SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

Lima, 25 September 2023

Resolution S.B.S. No. 3178-2023

The Superintendent of Banking, Insurance and
Private Administrators of Pension Funds

WHEREAS:

That, Law No. 30822 amended the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance - Law No. 26702 and its amending norms, hereinafter the General Law, replacing the Twenty-Fourth Final and Complementary Provision, referring to Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public (Coopac);

That, in numeral 4-A.1. of the Twenty-Fourth Final and Complementary Provision of the General Law it is established that, in regulatory matters, the Superintendency of Banking, Insurance and AFP, hereinafter the Superintendency, issues the norms that are necessary for compliance with the provisions of the aforementioned Final and Complementary Provision, as well as on the other aspects that are necessary for the supervision and regulation of the Coopac, which are consistent with the modular scheme contemplated in numeral 2 of the aforementioned final and complementary provision. The norms issued by the Superintendency must respect the cooperative and proportionality principles applicable to supervision;

That, due to the National State of Emergency as a consequence of the COVID-19 outbreak, through Resolution SBS No. 1561-2020 and Resolution No. 2980-2020, a series of articles of the General Regulation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, approved by Resolution SBS No. 480-2019 and its amending norms, hereinafter the COOPAC Regulation, were amended, with the purpose of allowing the Coopac to face the situation imposed by COVID-19;

That, given the economic damages that the emergency situation caused to natural and legal persons domiciled in the national territory, among which are the members of the Coopac, and that the State of Emergency

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was prolonged throughout 2021, through Resolution SBS No. 2570-2021 the term granted to the 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 was amended;

That, given the situation and the low level of sophistication of the Coopac system observed in the first years of its supervision, and taking into account that the Coopac continue to face challenges inherent to the financial situation in which they found themselves before the entry into force of Law No. 30822, which were aggravated by the Pandemic, to which have been added situations of social conflict and the materialization and imminence of natural phenomena in the country, it is considered necessary to postpone the entry into force of certain requirements associated with the application of the international standards of the Basel Committee on Banking Supervision, to be applicable to level 3 Coopac; specifically the provisions of the Regulation for the Effective Equity Requirement for Credit Risk, approved by Resolution SBS No. 14354-2009 and its amending norms, which are applicable to the Coopac, and of the liquidity coverage ratios in national currency and foreign currency, as well as to amend the schedule of gradual adaptation on provisioning requirements established in the COOPAC Regulation; with the purpose of granting a reasonable term that allows them to gradually adapt to said norms and provisions, given their impact and high level of sophistication;

That, additionally, to the extent that the Coopac will begin to supply information to the Risk Center of the Superintendency in January 2025, it is reasonable to grant an adaptation term of one year for level 2 Coopac with total assets greater than 32,200 UIT and level 3 Coopac to carry out the corresponding alignment;

That, furthermore, it is required to specify that said alignment will be carried out with the entities that make up the Coopac system, under the rules contained in the Regulation for the Evaluation and Classification of the Debtor and the Provision Requirement, approved by Resolution SBS No. 11356-2008 and its amending norms, which are applicable to the Coopac;

That, likewise, it is considered pertinent to amend Resolution SBS No. 480-2019, which approved the COOPAC Regulation, to extend the adaptation terms referred to compliance with certain prudential requirements, as well as to postpone the entry into force of the application of other norms issued by the Superintendency to the Coopac;

Counting on the prior and positive technical report of viability on the norm issued by the Deputy Superintendency of Cooperatives, and with the approval of the Deputy Superintendencies of Cooperatives and Legal Advice, and;

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In use of the attributions conferred by numerals 7 and 9 of article 349 of the General Law, as well as in numeral 4-A of the Twenty-Fourth Final and Complementary Provision of the General Law, and on the basis of the exception conditions provided in article 14 of Supreme Decree No. 001-2009-JUS and its amending norms;

RESOLVES:

Article One.- Amend the General Regulation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, approved by Resolution SBS No. 480-2019 and its amending norms, in accordance with the following:

1. Replace paragraph 31.5 of article 31, with the following:

"31.5 All level 3 Coopac must calculate their effective equity requirement for credit risk in accordance with the provisions of the Regulation for the Effective Equity Requirement for Credit Risk approved by Resolution SBS No. 14354-2009 and its amending norms, insofar as applicable to the Coopac, as of 1 January 2029."

2. Replace paragraphs 45.3 and 45.4 of article 45, with the following:

"45.3 Additionally, in the event that level 3 Coopac that capture deposits from their members wish to carry out level 3 operations, they may request the corresponding authorization and, from the granting of said authorization, they must calculate daily the liquidity coverage ratios presented below, corresponding to them the minimum LCR percentage of the row "January 2029 onwards" indicated in the table of the Twelfth Complementary Transitory Provision of this Regulation:

45.4 The LCR in national currency and in foreign currency are applicable to all level 3 Coopac that capture deposits from their members as of 1 January 2024, and must comply with the minimum LCR percentages in accordance with the adaptation period schedule indicated in the table of the Twelfth Complementary Transitory Provision of this Regulation."

