Resolution SBS No. 2345-2021: Amend the Accounting Manual for Financial System Companies

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 1/6 Lima, August 11, 2021 S.B.S. Resolution No. 2345 -2021 The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, by Supreme Decree No. 184-2020-PCM and its amendments, the National Emergency State was declared as a consequence of the Coronavirus (COVID-19) outbreak, which has been extended by Supreme Decree No. 105-2021-PCM; and exceptional and temporary measures regarding the spread of COVID-19 have been established;

That, by Urgency Decree No. 037-2021, extraordinary complementary measures were established in economic and financial matters, which allow the patrimonial strengthening of institutions specialized in microfinance, as well as facilitate their corporate reorganization, in order to protect public savings, preserve macroeconomic stability, and maintain the continuity of the payment chain in the economy; therefore, the creation of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance was ordered;

That, by Ministerial Resolution No. 188-2021-EF-15 and its amendment, the Operating Regulations of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance were approved;

That, by SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Financial System Companies was approved;

That, it is necessary to modify the Accounting Manual for Financial System Companies, for the control and monitoring of instruments issued by Financial System Companies participating in the Patrimonial Strengthening Program for Institutions Specialized in Microfinance;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Economic Studies, and Legal Advice; and,

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 2/6 In exercise of the powers conferred by items 7, 9, and 13 of Article 349 of the General Law of the Financial System and the Insurance System and the Organization 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:

Sole Article.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 895-98 and its amendments, in accordance with the Annex attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS and its amendments, with validity starting from the information corresponding to the month of August 2021.

Register, communicate, and publish

MARIA DEL SOCORRO HEYSEN ZEGARRA
SUPERINTENDENT OF BANKING, INSURANCE AND AFP

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 3/6
ANNEX
MODIFICATIONS TO THE ACCOUNTING MANUAL FOR FINANCIAL SYSTEM COMPANIES

I. Modify Chapter II "Financial Statements and Complementary Information" of the Accounting Manual for Financial System Companies, in accordance with the following:

1. Substitute in the Grouping Standards of the Statement of Financial Position - Form A, in the Liability, in the item "Debts and Obligations with Companies and Financial Institutions of the Country", as follows:

2402+2403+2602+2603+(2409.01+2609.01)+2408.02+2408.03+2608.02+2608.03+2608.08

2. Substitute in the Grouping Standards of the Statement of Results - Form B-1, in Interest Expenses, in the item "Debts and Obligations of the Financial System Country", as follows:

4104.02+4104.03+4104.08

II. Modify Chapters III "Chart of Accounts" and IV "Description and Dynamics of Accounts" of the Accounting Manual for Financial System Companies, in accordance with the following:

1. Modify the first paragraph of the description of item 26 "Long-term financial debts and obligations", as follows:

"It includes debts for resources and financing obtained by the company for terms greater than one year, contracted with the Development Financial Corporation, the National Bank, companies of the Financial System of the Country, financial institutions from abroad, international financial organizations, and other counterparties, under the modality of direct credits and credit lines."

2. Modify the description of account 2608 "Expenses payable for long-term financial debts and obligations", as follows:

"In this account, financial expenses accrued for debts and other long-term obligations are recorded. If the company recognizes such expenses in the same liability accounts where the capital amount is recorded, recording in this account will not apply."

3. Incorporate sub-account 2608.08 "Expenses payable for preferred shares – DU No. 037-2021", as well as its description, as follows:

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 4/6

2608.08 Expenses payable for preferred shares – DU No. 037-2021

In this sub-account, the remuneration or return generated by preferred shares issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, registered in sub-account 3101.05, is recorded. The recording in this sub-account is made by debiting sub-account 4104.08.

4. Incorporate sub-account 2802.05 "Subordinated bonds – DU No. 037-2021", as well as its description, as follows:

2802.05 Subordinated bonds – DU No. 037-2021

In this sub-account, subordinated bonds issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, are recorded. The financial expenses corresponding to said bonds must be recorded in analytical account 2808.02.05, and accounting in this sub-account is not applicable.

5. Incorporate into sub-account 2808.02 "Expenses payable for subordinated bonds", the following analytical accounts, as well as their descriptions, as follows:

2808.02 Expenses payable for subordinated bonds

In this sub-account, financial expenses generated by subordinated bonds are recorded. The financial expenses corresponding to bonds issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, must be recorded in analytical account 2808.02.05, and accounting in sub-account 2802.05 is not applicable.

2808.02.02 Redeemable subordinated bonds
2808.02.03 Non-redeemable subordinated bonds
2808.02.04 Subordinated bonds convertible into shares
2808.02.05 Subordinated bonds – DU No. 037-2021

In this analytical account, the interest generated by subordinated bonds issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, registered in sub-account 2802.05, is recorded. The recording in this sub-account is made by crediting analytical account 4106.02.05.

6. Substitute the description of account 2808 "Expenses payable for securities, titles, and obligations in circulation" as follows:

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 5/6

"In this account, financial expenses accrued for securities, titles, and obligations issued by the company are recorded. If the company recognizes such expenses payable in the same accounts where the capital amount is recorded, recording in this account is not applicable, except in instruments where a specific treatment is indicated."

7. Incorporate sub-account 3101.05 "Preferred Shares – DU No. 037-2021", as well as its description, as follows:

3101.05 Preferred Shares – DU No. 037-2021

In this sub-account, preferred shares issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, are recorded, which are presented in the accounting equity in the Statement of Financial Position.

The returns payable for these preferred shares must be accounted for as liabilities in sub-account 2608.08 Expenses payable for preferred shares – DU No. 037-2021 by debiting sub-account 4104.08 Remuneration for preferred shares – DU No. 037-2021.

8. Incorporate sub-account 4104.08 "Remuneration for preferred shares – DU No. 037-2021", as well as its description, as follows:

4104.08 Remuneration for preferred shares – DU No. 037-2021

In this sub-account, the remuneration or return generated by preferred shares issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, registered in sub-account 3101.05, is recorded. The recording in this sub-account is made by crediting sub-account 2608.08.

9. Incorporate analytical account 4106.02.05 "Interest on subordinated bonds – DU No. 037-2021", as well as its description, as follows:

4106.02.05 Interest on subordinated bonds – DU No. 037-2021

In this analytical account, the interest generated by subordinated bonds issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, registered in sub-account 2802.05, is recorded. The recording in this analytical account is made by crediting sub-account 2808.02.05.

III. Modify in Chapter V "Complementary Information" of the Accounting Manual for Financial System Companies, as follows:

1. Modify Report No. 3 "Effective Equity", in accordance with the following:

Los Laureles Nº 214-Lima 27-Perú Telf.: (511) 630-9000 6/6

Incorporate into Section A. Level 1 effective equity, the following:

A. Level 1 effective equity

. GENERAL LAW ACCOUNTS OF THE ACCOUNTING MANUAL

Denomination AMOUNT S/. COMMENTS - OBSERVATIONS

Item 3 of Literal A of article 184°
3101.05(p)
2802.05(p)

Preferred Shares – DU No. 037-2021
Subordinated Bonds – DU No. 037-2021

The preferred shares issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, present the characteristics indicated in the Operating Regulations of the aforementioned Program, approved by Ministerial Resolution No. 188-2021-EF/15.

The subordinated bonds issued within the framework of the Patrimonial Strengthening Program for Institutions Specialized in Microfinance, created by Urgency Decree No. 037-2021, present the characteristics indicated in the Operating Regulations of the aforementioned Program, approved by Ministerial Resolution No. 188-2021-EF/15.