SBS Resolution No. 1270-2007: Agreement on Responsibility for Information Submitted via the SUCAVE Application

Lima, September 21, 2007
S.B.S. Resolution
No. 1270-2007

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, in exercise of the authority conferred by item 13 of Article 349 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendency of Banks and Insurance, approved by Law No. 26702 and its amendments, hereinafter the General Law, as well as by item d) of Article 57 of the Single Text of the Law of the Private System for the Administration of Pension Funds, for the adequate fulfillment of its functions of supervision, control, and information transparency, the Superintendency of Banks and Insurance and Private Pension Fund Administrators has issued various regulations requesting supervised companies to submit financial, accounting, and statistical information;

That, Article 1 of the "Law on Digital Signatures and Certificates," Law No. 27269, states that its purpose is to regulate the use of the electronic signature, granting it the same validity and legal efficacy as the handwritten signature or any other analogous signature that involves a manifestation of will;

That, Article 4 of the Regulation of Law No. 27269, Supreme Decree No. 004-2007-PCM, states that an electronic signature shall be understood as any symbol based on electronic means, generated within or outside the Official Infrastructure for Electronic Signature (IOFE), used or adopted with the precise intention of binding, authenticating, and/or guaranteeing the integrity of an electronic document or a data message, fulfilling all or some of the functions of a handwritten signature;

That, in Article 2 of the aforementioned Regulation, it is stated that its provisions do not restrict the use of electronic signatures generated outside the IOFE, which shall be valid considering the agreements or conventions agreed upon by the parties, as well as the policies adopted by the State regarding the validity and legal efficacy of the electronic signature in Public Administration, as established in Article 1 of Law No. 27269;

That, the application known as SUCAVE (External Capture and Validation Submodule), developed and maintained by this Superintendency, is currently used for the submission of various financial, accounting, and statistical information from supervised companies, and incorporates sufficient technological elements to configure the conditions provided for the use of electronic signatures;

That, this Superintendency considers it important to achieve a reduction in transaction costs related to the fulfillment of information submission obligations by the supervised entities, and for this purpose, establishes the use of computer systems that meet the requirements of legal validity, reducing the use of paper and favoring speed in communications;

That, consequently, it is necessary to issue provisions compatible with Article 2 of the Regulation of the "Law on Digital Signatures and Certificates" in order to allow supervised companies to submit with legal validity to this Superintendency the financial, accounting, and statistical information of a nature required by current regulations, through the aforementioned SUCAVE application;

Being in accordance with the opinion of the Adjunct Superintendencies of Banking and Microfinance, Insurance, Private Pension Fund Administrators, Risks, Legal Advice, as well as the General Manager of Economic Studies and Information Technologies; and,

In exercise of the authorities conferred by items 9 and 13 of Article 349 of the General Law, as well as by item d) of Article 57 of the Single Text of the Law of the Private System for the Administration of Pension Funds and in concordance with what is established in Article 2 of the Regulation of the "Law on Digital Signatures and Certificates," Law No. 27269;

RESOLVES:

Article First.- Supervised companies that deem it appropriate may sign the "Agreement on Responsibility for Information Submitted via the SUCAVE Application," the model of which is shown in Annex No. 1 of this Resolution. After signing the aforementioned agreement, companies may send the financial, accounting, and statistical information available for submission through SUCAVE exclusively by this means, without requiring the additional submission of said information on physical media. Exceptionally, the Superintendency may request the temporary submission of any format via physical media or another alternative.

In the event that the aforementioned agreement is not signed, companies must continue to submit information to this Superintendency through SUCAVE as well as on physical media, as required by specific regulations.

Article Second.- To clarify that the use of SUCAVE by supervised companies constitutes a manifestation of their will to accept the use of the aforementioned information submission software, with the scope indicated in the corresponding instructions, a situation that configures the premise indicated in Article 2 of the Regulation of the "Law on Digital Signatures and Certificates," Law No. 27269 referred to in the fourth consideration of this Resolution.

Article Third.- This Resolution shall enter into force from the day following its publication in the Official Gazette El Peruano.

Register, communicate, and publish

FELIPE TAM FOX
Superintendent of Banks, Insurance, and
Private Pension Fund Administrators

ANNEX No. 1
AGREEMENT ON RESPONSIBILITY FOR INFORMATION SUBMITTED VIA THE SUCAVE APPLICATION (Model)

Let this document be the "Agreement on Responsibility for Information Submitted via the SUCAVE Application" entered into by one part, the SUPERINTENDENCY OF BANKS, INSURANCE, AND PRIVATE PENSION FUND ADMINISTRATORS, hereinafter THE SUPERINTENDENCY; with RUC No. 20131370564 and with domicile at Calle Los Laureles No. 214, San Isidro, duly represented by Mr. Luis Fernando González-Prada Saponara, Adjunct Superintendent of General Administration, authorized by SBS Resolution No. 1929-2007, dated December 27, 2007, identified with DNI No. 07943301, and by the other part, ……………… (Legal name of the supervised company) represented by its General Manager, ……………… , identified with DNI No. …………… , with legal domicile at ………………, hereinafter referred to as the SUPERVISED COMPANY, under the following terms and conditions:

CLAUSE FIRST: BACKGROUND
THE SUPERINTENDENCY is a constitutionally autonomous institution, with legal personality of public law, which exercises control and supervision of companies in the Financial System, the Insurance System, and the Private System for the Administration of Pension Funds, as well as of other natural and legal persons incorporated under its supervision by Law No. 26702 or by special laws, ensuring compliance with the legal provisions to which they are obligated in the development of their activities.

Likewise, in exercise of the authority conferred by item 13 of Article 349 of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendency of Banks and Insurance, approved by Law No. 26702 and its amendments, hereinafter the General Law, as well as by item d) of Article 57 of the Single Text of the Law of the Private System for the Administration of Pension Funds, for the adequate fulfillment of its functions of supervision, control, and information transparency, the Superintendency has issued various regulations requesting supervised companies to submit financial, accounting, and statistical information via computer applications.

THE SUPERVISED COMPANY is an institution that, in accordance with current legal norms, is under the supervision and control of THE SUPERINTENDENCY, and must comply with all information requirements requested by it in accordance with its powers established in the General Law and the Law of the Private System for the Administration of Pension Funds.

CLAUSE SECOND: OBJECTIVE
The "External Capture and Validation Submodule" (SUCAVE) provides an authentication scheme that allows identifying and linking the SUPERVISED COMPANY with the data transfer operation and with the information submitted through it. Furthermore, SUCAVE incorporates validation control and encryption technology that guarantee the integrity of electronic documents and the transmission process through it. This technological implementation constitutes an electronic signature, according to the requirements established by Law No. 27269 and its regulatory norms.

The purpose of this Agreement is to agree that the electronic signature contained in the software known as SUCAVE developed by THE SUPERINTENDENCY and used by the SUPERVISED COMPANY for the submission of financial, accounting, and statistical information, has the validity and legal efficacy of the electronic signature established in Article 1 of the "Law on Digital Signatures and Certificates," Law No. 27269, applying the principle of autonomy of will regulated in Article 2 of the Regulation of Law No. 27269, Supreme Decree No. 004-2007-PCM.

CLAUSE THIRD: MANIFESTATION OF WILL
The SUPERVISED COMPANY accepts through this Agreement that the mere use of SUCAVE for the submission to THE SUPERINTENDENCY of electronic documents expresses the manifestation of its will to bind, authenticate, and guarantee the integrity of said electronic documents.

CLAUSE FOURTH: RESPONSIBILITIES OF THE SUPERVISED COMPANY The SUPERVISED COMPANY commits to taking the necessary measures to grant access to the SUCAVE application to persons expressly authorized for that purpose and to establish periodic monitoring mechanisms that reasonably ensure the reliability of the information entered and sent through said application.

THE SUPERINTENDENCY shall deem all information submitted through SUCAVE that exceeds its internal validation controls as sent, with the SUPERVISED COMPANY being responsible for the timely submission and reliability of the information within the deadlines and according to the formats provided in the applicable regulation.

The signing of this Agreement does not limit the application of the Sanctions Regulation regarding delay or error in the information sent to THE SUPERINTENDENCY.

CLAUSE FIFTH: DOMICILE
For the purposes of this Agreement, the parties ratify the domicile indicated in the introduction of this document. Any variation thereof must be communicated to the other party in writing with a notice of no less than fifteen (15) calendar days in advance. Any communication or notice exchanged between the parties shall take effect at the domiciles indicated.

CLAUSE SIXTH: DISPUTE RESOLUTION
Any discrepancy and/or controversy arising from the interpretation or fulfillment of this Agreement shall be attempted to be resolved through direct dealings of the parties, following the rules of good faith and common intention, committing to provide their best efforts to achieve a harmonious solution in light of the spirit of mutual collaboration that animates the parties in the celebration of this Agreement, governed suppletorily by what is established in the common and current legislation applicable to them.

CLAUSE SEVENTH: TERMINATION OF THE AGREEMENT
Either party may terminate this Agreement, with prior notice of at least 30 days in advance to the other party.

Without prejudice to the foregoing, at the discretion of THE SUPERINTENDENCY, it may conclude the agreement due to repeated breaches or failures by the SUPERVISED COMPANY in the timely and error-free submission of information sent via SUCAVE.

The parties being in agreement with the content of each and every clause constituting this Agreement, they sign it in duplicate as a sign of absolute conformity, on the day of the month of the year 200 .

FOR THE SUPERINTENDENCY: FOR THE SUPERVISED COMPANY:

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Adjunct Superintendent of General
Administration General Manager of ………………