Resolution SBS No. 3954-2022: Regulation for the Requirement of Conservation Buffers, by Economic Cycle and by Risk of Market Concentration

Lima, December 22, 2022

S.B.S. Resolution
No. 03954-2022

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, through Legislative Decree No. 1531, Article 199-A was incorporated into 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 (hereinafter, General Law), to continue adapting the regulatory framework to the Basel III standard: Global regulatory framework for strengthening banks and banking systems, of December 2010 and revised in June 2011, of the Basel Committee on Banking Supervision;

That, Article 199-A of the General Law establishes that companies must maintain conservation buffers, by economic cycle and by market concentration risk, above the minimum requirements established in Article 199 of the same General Law. These buffers must be covered with Common Equity Tier 1 capital;

That, through SBS Resolution No. 8425-2011 and its amendments, the Regulation for the Requirement of Additional Effective Equity was approved, in which the requirements for additional effective equity by economic cycle, concentration risk (individual, sectoral, and regional), market concentration risk, interest rate risk in the banking book, and other risks are established;

That, it is necessary to issue the corresponding regulation regarding the requirements for the conservation buffer, by economic cycle and by market concentration risk, in accordance with what is established in Legislative Decree No. 1531, establishing the methodology for calculating the aforementioned buffer requirements;

That, it is necessary to make modifications to the format and methodological notes of Report No. 4-A1 - Economic Cycle Buffer Requirement – Companies applying the Standard Method, and to the methodological notes of Report No. 4-A2 - Economic Cycle Buffer Requirement – Companies applying the IRB Method, of Chapter V of the Accounting Manual for Companies of the Financial System, approved by SBS Resolution No. 895-98 and its amendments and complements (hereinafter, Accounting Manual) to consider the changes introduced from said Legislative Decree;

That, likewise, it is necessary to make clarifications in the format and methodological notes of Report No. 4-E - Information to calculate the Market Concentration Risk Indicator, of Chapter V of the Accounting Manual;

That, in order to collect opinions from the general public regarding the proposed modifications to the regulation applicable to supervised companies, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of this Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS and its amendments;

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

In exercise of the powers conferred by numerals 7, 9, and 13 of Article 349 of the aforementioned General Law.

RESOLVES:

Article First.- Approve the Regulation for the Requirement of Conservation Buffers, by Economic Cycle and by Market Concentration Risk, as indicated below:

“REGULATION FOR THE REQUIREMENT OF CONSERVATION BUFFERS, BY ECONOMIC CYCLE AND BY MARKET CONCENTRATION RISK

CHAPTER I
GENERAL PROVISIONS

Article 1.- Scope
This regulation applies to the companies included in letters A, B, and C of Article 16 of the General Law, to the National Bank, to the Agricultural Bank, to the Development Financial Corporation (COFIDE), and to the MIVIVIENDA S.A. Fund, hereinafter companies.

Article 2.- Definitions
For the application of this Regulation, the following definitions must be considered:

a) Direct credits: Represents the financing that, under any modality, companies of the financial system grant to their clients, originating on their part the obligation to deliver a determined sum of money, in one or several acts, including obligations derived from refinancing and restructuring of existing credits or debts.

b) Marginal credit conversion factor: Factor used to convert contingent exposures into exposures equivalent to credit risk for the purpose of calculating the economic cycle buffer requirement. This reflects the increase in the Credit Conversion Factor (CCF) contemplated in the Regulation for the Requirement of Effective Equity for Credit Risk due to an economic contraction.

c) Marginal weighting factor: Factor used to reflect the increase in risk-weighted credit assets in a stress situation.

d) General Law: 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.

e) Minimum effective equity requirement: Global limit established by the General Law in numeral 3 of Article 199.

f) Market concentration risk: Risk of an interruption or incorrect functioning of the financial system and/or its services due to problems in one or several companies, and whose consequences can extend to impact the real sector.

g) Superintendence: Superintendence of Banks, Insurance, and Private Pension Fund Administrators.

h) Size: Dimension collected in the market concentration risk assessment, which measures to what extent the activities of a company commit a significant proportion of the financial system and economic activity. The larger a company is, the more difficult it is for others to quickly assume its activities, which increases the probability that in the event of insolvency, the normal functioning and confidence in the financial system will be altered.

