Resolution SBS No. 5570-2019: Amending the Credit and Debit Card Regulations, the Regulation for the Administration of Over-Indebtedness Risk for Retail Debtors, the Regulation for the Requirement of Effective Equity for Credit Risk, and Other Legal Provisions

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Lima, November 27, 2019

Resolution S.B.S.
No. 5570-2019

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

CONSIDERING:

That, the Credit and Debit Card Regulation approved by SBS Resolution No. 6523-2013 and its modifying norms, hereinafter the Credit and Debit Card Regulation, establishes general provisions applicable to credit and debit cards, among other aspects;

That, it is necessary to modify the Credit and Debit Card Regulation, in order to make adjustments to the definition of credit and debit cards to consider them as a payment instrument that may have physical support or electronic or digital representation; as well as clarifications regarding the credit line granted by the company, which may be revolving or non-revolving;

That, by virtue of the supervision work carried out and attending to the contracting of additional financing associated with credit cards, it is necessary to clarify that the contracting of these additional financings can be carried out through multiproduct contracts, making applicable what is provided in the Market Conduct Management Regulation of the Financial System, approved by SBS Resolution No. 3274-2017;

That, it has been determined that it is necessary to make modifications to the current regulation to reinforce security measures and safeguard the rights of credit and debit card users, ensuring that companies have adequate market conduct;

That, it is necessary to modify the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by SBS Resolution No. 11356-2008 and its modifying norms, the Regulation for the Administration of Over-Indebtedness Risk for Retail Debtors approved by SBS Resolution No. 6941-2008 and its modifying norms, as well as the Regulation for the Requirement of Effective Equity for Credit Risk, approved by SBS Resolution No. 14354-2009 and its modifying norms, in order to adapt certain definitions in said regulations;

That, it is also necessary to modify the Accounting Manual for Companies of the Financial System, approved by Resolution SBS No. 895-98 and

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 2/15 its modifying norms, hereinafter the Accounting Manual, with the purpose of incorporating the aforementioned modifications;

That, it is necessary to include variables in Annex No. 6 "Credit Report of Debtors - RCD" of Chapter V "Complementary Information" of the Accounting Manual, in order to improve the credit identification of debtors and optimize risk measurement;

That, it is necessary to modify Annex 2B "Calculation of Exposure Indicators of Business Lines" of the Regulation for the Requirement of Effective Equity for Operational Risk, approved by SBS Resolution No. 2115-2009 and its modifying norms, to adapt it to the sub-branches currently in force in the Accounting Manual;

That, in order to collect the opinions of the general public, the draft resolution was pre-published on the electronic portal of the Superintendence, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its modifications, hereinafter General Law, as well as Supreme Decree No. 001-2009-JUS;

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

In exercise of the powers conferred by numerals 7, 9 and 13 of article 349 of the General Law;

RESOLVES:

Article First.- Modify the Credit and Debit Card Regulation approved by SBS Resolution No. 6523-2013 and its modifying norms, according to the following:

1. Substitute numeral 16 of article 2, article 3, article 4, numerals 2, 3, 4, 8, 9 and 12 of article 5, article 6, article 7, the first paragraph of article 9, article 10, the first paragraph of article 11, article 13, the first paragraph of article 14, numeral 4 of article 16, numeral 2 of article 22 and article 23, according to the following texts:

“Article 2.- Definitions
For the purposes of what is provided in this Regulation, the following definitions are considered:

16. Card: credit and/or debit card, as applicable.

Article 3.- Credit Card
The credit card is a payment instrument that may have physical support or electronic or digital representation and is associated with a (1) credit line, granted by the issuing company. According to what is established in the respective contract, through the credit card, the holder (or user) can make payment for goods, services or obligations, as well as make use of additional services as established in this regulation.

Article 4.- Debit Card
The debit card is a payment instrument that may have physical support or electronic or digital representation, which allows carrying out operations charged to previously constituted deposits in the issuing company. Through the debit card, the holder can make payment for goods, services or obligations, make cash withdrawals or make transfers, through the channels made available by the issuing company or other associated services, within the limits and conditions agreed upon.

