Lima, 10 December 2010

S.B.S. Resolution No. 17025 -2010

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

WHEREAS:

That, in accordance with the provisions of article 180 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, hereinafter General Law, it corresponds to this Superintendency to establish the requirements and standards of external audit for the companies of the financial system and the insurance system;

That, likewise, numeral 1 of article 134 of the General Law establishes that, in order to provide the depositor and the insured with adequate protection, it corresponds to this Superintendency to order the practice of external audits by firms previously qualified and registered in the corresponding registry;

That, in accordance with subsection e) of article 57 of the Single Ordered Text of the Law of the Private System of Pension Fund Administration, approved by Supreme Decree No. 054-97-EF, it is the attribution and obligation of the Superintendency to supervise the AFP in compliance with the legal provisions and administrative directives that govern them;

That, numeral 3 of the Twenty-Fourth Final and Complementary Provision of the General Law establishes that the supervision of savings and credit cooperatives not authorized to operate with third parties is in charge of the National Federation of Savings and Credit Cooperatives (FENACREP) or other federations of cooperatives to which they voluntarily affiliate and that are recognized by this Superintendency;

That, to the extent that the work carried out by external audit firms constitutes a fundamental mechanism of support for the supervision and control carried out by this Superintendency and FENACREP, in their respective areas, and a means of protection for the depositor, the insured, the members of the cooperatives and the members of the AFP, it is necessary to create a Registry of Audit Firms administered by this Superintendency;

That, likewise, it is necessary to incorporate into the Regulations of Sanctions approved by SBS Resolution No. 816-2005 of 03 June 2005, the infractions for external audit firms related to the aforementioned Registry of Audit Firms;

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)2218990 Fax: (511) 4417760 2

In accordance with the opinion of the Deputy Superintendencies of Banking and Microfinance, of Risks, of Insurance, of Private Administrators of Pension Funds, of Economic Studies and of Legal Advice; and,

In use of the attributions conferred in numeral 7 of article 349 and numeral 7 of article 367 of the General Law;

RESOLVES:

Article One.- Create in the Superintendency of Banking, Insurance and Private Administrators of Pension Funds the Registry of External Audit Firms, which shall be abbreviated as RESAE.

Article Two.- Approve the Regulations of the Registry of External Audit Firms, which forms an integral part of this Resolution, as indicated below.

REGULATIONS OF THE REGISTRY OF EXTERNAL AUDIT FIRMS

TITLE I OF THE GENERAL ASPECTS

Scope

Article 1.- To perform external audit services for the companies indicated in articles 16 and 17 of the General Law, Banco de la Nación, Banco Agropecuario, the MIVIVIENDA Fund, Corporación Financiera de Desarrollo (COFIDE), Fundación Fondo de Garantía para Préstamos a la Pequeña Industria (FOGAPI), pension contributions and funds under the supervision of this Superintendency, Private Administrators of Pension Funds (AFP), Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC), Fund of Municipal Savings and Credit Banks (FOCMAC), and savings and credit cooperatives not authorized to operate with third parties under the supervision of FENACREP, it is required that external audit firms be previously registered and have the status of enabled in the Registry of External Audit Firms (RESAE) in charge of this Superintendency.

Definitions

Article 2.- For purposes of these Regulations, the following terms must be considered:

a) Days: Calendar days.

b) Companies: Companies indicated in articles 16 and 17 of the General Law, Banco de la Nación, Banco Agropecuario, the MIVIVIENDA Fund, Corporación Financiera de Desarrollo (COFIDE), Fundación Fondo de Garantía para Préstamos a la Pequeña Industria (FOGAPI), pension contributions and funds under the supervision of this Superintendency, Private Administrators of Pension Funds (AFP), Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC), Fund of Municipal Savings and Credit Banks (FOCMAC) and savings and credit cooperatives not authorized to operate with third parties under the supervision of FENACREP.

c) RESAE: Registry of External Audit Firms.

d) Superintendency: Superintendency of Banking, Insurance and Private Administrators of Pension Funds.

TITLE II OF THE REGISTRATION IN THE RESAE

Requirements

Article 3.- For the registration procedure in the RESAE, external audit firms must submit an application in the format provided by the Superintendency, attaching the documents and information indicated below:

a) Simple copy of the deed of incorporation of the firm, and its amendments, when applicable;

b) Copy of the Single Taxpayer Registry (RUC);

c) Original certificate of updated enablement issued by any of the Departmental Colleges of Public Accountants of the Republic;

d) Original certificate of accreditation of the principal partner issued by any of the Departmental Colleges of Public Accountants of the Republic;

e) Sworn statement stating that neither the external audit firm nor its partners have been sanctioned by this Superintendency, or any other public or private body, for omission or non-compliance with the provisions on the activities inherent to external auditing established in the current regulatory framework, classified as serious or very serious infractions, or their equivalents;

f) Name of the partners or associates and the participation percentages of each of them;

g) List of persons authorized to sign external audit reports; and,

h) Brief description of the firm, including, among others, background, the nature of the services provided, and the correspondent or representation agreements obtained.

In order to verify compliance with the requirements for registration in the RESAE, the Superintendency may request additional information and documentation to that submitted with the application.

Publication

Article 4.- The list of those external audit firms that have applied for registration in the RESAE and that have complied with the requirements set forth in this regulation shall be published by the Superintendency through its website: www.sbs.gob.pe, and they shall be considered in active status as of the date of publication.

Updating of information

Article 5.- Those registered in the RESAE, in order to maintain their active status, must comply with the submission of information, in accordance with the provisions established by the Superintendency.

The companies must report any modification of the significant information submitted for their registration within a period no greater than fifteen (15) days from the date it occurs. Significant information shall be understood as that related to items a) through f) of Article 3 of this Regulation.

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511)2218990 Fax: (511) 4417760 4

Article Three.- Amend the External Audit Regulation for savings and credit cooperatives not authorized to operate with public funds, approved by SBS Resolution No. 741-2001, as follows:

Replace subsection a) of Article 5 with the following text:

"a) Be registered and authorized in the Registry of any of the Departmental Colleges of Public Accountants of the Republic and in the Registry of External Audit Firms of the Superintendency;".

Article Four.- Incorporate the following infractions in section II of Annex 1 "Common Infractions" of the Sanctions Regulation approved by SBS Resolution No. 816-2005, as indicated below

External Audit Firms:

Failure to notify this Superintendency of any modification of the significant information submitted for registration in the Registry of External Audit Firms (RESAE) within a period no greater than fifteen (15) days from the date it occurs.

Specific Sanction: Registration in the Registry of External Audit Firms (RESAE) shall be suspended for a period of one year for failure to notify any modification of significant information; in the event of recurrence, the Registry shall be cancelled.

Article Five.- Incorporate procedure No. 106 called "Authorization for registration in the Registry of External Audit Firms (RESAE)" in the Single Text of Administrative Procedures – TUPA of the Superintendency of Banking, Insurance and Private Pension Fund Administrators approved by SBS Resolution No. 131-2002, the text of which is attached to this Resolution and which is published on the Institutional Portal (www.sbs.gob.pe) in accordance with the provisions of Supreme Decree No. 004-2008-PCM.

Article Six.- This regulation shall enter into force on the day following its publication in the Official Gazette "El Peruano".

The obligation of external audit firms to register in the Registry of External Audit Firms (RESAE) under this Superintendency is optional only for the aforementioned reports corresponding to fiscal year 2010.

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