Resolution SBS No. 6285-2013: Approves the New Regulation on Opening, Conversion, Transfer or Closing of Offices, Use of Shared Premises, ATMs and Correspondent Cashiers

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 1 / 15 Lima, October 18, 2013 Resolution S.B.S.
No. 6285-2013
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators:
CONSIDERING:
That, through Resolution SBS No. 775-2008 of March 26, 2008, the Regulation on the Opening, Conversion, Transfer or Closing of Offices, Use of Shared Premises, ATMs and Correspondent Cashiers was approved; That, this Superintendence has considered it appropriate to modify the services that can be provided through correspondent cashiers, including the opening and closing of simplified electronic money accounts; That, it corresponds to the Superintendence of Banking, Insurance and Private Pension Fund Administrators, in accordance with the functional autonomy conferred by Article 346 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 modifying norms, hereinafter General Law, and to Article 38 of Law No. 27444, to approve the modifications to the Single Text of Administrative Procedures – TUPA; That, for the purpose of collecting opinions from the general public regarding the proposed modifications to the regulations, the draft resolution was pre-published on the Superintendence's electronic portal, under the provisions of Supreme Decree No. 001-2009-JUS; Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Private Pension Fund Administrators and Insurance, Risks, Economic Studies and Legal Advice; as well as the General Management of Products and Services for the User; and, In exercise of the powers conferred by items 7 and 13 of Article 349 of the General Law; RESOLVES:
Article First.- Approve the new Regulation on the Opening, Conversion, Transfer or Closing of Offices, Use of Shared Premises, ATMs and Correspondent Cashiers, as indicated below:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 2 / 15 “REGULATION ON THE OPENING, CONVERSION, TRANSFER OR CLOSING OF OFFICES, USE OF SHARED PREMISES, AUTOMATIC TELLER MACHINES AND CORRESPONDENT CASHIERS

1. Scope
   This norm applies to multiple operations companies, specialized companies and insurance companies, indicated in letters A, B and D of Article 16 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 modifying norms, hereinafter General Law, to the National Bank, to the Agricultural Bank, to the Development Financial Corporation (COFIDE), to the Mivivienda Fund S.A., and to Electronic Money Issuing Companies (EEDE), hereinafter companies, as applicable.
2. Offices
   These are physical establishments through which the company serves the public to carry out operations and services. There are various types of offices:
   2.1. Main Office
   It is the office constituted as the legal domicile of the company, which may carry out any of the operations and services permitted to the company and where the senior management that organizes, administers and directs the activities and businesses that are proper to the corporate purpose of the institution is generally located.
   2.2. Branch
   It is the office that depends on the main office, may carry out all operations and services permitted to the company and may keep its own accounting. Likewise, it may supervise other branches and special offices, in which case they are authorized to centralize the accounting of the offices under their charge.
   2.3. Subsidiary
   It is the office located abroad, depends on the main office and may carry out all operations and services permitted to the company. The subsidiary keeps its own accounting.
   2.4. Special Office
   It is the office installed in a place different from those noted in the preceding items, which depends on the main office or some branch and that can only carry out some of the operations and services permitted to the company.
   The special office may be:
   i) Fixed or mobile. ii) Permanent or Temporary. The temporary office cannot be valid for a period greater than six months and is usually associated with a specific event.
   The mobile special office is not applicable to insurance companies.