i) Interconnection: Dimension collected in the market concentration risk assessment, which measures the connectivity that exists between companies of the financial system. This is relevant because the financial stress generated by the insolvency of one company could increase the probability of deterioration in others, mainly due to common contractual obligations.

j) Substitutability and financial infrastructure: Dimension collected in the market concentration risk assessment, which measures the difficulty that companies of the financial system would have in replacing the operations that other companies perform, both with retail and non-retail clients. The greater the role a company has within a line of business or as a provider of a particular service, the greater the negative effects generated by its eventual financial insolvency.

k) Complexity: Dimension collected in the market concentration risk assessment, which measures the difficulty of the business, structure, and operations of a financial system company. The more complex a company is, the greater the costs and time necessary for its resolution.

l) Economic Group: According to the definition contemplated in Article 8 of the Special Norms on Linkage and Economic Group approved by SBS Resolution No. 5780-2015, or the norm that replaces it.

Article 3.- Sufficiency of Common Equity Tier 1 buffers

3.1 In accordance with Article 199-A of the General Law, companies must maintain conservation buffers, by economic cycle and by market concentration risk, above the minimum requirements established in Article 199 of the General Law. These buffers must be covered with Common Equity Tier 1 capital.

3.2 The conservation buffer must represent, at minimum, 2.5% of total risk-weighted assets and contingents. The buffers by economic cycle and by market concentration risk must be, at minimum, those obtained from the methodologies described in this Regulation.

3.3 In the event of non-compliance with the aforementioned buffers, what is established in Article 218 of the General Law, and in Chapter V of this Regulation, applies.

Article 4.- Calculation of the combined buffer requirement
The combined buffer requirement is equal to the sum of the requirements of the conservation, economic cycle, and market concentration risk buffers, and must comply with what is stated in Article 26 of this Regulation.

Article 5.- Information to be submitted to this Superintendence
Companies submit to this Superintendence, via the External Capture and Validation Sub-Module (SUCAVE), the following reports, in accordance with their respective methodological notes:

• Report No. 4-A1 – Economic Cycle Buffer Requirement – Companies applying the Standard Method.
• Report No. 4-A2 – Economic Cycle Buffer Requirement – Companies applying the IRB Method.
• Report No. 4-E – Information to calculate the Market Concentration Risk Indicator.
• Report No. 4-F – Summary of the Conservation Buffer Requirement, by Economic Cycle and by Market Concentration Risk.

CHAPTER II
ECONOMIC CYCLE BUFFER REQUIREMENT

SUBCHAPTER I
GENERAL PROVISIONS

Article 6.- Risk sources for which the economic cycle buffer requirement is established
There are two risk sources for which the economic cycle buffer requirement is established:

a) Direct exposures: Companies' portfolios tend to increase their losses during recession periods. For this reason, it is necessary that they accumulate Common Equity Tier 1 capital during economic expansion periods to cover the unexpected losses of said portfolios.

b) Contingent exposures: During recession periods, economic agents use a higher proportion of the unused component of their credit lines and other types of indirect exposures. For this reason, it is necessary for companies to accumulate Common Equity Tier 1 capital during economic expansion periods to cover the unexpected losses of said exposures.

Article 7.- Contingent exposures subject to the economic cycle buffer calculation
All companies must use a marginal credit conversion factor equal to 5% to convert contingent exposures into direct exposures subject to the calculation of the economic cycle buffer requirement, except for companies that are in the Advanced IRB. The contingent exposures subject to the calculation are all exposures from unused consumer, micro-enterprise, and small-enterprise credit lines; as well as undrawn consumer, micro-enterprise, and small-enterprise credits.

Article 8.- Methodologies for calculating the economic cycle buffer
There are three methodologies that can be used by companies for calculating the economic cycle buffer requirement, according to the three existing methods for calculating the effective equity requirement for credit risk under the Regulation for the Requirement of Effective Equity for Credit Risk. The following subchapters describe the methodologies followed by companies that are under any of the three methods regulated in the Regulation for the Requirement of Effective Equity for Credit Risk.

SUBCHAPTER II
STANDARD METHOD

Article 9.- Applicability
This methodology is applied by companies that are using the standard method for calculating the effective equity requirement for credit risk, or to portfolios that are under the standard method, in the case of companies that are using more than one method for the effective equity requirement for credit risk.

