Resolution SBS No. 967-2022: Approving the Regulation for the Classification of Savings and Credit Cooperatives Not Authorized to Capture Public Funds

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 1 Lima, March 25, 2022 Resolution S.B.S. No. 967-2022

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

CONSIDERING:

That, Law No. 30822, which modifies Law No. 26702, the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance (General Law), and other concordant norms, regarding the regulation and supervision of savings and credit cooperatives, modified the Twenty-Fourth Final and Complementary Provision of the General Law, establishing new provisions regarding the regulation and supervision of savings and credit cooperatives not authorized to capture public funds (Coopac);

That, subsection 4-A-1 of the Twenty-Fourth Final and Complementary Provision of the General Law establishes that in matters of regulation, the Superintendence issues the norms necessary for compliance with what is established in said final and complementary provision, as well as other aspects necessary for the supervision and regulation of Coopac, which are consistent with the modular scheme contemplated in subsection 2 of said final and complementary provision, respecting cooperative principles and proportionality;

That, subsection 2.8 of said Twenty-Fourth Final and Complementary Provision provides that, according to the total amount of assets that Coopac have, they are assigned to one of the following levels of the modular scheme: Level 1: Coopac whose total amount of assets is up to 600 tax units (UIT); Level 2: Coopac whose total amount of assets is greater than 600 tax units (UIT), and up to 65,000 tax units (UIT); and Level 3: Coopac whose total amount of assets is greater than 65,000 tax units (UIT);

That, said subsection 2.8 provides the obligation to have an annual risk classification for Level 3 Coopac, in accordance with the Superintendence's norms;

That, in this framework, it is necessary to regulate the classification process of Coopac, in order to introduce mechanisms that promote an appropriate level of

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 2 independence between them and risk classification companies, as well as the obtaining of adequate information for the classification process;

That, for the purpose of collecting public opinions regarding the proposed modifications to the regulations of said savings and credit cooperatives, the prepublication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence in accordance with what is provided in Supreme Decree No. 001-2009-JUS;

Having the previous technical and positive viability report of the norm from the Deputy Superintendent of Cooperatives and the approval of the Deputy Superintendences of Cooperatives and Legal Advice; and,

In exercise of the powers conferred by subsections 7 and 9 of Article 349 of the General Law, as well as in subsection 4 A of the Twenty-Fourth Final and Complementary Provision of the General Law;

RESOLVES:

Article First.- Approve the Regulation for the Classification of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, according to the following text:

“REGULATION FOR THE CLASSIFICATION OF SAVINGS AND CREDIT COOPERATIVES NOT AUTHORIZED TO CAPTURE PUBLIC FUNDS

CHAPTER I GENERAL ASPECTS

Scope Article 1º.- This Regulation applies to savings and credit cooperatives not authorized to capture public funds, and insofar as applicable, to risk classification companies that participate in the classification process referred to in subsection 2.8 of subsection 2 of the Twenty-Fourth Final and Complementary Provision of the General Law.

Definitions Article 2º.- For the application of this regulation, the following concepts shall be considered: a. Coopac: Savings and credit cooperative not authorized to capture public funds b. Classification Committee: Body of the risk classification company responsible for issuing the classification opinion. c. Special Linkage Norms: Special Norms on Linkage and Economic Group approved by Resolution SBS No. 5780-2015 and its amendments. d. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its respective modifying laws. e. Registry of Risk Classification Companies: Registry of risk classification companies under the responsibility of the Superintendence. The registry of risk classification companies is regulated in the Regulation for the Classification of Companies of the Financial System and Insurance Companies, approved by Resolution SBS No. 18400-2010 and its amendments.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 3 f. Acquisition of Property Regulation: Regulation on the Acquisition of Property in the Share Capital of Supervised Companies and Significant Owners, approved by Resolution SBS No. 6420-2015 and its amendments. g. Superintendence: Superintendence of Banks, Insurance, and Private Pension Fund Administrators.

Coopac Classification Article 3º.- Coopac classification is defined as the evaluation process carried out in accordance with the methodology previously presented to the Superintendence, the result of which expresses the opinion of the risk classification company on the Coopac's capacity to manage the risks it faces, with the aim of fulfilling its obligations with its saver members.

Independent risk classification companies. Article 4º.- A risk classification company is considered independent of another when: a) There is no linkage by single risk between them, according to the Special Linkage Norms; or, b) There is no relationship or interest between them, in accordance with the Securities Market Law and its complementary norms.

