SBS Resolution No. 980-2006: Regulation of Fondo MIVIVIENDA S.A.

Lima, 4 August 2006
S.B.S. Resolution
No. 980-2006

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators

WHEREAS:

That, by Law No. 28579, the conversion of the Fondo Hipotecario de Promoción de la Vivienda – Fondo MIVIVIENDA into a corporation named Fondo MIVIVIENDA S.A. was ordered, and this Superintendency is responsible for exercising the powers of regulation, supervision and control over the activities that said company carries out within the scope of the financial system;

That, in the First Final Provision of Law No. 28579 it was established that the conversion ordered in said Law shall enter into force on the day following the date of the public deed of conversion of Fondo MIVIVIENDA S.A., which must include the bylaws of Fondo MIVIVIENDA S.A.;

That, Article 7 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 the General Law, establishes that the State does not participate in the national financial system, except for the investments it holds in COFIDE as a second-tier development bank, in Banco de la Nación, in Banco Agropecuario and in Fondo MIVIVIENDA S.A.;

That, Article 3 of Law No. 28579 authorizes this Superintendency to issue the provisions necessary to exercise the powers of regulation, supervision and control of Fondo MIVIVIENDA S.A.;

That, by SBS Resolution No. 895-98 the Accounting Manual for Financial System Companies was approved;

That, it is necessary to make amendments to the Accounting Manual for Financial System Companies in order to allow the recording of transactions to be carried out by Fondo MIVIVIENDA S.A.;

That, likewise, it is necessary to amend the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions approved by SBS Resolution No. 808-2003 and its amendments, as well as Article Second of SBS Resolution No. 865-99, to regulate the treatment applicable to the coverage provided by Fondo MIVIVIENDA S.A. to MIVIVIENDA mortgage loans granted with resources of financial institutions and to standardized MIVIVIENDA mortgage loans – EFIC scheme;

Having considered the opinion of the Deputy Superintendencies of Banking and Microfinance, of Risks and of Legal Counsel, as well as the Economic Studies Department and the Information Technology Department; and,

In use of the powers conferred by numerals 7, 9 and 13 of Article 349 of the General Law;

RESOLVES:

Article One.- To approve the Regulation of Fondo MIVIVIENDA S.A., which is an integral part of this Resolution;

Article Two.- To replace the fifth paragraph of numeral 2.1 of Chapter III "Requirement of Provisions" of the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions approved by SBS Resolution No. 808-2003 and its amendments, with the following:

"In the case of mortgage loans granted with resources of Fondo MIVIVIENDA S.A., MIVIVIENDA mortgage loans granted with resources of financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, the company shall not provision for the portion of the loan covered by said Fund.

Article Three.- To replace Article Second of SBS Resolution No. 865-99 with the following:

"Mortgage loans granted with resources of Fondo MIVIVIENDA S.A., MIVIVIENDA mortgage loans granted with resources of financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, shall constitute zero-risk (0%) assets for the proportional portion covered by said Fund."

Article Four.- To amend the Accounting Manual for Financial System Companies, hereinafter the Accounting Manual, in accordance with the Annex attached to this regulation.

Article Five.- This Resolution shall enter into force on the day following its publication in the Official Gazette "El Peruano", except for the provisions of Article Four, which shall enter into force as from the information corresponding to the month of August 2006.

Register, communicate and publish.

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banking, Insurance and
Private Pension Fund Administrators

REGULATION OF FONDO MIVIVIENDA S.A.

CHAPTER I
GENERAL PROVISIONS

Article 1.- Scope
The provisions of this Regulation are applicable to Fondo MIVIVIENDA S.A., a company not contemplated in Article 16 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, and which, in accordance with Article 7 of said Law as amended by Law No. 28579, is considered part of the national financial system.

