Resolution SBS No. 3049-2020: Extends Deadline for Measures Facilitating Transactions for Disposition and Use of Funds Under National Emergency

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Lima, December 4, 2020 Resolution S.B.S.
No. 3049 - 2020
The Superintendent of Banks, Insurance, and Private Pension Fund Administrators:

CONSIDERING:

That, through Law No. 29985, the Law regulating the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion was approved;

That, through Supreme Decree No. 090-2013-EF and its amendments, the Regulation of Law No. 29985 regulating the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion was approved;

That, through SBS Resolution No. 6283-2013 and its amending norms, the Regulation of Operations with Electronic Money was approved, which establishes the regulatory framework under which operations with electronic money will be governed;

That, through Supreme Decree No. 044-2020-PCM and its amendments, the State of National Emergency 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 established;

That, considering the health emergency situation the country is undergoing, it was necessary to establish measures to help facilitate transactions that individuals must carry out, among others, for the disposition and use of funds granted or released by laws and other norms issued in the context of the State of National Emergency;

That, through SBS Resolution No. 1354-2020, it was deemed convenient to establish a temporary and substitute modality to that contemplated in paragraph 6.1 of Article 6 of the Law regulating the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion, to guarantee the value of issued electronic money, and to suspend for sixty (60) calendar days the compliance with what is established in Articles 15 and 16 of the Regulation of Operations with Electronic Money;

That, given the continuation of the aforementioned health emergency, this Superintendency has considered it necessary to extend the deadline for the aforementioned measures;

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 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 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 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 June 30, 2021, immediate-disposition deposits in multiple-operation companies classified in category A+, as an alternative guarantee modality for the value of issued electronic money, as referred to in Title IV of the Regulation of Operations with Electronic Money, 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 accept public deposits and meet the requirement indicated in the preceding paragraph, these deposits may be maintained in the issuing 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 Fiduciary Equity” must also include the value of the deposit account.

As of July 1, 2021, electronic money issuers must establish guarantees in accordance with what is established in Title IV of the Regulation of Operations with Electronic Money, 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 State of National Emergency, which have an A- rating or higher, they have sixty (60) calendar days, counted from the last day of the month in which the issuance takes place, to comply with what is established in Articles 15 and 16 of the Regulation of Operations with Electronic Money, approved by SBS Resolution No. 6283-2013 and its amendments, without prejudice to which they must submit the complete Report No. 32-A “Daily Electronic Money Report” and Report No. 32-B “Monthly Electronic Money Report”. 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 June 30, 2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239
Article Third.- Repeal SBS Resolution No. 1354-2020.

Register, communicate, and publish.

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