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2.5. Shared Premises
It is the office modality in which a Branch or Special Office shares physical space with other companies, for the provision of operations and services to which they are authorized. This office modality includes agreements that allow sharing different customer service counters, as well as space leasing, among other forms. The respective authorization process is detailed in item 6.1 of this regulation.
3. Correspondent Cashiers
These are service points that function in fixed or mobile establishments, belonging to an operator.
The operator of correspondent cashiers is considered to be the natural or legal person, different from the companies that make up the financial system, that operates the correspondent cashiers.
The aggregator of correspondent cashier operators is considered to be the legal person whose main object consists of affiliating and administering correspondent cashier operators.
Financial system companies and EEDEs may enter into contracts with operators or with aggregator operators of correspondent cashiers to provide, on their behalf and under their responsibility, the operations and services authorized by this norm. Financial system companies and EEDEs are responsible for compliance with the requirements and conditions applicable to operators and to aggregator operators of correspondent cashiers, with whom they contract, indicated in this norm. Operators and aggregator operators of correspondent cashiers may operate with several financial system companies and/or electronic money issuing companies. Correspondent cashier operators must maintain in the correspondent cashier premises panels that are clearly visible to the public, showing clearly their status as correspondent cashier operator, being able to design ad-hoc panels for the service they offer.
4. Automatic Teller Machines (ATMs)
Automatic teller machines are electronic devices that are interconnected with the company and allow it to provide various operations and services to users through the use of credit, debit or other identification cards that require the use of electronic signatures or similar, according to the procedure established by the company, duly communicated to the client and accepted by him.
5. Authorization for opening, conversion, transfer or closing of offices
5.1. Main office, branches and special offices
5.1.1. Companies must request, as applicable, prior authorization for the opening, conversion, transfer or closing of their offices, indicating their location and exact address and attaching a copy of the agreement of the competent social body. In the case of a mobile special office, instead of the exact address, the geographic scope in which it will carry out its operations must be indicated.

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5.1.2. In the cases of opening and conversion, the company must keep available to this Superintendence the corresponding feasibility study with the minimum content indicated in Annex A of this regulation, for the supervision actions that correspond.
5.1.3. In the cases of transfer or closing, the requirement for the respective authorization is only what is indicated in item 5.1.1 of this regulation.
5.2. Subsidiaries
5.2.1. Financial system and insurance companies must request prior authorization from this Superintendence for the opening, transfer and closing of subsidiaries, indicating their location and exact address and attaching a copy of the agreement of the competent social body. For the case of opening, they must additionally attach the feasibility study with the minimum content indicated in Annex A, as well as a declaration of compliance with the requirements established for such purpose in the legislation of the host country.
5.2.2. The Superintendence will obtain the opinion of the Central Reserve Bank before issuing its pronouncement on the opening of a subsidiary of a financial system company. The transfer or closing of any subsidiary of the financial system will be brought to the knowledge of said Central Reserve Bank.
6. Other types of authorizations
6.1. Authorization to share premises
6.1.1. The company that agrees to the opening of a branch or special office under the shared premises modality, must present a request for prior authorization to this Superintendence, indicating its location and exact address and attaching a copy of the agreements of the social bodies of the companies that decide to share premises.
6.1.2. The company must keep available to this Superintendence the feasibility study indicated in item 5.1.2 of this regulation and the contract signed by both parties indicating the period of validity, the operations and services that each of them will provide in the shared premises; among other aspects.
6.1.3. For the case of transfers or closures, the corresponding authorization procedures must be carried out independently by each company that shares the premises.
6.1.4. During the use of shared premises, companies must comply with the following measures: a) Indicate on the exterior part of the building, the full names, including the symbols of the companies that share the building; and b) Identify in an adequate manner the respective location of the assigned places.
6.2. Authorization to operate with Correspondent Cashiers

