of any credit granted to a debtor classified as “Loss”, provided that its capital balance does not exceed ten (10) UIT and the other requirements indicated by the Superintendence are met. When the capital balance of the credit exceeds the indicated amount or it concerns a debtor not classified as “Loss”, authorization from the Superintendence must be requested.
4. Settle regarding rights alleged against the company, provided they do not concern deposits, current accounts, payment of claims, or analogous operations.
5. Compensate or give in payment assets of the company in accordance with what is provided in Article 39th of this Regulation. The Liquidator may also receive assets in payment in favor of the company, in duly justified cases and supported in Minutes, provided they observe what is provided in the aforementioned Article 39th.
6. Institute and pursue against the directors and workers of the company any administrative or judicial process that corresponds to protect its rights, the shareholders, or its creditors, provided that more than two (2) years have not elapsed from the date on which the fact invoked as the basis occurred, without prejudice to other legal actions that may apply.
7. Initiate, on behalf of the company, any other judicial process deemed necessary as well as pursue and settle it.
8. Grant on behalf of the company, the public or private documents required to formalize contracts for the sale of movable and immovable property or any other for which they are authorized.
9. Those others that the Superintendence deems necessary for the best fulfillment of its functions.

In the case of companies in the insurance system, for the purposes of numeral 1, what is provided in the second paragraph of Article 13th of this Regulation shall apply.

Article 29th.- REPRESENTATIVES OF THE LEGAL ENTITY IN LIQUIDATION

The representatives of the liquidating legal entity are authorized, on behalf of the company in liquidation, to exercise the general and special powers contemplated in Articles 74th and 75th of the Civil Procedural Code, these powers enjoying the prerogatives indicated in Article 368th of the General Law.

CHAPTER IV
OF THE REHABILITATION PLAN

Article 30th.- SUBMISSION OF A REHABILITATION PLAN

Creditors of a company that cumulatively represent at least 30% of its liabilities may submit a Plan for said company to the Superintendence.

The non-submission of the Plan will presume that there is no will on the part of the creditors to rehabilitate the company in the liquidation process.

The liquidating company must evaluate the status of each of the creditors presenting the Plan to validate the existence, validity, origin, ownership, and amount of the credits they represent.

In case there is a challenge against them, the creditors will have a period not exceeding three (3) days to submit the corresponding defense, and the liquidating legal entity must resolve within no more than two (2) days from the presentation of the defense.

Article 31st.- CONTENT OF THE REHABILITATION PLAN

The Plan must contain, at least, the following information:

1. Diagnosis of the company's situation, as of the date of declaration of its dissolution;

2. The actions to be taken to reinforce the company patrimonially, financially, and administratively, as well as the measures to be adopted for the reduction of the bad loan portfolio;

3. Determination of the estimated cost of the rehabilitation process;

4. Application of accrued but unpaid interest and the principal of the subordinated debt that can absorb losses without the need for the company to cease operations, and of the accrued but unpaid interest and the principal of the remaining subordinated debt, in that order, to absorb losses. In the case of financial system companies, the subordinated debt that can absorb losses without the need for the company to cease operations corresponds to that considered as additional capital of level 1, according to Articles 13, 19, and 20 of the Subordinated Debt Regulation applicable to Financial System Companies. The remaining subordinated debt corresponds to the subordinated debt considered as level 2, according to Articles 16, 19, and 20 of the Subordinated Debt Regulation applicable to Financial System Companies. For this effect, the limits contemplated in Article 22 of said Regulation are not taken into account. In case the aforementioned subordinated debt is insufficient to cover the company's losses, the application of the subordinated debt issued without meeting the requirements to be computed in effective equity will proceed.

5. Amount of capital contributions to be subscribed and paid, within a period not exceeding seven (7) days, which allows reaching, at least, the necessary equity to comply with the operational limits established in the General Law;

6. Work Plan for the implementation of the measures indicated in the preceding items, which includes, among others, the detail of the legal, administrative, and business actions to be adopted and the respective schedule of activities; and,

7. Duration of the Plan.
   The rehabilitation plan may include only contributions or capitalization of liabilities, made by the private sector.

