Resolution SBS No. 501-2024: Amending the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds (General Regulation of Coopac) and the Fourth Paragraph of Article Three of Resolution SBS No. 480-2019

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 1 Lima, February 8, 2024 Resolution S.B.S. No. 00501-2024

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

CONSIDERING:

That, through Resolution SBS No. 480-2019 and its amendments, the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds (hereinafter, General Regulation of Coopac) was approved;

That, paragraphs 29.4 of Article 29 and 30.4 of Article 30 of the General Regulation of Coopac stipulate that the Supplementary Equity of Savings and Credit Cooperatives Not Authorized to Capture Public Funds (Coopac) of Level 1, 2, and 3, computable in the effective equity, must not exceed one-third of their basic equity;

That Article 49 of the General Regulation of Coopac stipulates that Coopac must adhere, insofar as it is pertinent considering the operations authorized to be carried out and taking into account the equity requirements and limits applicable to them, to what is established in the Regulation for the Classification and Valuation of Investments of Companies of the Financial System, approved through Resolution SBS No. 7033-2012 and its amendments; in the Standards for Investment in Instruments Traded Through Non-Centralized Trading Mechanisms, approved through Resolution SBS No. 964-2002 and its amendments; and in the Regulation of Repo Operations applicable to Companies of the Financial System, approved by Resolution SBS No. 5790-2014; and that Article Three of Resolution SBS No. 480-2019 stipulates that Coopac have until December 31, 2024, to comply with what is established in said Article 49;

That, given the low level of sophistication of the Coopac system observed in the first years of supervision of this sector, and taking into account that Coopac continue to face challenges inherent to the financial situation in which they were before the entry into force of Law No. 30822, which have been aggravated by the current economic situation and the imminent threat of the El Niño Phenomenon, it is considered necessary to temporarily allow Coopac of levels 1, 2, and 3 to compute one hundred percent (100%) of their supplementary equity in the effective equity, as well as to extend the deadline for Coopac to be subject to the regulation indicated in Article 49 of the General Regulation of Coopac;

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511)6309000 2

Having the previous technical and positive report of viability of the norm from the Adjunct Superintendency of Cooperatives and with the approval of the Adjunct Superintendencies of Cooperatives and of Legal Advice; and,

In exercise of the attribution conferred in paragraphs 7, 9, and 13 of Article 349, as well as in paragraph 4 A of the Twenty-Fourth Final and Complementary Provision, of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banks and Securities, Law No. 26702 and its amendments, and based on the exception conditions established in Article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article First.- Incorporate as the Fourteenth Complementary Transitory Provision of the General Regulation of Coopac, the following:

"FOURTEENTH.- Computation of one hundred percent (100%) of supplementary equity

Coopac of levels 1, 2, and 3 may compute in the effective equity one hundred percent (100%) of their supplementary equity until December 31, 2029."

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

"On the other hand, Coopac have until December 31, 2029, 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."

Article Third.- This resolution enters into force from the day following its publication in the Official Newspaper El Peruano.

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