Mandatory risk classification Article 5º.- Level 3 Coopac in the modular scheme must have the risk classification of at least one risk classification company registered in the Registry of Risk Classification Companies.

Permanent evaluation Article 6º.- The risk classification of a Coopac is a permanent evaluation. And in the case of Level 3 Coopac, in accordance with Article 5°, mandatory annual updates must be carried out with information as of December 31 of each year.

Upon the occurrence of any fact or event that, due to its characteristics, could alter the previously assigned classification, the risk classification company proceeds to issue a new classification. This review is called extraordinary and in no case supersedes the periodic review.

CHAPTER II IMPEDIMENTS, LIMITATIONS, AND CONTRACTING

Impediments and prohibitions Article 7º.- Risk classification companies are impeded from classifying a Coopac when: a) There is linkage by single risk between them, according to the Special Linkage Norms, or if they are related or present interest between them, according to the criteria established by the Securities Market Law and its respective complementary norms. b) The companies linked to it have provided advisory and/or consulting services to the classified company, in the twelve (12) months prior to the signing of the contract. c) They have overdue credits for more than one hundred twenty (120) calendar days or that have entered judicial collection, in any of the companies of the financial system or the Coopac.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 4 d) Additionally, it is considered an impediment to be a shareholder or member, director, manager, titular or alternate member of the classification committee, or official in charge of a classification project: i. Having been sanctioned on any occasion by the Superintendence; ii. Having been an administrator, advisor, or official of the Coopac within the twelve (12) months prior to the signing of the contract; iii. Having signed a joint commitment contract or guarantee to make the payment of an obligation in favor of a debtor member of the Coopac; or, iv. Being a final beneficiary of any of the companies that make up the economic group of the Coopac, in accordance with what is provided in the Acquisition of Property Regulation.

Regarding risk classification companies that, after their registration in the Registry of Risk Classification Companies, incur in any impediment, they will be excluded from it, until the risk classification company substantiates before the Superintendence that it has remedied the observation that gave rise to said deletion.

The Coopac that maintains active contracts with risk classification companies that have been excluded from the Registry must resolve the classification contract and hire a new classification company.

Prohibitions regarding operations with risk classification companies Article 8º.- The Coopac, while maintaining the contract with the registered risk classification company, cannot grant it new credits, under more advantageous conditions than to its other clients with a similar risk profile. This prohibition is also applicable to the shareholders or members, directors, and managers of said classification company, to the titular or alternate members of its classification committee, and to its officials in charge of the classification project.

Furthermore, during said period, the Coopac cannot acquire instruments representing debt and/or capital issued by the risk classification company with which the respective contract has been concluded.

The contracting of risk classification services is also prohibited when, in the three (03) months prior to the signing of the contract, the operations prohibited in this article have been carried out. Likewise, this prohibition extends to the three (03) months following the conclusion of the contract.

Contracting of the risk classification company Article 9º.- The Coopac must contract the services of risk classification companies with a notice of no less than three (3) months prior to the annual update referred to in Article 6º.

Such contracting must be communicated to the Superintendence by the contracting company within a period of no more than five (5) business days after the signing of the contract, attaching a copy thereof.

Contracting of risk classification Article 10º.- Contracts between Coopac and risk classification companies must be agreed upon for a minimum term of twelve (12) months.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 5 Contracts signed between a Coopac and a risk classification company, regardless of its level, must specify the mechanisms for the exchange of information between the parties, the officials responsible for the timely and accurate delivery thereof, and any other information that the parties consider.

Resolution of contracts Article 11°.- The Coopac that decides to resolve the contract with a risk classification company must communicate such decision to the Superintendence with a notice of no less than two (2) months prior to the resolution date, except in exceptional cases duly substantiated.

CHAPTER III CLASSIFICATION PROCEDURE

Classification methodology Article 12º.- In accordance with what is provided in the regulation that governs the Registry of Risk Classification Companies, for a risk classification company to classify a Coopac, it must have submitted to the Superintendence a copy of the Coopac classification methodology. Said methodology must include: Description of the type of entity; object of rating; objectives of the rating methodology; the scale, nomenclatures, and definition of each of the categories; detail of the total rating process, from the stage of contracting services, to the assignment of the rating, its discussion with the rated entity; detail of the sensitization processes carried out on the quantitative and qualitative variables that affect the rating of entities; and, the sources of information used.

