SBS Resolution No. 04345-2023: Amending the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions and Other Norms to Incorporate Definitions of Commitments into Norms Applicable to the Financial System

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SBS Resolution
No. 04345-2023
The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

CONSIDERING:

That, by means of SBS Resolution No. 11356-2008 and its modifying norms, the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions was approved, in which, among other aspects, the criteria that companies must follow to determine the classification of debtors that make up their credit portfolio as well as to calculate the applicable provisions for said credits are established;

That, by means of SBS Resolution No. 3780-2011 and its modifying norms, the Regulation on Credit Risk Management was approved, with the objective that companies have solid credit risk management practices that are consistent with recommendations formulated at the international level and that allow protecting the interests of savers, insured persons, and pensioners.

That, by means of SBS Resolution No. 7932-2015 and its modifying norms, the Country Risk Regulation was approved, which is defined as the possibility that the occurrence of economic, social, and political events in a foreign country may adversely affect the interests of a company in the financial system;

That, by means of SBS Resolution No. 895-98 and its modifying norms, the Accounting Manual for Companies of the Financial System (hereinafter, Accounting Manual) was approved;

That, by means of SBS Resolution No. 3954-2022, the Regulation for the Requirement of Conservation Buffers, by Economic Cycle and by Risk of Market Concentration was approved, which establishes the obligation to submit Annex 4-A-1 Requirement of Buffer by Economic Cycle – Companies applying the Standard Method, which is part of Chapter V of the Accounting Manual;

That, by means of SBS Resolution No. 11699-2008 and its modifying norms, the Internal Audit Regulation was approved, since it constitutes a vital element for prudent administration in companies of the financial system, insurance, and private pension fund administrators;

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That, it is necessary to modify the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions, the Regulation on Credit Risk Management, the Country Risk Regulation, and the Internal Audit Regulation to include definitions and criteria for the management and classification of commitments;

That, likewise, it is necessary to make modifications to the Accounting Manual to incorporate provisions for the accounting recording of commitments, including modifications to Report No. 4-A1 “Requirement of Buffer by Economic Cycle – Companies applying the Standard Method” and to Report 23 “Exposure to Country Risk”;

That, in order to collect the opinions of the general public regarding the proposals for modification of the applicable regulations to supervised companies, the prepublication of the draft resolution on the matter was ordered on the electronic portal of this Superintendency, under the provisions of the Thirty-second Final and Complementary Provision of the General Law and Supreme Decree No. 001-2009-JUS and its modifying norms;

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

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

RESOLVES:

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

1. Incorporate the heading of number 2. “Definitions” of Chapter I, according to the following:

“For the application of this norm, the following definitions shall be considered:”

2. Modify letter c of number 2. Definitions of Chapter I, according to the following:1

“c. Indirect credits or contingent credits: Represent guarantees, surety bonds, bank acceptances, letters of credit, and unused commitments, granted by companies of the financial system.”

3. Incorporate letters x, y, z, aa, bb, and cc in number 2. Definitions of Chapter I, according to the following:2

1 Number modified by SBS Resolution No. 4347-2024 of 12.20.24 2 Number modified by SBS Resolution No. 4347-2024 of 12.20.24. Subsequently modified by SBS Resolution No. 03401-2025 of 09.19.25.

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“x. Commitment: It is a contractual agreement, offered by the company and accepted by the client, through which it commits to grant direct credits, guarantees, surety bonds, bank acceptances and/or letters of credit. It includes commitments that the company can unconditionally cancel at any time without the need for prior notification to the borrower. Likewise, it includes commitments that the company can cancel if the conditions established in the agreement are breached, including the conditions that the client must fulfill before any initial or subsequent disbursement under the agreement. Exposures denominated “credit lines” or “lines” are included within the definition of commitment. For the purposes of this definition, “cancel” shall be understood as not allowing, limiting, or restricting new disbursements of funds or use of the commitments.