Article 2.- Definitions
For purposes of this Regulation, the following definitions shall apply:

a) Bylaws: Bylaws of Fondo MIVIVIENDA S.A. b) Conversion Law: Law for the Conversion of the Fondo Hipotecario de Promoción de la Vivienda into Fondo MIVIVIENDA S.A. – Law No. 28579. c) General Law: 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. d) Accounting Manual: Accounting Manual for Financial System Companies approved by SBS Resolution No. 895-98 of 1 September 1998 and its amendments. e) Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators.

CHAPTER II
OPERATING RULES

Article 3.- Permitted operations
Fondo MIVIVIENDA S.A. is authorized to carry out the operations indicated in the Conversion Law and in the Bylaws.

To carry out activities corresponding to the scope of the financial system, additional to those expressly indicated in the Conversion Law and in the Bylaws, Fondo MIVIVIENDA S.A. requires prior authorization from the Superintendency.

Article 4.- Governing bodies
The provisions contemplated in the Bylaws apply to the governing bodies of Fondo MIVIVIENDA S.A. In matters not contemplated in the Bylaws, the provisions of the General Law, the rules issued by the Superintendency, and the General Law of Companies shall apply, in that order.

Article 5.- Amendment of Bylaws
Any amendment to the bylaws related to the activities that Fondo MIVIVIENDA S.A. carries out within the scope of the financial system requires prior approval from the Superintendency, without which registration in the Public Registries shall not proceed.

Article 6.- Increase and/or reduction of capital
Any increase and/or reduction of capital stock, in accordance with the Bylaws and the General Law, must have prior approval from the Superintendency, except for increases in capital stock through cash contributions, capitalization of profits and restatement of capital as a result of integral accounting adjustments for inflation, which need only be communicated to the Superintendency.

Article 7.- Branches, agencies, offices and shared premises
For the opening, conversion, relocation or closure of branches, agencies and offices, as well as for the use of shared premises where activities corresponding to the scope of the financial system are carried out, Fondo MIVIVIENDA S.A. must comply with the provisions of the General Law and the rules issued by the Superintendency.

Article 8.- Risk classification
Fondo MIVIVIENDA S.A. is not obligated to have a risk classification; notwithstanding this, it may submit to classification by a risk rating agency if it deems it convenient. If it does so, it must comply with the provisions of the rules issued by the Superintendency on risk classification.

Article 9.- Retention of information
Fondo MIVIVIENDA S.A. must retain its books and documents related to its financial statements and its transactions for a period of not less than ten (10) years, observing for this purpose the provisions of Article 183 of the General Law and the rules issued by the Superintendency.

Article 10.- Internal control
The rules issued by the Superintendency on internal control are applicable to Fondo MIVIVIENDA S.A., to the extent applicable.

Article 11.- Contributions
Fondo MIVIVIENDA S.A. must pay a supervision contribution to the Superintendency, in accordance with the Resolution to be issued on the matter in compliance with Article 374 of the General Law. Its contribution shall be calculated as a fraction of the quarterly average of assets and contingent credits.

CHAPTER III
PRUDENTIAL MEASURES

Article 12.- Effective equity and credit risk weighting
The provisions contained in Chapter I of Title II of Section Two of the General Law, and the provisions issued by the Superintendency on said matter, are applicable to Fondo MIVIVIENDA S.A.

Article 13.- Global and individual limits 1
The limits indicated in Chapter II of Title II of Section Two of the General Law and the provisions issued by the Superintendency on said matter are applicable to Fondo MIVIVIENDA S.A., with the exception of the limits referred to in Article 204 of the General Law only for its second-tier bank business model referring to the channeling of mortgage loans to final beneficiaries through the granting of financing lines to financial system companies. 2

Article 14.- Credit risk management
The rules issued by the Superintendency for the identification and management of credit risk, for the identification and management of credit exchange risk, as well as for the treatment and provisions of foreclosed assets, are applicable to Fondo MIVIVIENDA S.A.

