SBS Resolution No. 12880-2009: Amendment to the Regulation of Trusts and Trust Service Companies

Lima, September 10, 2009
SBS Resolution No. 12880-2009

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

WHEREAS:

That, by SBS Resolution No. 1010-99 dated November 11, 1999, the Regulation of Trusts and Trust Service Companies was approved.

That, Article 6 of the aforementioned regulation establishes, among other aspects, that trusts constituted with movable assets that do not have an organized public registry so that they may be enforceable against third parties must be registered with the Central de Riesgos of this Superintendency;

That, following the entry into force of Law No. 28677, the Law on Security Interests, the enforceability and priority of trusts is governed by the provisions of said law, which is why Article 6 of the aforementioned regulation must be amended to establish that the registry of trusts of the Central de Riesgos of the Superintendency of Banking, Insurance and Private Pension Fund Administrators is for information purposes only;

That, this Superintendency has considered it appropriate to update the requirements for the authorization procedures for the extension of the maximum term of the trust in order to have the necessary and relevant information to rule on the applications for authorization for the extension of said term;

With the favorable opinion of the Deputy Superintendencies of Banking and Microfinance, Risks and Legal Affairs; and,

In use of the powers conferred by 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.

RESOLVES:

Article One.- Amend Article 6 of the Regulation of Trusts and Trust Service Companies, approved by SBS Resolution No. 1010-99, as follows:

"Article 6.- Registration of the trust in the Central de Riesgos

In accordance with the provisions of numeral 2 of Article 158 of the General Law, the registration of trusts in the Central de Riesgos of this Superintendency is for information purposes only.

To carry out the registration in said Central, a request must be submitted attaching the trust contract specifying the identification of the assets subject to the fiduciary transfer, the purpose and term of the trust, the identification of the settlor and trustee and, as applicable, the identification of the beneficiary or the criteria for its determination."

Article Two.- Amend the second and third paragraphs of Article 8 of the Regulation of Trusts and Trust Service Companies, approved by SBS Resolution No. 1010-99, as follows:

"Article 8.- Extension of the maximum term of the trust

(...)

For the purposes of said authorization, the trustee or the interested third parties must submit to this Superintendency the following:

a) Application stating the additional term and the reasons supporting the request;

b) Constitutive act of the trust indicating its terms and conditions; and,

c) Draft amendment of the constitutive act.

The application must be submitted in due advance of the expiration of the trust term. In the event that this Superintendency does not issue a ruling on the application within thirty (30) business days of its submission, with complete requirements, the extension of the term shall be deemed authorized. When said application is submitted within the thirty (30) days prior to the expiration of the trust, the trust term is interrupted until the Superintendency rules or until the deadline for it to issue its ruling.

Article Three.- The provisions of this Resolution enter into force from the day following its publication in the Official Gazette "El Peruano".

Register, communicate and publish.

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