Resolution SBS No. 2677-2022: Substitute paragraph 7.2 of Article 7 of the Regulation on the Participation of Savings and Credit Cooperatives in the Law Promoting Regional and Local Public Investment with Private Sector Participation

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Lima, August 31, 2022 Resolution S.B.S.
No. 02677-2022

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Law No. 30608, the modification of Article 1 of Law No. 29230, Law Promoting Regional and Local Public Investment with Private Sector Participation, was approved;

That, Law No. 30608 aims to promote macro-regional microeconomic articulation through the possibility of intervention by savings and credit cooperatives in the financing and/or execution of public investment projects in agreement with regional and local governments;

That, through Resolution SBS No. 1706-2018 and its amendments, the Regulation on the Participation of Savings and Credit Cooperatives in the Law Promoting Regional and Local Public Investment with Private Sector Participation was approved, which establishes the conditions, prior requirements, and prudential criteria for the participation of savings and credit cooperatives in the aforementioned Law, linked to topics of profit capitalization, risk management, and corporate governance;

That, it is necessary to modify the Regulation on the Participation of Savings and Credit Cooperatives in the Law Promoting Regional and Local Public Investment with Private Sector Participation in order to make adjustments regarding the deadline for signing the investment agreement, considering that the "project ideas" that private companies may propose to public sector entities for development through the works-for-taxes mechanism, in accordance with the Single Consolidated Text of the Regulation of Law No. 29230 - "Law Promoting Regional and Local Public Investment with Private Sector Participation," may be subject to actions with extensive deadlines prior to the signing of the investment agreement;

With the approval of the Adjunct Superintendencies of Banking and Microfinance and of Legal Advisory; and,

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000

In exercise of the powers conferred by paragraphs 7 and 9 of Article 349 of 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 amendments; and, in accordance with the exception conditions established in Article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article One.- Substitute paragraph 7.2 of Article 7 of the Regulation on the Participation of Savings and Credit Cooperatives in the Law Promoting Regional and Local Public Investment with Private Sector Participation, approved by Resolution SBS No. 1706-2018 and its amendments, with the following text:

“7.2 Within a period not exceeding thirty (30) calendar days from the receipt of the annual report, this Superintendence analyzes the submitted report. If this Superintendence does not issue a ruling within the aforementioned period, the evaluation of the Internal Audit Unit is considered in conformity, and the CMAC may continue with the participation process in the works-for-taxes mechanism.

The investment agreement may be signed no later than May 30 of the year following the receipt of the report by this Superintendence. This provision may be exempted by this Superintendence, provided that, as a result of its evaluation, it determines that the non-signing of the aforementioned investment agreement is due to causes unrelated to the CMAC, for which evaluation the CMAC must submit a duly substantiated and documented request for exemption, which must be previously approved by the Board of Directors of the CMAC.

The CMAC must notify this Superintendence of the signing of the investment agreement, describing the work to be executed and the maximum investment amount.”

Article Two.- This resolution enters into force from the day following its publication in the Official Newspaper El Peruano, applying immediately even to procedures in progress.

Register, communicate, and publish.

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