Article 15.- Market risk management
The provisions of the Regulation for the Supervision of Market Risks approved by SBS Resolution No. 509-98; in SBS Circular No. B-2087-2001; in Circular No. B-2093-2001, F-0432-2001, CM-0279-2001, CR-0148-2001 and EDPYME-0082-2001; in Circular No. B-2063-99; in SBS Circular No. B-2155-2006, F-0495-2006, CM-0342-2006 and CR-0211-2006; and in the Regulation for Exchange Risk Management approved by SBS Resolution No. 1455-2003 and its amendments, are applicable to Fondo MIVIVIENDA S.A. The capital requirement for exchange risk is enforceable against Fondo MIVIVIENDA S.A.

Article 16.- Operational risk management
The rules issued by the Superintendency for the management of operational risks are applicable to Fondo MIVIVIENDA S.A.

Article 17.- Treatment of investments
Fondo MIVIVIENDA S.A. must adhere to the provisions of the Regulation for the Classification, Valuation and Provisions of Investments of Financial System Companies, approved by SBS Resolution No. 1914-2004; in the Rules for Investment in Instruments Traded Through Non-Centralized Trading Mechanisms, approved by SBS Resolution No. 964-2002 and its amendments; and in the Regulation of Repurchase Operations and Repurchase Agreements, approved by SBS Resolution No. 1067-2005.

Likewise, the Requirements on Ethical Conduct and Professional Capacity of Persons Participating in the Investment Process, approved by SBS Resolution No. 114-2005 and its amending and complementary rules, are applicable to Fondo MIVIVIENDA S.A.

Article 18.- Issuance of financial instruments
Fondo MIVIVIENDA S.A. must adhere to the provisions of SBS Circular No. B-2074-2000, F-0414-2000, S-0583-2000, CM-0261-2000, CR-0131-2000, EDPYME-0070-2000, EAF-0194-2000.

Article 19.- Treatment of trusts
The rules on trusts issued by the Superintendency are applicable to Fondo MIVIVIENDA S.A.

Article 20.- Prevention of money laundering and terrorist financing
Fondo MIVIVIENDA S.A. is a subject obligated to report to UIF-Perú, and the regulations issued on the prevention of money laundering and terrorist financing are applicable to it, with respect to the activities it carries out as trustee.

CHAPTER IV
ACCOUNTING RECORD AND INFORMATION REQUIREMENTS

Article 21.- Accounting record
Fondo MIVIVIENDA S.A. must record its transactions and prepare its financial information in accordance with the provisions of the Accounting Manual and other accounting rules issued by the Superintendency.

Article 22.- Submission of information
Fondo MIVIVIENDA S.A. must submit to the Superintendency the following information contemplated in the Accounting Manual, to the extent applicable to the operations it is authorized to carry out, in accordance with the frequency and deadlines set forth in Circular No. B-2108-2002, F-0447-2002, CM-0294-2002, EAF-0206-2002, CR-0163-2002, EDPYME-0092-2002, FOGAPI-0011-2002, ESF-001-2002 and their updates:

Form A - Balance Sheet
Form B - Income Statement
Form C - Cash Flow Statement
Form D - Statement of Changes in Net Equity
Form F - Trial Balance
Annex 1 (Annexes A, B, C, D and E) - Investments
Annex 4-A - Foreclosed and Recovered Assets
Annex 4-B - Information on Sale or Financial Leasing of Foreclosed and Recovered Assets
Annex 5 - Report on Classification of Debtors and Provisions
Annex 6 - Credit Report of Debtors
Annex 7 (A, B and C) applicable to Banks - Measurement of Interest Rate Risk in National Currency and Foreign Currency and Measurement of the Company's Exposure to Interest Rate Risk
Annex 9 - Positions Subject to Exchange Risk
Annex 10 - Deposits, Placements and Personnel by Offices
Annex 16 applicable to Banks, Finance Companies, Municipal Savings and Credit Banks, Rural Savings and Credit Banks and EDPYMEs - Liquidity Table by Maturity Terms
Annex 16-B - Stress Scenario Simulation and Contingency Plan
Annex 21 - Obligations Subject to Reserve Requirements in National Currency and Foreign Currency
Annex 23 - Minimum Capital Requirement for Price Risk of Positions in Equity Securities
Report 2 (Annexes A and B) - Risk-Weighted Assets and Contingent Credits, and Summary of Risk-Weighted Assets and Contingent Credits and Capital Requirements for Market Risk Report 3 - Effective Equity Adjusted for Inflation Report 13 - Control of Global and Individual Limits Applicable to Financial System Companies Report 14 - Loans According to Days of Non-Compliance Report 25 - Information on Write-offs and Forgiveness of Loans