The classification methodology must be oriented to evaluate the Coopac's capacity to manage the risks it assumes with the aim of fulfilling its obligations with savers and with insured persons, respectively. For this effect, risk classification companies identify the risks to which the companies subject to classification are exposed and analyze the policies and procedures for their management, and their respective monitoring, taking into account the most recent quantitative and qualitative information.

The classification is carried out in accordance with the methodology previously presented to the Superintendence.

Categories Article 13º.- The Coopac is classified by assigning capital letters, from lower to higher risk, from letter A to letter E. The categories from A to D can be differentiated by adding a positive “+” sign or a negative “-” sign to distinguish those institutions that are at the upper or lower extreme of the generic category, respectively.

Formulation of clarifications and observations Article 14º.- The classification company must communicate to the Coopac, prior to the publication of its risk classification, the main considerations in the evaluation carried out. The Coopac, if it considers it appropriate, must formulate its clarifications or observations to said classification within the period agreed upon in the classification contract. Any exception to the compliance with this obligation must be stipulated in said contract.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 6 Said clarifications or observations must refer only to the correction of possible errors in the information or to the non-disclosure of confidential information; and in no case, they have a binding effect on the decision of the classification company regarding the risk classification granted.

Communication of risk classification Article 15º.- Upon completion of the procedure established in Article 14°, the classification company proceeds to issue the corresponding classification report.

On the same date of the issuance of the classification report, the classification company proceeds to its publication in accordance with what is provided in Article 16°, and to its transmission to the Coopac and to the Superintendence.

Publication and dissemination Article 16º.- The classification company must communicate to the general public, through its website, at minimum the following information: a) The dissemination policy of the classifications, which must include the procedures, form, and periodicity with which the Coopac and the general public are disseminated with the classifications, and analyses issued, as well as their updates. b) List of Coopac classifications and their respective reports. c) The current classification methodology referred to in Article 12, revealing the respective approval date. d) The classification categories, indicated in Article 13, and their respective definitions.

In the case of the annual risk classification of the Coopac provided for in Article 6º, the communication to the general public via the website of the classification company must be carried out by the last business day of March for the update carried out with information as of December 31 of each year; and it must be published, at least in a newspaper of national circulation, within five (05) business days following the issuance thereof.

Minimum information of publications Article 17º.- The publication in the newspaper of national circulation, provided for in the preceding article, must consign exclusively information relating to the classification of the Coopac. The publication must contain at least the following information: a) Identification of the classified company; b) Identification of the classification company; c) The assigned classification indicating the description of the category and, if applicable, the subcategory, the explanation of the classification granted and, if applicable, the previously granted classification; d) The indication that the classification expresses an independent opinion of the risk classification company on the Coopac's capacity to manage risks; and, e) Date of the classification committee in which the respective opinion was issued.

CHAPTER V OBLIGATIONS AND RESPONSIBILITIES

Obligation to provide information Article 18º.- The Coopac subject to classification must provide the necessary information in a timely and complete manner so that the classification company can adequately perform its

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 7 labor. The manager and, if applicable, the board of directors or equivalent body, of the company subject to classification is responsible for the compliance with this obligation.

Likewise, the Coopac must make available to the risk classification company the reports of the control bodies, such as internal auditors, the supervisory committee, and the risk committee.

Obligation of information confidentiality and banking secrecy Article 19º.- The risk classification company, its directors, managers, officials, advisors, representatives, and members of the classification committee, have the obligation to keep in reserve the information provided by the companies subject to classification, especially that referred to the passive operations that the Coopac subject to classification have with their members in accordance with what is provided in letter p) of subsection 1 of the Twenty-Fourth Final and Complementary Provision of the General Law.

Responsibility Article 20º.- The risk classification company is responsible for the classification it carries out on the Coopac.

COMPLEMENTARY AND TRANSITORY PROVISIONS

Risk classification for Level 3 Coopac First.- Level 3 Coopac must have the risk classification during the second half of the year 2022, carried out with information as of December 31 of the year 2021.

Voluntary risk classifications Second.- The risk classifications that Coopac of any level of the modular scheme (levels 1, 2, or 3) voluntarily contract are governed by what is established in this Regulation.

Article Second.- This resolution will enter into force from the day following its publication in the Official Newspaper “El Peruano”.

Register, communicate, and publish,

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