Article 32º.- APPROVAL OF THE REHABILITATION PLAN BY THE SUPERINTENDENCE 23
Once the Plan is received, the Superintendence will evaluate it and issue a report on its eligibility or non-eligibility, indicating, if applicable, the pertinent observations. If it is not considered eligible, the liquidation process will continue.
If the Superintendence considers the Plan feasible, it will send it with the corresponding report to the Central Bank for its opinion, when it concerns the companies included in letter A of article 16° of the General Law authorized to collect public deposits. 24

Article 33º.- APPROVAL OF THE REHABILITATION PLAN BY CREDITORS
Once the Plan is approved by the Superintendence, the latter or the corporate liquidator will submit its content to the consideration of creditors for a period of three (3) days counted from the publication of the notice indicating the locations for the exhibition of the Plan. After this period, creditors will have fifteen (15) days to express their vote, for which they must adhere to their acceptance in the locations that the Superintendence or the corporate liquidator expressly designate for this purpose, using the forms provided by the latter, which must be filled out by the creditor indicating their name, name of the represented party when applicable, address, and claimed credit. For the approval of the Plan, the favorable vote of creditors representing at least the absolute majority of the company's liabilities is required. The entire voting and scrutiny process must be certified by a public notary or by whoever acts in their place according to law.

Article 34º.- REVOCATION OF DISSOLUTION
Prior to verification of the payment of capital contributions made within the period set in the Plan, the Superintendence will issue, within a period of five (5) days, a resolution revoking the dissolution, ending the liquidation process, and convening a General Shareholders' Meeting with the objective of electing a new Board of Directors and the appointment by it of a new General Manager.

Article 35º.- ACTIVITIES OF THE CORPORATE LIQUIDATOR
While creditors pronounce themselves regarding the Plan submitted to their consideration, the corporate liquidator, or the representatives if applicable, may only carry out the following acts:

1. Recovery of credit portfolio.
2. Payment of credits of the insured or, if applicable, of the beneficiaries, as well as of the credits of the reinsured or of the reinsurers, as applicable.
3. Exceptionally, carry out compensations, dations in payment, transfer of assets and liabilities, prior authorization of the Superintendence in each case.
4. All other administrative acts necessary for the normal development of the liquidation process and always that they do not imply disposal of the company's assets.

23 Article modified by SBS Resolution No. 15178-2009 of 23.11.2009.
24 Paragraph modified by SBS Resolution No. 1624-2022 of 16/05/2022

CHAPTER V
OF THE LIQUIDATION PROCESS

Article 36º.- FULL EXERCISE OF THE LIQUIDATION PROCESS
When a Plan is not presented, or if presented, it has not been approved by the Superintendence or by the creditors, the corporate liquidator will assume full exercise of the liquidation process of the company declared dissolved.

Article 37º.- INCOME OF THE LIQUIDATING ENTITY
The sums that the liquidating company receives during the process must be deposited, in the name of the company, in one or more companies of the financial system of the market, in accordance with what is provided in item 9 of article 21º of this Regulation.

Article 38º.- PAYMENTS TO CREDITORS
The corporate liquidator, as soon as it has resources of some significance, must make payments on account to creditors, respecting the precedence established in articles 117º and 118º of the General Law, if applicable, always that:

1. The expenses of the liquidation have been covered;
2. If applicable, the returns referred to in article 118º of the General Law have been carried out; and,
   The liquidating company may attend to another order of precedence as long as it has deposited in a multiple operations company classified in category “A” or “B”, according to the current regulations on the matter, liquid resources that allow meeting the requirements of the previous order or orders of precedence. If after three (3) public calls to creditors to appear to collect their credits; or after the call remains for a period greater than three (3) months on the website of the liquidating company; these do not appear duly identified, the liquidating company may make the payment, total or partial, by generating individual accounts without cost for the creditors in any company of the financial system of the market, always that it is communicated in an adequate and reliable manner to the beneficiaries the destination of their funds and, additionally, this information is maintained on the website of the liquidating company. 25

Article 39º.- COMPENSATION OR DATION IN PAYMENT 26
The compensation or dation in payment must respect the order of precedence established in article 117º and what is provided in article 118º of the General Law, if applicable. Compensation proceeds only when there are reciprocal debts, due, liquid, and of fungible and homogeneous performances with the same creditor. Regarding real estate, as well as rights, shares, or in general any other movable property that are to be granted in payment in favor of a creditor, dation in payment proceeds, at least, for one hundred percent (100%) of the realization value. At the request of the Liquidator, the Superintendence may authorize discounts of up to ten percent (10%) of the realization value of the assets offered through dation in payment programs to creditors recognized in the List of Creditors. When dation in payment is made with a credit portfolio, the operation must be carried out considering what is provided in article 121° of the General Law and using as a base the realization value of the credit, according to the previously carried out evaluation and timely communicated to the Superintendence.