Article 5.- Minimum content of the contract
The credit card contract must contain, as a minimum, the following information:

2. Form and permitted channels to make payment.
3. Procedures and responsibilities of the parties in case of loss, theft, robbery or burglary of the card, in any of its supports or representations.
4. Rights of users to block the card and to terminate the contract; and cases in which companies may proceed to block the card and credit line and to terminate the contract.
5. General conditions for issuing and sending or making available, as applicable, the statement of account in physical or electronic form.
6. The applicable order of allocation for the payment of the credit line must be clear and, in the case of contracts entered into with users under the protection of the Code, it cannot entail a disproportionate worsening of the amount owed by the holder. For this purpose, the application of the payment must consider the guidelines established in article 5-A.
   (…)
7. General conditions under which the incorporation of the services indicated in article 7 of the Regulation operates, when applicable.
   (…)

Article 6.- Minimum information, conditions and validity applicable to the credit card
Credit cards that have physical support shall be issued as non-transferable and must contain the following printed information:

1. Social name of the company issuing the credit card or trade name that the company assigns to the product; and the identification of the credit card system (brand) to which it belongs, if applicable.
2. Credit card number.
3. Name of the credit card user and their signature. Signatures may be replaced or complemented by a secret key, electronic signature or other mechanisms that allow identifying the user before carrying out an operation, as agreed.
4. Expiration date.

Companies may issue cards that do not contain all the information indicated above as long as a secret key is used as an authentication factor.
The validity period of credit cards may not exceed five (5) years, and shorter expiration periods may be agreed upon.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 3/15

Article 7.- Additional services associated with credit cards
Companies may offer the following additional services:

1. Cash disbursement giving the holder the possibility to choose, for each operation, if the disbursement will be financed in installments, and if so, decide the number of installments.
2. Operations carried out through the internet, from web pages and/or applications of mobile devices, among others, different from those provided by the company.
3. Operations carried out abroad in person.
4. Overdraft or excess of the credit line.

The possibility of incorporating these services must be informed prior to the celebration of the contract, and the holder must be able to enable them, at the time of contracting or subsequently, and disable them at the moment they so require, aspect that must also be informed. The mechanisms for disabling the services cannot be more complex than those used for their enabling. Companies cannot incorporate additional services without the prior consent of the holder.

Companies that offer the described services must inform users of the applicable conditions and risks associated with their use, including the security measures that users must observe for the use of said services in any of the media or channels, such as ATMs, web pages, mobile devices, among others, as applicable.

Article 9.- Charges
Companies will charge the amount of the goods, services and obligations that the credit card user acquires or pays using it, according to the payment orders authorized by this; the amount used as a consequence of the use of any of the services described in article 7 of the Regulation, if applicable; as well as the other obligations indicated in the credit card contract, in accordance with the current legislation on the matter. (…)

Article 10.- Minimum content of the credit line statement of account
The credit line statement of account must contain as a minimum the following:

1. Name of the holder or user of the credit line.
2. Identification number of the credit card, understood as this, at minimum, the last four (4) digits of the credit card.
3. Billing period and maximum payment date.
4. Total amount of the credit line and amount available to carry out operations.
5. Total debt balance as of the cutoff date, for each currency.
6. Effective annual delinquency interest rate or penalty for non-compliance.
7. Total payment of the period and minimum payment, for each currency.
8. Payments made during the billing period, indicating the date on which they were made and the amount, in each currency, if applicable.
9. List of all operations registered in the billing period, indicating the type of operation carried out, as well as the date and amount in each currency and the name of the establishment, when applicable. In the case of installment operations, indicate the number of agreed installments, and the number of installment to be paid in the billing period.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 4/15

10. Amounts of the installments of the installment operations to be paid in the billing period, broken down indicating the amount corresponding to principal, interest, commissions and expenses, if applicable.
11. Effective annual compensatory interest rate applicable to each operation, whether paid through the application of a revolving factor or in installments. The information will be presented disaggregated for each operation in those cases in which the company offers differentiated rates.
12. Date of charging the membership renewal, the period to which it corresponds and the amount, if charges are made for this concept.
13. Breakdown of the minimum payment (in each currency, if applicable), according to the Minimum Payment Circular, showing the amount corresponding to principal, interest, commissions and any other applicable concept. Following this information, it must be indicated in a prominent and easily identifiable manner, that if the client only makes the minimum payment, they will make a larger payment for the concept of interest, commissions and expenses.

