SBS Resolution No. 126-2022: Amending the Regulation of Infractions and Sanctions and Incorporating Procedure No. 202 for Authorization of Temporary Activities in Novel Models

Los Laureles Nº 214 - Lima 27 – Perú Telf.: (511) 6309000 Lima, January 13, 2022 SBS Resolution No. 0126-2022

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, the Fifth Complementary Modifying Provision of Urgency Decree No. 013-2020, which promotes the financing of SMEs, startups, and entrepreneurial ventures, incorporates the Thirty-Fourth Final and Complementary Provision to Law No. 26702, the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, hereinafter the General Law, which provides that the Superintendence may establish, within the scope of its supervisory functions, the temporary performance of any operation or activity through novel models, being able to grant exceptions to the regulation applicable to natural or legal persons carrying out such operations or activities, as well as regarding other provisions necessary for their development;

That, pursuant to the aforementioned, this Superintendence issued the Regulation for the temporary performance of activities in novel models, approved by SBS Resolution No. 2429-2021, through which spaces are allowed for temporary tests for the development of activities applicable to operating companies, as well as those in the process of authorization, with the aim of promoting the innovative development of financial products and/or services that allow companies to achieve greater efficiency and quality;

That, pursuant to this, this Superintendence must approve the administrative authorization procedure described above, as well as the classification of infractions, in the event that a non-compliance by companies and companies with organizational authorization occurs regarding the obligations established in the aforementioned Regulation;

That, paragraph 3.2 regarding conditions for exception to the publication of draft resolutions, established in Article 14 of Supreme Decree No. 001-2009-JUS, is applicable;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Private Pension Fund Administrators, Insurance, Risks, Economic Studies, Market Conduct and Financial Inclusion, and Legal Advice; and,

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

In exercise of the powers conferred by paragraphs 7 and 9 of Article 349 of the General Law; paragraph d) of Article 57 of the Single Text of the Law of the Private Administration of Pension Funds System, approved by Supreme Decree No. 054-97-EF; and the Fifth Complementary Modifying Provision of Urgency Decree No. 013-2020;

RESOLVES:

Article First.- Modify the Regulation of Infractions and Sanctions of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, approved by SBS Resolution No. 2755-2018, according to the following:

1. Incorporate into Annex 1 on Common Infractions the following infractions:

II. Serious Infractions (...)

77. Carrying out pilot tests of novel models without complying with the authorization conditions established for their development, in accordance with current regulations.

78. Not having the express authorization of the Superintendence to carry out pilot tests of novel models that require it, in accordance with current regulations. (...)

III. Very Serious Infractions (...)

21. Carrying out pilot tests of novel models without complying with the authorization conditions established for their development, in accordance with current regulations, and which have produced an economic impact equal to or greater than 100 UIT.

2. Modify the title of Annex 5 as follows: “Infractions applicable to derramas, benefit funds, other funds that receive resources from their affiliates and grant severance, retirement, and similar pensions, factoring companies not included in the scope of the general law, financial leasing companies not included in the scope of the general law, companies with organizational authorization, and other supervised entities not considered in the other annexes” and Incorporate the following infractions:

I. Serious Infractions (...)

Companies in organization

4. Carrying out pilot tests of novel models without complying with the authorization conditions established for their development, in accordance with current regulations.

5. Not having the express authorization of the Superintendence to carry out pilot tests of novel models that require it, in accordance with current regulations. (...)

II. Very Serious Infractions

Companies in organization

1. Carrying out pilot tests of novel models without complying with the authorization conditions established for their development, in accordance with current regulations, and which have produced an economic impact equal to or greater than 100 UIT.

Article Second.- Incorporate Procedure No. 202 regarding the “Authorization for the performance of temporary activities in novel models” into the Single Text of Administrative Procedures of the Superintendence of Banking, Insurance and Private Pension Fund Administrators, approved by Resolution No. 1678-2018, the text of which is attached to this resolution and is published on the Institutional Web Portal (www.sbs.gob.pe).

Article Third.- This Resolution enters into force on February 1, 2022.

Register, communicate, and publish.

SOCORRO HEYSEN ZEGARRA Superintendent of Banking, Insurance and Private Pension Fund Administrators