25 Paragraph incorporated by SBS Resolution No. 1783-2015 of 19/03/2015.
26 Article modified by SBS Resolution No. 1783-2015 of 19/03/2015.

For the recovery of credits receiving real estate in payment, the Liquidator must request authorization from the Superintendence. For this effect, the value of the property is that resulting from applying a reduction of ten percent (10%) to the realization value.
For all assets of the Liquidating Company, including those offered in payment, when there are substantial discrepancies between consecutive appraisals and/or valuations, in a period less than two years, which reduce the value of the asset by a percentage equal to or greater than twenty percent (20%), the Liquidator must request an additional valuation not linked to the previous ones, without prejudice to leaving a record in the Minutes about the reason for the difference.

Article 40°.- GROUNDS FOR CONCLUSION OF THE LIQUIDATION PROCESS 27
The liquidation process may conclude due to the grounds of exhaustion of assets or full payment of liabilities, that is, when all duly registered obligations have been covered, according to the established order of precedence, as well as the expenses of the liquidating company, leaving remaining assets. In the first case, once the non-existence of assets and the amount of pending liabilities to be paid have been determined, the corresponding closing financial statements of the liquidation process must be prepared, which must be audited and, subsequently, published in the Official Gazette and in one of extensive national circulation. Additionally, the Liquidator must send a copy of the publication of the closing financial statements to the authorities of the Judicial Power in charge of the judicial processes in which the liquidating company is a party, communicating to them the conclusion of the liquidation process due to the ground of asset exhaustion. This documentation must be sent to the Superintendence together with the final report of the liquidation process that the Liquidator prepares. In the second case, after fully paying the approved credits, making the sufficient provision for credits that are the subject of litigation and covering all liquidation expenses, the Liquidator must consign in any company of the financial system of the market or near it, the amount of the last obligations on which there is still a right to collection by creditors, as well as the amount corresponding to claims against the liquidating company on which there is a pending judgment, prior to a valuation report of the contingency. After covering all credits and expenses of the liquidating company, the final financial statements of the forced liquidation process must be prepared, which must be audited and sent to the Superintendence, together with the final report of the Liquidator, which includes the contingency valuation reports. In both cases, the Superintendence must evaluate the final report sent by the Liquidator and, if applicable, issue the Resolution of Closure of the corresponding forced liquidation process. If there are remaining assets, the Liquidator is obliged to convene a General Shareholders' Meeting, resorting to a notice published with no less than ten (10) days of advance in the Official Gazette and in one of extensive national circulation. At the mentioned occasion, shareholders must name one or more persons as liquidators in order to complete the liquidation. The designated Liquidator must distribute the company's assets and consign the unclaimed sums in any company of the financial system of the market or near it, in accordance with what is established in articles 419° and 420° of the General Law of Companies.

Article 41°.- RESOLUTION OF THE SUPERINTENDENCE THAT CONCLUDES THE LIQUIDATION PROCESS 28
Regarding the conclusion of the liquidation process due to the ground of asset exhaustion, verified the presentation of the corresponding documentation, the Superintendence, within a period not exceeding thirty (30) business days from receiving the aforementioned report, proceeds to issue the resolution declaring the forced liquidation process concluded, declaring the extinction of the legal personality of the company and 27 Article modified by SBS Resolution No. 1783-2015 of 19/03/2015. 28 Article modified by SBS Resolution No. 1783-2015 of 19/03/2015.

ordering that parts be sent to the respective Public Registry for the corresponding inscription. The aforementioned Resolution must be published in the Official Gazette.
Regarding the conclusion of a liquidation process due to the ground of full payment of liabilities, with remaining assets, after all credits and expenses of the liquidating company have been covered, verified the presentation of the corresponding documentation, the Superintendence, within a period not exceeding thirty (30) business days from receiving the aforementioned report, proceeds to issue the resolution declaring the forced liquidation process concluded, transferring the remainder to the General Shareholders' Meeting and ordering that parts be sent to the respective Public Registry for the corresponding inscription. The aforementioned Resolution must be published in the Official Gazette and in one of extensive national circulation. On its part, the Liquidator designated by the General Shareholders' Meeting of the company must complete the liquidation, after which the extinction of the company is carried out in accordance with what is established in article 421° of the General Law of Companies, corresponding to inform, in a supported manner, the Superintendence about this fact.

