Resolution SBS No. 2570-2021: Substitute Article Three of Resolution SBS No. 480-2019 Approving the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds

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

Lima, September 02, 2021

RESOLUTION SBS
NO. 02570-2021

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 General Law, substituting the Twenty-Fourth Final and Complementary Provision, referring to 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 Banks, Insurance, and AFP, issues the norms that are necessary for the fulfillment of 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 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 Banks, Insurance, and AFP must respect the cooperative principles 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, due to the aforementioned emergency situation, through SBS Resolutions No. 1561-2020 and No. 2980-2020, a series of articles of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 480-2019, hereinafter COOPAC Regulation, were modified, with the purpose of allowing Coopac to face the difficult situation imposed by COVID-19;

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

That, given the economic damages that the emergency situation has been causing to natural and legal persons domiciled in national territory, among which are the members of Coopac, and that the State of Emergency continues to prolong throughout the present year, it has been necessary to modify the deadline granted to Coopac to adapt their exposures to compliance with limits and the treatment of specific operations according to the special norms contemplated in the COOPAC Regulation;

Having the previous technical and positive feasibility report on the norm issued by the Adjunct Superintendence of Cooperatives and with 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 item 4-A 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.- Substitute Article Three of Resolution SBS No. 480-2019, as follows:

Article Third.- This norm enters into force the day following its publication in the Official Gazette 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 rendered ineffective.

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 a deadline until December 31, 2023, to adapt their exposures to compliance with the aforementioned limits.

Likewise, Coopac have a deadline until December 31, 2023, to comply with what is established in letters a) and b) of article 48 regarding minimum liquidity ratios and until December 31, 2023, to comply with what is established in paragraphs 43.2 and 43.3 of article 43 regarding the treatment of adjudicated assets and received in payment, of the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds.

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

On the other hand, Coopac have a deadline until December 31, 2023, 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, Coopac have a deadline until December 31, 2023, to comply with what is established in the Regulation of Integral 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 Coopac of level 2 with total assets greater than 32,200 UIT and Coopac of level 3, having to present to the Board of Directors semi-annual reports on their progress in the implementation of the aforementioned norms.

Finally, Coopac have a deadline until December 31, 2023, to adapt the capital contributions that 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 Second.- This Resolution enters into force from the day following its publication.

Register, communicate, and publish.

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