The Forms, Annexes (except Annex No. 6, which shall be submitted in the manner established in the corresponding rules) and Reports indicated above must be submitted to the Superintendency in printed form, and via SUCAVE in the cases indicated in Circular No. B-2108-2002, F-0447-2002, CM-0294-2002, EAF-0206-2002, CR-0163-2002, EDPYME-0092-2002, FOGAPI-0011-2002, ESF-001-2002 and their updates.

The Superintendency may request, by Official Letter, additional information to that indicated above, if it deems it convenient for purposes of its supervision and control work.

CHAPTER V
COLLABORATORS IN SUPERVISION

Article 23.- Internal Audit Unit
The rules issued by the Superintendency on internal audit are applicable to Fondo MIVIVIENDA S.A., to the extent applicable.

The Annual Work Plan of the Internal Audit Unit of Fondo MIVIVIENDA S.A. must consider, at least, as permanent activities those required of multiple-operation companies in the Internal Audit Regulation approved by the Superintendency, to the extent pertinent to the operations carried out by said Fund.

Article 24.- External Audit
The rules issued by the Superintendency on external audit are applicable to Fondo MIVIVIENDA S.A., to the extent applicable.

The complementary reports that external audit firms must prepare for Fondo MIVIVIENDA S.A. shall be those required of multiple-operation companies in the External Audit Regulation approved by the Superintendency, to the extent pertinent to the operations carried out by said Fund.

CHAPTER VI
SANCTIONS

Article 25.- Non-compliance with applicable rules
Fondo MIVIVIENDA S.A., as well as its Directors, Managers and employees, to the extent pertinent to the operations carried out by said Fund within the scope of the financial system and its nature, shall be sanctioned in accordance with Article 361 of the General Law and the Sanctions Regulation approved by the Superintendency, when they incur any of the infractions (common and/or specific) contemplated in the regulations in force for financial system companies.

FINAL PROVISIONS

First.- Other applicable regulations
The provisions contained in the General Law are applicable supplementarily to Fondo MIVIVIENDA S.A., insofar as they do not contravene the provisions of the Conversion Law, the Bylaws, nor alter its status as a specialized entity in the development of the mortgage market.

The Superintendency may determine the application to the activities that Fondo MIVIVIENDA S.A. carries out within the scope of the financial system of other rules and provisions issued by it not mentioned in this Regulation.

Second.- Adaptation period for total compliance with this Regulation Fondo MIVIVIENDA S.A. shall have until 31 December 2006 to make the necessary adaptations for total compliance with the provisions of this Regulation. In this regard, Fondo MIVIVIENDA S.A. must submit to the Superintendency no later than 30 calendar days after the entry into force of this Regulation, a plan and schedule to fully adapt to the provisions of this Regulation, which must have the prior approval of this Control Body.

ANNEX
AMENDMENTS TO THE ACCOUNTING MANUAL

I. Amend Chapter I "General Provisions" of the Accounting Manual, as follows:

1. Replace the second paragraph of numeral 1 of literal B, as follows:
   "This Manual must be applied for the accounting record of operations permitted to Banks, Finance Companies, Municipal Savings and Credit Banks, Municipal Popular Credit Banks, Entities for the Development of Small and Micro Enterprises – EDPYMEs, Savings and Credit Cooperatives Authorized to Raise Resources from the Public, Rural Savings and Credit Banks, Real Estate Capitalization Companies, Financial Leasing Companies, Fiduciary Services Companies, the Small Industry Loan Guarantee Fund – FOGAPI, Banco de la Nación, Banco Agropecuario, Corporación Financiera de Desarrollo - COFIDE, Fondo MIVIVIENDA S.A., and in the case of other companies when their application is required by the Superintendency."