Article 42º.- TREATMENT OF UNCLAIMED ASSETS
The money, securities, and other unclaimed assets are deposited in any company of the financial system of the market or near it, in the name of whoever corresponds. The obligation included in item 9 of article 21º of this Regulation must be contemplated for this effect. The aforementioned assets become resources of the Deposit Insurance Fund in accordance with what is provided by item 3 of article 147º of the General Law.

Article 43º.- PUBLICATION OF BALANCES
At least once during the semester, the corporate liquidator must publish in the Official Gazette, the balances that show the state of the company.

Article 44º.- ACCOUNTABILITY
The corporate liquidator must render monthly account of the liquidation expenses to the Superintendence and within ten (10) days following the end of each of the calendar quarters, present a sufficiently detailed report on the development of the liquidation, with specific reference to the progress made in the sale of assets and to the sums collected for that concept. The omission in the timely presentation of the aforementioned report is a cause for automatic resolution of the contract with the liquidating company.

FINAL PROVISIONS
FIRST.- Non-compliance with the information request of the Superintendence The General Manager and the Board of Directors are responsible for providing, in a complete and timely manner, the information requested by the personnel in charge of inspections in accordance with what is provided in article 350º of the General Law. Non-compliance with this obligation is considered a very serious offense, without prejudice to the criminal sanction corresponding for violence and resistance to authority according to the last paragraph of article 356º of said law.

SECOND.- Judicial Liquidation
The judicial liquidation of the company will be governed by Title II of Section Four of Book Four of the General Law of Companies, as long as it does not oppose what is provided in the General Law. The monitoring of said liquidation process is the exclusive competence of the Judicial Power.

THIRD.- Credits of the insured
For the purposes of what is established in article 117º letter B, it will be understood that the credits of the insured or, if applicable, of the beneficiaries, include obligations for accidents derived from co-insurances, as well as the cancellation of balances for premiums ceded by co-insurances, when this is a prior condition to receive the reimbursement necessary for the insurance company to face its accident obligation.

FOURTH.- Voluntary Dissolution 29
For the purposes of voluntary dissolution, the company must request prior authorization from the Superintendence, attaching a certified copy of the respective agreement of the General Shareholders' Meeting; the last general balance sheet of the entity, detailing the assets, liabilities, and equity; the schedule of the voluntary liquidation process until its definitive completion; and any other information required by this Superintendence to safeguard that the interests of the public are not affected. The request must indicate the liquidation procedure to be applied and the designated liquidators. The mentioned procedure is carried out in accordance with the provisions of the General Law of Companies and the complementary norms issued by the Superintendence; but with respect to payment to creditors, the company may apply the aspects established in the last paragraph of article 38 of this Regulation. With respect to the treatment of unclaimed assets, the company must proceed in accordance with what is established in article 42 of this Regulation. Non-compliance with the schedule of the voluntary liquidation process presented may be subject to administrative sanction as provided by the sanctioning norms of the Superintendence. 30 Exceptionally, and with the non-objection of the Superintendence, the schedule of the voluntary liquidation process may be modified. The extinction of the company is carried out in accordance with what is established in article 421° of the General Law of Companies, corresponding to the Liquidator to inform, in a supported manner, the Superintendence about this fact. The Superintendence may order the conversion of voluntary dissolution liquidation processes into forced processes whenever it is determined that there is non-compliance with its obligations.

FIFTH.- Immediate Payment of Credits. 31
In cases where companies declared in Liquidation have sufficient recovered funds for the total or partial payment of the credits determined in accordance with what is established in article 117° of the General Law, the immediate payment of the same may be exceptionally ordered, according to a preliminary list, without it being necessary to have the Final List of Creditors. For this, the administration of the liquidating company must adopt adequate measures and foresee possible contingencies, in order to fully comply with what is provided in the General Law and in this Regulation. (…) 32

