Resolution SBS No. 1561-2020: Amends the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds and the Regulation of Autonomous Patrimony for Credit Insurance of Savings and Credit Cooperatives (COOPAC)

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, June 11, 2020 Resolution S.B.S.
No. 1561-2020

The Superintendent of Banking, 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 Banking and Insurance - Law No. 26702 and its modifying norms, hereinafter General Law, substituting the Twenty-Fourth Final and Complementary Provision, regarding Savings and Credit Cooperatives Not Authorized to Capture Public Funds (Coopac);

That, in item 4-A-1 of the Twenty-Fourth Final and Complementary Provision of the General Law, it is established that in matters of regulation, the Superintendence of Banking, 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 Coopac, 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 Banking, Insurance and AFP must respect the cooperative and proportionality principles applicable to supervision;

That, through Supreme Decree No. 044-2020-PCM and its modifications, 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, the aforementioned emergency situation is causing economic harm to natural and legal persons domiciled in the national territory, among which are the members of the Coopac, so it is necessary to modify articles, mainly referring to adaptation deadlines for prudential aspects, of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 480-2019 and its modifications, and of the Regulation of Autonomous Patrimony for Credit Insurance of Savings and Credit Cooperatives (COOPAC), approved by SBS Resolution No. 1308-2019, with the aim of allowing the Coopac to face the difficult situation;

Having the previous technical and positive viability report on the norm issued by the Assistant Superintendent of Cooperatives and with the approval of the Assistant Superintendencies of Cooperatives and of Legal Advice and;

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 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, and based on the exceptional conditions established in article 14 of Supreme Decree No. 001-2009-JUS and its modifications;

RESOLVES:

Article First.- Modify the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by Resolution SBS No. 480-2019 and its modifying norms, in the following terms:

1. Substitute the second, third, fourth, eleventh and twelfth complementary transitional provisions, as follows:

SECOND.- Schedule for 100% adaptation to the required provisions

The Coopac have a gradual schedule for the constitution of one hundred percent (100%) of the provisions required in article 42, according to the following table:

Date % of Required Provisions
By December 2020 70%
By December 2021 80%
By December 2022 100%

While a Coopac has not constituted 100% of the provisions required in article 42, nor has it reached the gradual cooperative reserve levels established in the Eleventh Complementary Transitional Provision, it cannot request the authorizations contemplated in articles 22, 23, 24 and 25, as applicable, nor can it distribute surpluses.

Level 1 Coopac and Level 2 Coopac with total assets less than or equal to 32,200 UIT may opt to apply a gradual schedule for the constitution of one hundred percent (100%) of the provisions required in article 42, according to the following table:

Date % of Required Provisions
By December 2020 40%
By December 2021 50%
By December 2022 70%
By December 2023 100%

If opting for the aforementioned schedule, while they have not constituted 100% of the provisions required in article 42, nor have they reached the gradual cooperative reserve levels established in the Eleventh Complementary Transitional Provision, Level 1 Coopac and Level 2 Coopac with total assets less than or equal to 32,200 UIT cannot request the authorizations contemplated in articles 22 and 23, cannot distribute surpluses, nor can they increase the amount of CTS deposits of their members as of the publication of the Regulation.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Regarding any of the aforementioned schedules, the provisions constituted up to the publication of SBS Resolution No. 1561-2020 cannot be reversed.

THIRD.- Gradual adaptation schedule to the global limit contemplated in article 31

The Coopac have a gradual adaptation schedule to the global limit contemplated in paragraph 31.2 of article 31, according to the following table:

Date Global Limit Coopac
Level 1 and Coopac Level 2 with total assets less than or equal to 32,200 UIT Global Limit Coopac Level 2 with total assets greater than 32,200 UIT and Coopac Level 3

By December 2022 5% 6%
By December 2023 6% 7%
By December 2024 7% 8%
By December 2025 9% 9%
By December 2026 10% 10%

The Coopac have a gradual adaptation schedule to the basic equity limit contemplated in paragraph 31.3 of article 31, according to the following table:

Date Basic Equity for
Coopac Level 1 and
Coopac Level 2 with total assets less than or equal to 32,200 UIT Basic Equity for Coopac Level 2 with total assets greater than 32,200 UIT and Coopac Level 3

By December 2022 3.75% 4.50%
By December 2023 4.50% 5.25%
By December 2024 5.25% 6.00%
By December 2025 6.75% 6.75%
By December 2026 7.50% 7.50%

FOURTH.- Coopac that at the publication of this Regulation carry out operations or services for which authorization from the Superintendence is required

The Coopac that at the publication of this Regulation carry out operations or services for which authorization from the Superintendence is required, may maintain said operations or services until their original expiration, but cannot increase their amounts nor carry out new operations or services.

