SBS Resolution No. 2721-2024: Modifies the Regulation for the Authorization of Companies and Representatives of the Financial and Insurance Systems, and the Single Text of Administrative Procedures – TUPA of the SBS

Los Laureles No. 214 - Lima 27 - Peru Tel. : (511) 630-9000 Lima, August 02, 2024 S.B.S. Resolution No. 02721-2024 The Superintendent of Banking, Insurance and Private Pension Fund Administrators CONSIDERING: That, by Legislative Decree No. 1531, some provisions 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), related to the authorization procedure for supervised companies, were modified; That, by virtue of the aforementioned, this Superintendency considers it necessary to modify some articles of the Regulation for the Authorization of Companies and Representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021, to clarify aspects related to the simplification of evaluation criteria and requirements for the consolidated supervision of Credit Companies; That, it is incumbent upon the Superintendency of Banking, Insurance and Private Pension Fund Administrators, in accordance with the functional autonomy conferred by article 346 of the General Law and article 44 of the Consolidated Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS and its amendments, to approve the modifications to its TUPA; That, by SBS Resolution No. 01581-2023 of May 04, 2023, the Single Text of Administrative Procedures (TUPA) of the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) was approved; That, additionally, the update of procedure No. 1 “Authorization for the constitution of companies referred to in article 16 of Law No. 26702: Multiple Operation Companies, Insurance Companies, Investment Banks, Specialized Companies, as well as Electronic Money Issuing Companies as pertinent – Organization” of the SBS TUPA is required; to consider the simplification of evaluation criteria and requirements for the consolidated supervision of Credit Companies; That, this Resolution is published under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as numeral 3.2. of article 14 of Supreme Decree No. 001-2009-JUS; With the approval of the Deputy Superintendencies of Banking and Microfinance, Risks and Legal Advisory; and, Los Laureles No. 214 - Lima 27 - Peru Tel. : (511) 630-9000 In use of the powers conferred by articles 349 and 367 of the General Law; RESOLVES: Article First.- Modify the Regulation for the authorization of companies and representatives of the Financial and Insurance Systems, approved by SBS Resolution No. 211-2021, as indicated below: 1. Substitute subsection viii. of literal d) of paragraph 6.2 of article 6, with the following text: “Article 6.- Information on shareholders (…) 6.2 Organizers must submit, together with the organization application, the following required information from the shareholders of the company in formation and their ultimate
beneficial owners: (…) d) In the case of legal entities: (…) viii. For shareholders or ultimate beneficial owners whose consolidated supervision does not correspond to this Superintendency, organizers must additionally prove that they have informed the original supervisor that the latter will receive a questionnaire from this Superintendency on aspects of consolidated supervision in accordance with the mechanisms and conditions established by the Superintendency, as published on the institutional portal. The foregoing does not apply to Credit Companies. 2. Modify article 7, according to the following text: “Article 7.- Information on economic group If the shareholders belong to an economic group, the organizers must submit, together with the organization application, the following information related to the economic group to which they belong: a) Brief overview of the economic group's background, the list of legal entities and/or legal bodies that comprise it and main activities, indicating whether they operate under the supervision of a control body. b) Geographical scope of operation, business volumes and market share, expansion plans, and description of the economic-financial situation of the economic group. c) Diagram showing the composition of the economic group and including all legal entities and legal bodies or vehicles that comprise it, whether or not they are in the financial sector, and the relationships between them. d) The list of significant owners of the members of the economic group and their ultimate beneficial owners and the number of shares or percentage of participation they hold in them. e) The list of ultimate beneficial owners of the members of the economic group who are not significant owners. Los Laureles No. 214 - Lima 27 - Peru Tel. : (511) 630-9000 f) If applicable, the impact of the company's constitution on the consolidated groups, as well as the projection of capital requirements and the calculation of the effective capital of said groups. This Superintendency may request the list of directors, managers, and principal officers of the members of the economic group, legal entities and/or legal bodies. Credit Companies shall only consider the requirements of literals a), c), d) and e). Article Second.- Modify Procedure No. 1 “Authorization for the constitution of companies referred to in article 16 of Law 26702: Multiple Operation Companies, Insurance Companies, Investment Banks, Specialized Companies, as well as Electronic Money Issuing Companies as pertinent - Organization" of the SBS TUPA in the terms contained in the text published on the institutional portal (www.sbs.gob.pe), in accordance with the provisions of the Regulation of Law No. 29091, approved by Supreme Decree No. 004-2008-PCM Article Third.- This resolution shall enter into force the day after its publication in the Official Gazette “El Peruano”. Register, communicate and publish SERGIO JAVIER ESPINOSA CHIROQUE Superintendent of Banking, Insurance and
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