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6.2.1. Financial system companies and/or electronic money issuing companies may operate through the correspondent cashiers referred to in item 3 of this regulation, with the express authorization of the Superintendence, provided that the conditions and requirements indicated in Annex D of this regulation are met.
6.2.2. Companies wishing to obtain authorization to operate with correspondent cashiers, must present a request to this Superintendence, and attach the information indicated in Annex C of this regulation. The authorization to operate with correspondent cashiers is granted only once.
7. Submission of information
7.1. Companies must submit to this Superintendence, by March 31 of each year, the annual programming of opening, conversion, transfer and closing of offices and shared premises, with the content and format established in Annex E of this regulation.
The physical submission of said programming and its update may be replaced by its submission and/or entry through computer applications established by this Superintendence.
Such programming and its respective modifications must be approved by the corresponding social body.
7.2. Within seven (7) calendar days of formalizing the opening, transfer, conversion or closing of offices or the use of shared premises, companies must report to this Superintendence Annex B “Office Movement” according to the computer applications established by this Superintendence.
7.3. Financial system companies will periodically communicate to this Superintendence the number of ATMs and correspondent cashiers they maintain, according to the electronic format established for such purpose.
7.4. Companies must submit within the first thirty (30) calendar days of the month of January an inventory of offices in operation as of the close of the previous fiscal year according to the format of Annex F of this regulation, via SUCAVE, according to the electronic format or application established by this Superintendence.
In the cases of merger by absorption or constitution of a new entity, the new society or the absorbing one must submit within fifteen (15) calendar days of the corresponding authorization of the Superintendence, the list of offices that remain in effect after the merger, and the authorization requests that are considered necessary must be submitted within the same period.
8. Final Provisions
8.1. The competent social body may delegate to the General Management, or to a Management Committee, the capacity to approve and request authorization from this Superintendence for the opening, transfer and closing of special offices, in which case, the copy of the agreement of the competent social body indicated in item 5.1.1 may be replaced by the

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 6 / 15 indication in the request to this Superintendence, of the date and body that took the decision.
8.2. The transfer of the offices referred to in items 5.1 and 6.1 of this regulation, can only refer to the geographic and economic area of influence indicated in Annex A “Economic Feasibility Profile” prepared by the company for the opening or conversion of the office to be transferred. When the office transfer must be carried out outside the previously indicated area of influence, it will be considered as the closing and opening of an office respectively.
8.3. It is not subject to prior authorization nor constitutes a type of office those installations that have the exclusive function of providing promotion and information services on operations for which the company is authorized and/or collecting documentation related to these being the company responsible for the received documentation. In these installations no type of operation can be carried out.
8.4. For the case of the authorizations referred to in items 5.1. and 6.1 of this regulation, relative to offices included in the annual programming and their respective updates, companies classified in the risk category “A”, and which have had such classification during the two previous semesters, will only have to previously communicate the location and exact address of the offices subject to authorization, as well as the geographic and economic area of influence of the office in the cases of opening, transfer and conversion, having to keep available to this Superintendence, all the documentation indicated in the aforementioned items. The corresponding authorizing resolutions will be issued within a period not greater than five (5) business days from the receipt of said communication.
8.5. When more than one (1) calendar year has elapsed, counted from the date of the corresponding authorizing resolution, without the authorization being implemented and the corresponding Annex B “Office Movement” being sent, said authorization will become void.
8.6. What is provided in item 6.2 of this Regulation does not apply to those companies that on the date of entry into force of this norm have authorization to operate with correspondent cashiers”
Article Second.- Annexes A to F of the Regulation on Opening, Conversion, Transfer or Closing of Offices, Use of Shared Premises, ATMs and Correspondent Cashiers are published on the Institutional Portal (www.sbs.gob.pe), as provided in Supreme Decree No. 001-2009-JUS.
Article Third.- Modify procedure No. 109
“Authorization to operate with correspondent cashiers” of the Single Text of Administrative Procedures of this Superintendence, approved by Resolution SBS No. 3082-2011, whose text is attached to this Resolution, and is published in accordance with what is provided in Supreme Decree 004-2008-PCM, Regulation of Law No. 29091. (Institutional Portal www.sbs.gob.pe).

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Article Fourth.- The provisions of this Resolution
enter into force thirty (30) calendar days counted from its publication in the Official Newspaper “El Peruano”, becoming void from that date Resolution SBS No. 775-2008 of March 26, 2008.
Register, communicate and publish.
JAVIER POGGI CAMPODÓNICO
Superintendent of Banking, Insurance and
Private Pension Fund Administrators (a.i.)

