SBS Resolution No. 1262-2020: Amending Subparagraphs of Article 5 of the Regulation on Electronic Money Operations

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239

Lima, March 20, 2020

S.B.S. Resolution
No. 1262 - 2020

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators:

WHEREAS:

That, by Law No. 29985, the Law regulating the Basic Characteristics of Electronic Money as an Instrument of Financial Inclusion was approved;

That, by Supreme Decree No. 090-2013-EF and its amendment, the Regulation of Law No. 29985 regulating the Basic Characteristics of Electronic Money as an instrument of Financial Inclusion was approved;

That, by SBS Resolution No. 6283-2013 and its amending rules, the Regulation on Electronic Money Operations was approved, which establishes the regulatory framework under which electronic money operations shall be conducted;

That, by Supreme Decree No. 044-2020-PCM, the National State of Emergency was declared as a consequence of the outbreak of the Coronavirus (COVID-19) and various exceptional and temporary measures have been ordered regarding the spread of COVID-19;

That, considering the health emergency situation the country has been going through, it is necessary to establish measures that help the performance of transactions that individuals must carry out, and therefore it has been considered appropriate to amend the limits applicable to simplified electronic money accounts established in Article 5 of the Regulation on Electronic Money Operations;

Having regard to the opinion of the Deputy Superintendencies of Banking and Microfinance, of Risks, of Economic Studies and of Legal Advice; and,

In use of the powers conferred by numerals 7 and 9 of Article 349 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 amendments), and on the basis of the exceptional conditions set forth in numeral 3.2 of Article 14 of Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Article One.- To substitute subparagraphs b), c), d) and e) of Article 5 of the Regulation on Electronic Money Operations, with the following:

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239

Article 5.- Simplified electronic money accounts

"Simplified electronic money accounts" are considered to be those accounts that electronic money issuers make available to natural persons and that meet the following conditions:

(…)

b) Each transaction is subject to the limit of three thousand soles (S/. 3,000.00).

c) The consolidated balance of electronic money accounts of the same holder, under any modality, with the same electronic money issuer, may not exceed ten thousand soles (S/. 10,000.00).

d) The accumulated conversions to electronic money of the same holder, under any modality, with the same issuer in one month, may not exceed ten thousand soles (S/. 10,000.00).

e) The accumulated transactions (conversions, transfers, payments, reconversions, etc.) of the same holder, under any modality, with the same issuer in one month, may not exceed fifteen thousand soles (S/. 15,000.00).

(…)"

Article Two.- This Resolution enters into force as of the day following its publication.

Register, communicate and publish.

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