SIXTH.- Selection of corporate liquidator. 33
The following are impeded from participating, directly or indirectly, as liquidators of the companies:
a) Persons who, in accordance with article 81° of the General Law, are impeded from being directors of the companies. b) Legal entities contracted as liquidators in accordance with article 115° of the General Law, whose contract has been resolved under the provisions of articles 1428 to 1430 of the Civil Code. This impediment applies for a period of five (5) years counted from when said resolution has operated. c) Legal entities contracted as liquidators in accordance with article 115° of the General Law, whose contract has not been renewed upon expiration by the Superintendence, due to serious deficiencies in the management of the liquidation that have been duly accredited. This impediment applies for a period of five (5) years counted from the expiration of the contract term that was not renewed. d) Natural persons who have participated as partners or who have provided services (under employment contracts, service contracts, or any form of labor intermediation) to the legal entities referred to in letters b) and c). This impediment applies for a period of five (5) years. e) Natural or legal persons who have been sanctioned by the Superintendence for the commission of serious or very serious offenses. This impediment applies for a period of five (5) years computed from the issuance of the sanction resolution that has become final.

SEVENTH.- Duty of communication of the Superintendence.
34
In those cases where the Superintendence determines the resolution or non-renewal of a service lease contract for the reasons provided in letters b) and c) of the Sixth Final Provision of this norm, it must put such circumstance in the knowledge of the Ministry of Economy, the CONASEV, and the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI), within a period not greater than 5 (five) business days following the termination of the contract.

EIGHTH.- Liquidation of the concepts of item 2 of article 118° of the General Law when there is identification of assets and liabilities.
35
Regarding the concepts referred to in item 2 of article 118° of the General Law, when it can be identified with exactness which assets correspond to a certain liability of the company and the transfer to other companies of the financial system is carried out, in accordance with what is established in the last paragraph of said article, the following rules must be taken into account:
a) When the value of the identified assets exceeds that of their corresponding liabilities, such remainder will be destined to cover the rest of credits excluded from the mass referred to in item 2 of article 118° of the General Law. b) When the value of the identified assets results lower than that of their corresponding liabilities, only the difference can be covered to these creditors, if funds remain available after the other credits of item 2 of article 118° have been adequately covered.

NINTH.- Companies not authorized to collect public deposits.
36
Companies of the financial system not authorized to collect public deposits are subject to the grounds of revocation referred to in articles 28 and 28-A of the General Law, within the framework of what is stipulated in the TUO of the General Administrative Procedure Law, approved by D.S. No. 004-2019-JUS.

TENTH.- Determination of grounds for reduction of equity 37 For the determination of the grounds for submission to a surveillance regime contemplated in letter b) of item 1 of article 95 and letter h) of item 2 of article 95 and of the ground for intervention contemplated in item 4 of article 104 of the General Law, for companies of the financial system authorized to collect public deposits, as well as for the companies referred to in article 7 of the

29 Incorporated by SBS Resolution No. 264-2001 of 06.04.2001 and modified by SBS Resolution No. 15178-2009 of 23.11.2009, and modified by SBS Resolution No. 1783-2015 of 19/03/2015.
30 Paragraph substituted by SBS Resolution No. 598-2022 of February 25, 2022.
31 Incorporated by SBS Resolution No. 776-2001 of 18.10.2001.
32 Paragraph eliminated by SBS Resolution No. 1783-2015 of 19/03/2015.
33 Incorporated by SBS Resolution No. 100-2003 of 24.01.2003 and modified by SBS Resolution No. 1244-2005 of 18.08.2005 34 Incorporated by SBS Resolution No. 100-2003 of 24/01/2003 35 Provision incorporated by SBS Resolution No. 930-2006 of 19/07/2006.
36 Provision incorporated by SBS Resolution No. 1624-2022 of 16/05/2022, subsequently modified by SBS Resolution No. 03955-2022 published on 27/12/2022, effective from 01/01/2023.
37 Provision incorporated by SBS Resolution No. 1048-2023 published on 27/03/2023. Subsequently, provision modified by SBS Resolution No. 02192-2023 published on 26/06/2023, effective from 30/06/2023.

Under the same General Law, until December 31, 2023, the reduction in effective equity resulting from the deduction of assets referred to in items v, vi, and vii of literal h) of numeral 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, must not be considered.

Likewise, for the determination of the cause for revocation of the certificate of authorization for operation contemplated in numeral 2 of Article 28-A of the General Law, for enterprises of the financial system not authorized to capture public deposits, the reduction in effective equity resulting from the deduction of assets referred to in items v, vi, and vii of literal h) of numeral 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, must not be considered, until December 31, 2023.

This provision does not affect the calculation of effective equity reported through the Annexes and Reports submitted to this Superintendency.