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ANNEX A
ECONOMIC FEASIBILITY PROFILE
It must contain as a minimum the following information:

1. Geographic and economic area of influence of the proposed office. The location where the office will function will also be indicated.
2. Total population and economically active population of the operating zone. 1
3. Analysis of the relevant market, in the last two (02) years, as well as an estimate of the proposed office's participation in said market. For the case of insurance companies, study of the development of the insurance market in the zone to be located, with a two (2) year retrospective. 1
4. Operations and services intended to be carried out.
5. Functional organizational chart and staff needs table, indicating the organic dependence of the office in question, as well as the offices under its responsibility if applicable.
6. Projection of financial statements, calculation of profitability and break-even point. 1
7. Security measures adopted for the office.

1
These aspects will not be required in the case of temporary special offices.

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ANNEX B
OFFICE MOVEMENT
COMPANY NAME ................................. COMPANY CODE...................
OFFICE CODE......................
I. Type of authorized movement
(mark with an X the corresponding box)
Office Type Movement
Opening Conversion Transfer Closing
Main Office
Branch
Subsidiary
Special Office
II. Shared premises
Shared premises Name of the company/ies with which the premises are shared Office Type
III. S.B.S. Authorization
S.B.S. Resolution No. : Date:
Notification date:
IV. Data of the authorized office
Date of execution of the office movement:
LOCATION NEW OFFICE PREVIOUS OFFICE ()
Country()
Department
Province
District
Urbanization
Address
Telephone
() Only in case of transfers
()Only in case of subsidiaries
V.- Functional organization of the office
Supervising office or dependent on the office
Does it keep its own accounting
Number of staff working in the authorized office Number of ATMs depending on the office Number of correspondent cashiers depending on the office GENERAL MANAGER CHIEF ACCOUNTANT
Reg. No. ..................

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ANNEX C
DOCUMENTS REQUIRED TO OBTAIN AUTHORIZATION TO OPERATE THROUGH CORRESPONDENT CASHIERS a. Copy of the Board of Directors minutes where the decision to sign correspondent cashier contracts is recorded. b. Business plan for the development and implementation of correspondent cashiers, in which the implementation strategy, the services to be provided, internal limits to be applied if applicable, initial and projected geographic coverage, criteria for the selection of cashiers, technological scheme to be used, among other aspects, must be indicated.
c. The policies and procedures applicable to the provision of services through correspondent cashiers.
d. Copy of the Report of the Risk Unit or equivalent containing the evaluation of the risks associated with the operations to be provided through correspondent cashiers and determination of the measures to be taken to control the identified risks, in accordance with current regulations. e. Statutory modifications of the company, if pertinent.

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ANNEX D
CONDITIONS AND REQUIREMENTS TO OPERATE WITH CORRESPONDENT CASHIERS Financial system companies and/or electronic money issuing companies that operate with correspondent cashiers must comply with the following conditions and requirements:

1. Develop and implement policies and procedures to select operators and aggregator operators of correspondent cashiers with which they will sign contracts for the provision of said services. For this, they must establish evaluation criteria that consider, among others, the following aspects, whenever applicable:
   a) Financial situation, which includes as a minimum, not having been classified, in their condition as debtor, in the categories of deficient, doubtful or loss in the financial system. b) Necessary liquidity of operators to carry out cash operations. c) Reputation. d) Infrastructure and security of the establishments where services will be provided. Compliance with the requirements defined by the company for the selection of operators and aggregator operators of correspondent cashiers must be monitored periodically.
2. Said companies must maintain an updated record of operators and aggregator operators of correspondent cashiers, as well as of the correspondent cashiers they operate with, including: operator and aggregator identification data (if applicable), location of correspondent cashiers, geographic scope where they operate when mobile, permitted operations, among others. Likewise, they must publish on their website that information from the cited record, which allows users to identify the correspondent cashiers authorized to operate on their behalf.
3. The company must have information on the number and amount of transactions carried out, by type of service provided through each correspondent cashier, as well as monitor the effective compliance with limits and other prudential measures established as applicable.
4. Through correspondent cashiers, the financial system company or the EEDE may carry out the following operations, as applicable to the operations they are authorized to carry out:
   a) Credit collection. b) Allow money withdrawal. c) Fund transfers. d) Cash deposits in client or third-party accounts. e) Opening and closing of basic accounts. f) Payment of services and general collections. g) Payment to State entities at the order of users. h) Payment of remittances sent from abroad.

