SBS Resolution No. 03727-2025: Amending the General Regulations of Savings and Credit Cooperatives Not Authorized to Attract Public Funds

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Lima, October 15, 2025 SBS Resolution No. 03727-2025 The Superintendent of Banking, Insurance and Private Pension Fund Administrators CONSIDERING:
That Law No. 30822 amended the General Law of the Financial and Insurance Systems and Organic Law of the Superintendence of Banking, Insurance and Private Pension Fund Administrators (Law No. 26702) and its amending regulations (hereinafter, General Law), by replacing the Twenty-Fourth Final and Supplementary Provision regarding Savings and Credit Cooperatives Not Authorized to Attract Public Funds (hereinafter, Coopac); That, under subsection 4-A.1 of the Twenty-Fourth Final and Supplementary Provision of the General Law, it is established that, in regulatory matters, the Superintendence of Banking, Insurance and Private Pension Fund Administrators (hereinafter, Superintendence) issues the regulations necessary to comply with the aforementioned Final and Supplementary Provision, as well as on 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 supplementary provision. The regulations issued by the Superintendence must respect the cooperative and proportionality principles applicable to supervision; That, within the framework of Coopac supervision, it has been identified that it is appropriate, given possible reorganization scenarios that contribute to strengthening the involved Coopac and, consequently, consolidating the Cooperative System which plays a relevant role in financial inclusion development, to specify a series of provisions that, on a transitional basis, allow the entity resulting from the reorganization process to adapt to the applicable regulatory framework; That, in this context, within the framework of strengthening regulation and effective supervision of Coopac, it is indispensable to amend Article 2 of the General Regulations of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, with the aim of flexibly adjusting specific regulatory parameters on a transitional basis and subject to evaluation by this Superintendence upon request, which promote the adoption of reorganization agreements oriented toward strengthening and consolidating Coopac, without foregoing compliance with the current regulatory framework, within the supervisory activities performed by this Superintendence in accordance with its authority;

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000 Having received the prior and positive technical feasibility report on the regulation from the Deputy Superintendent of Cooperatives, and with the approval of the Deputy Superintendents of Cooperatives and of Regulation and Legal Affairs; and In exercise of the powers conferred under subsections 7 and 9 of Article 349, subsection 4-A of the Twenty-Fourth Final and Supplementary Provision of the General Law, and based on what is stated in the Thirty-Second Final and Supplementary Provision of the General Law; RESOLVES:
Article First.- Incorporate into Article 2 of the General Regulations of Savings and Credit Cooperatives Not Authorized to Attract Public Funds, approved by SBS Resolution No. 480-2019 and its amendments, subsections 2.3, 2.4, 2.5 and 2.6 in the following terms:

“Article 2 - Constitution
(…)
2.3 Regarding the reorganization forms indicated in the preceding subsection, the Superintendence may, on a transitional basis, flexibly adjust compliance with certain prudential limits and provisions established in these Regulations and other applicable regulations, for a maximum period of three (3) years, upon request by the Coopac seeking reorganization or by the Coopac resulting from the reorganization, subject to evaluation by the Superintendence and its express ruling on the provisions being flexibly adjusted. The Superintendence may deny the submitted request following such evaluation. For purposes of this evaluation, Coopac seeking reorganization or the resulting Coopac must submit a gradual activity schedule to achieve compliance with the provision requiring transitional flexibility. The Superintendence defines, in each case, how progress is accredited and the reporting frequency. Non-compliance with the schedule may lead to the adoption of measures and/or imposition of restrictions deemed necessary by the Superintendence within its authority.
2.4 Additionally to the provisions in the preceding paragraph, the Coopac resulting from reorganization may, under the conditions indicated above, include in its supplementary equity:

• Up to ten percent (10%) of fixed-term deposits with a residual maturity greater than two (2) and up to three (3) years.
• Up to twelve point five percent (12.5%) of fixed-term deposits with a residual maturity greater than three (3) and up to four (4) years.
• Up to fifteen percent (15%) of fixed-term deposits with a residual maturity greater than four (4) and up to five (5) years.
• Up to seventeen point five percent (17.5%) of fixed-term deposits with a residual maturity greater than five (5) years.
  2.5 If the Coopac resulting from reorganization is Level 3, the aforementioned percentages apply to the balance of the fixed-term deposits exceeding the coverage amount of the Cooperative Deposit Insurance Fund (FSDC).

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)6309000
2.6 Likewise, for purposes of the schedule to achieve 100% compliance with required provisions, as contemplated in the Second Supplementary Transitional Provision of these Regulations, the Coopac resulting from merger may apply the same gradual percentage corresponding to the close of the year when the reorganization took effect, until the end of the close of the second subsequent year from that date.
Article Second.- This Resolution takes effect the day following its publication in the Official Gazette El Peruano.
Register, communicate and publish.
SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and AFP