Article 10.- Calculation of the economic cycle buffer

10.1 The economic cycle buffer requirement has two components. To obtain the first component, companies use the exposures defined in the Regulation for the Requirement of Effective Equity for Credit Risk and reported to this Superintendence via Report No. 2-A1. These exposures are multiplied by marginal weighting factors to reflect the increase in risk-weighted credit assets (RWA - obtained via Report No. 2-A1) in a stress situation. The marginal stress weighting factors are found in Report No. 4-A1. The economic cycle buffer requirement according to the first component is equal to the multiplication of the global limit established in numeral 3 of Article 199 of the General Law by the increase in RWA resulting from the marginal stress weighting factors.

10.2 The second component is obtained from the contingent exposures held by the company. Companies must multiply the contingent exposures referred to in Article 7 of this Regulation by the marginal credit conversion factor established in the same article. This result is multiplied by the marginal stress weighting factor, according to the type of exposure, and by the global limit established in numeral 3 of Article 199 of the General Law.

10.3 The economic cycle buffer requirement is equal to the sum of the requirements calculated for the two components.

SUBCHAPTER III
BASIC IRB METHOD

Article 11.- Applicability
This methodology is applied by companies that are using the Basic IRB method for calculating the effective equity requirement for credit risk, or to portfolios that are under the Basic IRB method, in the case of companies that are using more than one method for calculating the effective equity requirement for credit risk.

Article 12.- Calculation of the economic cycle buffer requirement

12.1 For the calculation of the economic cycle buffer requirement, companies calculate a stress RWA, using the following parameters:

a) Instead of the Probability of Default (PD) calculated in accordance with the Regulation for the Requirement of Effective Equity for Credit Risk, a PD corresponding to the recessionary part of an economic cycle.

b) Instead of the Loss Given Default (LGD) stipulated in the Regulation for the Requirement of Effective Equity for Credit Risk, the stress LGDs provided in Report No. 4-A2.

c) Instead of the Exposure at Default (EAD) calculated in accordance with the Regulation for the Requirement of Effective Equity for Credit Risk, a new stress EAD obtained by adding to the CCF of the contingent exposures referred to in Article 7 of this Regulation, the marginal credit conversion factor established in the same article.

12.2 The economic cycle buffer requirement is equal to the multiplication of the global limit established in numeral 3 of Article 199 of the General Law by the difference between the stress RWA and the RWA obtained according to the Regulation for the Requirement of Effective Equity for Credit Risk.

SUBCHAPTER IV
ADVANCED IRB METHOD

Article 13.- Applicability
This methodology is applied by companies that are using the Advanced IRB method for calculating the effective equity requirement for credit risk, or to portfolios that are under the Advanced IRB method, in the case of companies that are using more than one method for calculating the effective equity requirement for credit risk.

Article 14.- Calculation of the economic cycle buffer

14.1 For the calculation of the economic cycle buffer requirement, companies calculate a stress RWA using the following parameters:

a) Instead of the Probability of Default (PD) calculated in accordance with the Regulation for the Requirement of Effective Equity for Credit Risk, a PD corresponding to the recessionary part of an economic cycle.

b) Instead of the Loss Given Default (LGD) calculated according to the Regulation for the Requirement of Effective Equity for Credit Risk, a stress LGD estimated by the company.

c) Instead of the Exposure at Default (EAD) calculated in accordance with the Regulation for the Requirement of Effective Equity for Credit Risk, a new stress EAD obtained by adding to the CCF of the contingent exposures referred to in Article 7 of this Regulation, a marginal credit conversion factor estimated by the company that must not be less than 5%.

14.2 The economic cycle buffer requirement is equal to the multiplication of the global limit established in numeral 3 of Article 199 of the General Law by the difference between the stress RWA and the RWA obtained according to the Regulation for the Requirement of Effective Equity for Credit Risk.

SUBCHAPTER V
ACTIVATION AND FUNCTIONING OF THE ECONOMIC CYCLE BUFFER REQUIREMENT

Article 15.- Activation and deactivation rule of the economic cycle buffer requirement
The activation and deactivation rule of the economic cycle buffer requirement is the same that activates and deactivates the procyclical component of provisions according to the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions in force.