The statement of account must highlight the information of numerals 3, 4, 5, 6 and 7, as applicable.
The statement of account may only include information of the operations carried out charged to the credit line.

Article 11.- Making available or sending and receiving the credit line statement of account and complaint procedure
Companies must send or make available to the holders of the credit line the statement of account, at minimum, monthly, through electronic means (by presenting this information through the website, email, among others). Clients may request that the statement of account be sent through physical means (sending to the address indicated by the client), for which companies must keep a record that allows accrediting such decision. (…)

Article 13.- Additional services associated with debit cards
Companies may offer the following additional services:

1. Operations carried out through the internet, from web pages and/or applications of mobile devices, among others, different from those provided by the company.
2. Operations carried out abroad in person.

The possibility of incorporating these services must be informed prior to the celebration of the contract, and the holder must be able to enable them, at the time of contracting or subsequently, and disable them at the moment they so require, aspect that must also be informed. The mechanisms for disabling the services cannot be more complex than those used for their enabling. Companies cannot incorporate additional services without the prior consent of the holder.

Companies that offer the described services must inform users of the applicable conditions and risks associated with their use, including the security measures that users must observe for the use of said services in any of the media or

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 5/15 channels, such as ATMs, web pages, mobile devices, among others, as applicable.

Article 14.- Charges
Companies will charge the deposit account the amount of the goods, services and obligations that the debit card user acquires or pays using it, according to the payment orders authorized by this; the amount used as a consequence of the use of any of the services described in article 13 of the Regulation, if applicable; as well as the other obligations assumed in the contract, in accordance with the current legislation on the matter. (…)

Article 16.- Security measures regarding users
Companies must adopt, as a minimum, the following security measures with respect to users:
(…)
4. For operations carried out charged to the credit line or to previously constituted deposits, the company must enable and provide a notification service for all users so that they are informed of the operations carried out with their cards immediately after being registered by the company, through the use of one of the following mechanisms of direct communication such as text messages, email, calls, among others, which can be agreed with the holders; this service must be active from the moment of the product contracting. For this service, companies may establish mechanisms through which users can configure or limit notifications based on thresholds or variables such as minimum amounts, among others. Holders may request the enablement or disablement of this service, at any time, through the mechanisms established by the companies, which cannot be more complex than those offered at the time of the celebration of the contract.
(…)

Article 22.- Monitoring of operations that may correspond to fraud patterns
Companies must have procedures for monitoring operations that may correspond to fraud patterns, which must include at least the following aspects:
(…)
2. Actions to proceed with the temporary blocking or definitive cancellation of the card, if necessary.

Article 23.- Liability for unrecognized operations
In the event of the rejection of a transaction or the complaint by the user that it was executed incorrectly, the company is responsible for carrying out the corresponding evaluation and to demonstrate that the operations were authenticated and registered.

The company is responsible for losses from operations carried out in the following cases:

1. For non-compliance with what is provided in article 21 of the Regulation.
2. When the cards have been subject to cloning.
3. For the defective functioning of the channels or systems made available to users to carry out operations.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 6/15

4. For the manipulation of ATMs or the environments in which they operate, made available by the issuing company or by third parties with whom it has an agreement.
5. When the user has been impersonated in the offices.
6. Operations called micropayments.
7. Operations carried out after the blocking or cancellation of the credit line or the card or when the card has expired.
8. Operations associated with services not requested or enabled by the holder as provided in articles 7 and 13 of this Regulation.
9. When the client authentication scheme for carrying out these operations does not meet the minimum security requirements established in the current regulations.

In case none of the above scenarios are met; and in the event of loss, theft, robbery, burglary or unauthorized use of the card, or the information it contains, the company is responsible for operations carried out after the communication made to the company by the user to inform of such facts.

The company is not obligated to assume losses associated with unrecognized operations, when it proves the user's responsibility.

In the event of a complaint for unrecognized operations, whose responsibility has not been assumed by the company, it must respond to the user explaining the reasons that support its position clearly, pronouncing itself on the questioned facts.”

2. Incorporate article 3-A, clause 12-A of article 5, article 5-A, article 6-A, the third paragraph of article 8, the second paragraph of article 15, the third paragraph of article 18, the third paragraph of article 19 and article 28 according to the following texts:

“Article 3-A.- Types of credit lines
The credit line may be:

1. Revolving: That credit line in which amortized amounts are allowed to be reused by the debtor.
2. Non-revolving: That credit line in which amortized amounts are not allowed to be reused by the debtor.