2. Incorporate, attached to literal J, the following table:
   Code Funds: 14
   01 Fondo MIVIVIENDA S.A.

II. Amend Chapters III "Chart of Accounts" and IV "Description and Dynamics of Accounts" of the Accounting Manual, as follows:

1. Incorporate in subaccounts 1401.04, 1404.04, 1405.04 and 1406.04 "Mortgage Loans for Housing", the following analytical accounts and analytical subaccounts:
   1401.04.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1401.04.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME
   1404.04.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1404.04.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME
   1405.04.19.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1405.04.19.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME
   1405.04.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1405.04.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME
   1406.04.19.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1406.04.19.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME
   1406.04.24 MIVIVIENDA LOANS GRANTED WITH RESOURCES OF FINANCIAL INSTITUTIONS
   1406.04.25 STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME

2. Incorporate as description of analytical account 1401.04.23 "Loans of the Mi-Vivienda Fund", the following:
   "In this analytical account, mortgage loans granted with resources of the MIVIVIENDA Fund that are not part of the EFIC scheme are recorded."

3. Incorporate as description of analytical account 1401.04.24 "MIVIVIENDA loans granted with resources of financial institutions", the following:
   "In this analytical account, MIVIVIENDA mortgage loans granted with resources of financial institutions are recorded."

4. Incorporate as description of analytical account 1401.04.25 "Standardized MIVIVIENDA Loans – EFIC Scheme", the following:
   "In this analytical account, standardized MIVIVIENDA mortgage loans – EFIC scheme are recorded."

5. Incorporate in analytical accounts 1504.04.01 "Trust in Guarantee", 1504.04.02 "Securitization Trusts" and 1504.04.09 "Other Trusts", the following analytical subaccounts:
   1504.04.01.01 CONTRACTS WHERE ACTING AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
   1504.04.01.09 OTHER CONTRACTS
   1504.04.02.01 CONTRACTS WHERE ACTING AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
   1504.04.02.09 OTHER CONTRACTS
   1504.04.09.01 CONTRACTS WHERE ACTING AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
   1504.04.09.09 OTHER CONTRACTS

6. Incorporate in account 1507 "Miscellaneous Accounts Receivable", the following subaccount:
   1507.07 ACCOUNTS RECEIVABLE RECEIVED BY THE MIVIVIENDA FUND

7. Incorporate as description of subaccount 1507.07, the following:
   "In this subaccount, the accounts receivable that the MIVIVIENDA Fund has received before its conversion into a company supervised by this Superintendency, arising from rights it had against third parties, are recorded. These receivables must be evaluated, classified and provisioned in accordance with the provisions issued in the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions."

8. Incorporate into subaccount 1509.07 “(Provision for Sundry Accounts Receivable)” the following analytical account:
   1509.07.07 ACCOUNTS RECEIVABLE RECEIVED BY THE MIVIVIENDA FUND

9. Replace the last paragraph of the description of account 1509 “(Provisions for Accounts Receivable)” with the following:
   “The provisions recorded in analytical accounts 1509.07.04, 1509.07.05 and 1509.07.07 must be constituted in accordance with the criteria set forth in the Regulation for the Evaluation and Classification of Debtors and the Requirement of Provisions.”

10. Incorporate into account 4109 “Miscellaneous Financial Charges” the following subaccounts:
    4109.22 EXPENSES FOR GRANTING GOOD PAYER PREMIUM (PBP)
    4109.23 EXPENSES FOR CREDIT RISK COVERAGE (CRC)

11. Incorporate into analytical account 5104.01.04 “Interest on Mortgage Loans for Housing” the following analytical subaccounts:
    5104.01.04.24 INTEREST ON MIVIVIENDA LOANS GRANTED WITH RESOURCES FROM FINANCIAL INSTITUTIONS
    5104.01.04.25 INTEREST ON STANDARDIZED MIVIVIENDA LOANS – EFIC SCHEME

12. Replace the name of subaccount 5105.04 “Interest on Accounts Receivable from Sale of Goods and Services” with the following: “Interest on Accounts Receivable from Sale of Goods and Services and Trust”.

