Lima, 07 February 2025

SBS RESOLUTION N° 00458-2025

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

WHEREAS:

That, Law N° 30822 (hereinafter, Coopac Law) modified the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law N° 26702 and its amending norms (hereinafter, General Law), replacing the Twenty-Fourth Final and Complementary Provision, referring to Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public (hereinafter, Coopac);

That, in numeral 4-A.1. of the Twenty-Fourth Final and Complementary Provision of the General Law it is established that, in matters of regulation, the Superintendency of Banking, Insurance and Private Administrators of Pension Funds (hereinafter, the Superintendency) issues the norms that are necessary for compliance with the provisions of the referred Final and Complementary Provision, as well as on the other aspects that are necessary for the supervision and regulation of the Coopac, which are consistent with the modular scheme contemplated in numeral 2 of the aforementioned final and complementary provision. The norms issued by the Superintendency must respect the cooperative and proportionality principles applicable to supervision;

That, due to the National State of Emergency as a consequence of the COVID-19 outbreak, the economic damages derived from the crisis, the low level of sophistication of the Coopac system observed in the first years of its supervision, as well as the pre-existing financial difficulties in these entities before the entry into force of the Coopac Law, which were aggravated by the pandemic; the gradual schedules of adaptation to the global limit, the constitution of the cooperative reserve, the liquidity coverage ratio, among others, were modified, through SBS Resolutions N° 1561-2020, N° 2980-2020, N° 2570-2021 and N° 3178-2023, with the purpose of facilitating their adaptation to the prudential requirements established in the General Regulation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, approved by SBS Resolution N° 480-2019 and its amending norms (hereinafter, the Coopac Regulation);

That, to the extent that the Coopac continue facing a challenging context, characterized by the impact of natural phenomena, the increase in insecurity that has motivated declarations of emergency in several cities and the operational difficulties derived from the limited capacity of some Coopac to restore their economic activities after these events, it is necessary to postpone the entry into force of certain

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prudential requirements, with the purpose of granting a reasonable term that allows them to gradually adapt to said provisions, given their impact and high level of sophistication;

That, in accordance with what is indicated in the previous recitals, it is necessary to modify the Third, Eleventh and Twelfth Transitory Complementary Provision of the Coopac Regulation, and the second and third paragraph of Article Third, of SBS Resolution N° 480-2019;

Counting with the prior and positive technical report of viability of the norm of the Deputy Superintendency of Cooperatives and with the approval of the Deputy Superintendencies of Cooperatives and of Legal Advice; and

In use of the attributions conferred in numerals 7 and 9 of article 349, as well as numeral 4-A of the Twenty-Fourth Final and Complementary Provision of the General Law, and on the basis of what is indicated in the Thirty-Second Final and Complementary Provision of the General Law;

RESOLVES:

Article First.- Modify the General Regulation of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public, approved by SBS Resolution N° 480-2019 and its amending norms, in accordance with the following:

1. Replace the Third Transitory Complementary Provision, with the following:

THIRD.- Gradual schedule of adaptation to the global limit contemplated in article 31

The Coopac have a gradual schedule of adaptation to the global limit contemplated in paragraph 31.2 of article 31, in accordance with the following table:

Date	Global Limit Coopac Level 1 and Coopac Level 2 with total assets less than or equal to 32, 200 UIT	Global Limit Coopac Level 2 with total assets greater than 32, 200 UIT and Coopac of Level 3
As of December 2022	5%	6%
As of December 2023	6%	7%
As of December 2026	7%	8%
As of December 2027	9%	9%
As of December 2028	10%	10%

The Coopac have a gradual schedule of adaptation to the basic patrimony limit contemplated in paragraph 31.3 of article 31, in accordance with the following table:

Date	Basic Patrimony for Coopac Level 1 and Coopac Level 2 with total assets less than or equal to 32, 200 UIT	Basic Patrimony for Coopac Level 2 with total assets greater than 32, 200 UIT and Coopac of Level 3

SUPERINTENDENCY
OF BANKING, INSURANCE AND AFP
Republic of Peru

As of December 2022
3.75%
4.50%
As of December 2023
4.50%
5.25%
As of December 2026
5.25%
6.00%
As of December 2027
6.75%
6.75%
As of December 2028
7.50%
7.50%

2. Replace the Eleventh Complementary Transitory Provision, with the following:

ELEVENTH.- Gradual adaptation schedule for the constitution of the cooperative reserve

The Coopac have a gradual adaptation schedule for the constitution of the cooperative reserve contemplated in article 28, in accordance with the following table:

Date	Level 1	Level 2	Level 3
As of December 2022	10%	20%	30%
As of December 2023	12%	22%	32%
As of December 2026	14%	24%	34%
As of December 2027	15%	25%	35%

3. Replace the Twelfth Complementary Transitory Provision, with the following:

TWELFTH.- Gradual adaptation schedule for the Liquidity Coverage Ratio (LCR)

There is an adaptation period to comply with the provisions of literal c) of article 48, in accordance with the following schedule:

Period	Minimum LCR
January to December 2024	50%
January to December 2025	50%
January to December 2026	50%
January to December 2027	60%
January to December 2028	70%
January to December 2029	80%
January to December 2030	90%
January 2031 onwards	100%

4. Incorporate as Fifteenth Complementary Transitory Provision, the following:

FIFTEENTH.- Exception for information comprised between December 2024 and the issuance of SBS Resolution No. 00458-2025

Exceptionally, for the requirements comprised between December 2024 and the issuance of SBS Resolution No. 00458-2025, the percentages contemplated in the Third and Eleventh Complementary Transitory Provisions corresponding to December 2023 also continue to be applicable to the Coopac.

Article Second.- Replace the second and third paragraphs
of Article Third of SBS Resolution No. 480-2019, in accordance with the following:

"Article Third.- (...) The Coopac that as of 8 February 2019, the date on which the General Regulations of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public enters into force, register excesses of the limits contemplated in paragraph 36.1 of article 36, in paragraph 37.1 of article 37, as well as in articles 38 and 40, cannot increase the exposure levels existing at that moment, and have until 31 December 2026 to adapt their exposures to compliance with the referred limits.

Likewise, the Coopac have until 31 December 2026 to comply with the provisions in literals a) and b) of article 48 referring to minimum liquidity ratios, as well as, with the provisions in paragraphs 43.2 and 43.3 of article 43 regarding the treatment of foreclosed assets and assets received in payment of the General Regulations of Savings and Credit Cooperatives Not Authorized to Raise Funds from the Public. (...)."

Article Third.- This Resolution enters into force 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