“Article 5.- Minimum content of the contract
The credit card contract must contain, as a minimum, the following information:
(…)
12-A. General conditions for making micropayments and associated responsibilities, if this possibility is offered, including the channels in which the maximum amount will be disseminated.
(…)

Article 5-A.- Order of payment allocation
The order of payment allocation must consider the following:

1. First, it must be applied to cover the minimum payment, considering the components of said concept provided in the Minimum Payment Circular.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 7/15

2. Payment for amounts lower than the minimum payment is applied in the way that companies determine as provided in article 87 of the Code. Regarding capital, the payment is applied first to the debt in installments, starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds, and subsequently, to the resulting balances of the capital of each debt that is paid through the application of a revolving factor, divided by the revolving factor, following the descending order described.

3. If the amount subject to payment exceeds the minimum payment made as established in numeral 1, the excess is applied as follows:
   (i) First, to the debt that is paid through the application of an existing revolving factor at the time of payment. In this case, the application is made starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds. (ii) If the debt indicated in the preceding clause (i) is fully covered, and there is still a balance to apply, the following must be considered:
   a. If the balance is greater than two future installments of that installment operation to which a higher interest rate corresponds, the amount is applied as an advance payment, proceeding to reduce the number of installments with the consequent reduction of the credit term. In case there are two or more future installments with the same interest rate, the oldest one is prioritized for payment, otherwise, the payment is applied starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds.

---

b. If the balance is less than or equal to the equivalent of two future installments of that installment operation to which a higher interest rate applies, the amount is applied to the debt being paid through the application of a revolving factor that is incurred, to the interest on said debt and to other charges generated (commissions or expenses), if applicable. If there is no debt being paid through the application of a revolving factor, or if the balance exceeds the debt being paid through the application of a revolving factor as of the statement date, this is applied to the installments included in the new minimum payment, starting with those obligations to which a higher interest rate corresponds, up to those to which a lower interest rate corresponds.

4. The order of payment imputation established in the preceding paragraph does not apply when:
   (i) There is effective negotiation; that is, when the holder has been informed about the economic consequences and implications of the negotiated payment imputation rule and the clause containing it does not constitute a standard condition that forms part of the adhesion contract and conditions its signing; and it is allowed to evidence that the holder has influenced the content of the clause; or,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 9/15 (ii) The client, on each occasion that payment is made, requests its application in a different order, in which case the company must keep a record of such decision; or, as an advance payment, for which the indication in letter a) of subsection (ii) of paragraph 3 is applicable.

Article 6-A.- Contractual resolution of the credit card at the request of the holder
In the event of contractual resolution at the request of the credit card holder, the credit card associated with the moment of presentation of the request will be cancelled.
Once the cancellation of the card has been effected, no new charges may be made, except for those corresponding to transactions in transit prior to the request for contractual resolution.
The company must not establish conditions or limitations for the exercise of the right of contractual resolution. If it is not possible to effect the resolution at the moment of presentation of the request, the company must block the credit line and inform the user of the procedure to follow and other applicable aspects. Among them, it must inform the estimated timeframe and channel through which communication will be made: (i) the definitive cancellation of the product; or, (ii) the possibility or impossibility of resolving the contract due to the existence of debt; in which case, the corresponding payment will be requested to proceed with the resolution. The credit card contract shall be understood as resolved with the payment of the total debt. Contractual conditions, such as commissions, expenses, rates and/or penalties, will remain in force until the cancellation of the debt and consequent resolution of the contract. To the cancellation of the card, it will not be possible to charge the annual membership commission, unless the annual membership period has elapsed prior to the request for resolution of the contract made by the holder.

Article 8.- Additional credit card
(...)
Only the holder of the credit line can choose the additional services associated with the additional credit card they request, in accordance with what is provided in Article 7 of the Credit and Debit Card Regulation.

