Regulatory Alerts2024-01-04 | Resolución SBS 04345-2023Added
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
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) amends the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions, the Regulation on Credit Risk Management, the Country Risk Regulation, the Internal Audit Regulation, and the Accounting Manual to incorporate definitions and criteria for the management and classification of commitments. The amendments define commitments, including unconditional, conditionally cancellable, and non-cancellable types, and require financial system companies to establish policies, procedures, and accounting mechanisms for these exposures. Companies must submit an adaptation plan within 120 days of publication, with the substantive provisions entering into force based on information from January 2027.