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i) Opening and closing of simplified electronic money accounts, with the exception of those corresponding to minors.

j) Electronic money operations, as described in the Regulation on Electronic Money Operations.

k) Sale of micro-insurance.

l) Other services, subject to the approval of this Superintendency, for which the characteristics of the service to be provided must be described, and the risk assessment report prepared by the company's Risk Unit must be attached.

Likewise, within the framework of the general due diligence regime for customer knowledge, and under the responsibility of the companies in the financial system, through correspondent cashiers, applications from natural persons regarding the opening of checking, time deposit, and savings accounts, as well as personal credit applications, may be received. These will be forwarded by the correspondent cashier to the financial system company, in accordance with the procedures agreed upon between both parties.

Companies may conduct advertising and provide information to facilitate the opening of other deposit accounts and/or granting of credits at a later date at the company's offices.

The operations carried out through correspondent cashiers must be those that involve automatic credits and/or debits to accounts and/or credit lines, as applicable, without requiring reconciliations or verifications other than those performed on electronic terminals interconnected with the company. In the case of opening basic accounts or simplified electronic money accounts, companies may establish complementary mechanisms as required.

The Superintendency may authorize operations that follow another operational scheme or use other service delivery modalities, if it considers that the controls to be applied allow for adequate management of associated risks; in such cases, detailed information regarding the proposed modality will be provided, and reports prepared by the Risk Unit will be attached.

5. The company must provide operational manuals to the natural and/or legal persons who will operate the correspondent cashiers, which are necessary for the adequate provision of services to clients and must include the limits referred to in the following paragraph.

6. The company must establish limits for the provision of services agreed upon through correspondent cashiers, which must be prudent and related to the cash flow of the operator. These limits must be established per person and per type of transaction, if applicable.

7. The company must provide adequate training to the individuals involved in the operation of correspondent cashiers to properly carry out the agreed operations and services, which must include at least the aspects related to adequate customer identification and attention, confidentiality of information, and banking secrecy.

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8. Measures must be implemented to control operational risk and money laundering risk; likewise, the responsibilities to be assumed by the natural and/or legal persons operating the correspondent cashier must be established in the contract.

9. The supervised company retains responsibility towards the client or user and before the Superintendency for the provision of services, risk management, and regulatory compliance related to the operations provided through correspondent cashiers. Likewise, the supervised company is responsible for adopting the necessary measures to comply with what is established in Article 6 of the Regulation of the Law that Regulates the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion, approved by Supreme Decree No. 090-2013-EF.

10. The company must have mechanisms that allow its clientele or users to adequately identify the correspondent cashier, as well as inform them about the services provided through them, and the mechanisms established for handling inquiries and complaints.

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ANNEX E
ANNUAL OFFICE SCHEDULING FORMAT 1/
COMPANY NAME ................................. COMPANY CODE...................

Office Type 2/ | Modality 3/ | Geographic Location | Geographic Influence Area 5/ | Estimated Start Date of Operations | Planned Investment ---|---|---|---|---|--- Shared / Not Shared | Office from which it would depend | District | Province | Department 4/ |

Total Offices
Opening:
Conversion:
Transfer:
Closure:

1/ The number of offices that the company intends to establish, convert, transfer, and/or close during the year.
2/ Branch, Sub-branch, Permanent Special Office 3/ Opening, Conversion, Transfer, or Closure 4/ In the case of Special Offices 5/ At the district level(s), specifying the province and department to which the district(s) belong.

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ANNEX F
INVENTORY OF OFFICES IN OPERATION 1/
COMPANY NAME ................................. COMPANY CODE...................

SBS Code | Office 2/ | Office Type 3/ | Address | District | Province | Department | Resolution No. Opening | Resolution Date Opening | Shared / Not Shared ---|---|---|---|---|---|---|---|---|---

1/ This is the number of offices that are operational as of the date.
2/ Code provided by the SBS
3/ Branch, Sub-branch, Special Office