SBS Resolution No. 02926-2025: Amending the General Regulation and Accounting Manuals for Non-Authorized Savings and Credit Cooperatives (Levels 1, 2, and 3)

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 Lima, August 20, 2025 SBS Resolution No. 02926-2025

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

CONSIDERING:
That Law No. 30822 amended the General Law of the Financial System and Insurance System and the Organic Law of the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (Law No. 26702) and its amendments, hereinafter the General Law, by substituting the Twenty-Fourth Final and Supplementary Provision regarding Savings and Credit Cooperatives Not Authorized to Attract Public Funds, hereinafter Coopac; That, under item 4-A.1 of the Twenty-Fourth Final and Supplementary Provision of the General Law, it is established that, in regulatory matters, the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (hereinafter, the Superintendency) issues the necessary regulations to fulfill what is established in said Final and Supplementary Provision, as well as other aspects necessary for the supervision and regulation of Coopac, consistent with the modular scheme contemplated in item 2 of said provision. The regulations issued by the Superintendency must respect the cooperative and proportionality principles applicable to supervision; That, in the supervision of Coopac, it has been identified that the incorporation of assets has generated material and sudden equity increases without adequate support; That, likewise, in the first years of supervision of the Coopac system, it has been observed that the main source of equity strengthening has been deposits, through capitalization, and considering that Coopac continue to seek to strengthen their equity and operations to comply with the regulatory framework and achieve greater competitiveness in financial inclusion, and consequently in the decentralized economic development of the country, it is considered necessary to allow Level 1, 2, and 3 Coopac to compute a percentage of their time deposit balances in supplementary effective equity;

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 That, in this context, within the framework of strengthening regulation and effective supervision of Coopac, it is necessary to amend Articles 27, 28, 29, 30, 36, and 37, as well as the Eleventh Supplementary Transitional Provision of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, and the Accounting Manuals for Level 1, Level 2, and Level 3 Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 577-2019 and its amendments, in order to establish specific regulatory parameters that promote the aforementioned operations meeting prudential criteria ensuring the reasonableness of asset revaluation, adequate accounting and equity recognition of this value increase, as well as the strengthening of effective equity to meet solvency requirements; in compliance with the current regulatory framework and this Superintendency's supervisory work; That, likewise, it is considered appropriate to amend the Second Supplementary Transitional Provision of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, to extend the deadlines regarding compliance with the gradual adaptation schedule for provision requirements; this considering that Coopac face a challenging context, making it necessary to strengthen confidence in the cooperative system and guarantee its stability; That, to collect public opinions on the proposal, SBS Resolution No. 1739-2025 ordered the publication of the draft resolution on the Superintendency's digital platform, in accordance with the Thirty-Second Final and Supplementary Provision of the General Law, as well as Supreme Decree No. 009-2024-JUS; With the prior technical and positive feasibility report of the regulation from the Assistant Superintendent for Cooperatives, and with the approval of the Assistant Superintendencies for Cooperatives and Regulation and Legal Affairs; as well as the Economic Studies Department; and, In exercise of the powers conferred under items 7 and 9 of Article 349, item 4-A of the Twenty-Fourth Final and Supplementary Provision of the General Law; RESOLVES:
Article One.- Articles 27.1 and 27.2 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, are amended as follows:

“Article 27.- Social capital
27.1 The social capital of the Coopac is constituted by members' contributions, is variable and unlimited, and may only be increased through cash contributions, capitalization of retained earnings after legal deductions, and/or surpluses, merger, or capitalization of claims formally authorized by each creditor and approved by the General Assembly. In the latter case, the Coopac must have available to the Superintendency documents evidencing such consent duly signed by creditors, for at least ten years. Exceptionally and with prior Superintendency authorization, social capital may be increased through real estate contributions.
27.2 Regarding real estate contributions, these: a) must be free of encumbrances or registered liens in the Public Registry that could affect their rapid cash realization; b) must be necessary for the Coopac's operations; and c) must not exceed 80% of effective equity established in Articles 36, 37, and 38 of this Regulation, including existing balances. Likewise, such real estate must meet the conditions to be recognized as an asset according to provisions established by the Superintendency in the Accounting Manual for Non-Authorized Savings and Credit Cooperatives Not Attracting Public Funds, Levels 1, 2, and 3, approved by SBS Resolution No. 577-2019 and its amendments. For this purpose, the Coopac must have available to the Superintendency all documentation evidencing compliance with the aforementioned aspects, including two (2) real estate valuation reports prepared by two (2) independent professionals duly registered in the Superintendency's Appraisers Registry, who must be different from each other. The Superintendency may request supplementary information within the supervisory powers granted by the Coopac Law.
(…)”

Article Two.- Article 28 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is replaced as follows:

“Article 28.- Cooperative Reserve
28.1 Level 1 Coopac must achieve a cooperative reserve, excluding the revaluation surplus, not less than fifteen percent (15%) of their social capital. The gradual schedule established in the Eleventh Supplementary Transitional Provision must be considered. This reserve is constituted by allocating annually not less than twenty percent (20%) of retained earnings, without prejudice to the General Assembly establishing a higher percentage. While Level 1 Coopac's cooperative reserves do not reach the established social capital levels according to the aforementioned gradual schedule, they cannot distribute surpluses or request authorizations under Article 22.
28.2 Level 2 Coopac must achieve a cooperative reserve, excluding the revaluation surplus, not less than twenty-five percent (25%) of their social capital. The gradual schedule established in the Eleventh Supplementary Transitional Provision must be considered. This reserve is constituted by allocating annually not less than twenty percent (20%) of retained earnings, without prejudice to the General Assembly establishing a higher percentage. While Level 2 Coopac's cooperative reserves do not reach the established social capital levels according to the aforementioned gradual schedule, they cannot distribute surpluses or request authorizations under Article 23.
28.3 Level 3 Coopac must achieve a cooperative reserve, excluding the revaluation surplus, not less than thirty-five percent (35%) of their social capital. The gradual schedule established in the Eleventh Supplementary Transitional Provision of this Regulation must be considered. This reserve is constituted by allocating annually not less than twenty percent (20%) of retained earnings, without prejudice to the General Assembly establishing a higher percentage. While Level 3 Coopac's cooperative reserves do not reach the established social capital levels according to the aforementioned gradual schedule, they cannot distribute surpluses or request authorizations under Articles 24 and 25.”

Article Three.- Item 1 of paragraph 29.2 in Article 29 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is amended as follows:

“29.2 Basic equity is constituted as follows:

1. Paid-in capital is added to, cash or real estate donations meeting asset conditions per Accounting Manual provisions, the cooperative reserve (excluding revaluation surplus), and facultative reserves that may only be reduced with prior Superintendency approval, if any.
   (…)”

Article Four.- Items 3 and 4 are incorporated into paragraph 29.3 of Article 29 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, as follows:

“29.3 Supplementary equity is constituted as follows:
(…)
3. The revaluation surplus of real estate registered in the cooperative reserve is added.
4. Up to seven point five percent (7.5%) of time deposits with residual maturity greater than two (2) and up to three (3) years, up to ten percent (10%) of time deposits with residual maturity greater than three (3) and up to four (4) years, up to twelve point five percent (12.5%) of time deposits with residual maturity greater than four (4) and up to five (5) years, and up to fifteen percent (15%) of time deposits with residual maturity greater than five (5) years are added.
(…)”

Article Five.- Item 1 of paragraph 30.2 in Article 30 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is amended as follows:

“30.2 Basic equity is constituted as follows:

1. Paid-in capital is added to, cash or real estate donations meeting asset conditions per Accounting Manual provisions, the cooperative reserve (excluding revaluation surplus), and facultative reserves that may only be reduced with prior Superintendency approval, if any.
   (…)”

Article Six.- Items 4 and 5 are incorporated into paragraph 30.3 of Article 30 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, as follows:

“30.3 Supplementary equity is constituted as follows:
(…)
4. The revaluation surplus of real estate registered in the cooperative reserve is added.
5. Up to seven point five percent (7.5%) of time deposits with residual maturity greater than two (2) and up to three (3) years, up to ten percent (10%) of time deposits with residual maturity greater than three (3) and up to four (4) years, up to twelve point five percent (12.5%) of time deposits with residual maturity greater than four (4) and up to five (5) years, and up to fifteen percent (15%) of time deposits with residual maturity greater than five (5) years are added. For Level 3 Cooperatives, the percentages apply to the balance of the aforementioned time deposits exceeding the Cooperative Deposit Insurance Fund (FSDC) coverage amount.
(…)”

Article Seven.- Item 4 of paragraph 36.1 in Article 36 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is amended as follows:

“36.1 Level 1 Coopac are subject to the following limits:
(…)
4. The acquisition of movable or immovable assets, added to existing ones and necessary for operations, may not collectively exceed eighty percent (80%) of effective equity.
(…)”

Article Eight.- Item 4 of paragraph 37.1 in Article 37 of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is amended as follows:

“37.1 Level 2 Coopac are subject to the following limits:
(…)
4. The acquisition of movable or immovable assets, added to existing ones and necessary for operations, may not collectively exceed eighty percent (80%) of effective equity.
(…)”

Article Nine.- The first and second paragraphs of the Second Supplementary Transitional Provision of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, are amended as follows:

“SECOND.- Schedule for 100% adaptation to required provisions Level 1 and Level 2 Coopac with total assets equal to or less than 32,200 Unified Tax Units (UIT) have a gradual schedule for constituting one hundred percent (100%) of the required provisions under Article 42, according to the following table:

Date	% of Required Provisions
As of December 31, 2024	50%
As of December 31, 2025	55%
As of December 31, 2026	65%
As of December 31, 2027	80%
As of December 31, 2028	100%
Level 2 Coopac with total assets greater than 32,200 UIT and Level 3 Coopac have a gradual schedule for constituting one hundred percent (100%) of the required provisions under Article 42, according to the following table:
Date	% of Required Provisions
---	---
As of December 31, 2024	60%
As of December 31, 2025	65%
As of December 31, 2026	80%
As of December 31, 2027	100%
(…)”

Article Ten.- The Eleventh Supplementary Transitional Provision of the General Regulation of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, is replaced as follows:
ELEVENTH SUPPLEMENTARY TRANSITIONAL PROVISION.- Gradual adaptation schedule for constituting the cooperative reserve Coopac have a gradual adaptation schedule for constituting the cooperative reserve under Article 28, which does not consider the revaluation surplus, according to the following table:
| Date | Level 1 | Level 2 | Level 3 |\