3. Replace the Second Complementary Transitory Provision, with the following:

"SECOND.- Schedule for adaptation to 100% of the required provisions

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Level 1 and level 2 Coopac with total assets equal to or less than 32,200 UIT have a gradual schedule for the constitution of one hundred percent (100%) of the provisions required in article 42, in accordance with the following table:

Date	% of required Provisions
As of 31 December 2023	50%
As of 31 December 2024	60%
As of 31 December 2025	80%
As of 31 December 2026	100%

Level 2 Coopac with total assets greater than 32,200 UIT and level 3 Coopac have a gradual schedule for the constitution of one hundred percent (100%) of the provisions required in article 42, in accordance with the following table:

Date	% of required Provisions
As of 31 December 2023	60%
As of 31 December 2024	80%
As of 31 December 2025	100%

As long as a Coopac has not constituted 100% of the provisions required in article 42, nor has reached the gradual levels of cooperative reserve established in the Eleventh Complementary Transitory Provision, it cannot request the authorizations mentioned in articles 22, 23, 24 and 25, as applicable, nor distribute surpluses. Likewise, as long as Coopac that have authorization to carry out operations corresponding to Level 2 have not constituted 100% of the provisions required in article 42, any portfolio purchase operation referred to in numeral 8 of paragraph 20.1 of article 20 of this Regulation must have prior approval from this Superintendency, even when the credit portfolio is acquired from a non-related person, or the transferor is a supervised company. For this, the provisions established in the Regulation for the Transfer and Acquisition of Credit Portfolio, approved by SBS Resolution No. 1308-2013 and its amendments, shall be applicable with respect to the rules governing the authorization procedure.

The provisions that the Coopac have constituted or will constitute cannot be reversed, except those that have been voluntarily constituted and do not come from reassignment of provisions. In the event that a Coopac has obtained authorization to carry out new operations under the condition of compliance with one hundred percent (100%) of the required provisions, it must maintain said level of compliance.

As long as a Coopac has not constituted one hundred percent (100%) of the provisions required by article 42, it must annually allocate no less than fifty percent (50%) of the surpluses of the year to the constitution of the cooperative reserve, without prejudice

to the Assembly establishing a higher percentage."

4. Replace the Tenth Complementary Transitory Provision, with the following:

"TENTH.- Application of external alignment

In compliance with the Fifth Complementary Transitory Provision of the Coopac Law, as of 1 January 2025, the provisions of article 159 of the General Law referring to supplying relevant information to the Credit Bureau are applied to Coopac. As of the information corresponding to the month of January 2026, level 2 Coopac with total assets greater than 32,200 UIT and level 3 Coopac are obliged to carry out the alignment process with the entities that make up the Coopac System, under the rules contained in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by SBS Resolution No. 11356-2008 and its amendments, applicable to Coopac. Without prejudice to this, the Superintendency requests from the Coopac the credit information it considers pertinent for supervision purposes."

5. Replace the Twelfth Complementary Transitory Provision, with the following:

"TWELFTH.- Gradual schedule of adaptation for the Liquidity Coverage Ratio (LCR)

There is an adaptation period to comply with the provisions of literal c) of article 48, in accordance with the following schedule:

Period	Minimum LCR
January to December 2024	50%
January to December 2025	60%
January to December 2026	70%
January to December 2027	80%
January to December 2028	90%
January 2029 onwards	100%

"

Article Second.- Replace Article Third of SBS Resolution No. 480-2019, with the following:

"Article Third.- This norm enters into force on the day following its publication in the Official Gazette El Peruano, date from which the Regulation of Savings and Credit Cooperatives Not Authorized to Operate with Public Resources approved by SBS Resolution No. 540-99 and its amendments, the Regulation for the Opening, Conversion, Transfer and Closure of Offices of Savings and Credit Cooperatives Not

Authorized to Operate with Public Resources approved by SBS Resolution No. 759- 2007, as well as SBS Resolution No. 12321-2010.

Coopac that as of 8 February 2019, the date on which the General Regulations for Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public enter into force, record excesses of the limits set forth in paragraph 36.1 of article 36, in paragraph 37.1 of article 37, as well as in articles 38 and 40, may not increase the exposure levels existing at that time, and have until 31 December 2024 to bring their exposures into compliance with the aforementioned limits.

Likewise, Coopac have until 31 December 2024 to comply with the provisions of subparagraphs a) and b) of article 48 referring to minimum liquidity ratios and until 31 December 2025 to comply with the provisions of paragraphs 43.2 and 43.3 of article 43 regarding the treatment of foreclosed assets and assets received in payment of the General Regulations for Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public.

On the other hand, Coopac have until 31 December 2024 to comply with the provisions of article 49 of the General Regulations for Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, on the treatment of investments.

Additionally, Coopac have until 31 December 2024 to comply with the provisions of the Regulations for Comprehensive Risk Management for Savings and Credit Cooperatives Not Authorized to Operate with Funds from the Public approved by SBS Resolution No. 13278-2009, as well as with the provisions of the Credit Risk Management Regulations approved by SBS Resolution No. 3780-2011 that are applicable to level 2 Coopac with total assets greater than 32,200 UIT and level 3 Coopac, and must submit to the Board of Directors semi-annual reports on their progress in implementing the aforementioned regulations.

Finally, Coopac have until 31 December 2024 to bring the capital contributions they have received before the entry into force of SBS Resolution No. 1285-2020 into compliance with the provisions of paragraphs 27.1 and 27.2 of article 27 of the General Regulations for Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public.”

Article Three.- This Resolution enters into force as of the day following its publication.

SUPERINTENDENCY OF BANKING, INSURANCE AND AFP Republic of Peru

Register, communicate and publish.

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