y. Contractual agreement: A contractual agreement is understood as those acts that are carried out expressly. All types of contracts agreed upon between the parties in writing, by telephone, or by other mechanism are included. Contractual agreements entered into with clients who have the status of final consumer, which are under the scope of the Consumer Protection and Defense Code, Law No. 29571, the law complementing the consumer protection law in matters of financial services, Law No. 28587, and the Regulation on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017, shall be subject to what is stipulated in said regulations.

z. Unconditionally cancellable commitments: Are commitments that the company can unconditionally cancel at any time without the need to notify the borrower previously.

aa. Conditionally cancellable commitments due to deterioration of the financial situation: Are commitments that the company can cancel automatically due to the deterioration of the debtor's financial situation. Within these commitments are included revocable consumption commitments without prior notice in application of article 85 of the Consumer Protection and Defense Code – Law No. 29571.

bb. Conditionally cancellable commitments due to other conditions: Are commitments that the company can cancel if the client breaches the conditions established in the contractual agreement, including the conditions that the client must fulfill before any initial or subsequent disbursement under the contractual agreement. Commitments that possess clauses implying automatic cancellation referred to in letter z are excluded.

cc. Non-cancellable commitments: Are commitments that do not contemplate unilateral cancellation by the company.”

Article Second.- Modify the Regulation on Credit Risk Management, approved by SBS Resolution No. 3780-2011 and its modifying norms, according to the following:

1. Incorporate letters h, i, j, k, l, m in article 1° Definitions, according to the following:

“h. Commitment: It is a contractual agreement, offered by the company and accepted by the client, through which it commits to grant direct credits, guarantees, surety bonds, bank acceptances and/or letters of credit. It includes commitments that the company can unconditionally cancel at any time without the need for prior notification to the borrower. Likewise, it includes commitments that the company can cancel if the conditions established in the agreement are breached, including the conditions that the client must fulfill before any initial or subsequent disbursement under the agreement. Exposures denominated “credit lines” or “lines” are included within the definition of commitment. For the purposes of this definition, “cancel” shall be understood as not allowing, limiting, or restricting new disbursements of funds or use of the commitments.

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i. Contractual agreement: A contractual agreement is understood as those acts that are carried out expressly. All types of contracts agreed upon between the parties in writing, by telephone, or by other mechanism are included. Contractual agreements entered into with clients who have the status of final consumer, which are under the scope of the Consumer Protection and Defense Code, Law No. 29571, the law complementing the consumer protection law in matters of financial services, Law No. 28587, and the Regulation on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017, shall be subject to what is stipulated in said regulations.

j. Unconditionally cancellable commitments: Are commitments that the company can unconditionally cancel at any time without the need to notify the borrower previously.

k. Conditionally cancellable commitments due to deterioration of the financial situation: Are commitments that the company can cancel automatically due to the deterioration of the debtor's financial situation. Within these commitments are included revocable consumption commitments without prior notice in application of article 85 of the Consumer Protection and Defense Code – Law No. 29571.

l. Conditionally cancellable commitments due to other conditions: Are commitments that the company can cancel if the client breaches the conditions established in the contractual agreement, including the conditions that the client must fulfill before any initial or subsequent disbursement under the contractual agreement. Commitments that possess clauses implying automatic cancellation referred to in letter k are excluded.

m. Non-cancellable commitments: Are commitments that do not contemplate unilateral cancellation by the company.”

2. Incorporate as a second paragraph in article 12° Control of exposures subject to credit risk, the following:

“The company must verify the coherence between its operational practices in company management, its contractual agreements, and its credit risk management policies.”

3. Substitute the third paragraph and incorporate a fourth paragraph in article 15° Manuals of policies and procedures, according to the following:

“Specifically, with respect to commitments, companies must have policies and procedures for the management and classification of commitments. This regulation must be aligned with the definitions of commitments and must contain, at a minimum, the following aspects:

a) The areas and other responsible parties for the process of management and classification of commitments, as unconditionally cancellable, conditionally cancellable due to deterioration of the financial situation, conditionally cancellable due to other conditions, or non-cancellable, which must be carried out from the granting of each commitment. Likewise, the responsible parties for determining the amount of the commitments, which will be recorded in the company's system.

b) The procedure for the classification of commitments, as unconditionally cancellable, conditionally cancellable due to deterioration of the financial situation, conditionally cancellable due to other conditions, or non-cancellable, based on the definitions of commitment and contractual agreement.

c) Financial system companies must establish mechanisms for the adequate accounting recording of the amounts of commitments granted, according to the classifications and definitions established in this Regulation.