Article 15.- Security measures incorporated in cards
(...)
The processing of online transactions using the card chip or other mechanisms must include at least the authorization request made, the response to the request, which must be generated from the company's authorizing system, as well as the indication of having approved or declined the generated transaction; this save for the case of exception provided contractually, where approval by the brand is required. When the operation is carried out using the chip or another contactless mechanism, the authentication of the card must use dynamic cryptography, so that it can be verified that there was no alteration of the transaction between the card and the terminal. When using another medium other than the physical card, in addition to ensuring authentication mechanisms, it must avoid exposing the card number.

Article 18.- Measures regarding information security

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 10/15 (...)
Such implementations must be carried out following the technical recommendations of the industry standard for cards, PCI DSS or equivalents.

Article 19.- Security measures in affiliated businesses
(...)
Compliance with what is provided in this article does not exempt the company from responsibility for losses generated in unrecognized operations that have been carried out under any of the scenarios established in the second paragraph of Article 23 of the Regulation.

Article 28.- Treatment of associated products
The Superintendency, for prudential reasons, may apply the regulatory framework established in this Regulation, to current and new products that show an operational profile similar to that of the credit card.

3. Eliminate Article 25.

Second Article.- Modify the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by Resolution SBS No. 11356-2008 and its modifying norms, according to the following:

1. Substitute letters i) and j) of paragraph 2. Definitions of Chapter I “Concepts and Principles for the Evaluation and Classification of the Debtor and the Requirement of Provisions”, according to the following text:
   “2. Definitions
   (...)
   i. Revolving credits: Those are credits associated with revolving credit lines, in which amortized amounts are allowed to be reused by the debtor.
   j. Non-revolving credits: Those are credits in which amortized amounts are not allowed to be reused by the debtor.
   (...)”

2. Substitute letters b) and c) of paragraph 3. Credit Conversion Factors (CCF) of Indirect Credits of Chapter I “Concepts and Principles for the Evaluation and Classification of the Debtor and the Requirement of Provisions”, according to the following text:
   “b) Guarantees, import letters of credit, surety bonds that back the fulfillment of payment obligations associated with credit risk events, and confirmations of letters of credit not included in letter “a)”, as well as bank acceptances receive a 100% credit conversion factor. c) Surety bonds not included in letter “b)” receive a 50% credit conversion factor.”

3. In paragraph 4. Types of credit of Chapter I “Concepts and Principles for the Evaluation and Classification of the Debtor and the Requirement of Provisions”, substitute the first paragraph of paragraphs 4.6 and 4.7, according to the following text
   “4. TYPES OF CREDITS

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 11/15 (...)
4.6 REVOLVING CONSUMER CREDITS:
Those are revolving credits granted to natural persons, for the purpose of paying for goods, services or expenses unrelated to business activity. Revolving consumer credits include the modalities of current account advances, credit cards associated with revolving credit lines, current account overdrafts, revolving loans, loans granted under payroll discount agreements revolving, among others. (...)
4.7 NON-REVOLVING CONSUMER CREDITS:
Those are non-revolving credits granted to natural persons, for the purpose of paying for goods, services or expenses unrelated to business activity. Non-revolving consumer credits include the modalities of car loans, free availability loans, loans under agreements (eligible and ineligible, as well as under agreement with non-revolving payroll discount), financial leasing, lease-back, credit cards associated with non-revolving credit lines, non-revolving financings independent of the credit card line, among others. (...)”

4. Substitute the last paragraph of paragraph 4. Types of credit of Chapter I “Concepts and Principles for the Evaluation and Classification of the Debtor and the Requirement of Provisions”, according to the following text:
   “In the event that the debtor has not registered credits intended to finance production, marketing or service provision activities in any of the last six (6) months, the new disbursement intended to finance production, marketing or service provision activities will be the determinant of the level of indebtedness in the financial system. Likewise, if the debtor has registered credits intended to finance production, marketing or service provision activities in some month(s) of the last six (6) months, only the information from those months in which the debtor's total indebtedness in the financial system (excluding mortgage credits for housing) registered in the RCC is different from zero will be taken into account.”

