Resolution SBS No. 2123-2022: Establish Provisions Applicable to Electronic Money Operations

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Lima, July 7, 2022 Resolution S.B.S. No. 02123-2022

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 amendment, 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 modifying norms, the Regulation of Electronic Money Operations was approved, which establishes the regulatory framework under which electronic money operations will be governed;

That, by Supreme Decree No. 016-2022-PCM, the National State of Emergency was declared due to circumstances affecting the life and health of persons as a consequence of COVID-19, which has been extended by Supreme Decree No. 076-2022-PCM;

That, by SBS Resolutions No. 1354-2020, No. 3049-2020, and No. 1772-2021, it was deemed convenient to establish a temporary and substitute modality to that contemplated in numeral 6.1 of article 6 of the Law regulating the Basic Characteristics of Electronic Money as an Instrument 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 Electronic Money Operations;

That, given the continuation of the National State of Emergency, this Superintendency has considered it necessary to extend the deadline of the aforementioned measures;

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 With the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Market Conduct and Financial Inclusion, Economic Studies, and 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 the Insurance System and the Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, and based on the exceptional conditions established in article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article First.- Electronic money issuers may use, until December 31, 2022, immediate-disposition deposits in multiple-operation companies classified in category A+, as an alternative guarantee modality for the value of electronic money issued, as referred to in Title IV of the Regulation of Electronic Money Operations, 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 shall be taken.

Regarding issuers that are multiple-operation companies that collect deposits from the public and meet the requirement stated in the previous paragraph, these deposits may be maintained in the issuer 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 2, 2023, electronic money issuers must constitute guarantees in accordance with what is established in Title IV of the Regulation of Electronic Money Operations, approved by SBS Resolution No. 6283-2013 and its amendments.

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

The aforementioned shall be valid for electronic money issued until December 31, 2022.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Article Third.- This resolution enters into force the day after its publication in the Official Journal El Peruano and repeals SBS Resolution No. 1772-2021.

Register, communicate, and publish.

MARIA DEL SOCORRO HEYSSEN ZEGARRA Superintendent of Banks, Insurance, and AFP