13. Incorporate into subaccount 5105.04 the following analytical account:
    5105.04.04 INTEREST ON ACCOUNTS RECEIVABLE FROM TRUST

14. Incorporate into analytical accounts 8109.17.01 “Trust in Guarantee”, 8109.17.02 “Trust in Securitization” and 8109.17.09 “Other Trusts” the following analytical subaccounts:
    8109.17.01.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.17.01.09 OTHER CONTRACTS
    8109.17.02.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.17.02.09 OTHER CONTRACTS
    8109.17.09.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.17.09.09 OTHER CONTRACTS

15. Incorporate into analytical accounts 8109.21.01 “Loan Portfolio”, 8109.21.02 “Foreclosed Assets”, 8109.21.03 “Investments” and 8109.21.09 “Others” the following analytical subaccounts:
    8109.21.01.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.21.01.09 OTHER CONTRACTS
    8109.21.02.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.21.02.09 OTHER CONTRACTS
    8109.21.03.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.21.03.09 OTHER CONTRACTS
    8109.21.09.01 CONTRACTS WHERE THE COMPANY ACTS AS SETTLOR AND TRUSTEE SIMULTANEOUSLY – LAW 28579
    8109.21.09.09 OTHER CONTRACTS

16. Incorporate into class 8 “Memorandum Accounts” the items 87 “Debtor Trusts where the company acts as Settlor and Trustee simultaneously – Law No. 28579” and 88 “Creditor Trusts where the company acts as Settlor and Trustee simultaneously – Law No. 28579”.

17. Incorporate into items 87 and 88 the following accounts and subaccounts:
    8701 TRUST ASSETS
    8703 TRUST EXPENSES
    8709 TRUSTS – CREDITOR CONTRA ACCOUNTS
    8709.01 TRUST LIABILITIES
    8709.02 TRUST EQUITY
    8709.03 TRUST INCOME
    8801 TRUST LIABILITIES
    8802 TRUST EQUITY
    8803 TRUST INCOME
    8809 TRUSTS – DEBTOR CONTRA ACCOUNTS
    8809.01 TRUST ASSETS
    8809.03 TRUST EXPENSES

18. Incorporate as description of item 87 the following:
    “Comprises the accounts representing the assets and expenses corresponding to trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579. Likewise, the contra accounts of the creditor trust accounts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579 shall be recorded. Accounts 8701 and 8703 are used to record the assets and expenses of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579, respectively, for which subaccounts and analytical accounts shall be created in accordance with the Revised General Accounting Plan approved by CONASEV Resolution No. 006-84-EFC/94.10 and its amending and complementary rules. In the case of trusts consisting of loans, investments, contingents, foreclosed assets or assets received in payment, the trustee may use the current Accounting Manual for Companies of the Financial System.”

19. Incorporate as description of account 8701 the following:
    “Comprises the accounts representing the assets of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579.”

20. Incorporate as dynamics of account 8701 the following:
    “Similar to the treatment of asset accounts, as applicable.”

21. Incorporate as description of account 8703 the following:
    “This account records the expenses of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579, broken down according to the activities carried out in the administration of the trust patrimony.”

22. Incorporate as dynamics of account 8703 the following:
    “Similar to the treatment of expense accounts, as applicable.”

23. Incorporate as description of account 8709 the following:
    “This account records the contra accounts of the creditor accounts of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579.
    The balances of subaccounts 8709.01, 8709.02 and 8709.03 must be equal to the balances of accounts 8801, 8802 and 8803, respectively.”

24. Incorporate as description of item 88 the following:
    “Comprises the accounts representing the liabilities, equity and income corresponding to trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579. Likewise, the contra accounts of the debtor trust accounts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579 shall be recorded. Accounts 8801, 8802 and 8803 are used to record the liabilities, equity and income of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579, respectively, for which subaccounts and analytical accounts shall be created in accordance with the Revised General Accounting Plan approved by CONASEV Resolution No. 006-84-EFC/94.10 and its amending and complementary rules. In the case of trusts consisting of loans, investments, contingents, foreclosed assets or assets received in payment, the trustee may use the current Accounting Manual for Companies of the Financial System.”