Third Article.- Modify the Regulation for the Management of Over-indebtedness Risk for Retail Debtors, approved by Resolution SBS No. 6941-2008 and its modifying norms, according to the following:

1. In Article 2, substitute letters a, b and f, as well as incorporate letter o, according to the following text:
   “Article 2nd.- Definitions
   For the application of this Regulation, the following definitions shall be considered:
   a. Revolving credit lines: Those are credit lines in which amortized amounts are allowed to be reused by the debtor. The total amount of revolving credit line is equal to the sum of the used and unused revolving credit line.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 12/15 b. Unused credit line: Results from the subtraction of the approved, registered and communicated amount to the client of a revolving or non-revolving credit line, minus all obligations acquired by the client under that line including direct debt and accrued interest. (...) f. Indirect credits or contingent credits: Represent guarantees, surety bonds, bank acceptances, letters of credit, approved but undistributed credits and unused credit lines, granted by companies of the financial system. (...) o. Non-revolving credit line: That is a credit line in which amortized amounts are not allowed to be reused by the debtor.”

2. Substitute the second paragraph of Article 4, according to the following text:
   “Article 4th.- Management of over-indebtedness risk (...)
   Likewise, companies must establish in their credit policies, as well as granting, modification and review of revolving and non-revolving credit lines, explicit criteria and measures that incorporate the over-indebtedness risk of retail debtors, which must be approved and reviewed at least annually by the Board of Directors. (...)”

3. Substitute letter f) of Article 5, according to the following text:
   “Article 5th.- Prudential measures for the management of over-indebtedness risk (...) f) For the case of revolving and non-revolving credit lines, a maximum level must be set based on the client's payment capacity and their total indebtedness in the system.
   (...)”

4. Substitute the first and second paragraphs of Article 7, according to the following text:
   “Article 7th.- Requirement of provisions for companies that fail to comply with this norm Companies that do not comply with the provisions of this Regulation must, for provision purposes, calculate the exposure equivalent to credit risk by applying a factor of twenty percent (20%) to the unused amount of revolving and non-revolving credit lines of type MES, small business and consumption. On said exposure equivalent to credit risk, the provision rates determined in the Regulation for the Classification of the Debtor will be applicable. The amount of the credit line used for the calculation referred to in the previous paragraph must correspond to the last approved amount communicated to the client. (...)”

5. Substitute Article 8 with the following text:
   “Article 8th.- Clarifications on the application of the Regulation for the Classification of the Debtor

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 13/15 The exposure equivalent to credit risk of unused credit lines of type Small Enterprises and/or MES and/or Consumption (revolving and non-revolving) will be subject to the provisions of the Regulation for the Classification of the Debtor, with the exception of the computation of 20% of debt in the financial system for purposes of alignment of debtor classification among companies of the financial system referred to in Chapter I of said Regulation”

Fourth Article.- Modify the Regulation for the Requirement of Effective Equity for Credit Risk, approved by Resolution SBS No. 14354-2009 and its modifying norms, according to the following:

1. Substitute letters t) and u) of Article 2 Definitions of Chapter I “General Principles”, according to the following text:
   “t) Non-revolving exposures: Exposures in which amortized amounts are not allowed to be reused by the debtor. u) Revolving exposures: Exposures associated with revolving credit lines, in which amortized amounts are allowed to be reused by the debtor.”

2. Substitute letters e) and f) of Article 25 Contingent Exposures of Chapter II “Standard Method”, according to the following text:
   “e) Guarantees, import letters of credit, surety bonds that back the fulfillment of payment obligations associated with credit risk events, and confirmations of letters of credit not included in letter “d)”, as well as bank acceptances will receive a credit conversion factor of 100%. f) Surety bonds not included in letter “e)” will receive a credit conversion factor of 50%.”

3. Eliminate the last paragraph of Article 20.

4. Substitute the first paragraph of Article 111 Risk Weighting and Expected Loss of eligible revolving consumer exposures of Subchapter IV “Application Rules to Retail Exposures” of Chapter III “Internally Rated Based Methods”, according to the following text:
   “A revolving retail exposure is considered to be the exposure associated with a revolving credit line, in which amortized amounts are allowed to be reused by the debtor. For a revolving retail exposure to be eligible, the following conditions must be met:
   a) That it be exposures against natural persons. b) That the exposures be renewable, unsecured and, to the extent that they have not been drawn down, immediately and unconditionally cancellable by the credit institution. c) That the entity accredit, through statistical tests, that the use of the correlation contemplated in this article is limited to portfolios whose loss rates have shown little volatility with respect to their average loss level, especially within the lowest PD bands.”

