Resolution SBS No. 1285-2020: Amending the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239 Lima, April 14, 2020 S.B.S. Resolution No. 1285-2020

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

CONSIDERING:

That, Law No. 30822 modified the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banks and Insurance - Law No. 26702 and its modifying norms, hereinafter the General Law, substituting the Twenty-Fourth Final and Complementary Provision, regarding Savings and Credit Cooperatives Not Authorized to Capture Public Funds;

That, in item 4-A-1 of the Twenty-Fourth Final and Complementary Provision of the General Law, it is established that in terms of regulation, the Superintendence of Banks, Insurance, and AFP, issues the norms that are necessary for the compliance with what is established in the aforementioned final and complementary provision, as well as the other aspects that are necessary for the supervision and regulation of the Coopacs, which are consistent with the modular scheme contemplated in item 2 of the aforementioned final and complementary provision. The norms issued by the Superintendence of Banks, Insurance, and AFP must respect the cooperative and proportionality principles applicable to supervision;

That, it is necessary to modify articles of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 480-2019;

That, in order to collect opinions from the general public regarding the proposal for regulatory modification, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, item 2 of the Tenth Fifteenth Final Complementary Provision of Law No. 30822, and Supreme Decree No. 001-2009-JUS;

Having the previous technical and positive viability report on the norm issued by the Adjunct Superintendence of Cooperatives and the approval of the Adjunct Superintendences of Cooperatives and of Legal Advice; and

In exercise of the powers conferred by items 7 and 9 of Article 349 of the General Law, as well as in items 4-A and 9 of the Twenty-Fourth Final and Complementary Provision of the General Law;

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239

RESOLVES:

Article First.- Substitute Article 4, Article 7, and Article 27 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 480-2019, as follows:

Article 4.- Statute

4.1 The Statute and its modifications must be submitted to the Superintendence for prior legal review of its articles and their approval.

4.2 For the review, the Coopacs or Central Cooperatives must present a copy of the Minutes of the Board of Directors meeting certified by its secretary or acting secretary, in which the draft Statute or its modifications are recorded and approved. In the case that a review of partial modifications is required, a copy of the current Statute must be presented.

4.3 For the approval of the Statute or its modifications, the Coopacs or Central Cooperatives must present the following:

1. Copy of the Minutes of the General Assembly agreement certified by its secretary or acting secretary, in which the final version of the Statute or its modifications is approved, in accordance with the review mentioned in paragraph 4.2.

2. Draft minutes signed by the legal representative that records the final version of the Statute or its modifications.

4.4 Without the prior approval of the Superintendence, the registration of the Statute or its modifications in the Public Registries does not proceed. The pronouncement of the Superintendence in the procedure for approval must be issued within thirty (30) business days of the respective application being submitted; otherwise, the Statute or the proposed modification shall be deemed approved.

Article 7.- Communication of election, appointment, and vacancies

7.1 Any election of directors, appointment of general manager, managers, and main officials of a Coopac, as well as the vacancy and appointment of replacements, must be communicated to the Superintendence within a period not exceeding fifteen (15) days from when they occurred, attaching a copy of the minutes of the general assembly session or the corresponding document duly certified by the secretary or acting secretary. In the case of appointment of officials, the corresponding documented curriculum vitae of the general manager, managers, and/or main officials must be attached, through the means established by the Superintendence.

7.2 The Coopac must send to the Superintendence within five (05) business days of its registration in the Public Registries, the simple copy of the registration certificate of the directors and general manager, as applicable.

Article 27.- Capital and contributions

27.1 The capital of Coopacs is constituted by the contributions of the members. The capital of Coopacs is variable and unlimited, it can only be increased through cash contributions, capitalization of surpluses,

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239

merger, unless as a result of this the capital is increased by exceptional forms, or capitalization of claims formally authorized by each creditor and approved by the General Assembly. In the last case, the Coopac must have available to the Superintendence the documents that evidence such consent duly signed by the creditors. Exceptionally and with prior authorization of the Superintendence, the capital may be increased through revaluation of assets and contribution of real estate. In the case of revaluation of assets, the amount of the revaluation must be allocated to capital and cooperative reserve in accordance with the proportions indicated in the LGC.

27.2 In the case of initial capital contribution or increase of Coopac capital through real estate, such properties must be necessary for the development of their operations and provision of services to their members, and must not exceed the limit of 40% of the effective equity established in Articles 36, 37, and 38 of this Regulation. For the purposes of authorizing capital contributions in real estate, the Coopacs must present two valuation reports of the real estate to be contributed, carried out by two (2) different professionals, duly registered in the Register of Valuer Experts of the Superintendence.

27.3 The Social Statute of the Coopac indicates the initial social capital and the minimum sum that a member must pay on account of the contributions they subscribe to as a requirement to be admitted as such. This minimum sum considers the characteristics of variable capital and the member's right of withdrawal established in item 2.5 of Article 5 and Articles 23 and 38 of the LGC, taking into account what is established in letters m and r of item 1 of the Twenty-Fourth Final and Complementary Provision of the General Law.

27.4 The Contribution Certificates used to evidence the members' contributions must contain a description of their nature, clearly differentiating them from the members' deposits. The contribution certificates will be issued annually and reported to the members during the first ninety (90) calendar days of each year.

Article Second.- This Resolution enters into force from the day following its publication.

Register, communicate, and publish.

SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurance, and
Private Pension Fund Administrators