Article 16.- Accumulation of the economic cycle buffer when the rule is activated

16.1 When the rule is activated, companies must maintain Common Equity Tier 1 capital above the minimum requirements established in Article 199 of the General Law, by the amount obtained by applying the economic cycle buffer requirement methodology that corresponds to them.

16.2 In the event of any reduction below the level required by the methodology, the company is subject to the restrictions established in Chapter V of this Regulation.

Article 17.- De-accumulation of the economic cycle buffer when the rule is deactivated
When the rule is deactivated, the economic cycle buffer requirement is equal to zero, and companies can use the accumulated Common Equity Tier 1 capital to cover the economic cycle buffer requirement.

Article 18.- Frequency of updating the calculation of the economic cycle buffer requirement

18.1 Companies must calculate their economic cycle buffer requirement monthly while the rule is activated and the requirement is in force. When the rule is not activated or the requirement is not in force, the economic cycle buffer requirement is equal to zero. The economic cycle buffer requirement enters into force one year after the procyclical rule is activated.

18.2 Companies must report the economic cycle buffer requirement monthly in Report No. 4-F, in line with what is stated in numeral 18.1.

CHAPTER III
MARKET CONCENTRATION RISK BUFFER REQUIREMENT

Article 19.- Nature of market concentration risk
Companies that generate significant market concentration risk, whether due to their large size, high interconnection, difficult substitutability, and high complexity, impose additional risks on the financial system that are not captured in the effective equity requirements considered in Article 199 of the General Law. These additional risks are related to the negative effects that the financial deterioration or eventual insolvency of these companies would have on the stability of the financial system as a whole and on the country's economic activity.

Article 20.- Determination of market concentration risk

20.1 The evaluation to identify companies that must maintain a buffer for market concentration risk is carried out annually and is based on the calculation of a Market Concentration Risk Indicator that considers aspects related to the size, interconnection, substitutability and financial infrastructure, and complexity of the companies of the financial system. The methodology for constructing this indicator is found in Annex 1 of this Regulation.

20.2 The calculation of the Market Concentration Risk Indicator must be carried out by Banking Companies, State Companies of the Financial System (National Bank, Agricultural Bank, Development Financial Corporation – COFIDE, and MIVIVIENDA S.A. Fund), and Investment Banks constituted in the country. Other Multiple Operations Companies constituted in the country that are part of an Economic Group formed by a Banking Company, State Company of the Financial System, or Investment Bank constituted in the country, must also calculate the aforementioned indicator.

20.3 This Superintendence may require any other company not mentioned above to carry out the calculation of the Market Concentration Risk Indicator, if it deems it convenient. Likewise, in the event that the Market Concentration Risk Indicator does not capture important effects of market concentration risk in the financial system, and these effects could be captured by additional indicators to those considered in this methodology, this Superintendence may require the establishment of a buffer for market concentration risk using other indicators it deems convenient.

Article 21.- Market concentration risk buffer requirement

21.1 The market concentration risk buffer requirement, which must be covered with Common Equity Tier 1 capital, is based on the value resulting from the calculation of the Market Concentration Risk Indicator, considering the percentages established in the last column of the following table:

Tier	Market Concentration Risk Indicator (Points)	Market Concentration Risk Buffer Requirement (% of total RWA)
6th	From 35	3.0
5th	From 29 and less than 35	2.5
4th	From 23 and less than 29	2.0
3rd	From 17 and less than 23	1.5
2nd	From 11 and less than 17	1.0
1st	From 5 and less than 11	0.5
0th	Less than 5	0.0

21.2 For the determination of the buffer requirement for market concentration risk, companies required to calculate the Market Concentration Risk Indicator, in accordance with paragraphs 20.2 or 20.3 of Article 20 of this Regulation, multiply total risk-weighted assets and contingencies (Total RAC) by the percentage corresponding to the bracket to which they belong according to the calculated value of the Market Concentration Risk Indicator.