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 14/15 Fifth Article.- Modify the Accounting Manual for Companies of the Financial System, approved by Resolution SBS No. 895-98 and its modifying norms, in accordance with Annex 1 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.

Sixth Article.- Substitute Annex 2B “Calculation of Exposure Indicators of Business Lines” of the Regulation for the Requirement of Effective Equity for Operational Risk approved by Resolution SBS No. 2115-2009 and its modifying norms, in accordance with Annex 2 attached to this Resolution, which is published on the electronic institutional portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS.

Seventh Article.- For the contracting of additional non-revolving financing for credit card holders, companies of the financial system must consider the following:

1. Companies may grant additional financing as long as they are independent of the credit card line, even through multiproduct contracts, and comply with what is provided in Articles 25 and 54 of the Market Conduct Management Regulation of the Financial System, approved by Resolution SBS No. 3274-2017, with respect to the information they provide to users.

2. Companies cannot grant additional financing to the credit card line that does not meet the conditions provided in this resolution.

3. Additional non-revolving financing for credit card holders, which were contracted associated with the card prior to the entry into force of this article, maintain the conditions and terms in which they were agreed until the deadline provided for their maturity. New financings of this type must be subject to the conditions provided in this resolution.

Eighth Article.- The credit card does not constitute a payment instrument for any other financing that the company has granted.

Ninth Article.- For legal purposes, references to regulations or derogated provisions on information transparency, contained in the Credit and Debit Card Regulation approved by Resolution SBS No. 6523-2013, are understood to be substituted by the corresponding provisions of the Market Conduct Management Regulation of the Financial System, approved by Resolution SBS No. 3274-2017.

Tenth Article.- References to revolving debt, revolving modality, revolving system and revolving capital, considered in Circular No. B-2206-2012, F-546-2012, CM-394-2012, CR-262-2012, EDPYME-142-2012, must be understood as referring to debt whose capital is paid through the application of a revolving factor.

Eleventh Article.- Companies must submit to this Superintendency a plan of adaptation on the minimum content of the statement of account within a timeframe that must not exceed sixty (60) days from the date of publication of this Resolution,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511) 6309000 Fax: (511) 6309239 15/15 which must contain the adaptation schedule and the actions foreseen for this, as well as the officials responsible for compliance with said plan, who must send bimonthly reports on the adaptation plan to the Superintendency.

Twelfth Article 1.- This Resolution enters into force on January 1, 2021, save for what is provided below:

i) Article Ninth, Tenth and Eleventh, as well as the changes applied to articles 6, 9 and 14 contained in paragraph 1 of First Article of this Resolution enter into force the day after their publication in the Official Gazette “El Peruano”.

ii) Paragraph 2 of Second Article, paragraph 2 of Fourth Article and Sixth Article, paragraph 1.3 of Section II of Annex 1 of Fifth Article enter into force from the information corresponding to the month of January 2020.

iii) The changes applied to articles 15 and 18 contained in paragraph 2 of First Article of this Resolution enter into force on July 1, 2021. 2 Once the provisions of the second paragraph of articles 7 and 13 enter into force, referred to the enabling and disabling of additional services to cards, as well as the modifications of paragraph 4 of Article 16, referred to the notification service to users that are referenced in paragraph 1 of First Article of this Resolution, they are mandatory for companies with respect to new contracts that are signed and, for existing contracts, from the moment of the renewal of the card. 3

Register, communicate and publish.
SOCORRO HEYSSEN ZEGARRA
Superintendent of Banks, Insurance and Private Pension Fund Administrators

1 Article modified by Resolution SBS No. 1278-2020 of 07/04/2020.
2 Paragraph included by Resolution SBS No. 1536-2020 of June 05, 2020 3 Through Article Fifth of Resolution SBS No. 2286-2024, effective from 29/06/2024, it was ordered as follows:
“With regard to what is provided on additional services in the last paragraph of Twelfth Article of Resolution SBS No. 5570-2019, cards issued by new contracts that are signed after 01.01.2021 are issued with all additional services disabled, and are enabled at the user's request. Likewise, all first renewals due to expiration or replacements due to loss, theft or other cause, which correspond to contracts signed before 01.01.2021 must be issued with all additional services disabled, and are enabled at the user's request. In both cases, subsequent issuances may retain the user's last decision supported by documentation, regarding enabling or disabling additional services.”