Resolution SBS No. 1354-2020: Establishes measures to facilitate transactions for the disposal and use of funds granted or released under the National Emergency State

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239 Lima, May 8, 2020 S.B.S. Resolution No. 1354 - 2020 The Superintendent of Banks, Insurance and Private Pension Fund Administrators:

CONSIDERING:

That, by Law No. 29985, the Law regulating the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion was approved;

That, by Supreme Decree No. 090-2013-EF and its amendments, the Regulation of Law No. 29985 that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion was approved;

That, by SBS Resolution No. 6283-2013 and its amending norms, the Regulation of Operations with Electronic Money was approved, which establishes the regulatory framework under which operations with electronic money will be governed;

That, by Supreme Decree No. 044-2020-PCM and its amendments, the National Emergency State was declared as a consequence of the Coronavirus (COVID-19) outbreak and various exceptional and temporary measures regarding the spread of COVID-19 have been ordered;

That, considering the health emergency situation the country is going through, it is necessary to establish measures to help carry out the transactions that individuals must make, among others, for the disposal and use of funds granted or released by laws and other norms issued in the context of the National Emergency State;

That, therefore, it has been considered convenient to establish a temporary and substitute modality to that contemplated in numeral 6.1 of article 6 of the Law that regulates the Basic Characteristics of Electronic Money as an Instrument of 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 Regulation of Operations with Electronic Money;

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

In exercise of the powers conferred by numerals 7 and 9 of article 349 of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendent of Banks and Insurance, Law No. 26702 and its amendments, and based on the exceptional conditions established in numeral 3.2 of article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article First.- Electronic money issuers may use, until December 31, 2020, immediate-disposition deposits in multiple-operation companies classified in category A+, as an alternative guarantee modality for the value of the electronic money issued, referred to in Title IV of the Regulation of Operations with Electronic Money, approved by SBS Resolution No. 6283-2013 and its amendments. In the event that the multiple-operation company has two different classifications, the lowest one is taken.

Regarding issuers that are multiple-operation companies that collect deposits from the public and meet the requirement indicated in the previous paragraph, these deposits may be maintained in the issuing company itself.

In Report No. 32-A "Daily Electronic Money Report" and in section IV of Report No. 32-B "Monthly Electronic Money Report", the column "Value of Trusted Equity" must also include the value of the deposit account.

As of January 1, 2021, electronic money issuers must constitute guarantees in accordance with what is established in Title IV of the Regulation of Operations with Electronic Money, approved by SBS Resolution No. 6283-2013 and its amendments.

Article Second.- Regarding issuers that attend to the disposal of funds granted or released by laws and other norms issued in the context of the National Emergency State, which have an A- rating or higher, they have sixty (60) calendar days, counted from the last day of the month in which the issuance is made, for the compliance with what is established in articles 15 and 16 of the Regulation of Operations with Electronic Money, approved by SBS Resolution No. 6283-2013 and its amendments, without prejudice to which they must submit the Report No. 32-A "Daily Electronic Money Report" and Report No. 32-B "Monthly Electronic Money Report" complete. In the event that the multiple-operation company has two different classifications, the lowest one is taken.

The aforementioned shall be valid for electronic money issued until December 31, 2020.

Article Third.- 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