25. Incorporate as description of account 8801 the following:
    “Comprises the accounts representing the liabilities of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579.”

26. Incorporate as dynamics of account 8801 the following:
    “Similar to the treatment of liability accounts, as applicable.”

27. Incorporate as description of account 8802 the following:
    “Comprises the equity accounts of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579, as well as the amounts from the results of the year and accumulated results generated by such trusts. Therefore, the balances of these accounts represent the amount of the autonomous equity of such trusts.”

28. Incorporate as dynamics of account 8802 the following:
    “Similar to the treatment of equity accounts, as applicable.”

29. Incorporate as description of account 8803 the following:
    “Comprises the accounts that record the income of the year from the activities carried out by the administration of the trust patrimony.”

30. Incorporate as dynamics of account 8803 the following:
    “Similar to the treatment of income accounts, as applicable.”

31. Incorporate as description of account 8809 the following:
    “This account records the contra accounts of the debtor accounts of the trusts in which the company acts as settlor and trustee simultaneously in application of the provisions of Law No. 28579.
    The balances of subaccounts 8809.01 and 8809.03 must be equal to the balances of accounts 8701 and 8703, respectively.”
    III. Amend Chapter V “Annexes and Reports to Financial Statements” of the Accounting Manual, as follows:

32. Annex No. 5 “Report on Classification of Debtors and Provisions”:
    1.1. In the last paragraph of numerals 5, 6, 7 and 8, replace the mention of “mortgage loans granted with resources from the Mortgage Housing Promotion Fund – Mivivienda” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme”.
    1.2. Replace numeral 11 with the following:
    “Record the amount of mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, distributed according to the types of guarantees or subsidiary responsibility with which such loans are backed. The portion of mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme included in the General Regime of Procyclical Provisions must be reported in accordance with the provisions of note 18.”
    1.3. Replace numeral 12 with the following:
    “Indicate the portion of mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, covered by the MIVIVIENDA Fund, which is not subject to the General Regime of Procyclical Provisions. Companies shall keep available to the Superintendency the corresponding support to determine such risk coverage based on the various modalities offered by the referred Fund.”
    1.4. In numerals 13, 14, 15, 16, 17 and 18, replace the mention of “MIVIVIENDA mortgage loans” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme”.

33. Annex No. 5-C “Report on Classification of Debtors Transferred in Trust”:
    2.1. In the last paragraph of numerals 4, 5, 6 and 7, replace the mention of “mortgage loans granted with resources from the Mortgage Housing Promotion Fund – Mivivienda” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme”.
    2.2. Replace numeral 9 with the following:
    “Record the amount of mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, distributed according to the types of guarantees or subsidiary responsibility with which such loans are backed.”
    2.3. Replace numeral 10 with the following:
    “Indicate the portion of mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme, covered by the MIVIVIENDA Fund. Companies shall keep available to the Superintendency the corresponding support to determine such risk coverage based on the various modalities offered by the referred Fund.”
    2.4. In numerals 11, 12, 13, 14 and 15, replace the mention of “MIVIVIENDA mortgage loans” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme”.

34. Report No. 2 “Assets and Contingent Credits Weighted by Risk - Annex A”:
    3.1 Replace in numeral 9 of Item I Assets with Risk 0%, the mention of “mortgage loans with resources from the MIVIVIENDA Fund” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme”.
    3.2 Replace in numeral 15 of Item V Assets with Risk 100%, the mention of “mortgage loans with resources from the MIVIVIENDA Fund” with “mortgage loans granted with resources from the MIVIVIENDA Fund, MIVIVIENDA mortgage loans granted with resources from financial institutions and standardized MIVIVIENDA mortgage loans – EFIC scheme that are held as collateral for financing received by the company”.

35. