SBS Resolution No. 1395-2022: Amending the Regulations on Commissions and Expenses of the Financial System

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000 Lima, April 26, 2022 SBS Resolution No. 1395-2022 The Superintendent of Banking and Insurance and Private Pension Fund Administrators

CONSIDERING:

That, the Regulations on Commissions and Expenses of the Financial System, approved by SBS Resolution No. 3748-2021 (hereinafter, the Regulations on Commissions and Expenses), establishes the categories, denominations, and descriptions of the commissions and expenses that financial system companies may apply, as well as the procedure, deadlines, and requirements that such companies must follow for the approval of commissions and expenses not included in the Regulations, within the framework of the provisions of Law No. 31143, Law that Protects Consumers of Financial Services from Usury, which modified article 6 of Law No. 28587, Supplementary Law for Consumer Protection in Financial Services, and article 9 of Law No. 26702, General Law of the Financial System and Insurance System and Organic Law of the Superintendency of Banking and Insurance and its modifying norms;

That, pursuant to article 3 of the Regulations on Commissions and Expenses, consistent with article 18 of the Regulations on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017 and its amendments (hereinafter, the Market Conduct Regulations), the commissions and expenses of financial products and services imply the provision of an additional and/or complementary service to the contracted operations, which must be effectively provided as agreed, and correspond to the concepts set forth in Annexes No. 1 and 2 of the Regulations;

That, paragraph 4.1 of article 4 of the Regulations on Commissions and Expenses indicates that for the approval of commissions and/or expenses corresponding to the categories, denominations, and descriptions of Annexes No. 1 and 2 of this regulation, companies must present to the Superintendency the report containing the technical, economic, and legal support with a notice of no less than fifteen (15) days prior to their incorporation in the tariff schedule of their products and/or services. For its part, for the case of approval of new commissions and/or expenses not indicated in the aforementioned Annexes, paragraph 4.2 of article 4 of the cited norm establishes that companies must present to the Superintendency the aforementioned support report, within a period of no less than forty-five (45) days prior to their incorporation in the tariff schedule of products and/or services;

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000

That, considering the volume and complexity of the information presented by companies for evaluation by this Superintendency, within the framework of paragraphs 4.1 and 4.2 of article 4 of the Regulations; it is necessary to extend the deadlines indicated in the aforementioned paragraphs;

That, the Regulations on Complementary Channels for Public Attention of Financial System Companies and Electronic Money Issuing Companies, approved by Resolution No. 4798-2015 and amendments, establishes as complementary channels for public attention the cash machines implemented by entities of the financial system, therefore it is considered appropriate to homogenize the terms used in Annex No. 1 of the Regulations with respect to the commission for the use of this channel;

That, the Circular of Categories and Denominations of Commissions, Circular No. B-2213-2013, No. F-553-2013, No. CM-401-2013, No. CR-269-2013, No. EAH-17-2013 and EDPYME-146-2013, established in its Annex as part of the Categories and denominations of commissions, the commission for "Evaluation of endorsed insurance policy", in the category "Services associated with credit", applicable to mortgage and consumer credits;

That, Annex No. 3 of the Market Conduct Regulations establishes as examples of charges that do not fit the criteria of said regulation to have the quality of commissions or expenses, the charges for evaluation, administration, and/or management of endorsed policy, in the case of credit life insurance that is a condition to contract a credit product;

That, in that sense, it corresponds to incorporate in Annex No. 1 of the Regulations on Commissions and Expenses, the commission for evaluation of endorsed insurance policy applicable to mortgage and consumer credits, excluding the charges for evaluation, administration, and/or management of endorsed policy, in the case of credit life insurance that is a condition for contracting;

That, pursuant to article 4 of the Regulations on Commissions and Expenses and in accordance with the norms on market conduct management of the financial system applicable to commissions and expenses, this Superintendency has considered modifying Annex No. 1 of said norm;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Market Conduct and Financial Inclusion, and Legal Advice, and;

In exercise of the powers conferred by items 7 and 9 of article 349 of the General Law of the Financial System and Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amendments, and, in accordance with the exception conditions provided in item 3.2 of article 14 of Supreme Decree No. 001-2009-JUS and its modifying norms;