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The manuals must be reviewed periodically, according to the strategy, policies, and procedures defined by the Board of Directors.”

4. Substitute the fourth paragraph and incorporate a fifth paragraph in article 26° Clients with high credit risk, according to the following:

“In the case of unused commitments, companies must establish the credit criteria under which they will limit, restrict, or not allow new disbursements of funds or use of the commitments, which is understood as cancellation of the commitment.

Likewise, if companies decide to grant credit facilities to a client to whom commitments were previously cancelled, the companies must, prior to granting, carry out a credit evaluation that supports such decision, which includes measuring their payment capacity and/or reviewing their financial situation. This evaluation must be part of the debtor's credit file and will not be required in the case of temporary blocks of the commitment.”

5. Modify letter e) of article 34° Portfolio-level monitoring, according to the following:

e) Carry out specific monitoring of the evolution of amounts, as well as the degree of utilization of commitments in the different exposures subject to credit risk.

Article Third.- Modify the table of article 9° of the Country Risk Regulation, approved by SBS Resolution No. 7932-2015 and its modifying norms, according to the following:3

Assets Contingent credits and derivatives

• Available
• Interbank funds
• Negotiable and non-maturing investments
  not deducted from effective equity
• Non-deducted credits from effective equity
• Accounts receivable
• Investments in subsidiaries and associates not
  deducted from effective equity
• Debtor operations in process
• Operations to be Settled
• Granted guarantees
• Granted surety bonds
• Letters of credit
• Bank acceptances
• Unused commitments
• Financial Derivative Products

Article Fourth.- Modify the Internal Audit Regulation, approved by SBS Resolution No. 11699-2008 and its modifying norms, according to the following:

1. Incorporate number 5 A) in section I. Companies Indicated in letters A, B, and C of Article 16° of the General Law (Except Guarantee and Surety Companies), Banco de la Nación, Banco Agropecuario, Fondo Mivivienda, and Corporación Financiera de Desarrollo (COFIDE), of the Annex “Scheduled Activities” according to the following:

3 Article modified by SBS Resolution No. 4347-2024 of 12.20.24

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“5A) Evaluation of the management, classification, and recording process of commitments, including that the areas in charge of defining the amount of commitments are competent according to the company's internal policies.”

Article Fifth.- Modify the Accounting Manual for companies of the financial system, approved by SBS Resolution No. 895-98 and its modifying norms, according to what is stated in the Annex attached to this Resolution, which is published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is established in Supreme Decree No. 001-2009-JUS.

Article Sixth.- Companies must submit to this Superintendency an adaptation plan to the provisions of this Resolution, within a period that must not exceed one hundred twenty (120) days from the date of its publication, which must contain the adaptation schedule and the planned actions for this, as well as the name and position of the officials responsible for compliance with said plan.

Article Seventh.- This Resolution enters into force starting from the information of July 2025, except Article Sixth which enters into force the day following its publication.4

Register, communicate, and publish,

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and AFP

4 By means of SBS Resolution No. 04347-2024, the entry into force of Articles First, Second, Third, and Fourth of Resolution 04345-2023 was modified, establishing that they enter into force starting from March 01, 2026. Likewise, it was established that Article Fifth of SBS Resolution No. 04345-2023 enters into force starting from the information of March 2026. By means of SBS Resolution No. 00493-2026, the entry into force of Articles First, Second, Third, and Fourth of Resolution 04345-2023 was modified, establishing that they enter into force starting from January 01, 2027. Likewise, it was established that Article Fifth of SBS Resolution No. 04345-2023 enters into force starting from the information of January 2027.