Regarding the issuance of debit cards, a deadline until December 31, 2021 is granted for Coopac that prior to the publication of this Regulation have issued debit cards, to submit their application to obtain authorization from the Superintendence for the performance of this operation. During the course of the evaluation process, the aforementioned Coopac may continue to issue said cards. From January 1, 2022, Coopac that prior to the publication of this Regulation have issued debit cards and have not submitted their authorization application for the performance of said operation must cease to perform this.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 ELEVENTH.- Gradual adaptation schedule for the constitution of the cooperative reserve

The Coopac have a gradual adaptation schedule for the constitution of the cooperative reserve contemplated in article 28, according to the following table:

Date Level 1 Level 2 Level 3
By December 2022 10% 20% 30%
By December 2023 12% 22% 32%
By December 2024 14% 24% 34%
By December 2025 15% 25% 35%

TWELFTH.- Gradual adaptation schedule for the Liquidity Coverage Ratio (LCR)

There is an adaptation deadline to comply with what is established in item c) of article 48, according to the following schedule:

Period Minimum LCR
January 2020 – December 2024 90%
January 2025 – Onwards 100%

2. Incorporate as the thirteenth complementary transitional provision the following text:

THIRTEENTH.- Submission of sworn declaration corresponding to the year 2020

Regarding the obligation indicated in paragraph 16.2 of article 16, directors, managers and principal officials must exceptionally submit to the Superintendence, within a deadline that shall not exceed sixty (60) business days following the conclusion of the national emergency state declared as a consequence of the Coronavirus (COVID-19) outbreak, the sworn declaration corresponding, solely, to the year 2020 that they meet the requirements of moral suitability and are not subject to the impediments provided for in article 6 of the Regulation of the National Registry of Savings and Credit Cooperatives Not Authorized to Capture Public Funds and of the Central Organizations.

Article Second.- Substitute Article Three of Resolution SBS No. 480-2019, as follows:

Article Three.- This norm enters into force the day following its publication in the Official Journal El Peruano, from which date the Regulation of Savings and Credit Cooperatives Not Authorized to Operate with Public Funds approved by Resolution SBS No. 540-99 and its modifications, the Regulation for the Opening, Conversion, Transfer and Closure of Offices of Savings and Credit Cooperatives Not Authorized to Operate with Public Funds approved by Resolution SBS No. 759-2007, as well as Resolution SBS No. 12321-2010, are repealed.

The Coopac that as of February 8, 2019, the date on which the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds enters into force, register excesses of the limits contemplated in paragraph 36.1 of article 36, in paragraph 37.1 of article 37, as well as in articles 38 and 40, cannot increase the levels of exposure existing at that time, and have until December 31, 2021 to adapt their exposures to compliance with the aforementioned limits.

Likewise, the Coopac have until December 31, 2021 to comply with what is established in items a) and b) of article 48 regarding minimum liquidity ratios and until December 31, 2021 to comply with what is established in paragraphs 43.2 and 43.3 of article 43 regarding the treatment of adjudicated and received-in-payment assets, of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds.

On the other hand, the Coopac have until December 31, 2021 to comply with what is established in article 49 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, regarding the treatment of investments.

Additionally, the Coopac have until December 31, 2021 to comply with what is established in the Regulation of Integrated Risk Management for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds approved by Resolution SBS No. 13278-2009, as well as in the Credit Risk Management Regulation approved by Resolution SBS No. 3780-2011 for Level 2 Coopac with total assets greater than 32,200 UIT and Level 3 Coopac, having to submit semi-annual reports to the Board of Directors on their progress in the implementation of the aforementioned norms.

Finally, the Coopac have until December 31, 2023 to adapt the capital contributions they have received prior to the entry into force of Resolution SBS No. 1285-2020 to what is established in paragraphs 27.1 and 27.2 of article 27 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds.

Article Third.- Substitute the second and third complementary transitional provisions of the Regulation of Autonomous Patrimony for Credit Insurance of Savings and Credit Cooperatives (COOPAC), approved by Resolution SBS No. 1308-2019, as indicated below:

“Second.- Adaptation of Level 2 or 3 COOPAC that offered coverage for the payment of the outstanding credit balance in case of death or total and permanent disability prior to the entry into force of the COOPAC Law

The COOPAC that offered coverage for the payment of the outstanding credit balance in case of death or total and permanent disability prior to the entry into force of Law No. 30822 must send an adaptation plan to this Regulation no later than August 31, 2021; and must have adapted to all provisions of this Regulation, according to the following deadlines:

1. Level 2 COOPAC that register total assets less than or equal to thirty-two thousand two hundred Tax Units (32,200 UIT): December 31, 2023.
2. Level 2 COOPAC that register total assets greater than thirty-two thousand two hundred Tax Units (32,200 UIT): December 31, 2022.
3. Level 3 COOPAC: June 30, 2022.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Upon expiration of the aforementioned adaptation deadlines, according to each COOPAC level, the COOPAC and the coverage for payment of the outstanding credit balance in case of death or total and permanent disability offered by them prior to the entry into force of Law No. 30822 are governed by what is established in this Regulation.

Third.- Regularization of registration in the Registry of COOPAC that offer coverage for the payment of the outstanding credit balance in case of death or total and permanent disability, constituted prior to the entry into force of the COOPAC Law

The COOPAC within the scope of this Regulation that offered coverage for the payment of the outstanding credit balance in case of death or total and permanent disability, prior to the entry into force of the COOPAC Law, may continue to grant said coverage. However, they must regularize their registration in the corresponding registry of autonomous patrimony for credit insurance.

For this purpose, the documentation indicated in article 4 of this Regulation for registration in the Registry must be sent by December 31, 2021. The adaptation plan indicated in the Second Complementary Transitional Provision must contemplate actions for the regularization of the sending of said information.”

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

Register, communicate and publish.

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