Resolution SBS No. 5024-2019: Amending the Regulation on the Participation of Municipal Savings and Credit Banks in the Law Promoting Regional and Local Public Investment with Private Sector Participation

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239 Lima, October 28, 2019 Resolution S.B.S.
No. 5024 - 2019

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, the Law that promotes regional and local public investment with private sector participation, was approved;

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

That, the Regulation on the Participation of Municipal Savings and Credit Banks in the Law that promotes regional and local public investment with private sector participation (hereinafter, the Regulation), approved by Resolution SBS No. 1706-2018 of 05/02/2018, hereinafter the Regulation, establishes the conditions and prior requirements and prudential criteria for the participation of municipal savings and credit banks in the aforementioned Law, related to capitalization of profits, risk management, and corporate governance;

That, through Resolution SBS No. 2404-2019 of 05/29/2019, the Regulation was modified, extending the deadline for signing the investment agreement related to the 2017 fiscal year from 05/31/2019 to 09/30/2019; this given that it was the first time that municipal savings and credit banks used the works for taxes mechanism and that such use demanded the understanding and execution of a set of stages and processes and the participation of various counterparties;

That, it is necessary to exceptionally and finally extend said deadline, considering that the referred process has proven complex in terms of the specialized knowledge required, as well as the interaction with the various intervening entities;

Los Laureles Nº 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239

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

In exercise of the powers conferred by numbers 7 and 9 of Article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance approved by Law No. 26702 and its amendments; and, in accordance with the exceptional conditions established in number 3.2 of Article 14 of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article First.- Modify the Regulation on the Participation of Municipal Savings and Credit Banks in the Law that promotes regional and local public investment with private sector participation, in the terms indicated below:

1. Substitute the first paragraph of the Sole Transitional Provision, as follows:

"Sole.- For the only time, the CMAC that as of 12/31/2017 meets the requirements indicated in Article 5 of this Regulation, may present the evaluation report of the Internal Audit Unit indicated in Article 7, at the latest until 07/31/2018. Within a period not greater than thirty (30) calendar days from the receipt of the aforementioned report, this Superintendency will evaluate said report and may rule on it. If this Superintendency does not rule within the aforementioned period, it will be understood that the results of the evaluation of the Internal Audit Unit of the CMAC are 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 11/29/2019. (…)"

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

Register, communicate, and publish.

JAVIER POGGI CAMPODÓNICO
Superintendent of Banks, Insurance, and Private Pension Fund Administrators (a.i.)