21.3 In the case of companies belonging to the same Economic Group, the applicable Market Concentration Risk Indicator is that corresponding to the sum of the indicators of each of said companies. In these cases, the requirement may be met in two ways, as indicated below:

a) The company with the highest level of assets within the Economic Group covers the requirement. In this case, the Total RAC to be used for calculating the requirement correspond to the sum of the Total RAC of each of the companies that make up the Economic Group. As long as the company with the highest level of assets within the Economic Group covers the requirement, it must report it in Report No. 4-F. The other companies within the Economic Group are no longer subject to the buffer requirement for market concentration risk.

b) Each of the companies within the Economic Group covers the requirement. In this case, each company calculates the corresponding requirement based on its Total RAC, and must report it in Report No. 4-F, considering for this purpose the Market Concentration Risk Indicator of the Economic Group.

21.4 The manner in which the buffer requirement for market concentration risk is met must be communicated to this Superintendency by a communication signed by the General Manager once the Market Concentration Risk Indicator of the Economic Group has been determined and indicates that a buffer for market concentration risk is required. The selected manner must be maintained until the company calculates the new requirement percentage according to the periodicity contemplated in Article 20 of this Regulation.

CHAPTER IV
CAPITAL CONSERVATION BUFFER REQUIREMENT

Article 22.- Nature of the capital conservation buffer
The capital conservation buffer aims to accumulate ordinary Level 1 capital above the minimum requirements established in Article 199 of the General Law. Said buffer is maintained permanently except in periods of stress or tension, as determined by this Superintendency.

Article 23.- Composition of the capital conservation buffer
Companies must maintain, as a minimum, a conservation buffer equivalent to 2.5% of total risk-weighted assets and contingencies. This buffer must be constituted by ordinary Level 1 capital, after having covered the minimum requirements established in Article 199 of the General Law. The company reports monthly the conservation buffer balance it maintains at the end of each month in Report No. 4-F.

Article 24.- Restrictions in case of non-compliance with the capital conservation buffer
The company that does not meet the conservation buffer requirement is subject to the restrictions established in Chapter V of this Regulation.

Article 25.- Powers of this Superintendency
In exceptional situations, this Superintendency may, through a Multiple Office, temporarily reduce the conservation buffer requirement contemplated in Article 23 of this Regulation.

CHAPTER V
RESTRICTIONS APPLICABLE IN CASE OF NON-COMPLIANCE WITH CONSERVATION, ECONOMIC CYCLE, AND MARKET CONCENTRATION RISK BUFFER REQUIREMENTS

Article 26.- Combined buffer requirement for conservation, economic cycle, and market concentration risk
The combined buffer requirement consists of the sum of the conservation, economic cycle, and market concentration risk buffer requirements. The company must comply with the minimum requirements established for each buffer calculated according to the preceding Chapters, as well as the combined buffer requirement.

Article 27.- Additional ordinary Level 1 capital and combined buffer deficit
27.1 The combined buffer requirement is covered with ordinary Level 1 capital after covering the minimum requirements established in Article 199 of the General Law. To determine the additional ordinary Level 1 capital that can be used to cover the combined buffer requirement, the amount of said capital destined to cover the minimum requirements established in Article 199 of the General Law must be deducted from the ordinary Level 1 capital defined in numeral 1.1 of Article 184 of the General Law.

27.2 The level of compliance of the combined buffer is measured through the ratio of additional ordinary Level 1 capital with respect to the combined buffer requirement.

27.3 The combined buffer deficit or level of non-compliance is calculated as the maximum between 1 (one) minus the level of compliance of the combined buffer of the preceding numeral, and zero (0).

27.4 Companies report monthly the combined buffer requirement and the additional ordinary Level 1 capital in Report 4-F.

Article 28.- Restrictions in case of combined buffer deficit
28.1 The company that presents a combined buffer deficit may continue operating; however, while it maintains the combined buffer deficit, it cannot perform the following:

i. Purchases of its own shares that count in effective Level 1 equity.
ii. Distributions or allocations of effective Level 1 equity elements, with the exception of those indicated in Article 29 of this Regulation.

28.2 The restrictions established in the preceding paragraph do not include the distribution of dividends in shares.

Article 29.- Limits on distributions
29.1 The company that registers a combined buffer deficit may only perform the distribution of the distributable amount defined in accordance with what is indicated in Article 30 of this Regulation, and only according to the limits established below:

Combined Buffer Deficit | Limit on Distribution of Distributable Amount --- | --- Less than or equal to 25% | 60% Greater than 25% and less than or equal to 50% | 40% Greater than 50% and less than or equal to 75% | 20% Greater than 75% | 0%

29.2 The company wishing to perform a distribution above the limits established in the preceding paragraph must first replenish the combined buffer deficit.