RESOLVES:

Article First.- Substitute literal a) Credit Card of Annex No. 1 of the Regulations on Commissions and Expenses of the Financial System, in the category "Use of Channels", with the following text:

a) CREDIT CARD
Use of Channels

1. Use of complementary channels
   Charge for the use of complementary channels 1, to perform withdrawals, inquiries, and/or transactions, among other operations.
   Includes the operational management associated with the service.
2. Counter operation
   Charge for the performance of withdrawals 2, balance inquiries, and/or transactions, among other operations, at the entity's counter.
   Includes the operational management associated with the service.
3. Use of electronic module
   Charge for the use of the entity's electronic modules to perform inquiries, provided that there is another free-of-cost channel.

Article Second.- Substitute point 1 of literal b) Mortgage and Consumer Credit of Annex No. 1 of the Regulations on Commissions and Expenses of the Financial System, in the category "Use of Channels", with the following text:

b) MORTGAGE AND CONSUMER CREDIT
Use of Channels

1. Use of complementary channels
   Charge for the use of complementary channels 1 to perform inquiries and/or transactions, among other operations.
   Includes the operational management associated with the service.
   (…)

Article Third.- Substitute literal c) Savings and Checking Account of Annex No. 1 of the Regulations on Commissions and Expenses of the Financial System, in the category "Use of Channels", with the following text:

c) SAVINGS AND CHECKING ACCOUNT

CATEGORY DENOMINATION DESCRIPTION OF INCLUDED SERVICES Use of Channels

1. Use of complementary channels
   Charge for the use of complementary channels 1 to perform withdrawals 3, inquiries, and/or transactions, among other operations.
   Includes the operational management associated with the service.
2. Counter operation
   Charge for the performance of withdrawals 3, deposits, balance inquiries, and/or transactions, among other operations.
   Includes the operational management associated with the service.
3. Use of electronic module
   Charge for the use of electronic modules for inquiries, provided that there is another free-of-cost channel.

Article Fourth.- Incorporate in literal b) Mortgage and Consumer Credit, of Annex No. 1 of the Regulations on Commissions and Expenses of the Financial System, in the category "Services associated with credit", the commission under the denomination "6. Evaluation of endorsed insurance policy for the asset", according to the following text:

b) MORTGAGE AND CONSUMER CREDIT
CATEGORY DENOMINATION DESCRIPTION OF INCLUDED SERVICES
6. Evaluation of endorsed insurance policy for the asset
Charge for the evaluation of the endorsed insurance policy associated with credit operations, in order to verify the compliance of insured values, coverages, exclusions, and other conditions required, related to the asset.
Excludes charges for evaluation, administration, and/or management of endorsed policy, in the case of credit life insurance.

Article Fifth.- Substitute paragraph 4.1 and paragraph 4.2 of article 4 of the Regulations on Commissions and Expenses of the Financial System, with the following text:

4.1. For the approval of commissions and/or expenses, which correspond to the categories, denominations, and descriptions of Annexes No. 1 and 2 of the Regulations, companies must present to the Superintendency the report indicated in article 3 of the Regulations with a notice of no less than fifteen (15) days prior to their incorporation in the tariff schedule of their products and/or services. Once these deadlines have expired, the commissions and/or expenses shall be deemed approved and companies may transfer the commissions and expenses to new contracts and/or initiate the pre-notice procedure for existing contracts, as applicable; unless express communication to the company by the Superintendency regarding the non-approval of the aforementioned commissions and/or expenses or the need for an additional period for evaluation.

4.2 For the approval of new commissions and/or expenses not indicated in Annexes No. 1 and 2 of the Regulations, companies must present to the Superintendency the report indicated in article 3 of the Regulations with a notice of no less than sixty (60) days from the date on which the incorporation in the tariff schedule of products and/or services has been planned.

Article Sixth: This Resolution enters into force from the day following its publication in the Official Gazette El Peruano.

Register, communicate, and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and AFP (Acting)

1 Automatic teller machine and correspondent cash machine.
2 Provided that there is a free-of-cost channel.
3 Provided that there is a free-of-cost channel and/or a number of monthly withdrawals without cost, determined by the company.