SBS Resolution No. 1142-2021: Amendment to the Regulation on Special Regimes and Liquidation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 1

Lima, April 16, 2021

S.B.S. Resolution
No. 1142-2021

The Superintendent of Banking and Insurance and Private Pension Fund Administrators

WHEREAS:

That Law No. 30822, Law that amends Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, and other concordant norms, regarding the regulation and supervision of savings and credit cooperatives not authorized to raise funds from the public, hereinafter Coopac, amended the Twenty-Fourth Final and Complementary Provision of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance - Law No. 26702 and its amending norms, hereinafter General Law, establishing new provisions relating to the special regimes and liquidation of Coopac;

That numerals 4-A, 4-B and 5-A of the Twenty-Fourth Final and Complementary Provision of the General Law set forth the regulatory powers of the Superintendency in matters of Coopac, as well as the basic norms on the intervention, dissolution and liquidation regimes of Coopac of levels 1 and 2, specifying in numerals 4-B.7 and 5-A.5 that the Superintendency shall regulate by Regulation the surveillance, intervention, dissolution and liquidation regimes applicable to Level 3 Coopac;

That by SBS Resolution No. 5076-2018 the "Regulation on Special Regimes and Liquidation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public" was approved, considering the specific norms applicable to Coopac of levels 1, 2 and 3;

That it is considered convenient to amend the Sole Transitional Complementary Provision of the aforementioned Regulation to allow the Superintendency to apply to Coopac of modular level 3, at an earlier time, greater tools to protect savings members, without advancing the application of the causes of intervention contemplated in Chapter III of the Regulation on Special Regimes and Liquidation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, considering that the Coopac system is in an initial stage of supervision and stabilization, which in turn has coincided with the declaration of the COVID-19 Pandemic and the corresponding measures adopted by the Government

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 2

That, in order to gather the opinions of the general public regarding the proposed regulation, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of the Superintendency, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, numeral 2 of the Fifteenth Final Complementary Provision of Law No. 30822 and Supreme Decree No. 001-2009-JUS;

Having the prior and positive technical report on the viability of the norm of the Deputy Superintendency of Cooperatives and with the approval of the Deputy Superintendencies of Cooperatives and Legal Advisory, and;

In use of the powers established in numerals 7 and 9 of article 349, as well as in numerals 4-A, 4-B and 5-A of the Twenty-Fourth Final and Complementary Provision of the General Law;

RESOLVES:

Article One.- To replace the Sole Transitional Complementary Provision of the Regulation on Special Regimes and Liquidation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public approved by SBS Resolution No. 5076-2018, with the following text:

SOLE.- Gradual schedule of adaptation to the provisions of Chapter III of this Regulation

Until December 31, 2022, the provisions of article 2 of Chapter II; as well as Subchapter II of Chapter III, except article 22 referring to the causes of the intervention regime; and Subchapter III of Chapter III, are applicable to Coopac of modular level 3.

In the event that Coopac of modular level 3 wish to carry out level 3 operations, they may request the corresponding authorization and from the granting of said authorization the provisions of Chapter III shall be fully applicable to them.

As of January 1, 2023, the provisions of Chapter III shall be fully applicable to all Coopac of modular level 3.

Article Two.- This resolution enters into force as of the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

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