29.3 This Superintendency may determine specific temporary limits for companies operating within the intervals of the combined buffer indicated in paragraph 29.1.

Article 30.- Distributable amount
For the purposes of Article 29 of this Regulation, the distributable amount is considered to be the profit of the previous year approved by the General Shareholders' Meeting, in accordance with Article 72 of the General Law. The distributable amount is determined after applying the precedence established in numerales 1 and 2 of Article 66 of the General Law, and what is applicable in Law No. 30607, as appropriate.

Article 31.- Adaptation plan
The company that incurs a combined buffer deficit must submit to this Superintendency an adaptation plan approved by the Board of Directors, as established in Article 218 of the General Law, in which the mechanisms to replenish the combined buffer deficit must be indicated, as well as the timeframes in which such replenishment is carried out, within a maximum period of thirty (30) calendar days counted from the sending of Report No. 4-F with the incurred deficit. If the aforementioned plan is not complied with, this Superintendency may suspend or restrict certain operations of the companies, or apply other measures for which it is empowered according to current regulations.

FINAL COMPLEMENTARY PROVISIONS

First.- Action power of this Superintendency
This Superintendency, independently of the pre-established rules in this Regulation, may take additional actions to preserve or allow the use of buffers in some companies when events occur that put at risk the stability of one or more companies of the financial system.

Second.- Repurchase of preferred shares and repayment of subordinated debt within the framework of Urgency Decree No. 037-2021 and its amendments The restrictions established in Chapter V of this Regulation are not applicable to the repurchase and/or repayment of preferred shares and subordinated debt issued by companies of the financial system and acquired by the State in compliance with the conditions established in Urgency Decree No. 037-2021, its Operational Regulation, and amendments, as long as the State's participation in said companies lasts.

TRANSITORY COMPLEMENTARY PROVISIONS

Sole.- Adaptation period
Upon entering into force of this Regulation, companies have a period of four (4) years to complete the conservation buffer requirement. This adaptation is carried out according to the following schedule.

Adaptation Period | Conservation Buffer Requirement (% of Total RAC) --- | --- December-2023 | 0.625% December-2024 | 1.250% December-2025 | 1.875% December-2026 | 2.500%

In the case of the buffer requirement for market concentration risk, by December 2022, 75% of the requirement must be met, which will be covered with effective equity. By December 2023, 100% of the requirement must be met, which will be covered with ordinary Level 1 capital.

The period established in the preceding paragraphs only applies to companies that are not within an adaptation plan within the framework of what is established in Article 218 of the General Law. Companies that have a plan adapt their level of ordinary Level 1 capital according to what is established in said plan.

For the solvency requirements established in Article 199 of the General Law, the adaptation period established in Article Third of Resolution SBS No. 03952-2022, which modifies the Effective Equity Requirement for Credit Risk and Report No. 3, applies.

Second Article.- Substitute Article Third of Resolution SBS No. 3718-2021 as follows:

“Article Third.- This Resolution enters into force the day following its publication in the Official Newspaper El Peruano. The procyclical rule may be activated, in accordance with the guidelines established in this Resolution, starting from June 30, 2024.”

Third Article.- Approve Annex 1 of the Regulation for the Requirement of Conservation Buffers, by Economic Cycle, and by Risk of Market Concentration attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS and its amendments.

Fourth Article.- Modify the Accounting Manual for Companies of the Financial System according to what is indicated in Annex 2 attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS and its amendments.

Fifth Article.- Eliminate numeral 20 of Section II “Serious Infractions” of Annex 2 “Specific Infractions of the Financial System and of Complementary and Related Service Companies” of the Regulation on Infractions and Sanctions approved by Resolution SBS No. 2755-2018 and its modifying norms.

Sixth Article.- This Resolution enters into force starting from January 1, 2023, from which date the Regulation for the Additional Effective Equity Requirement, approved by Resolution SBS No. 8425-2011 and its amendments, is repealed.

Register, communicate, and publish,

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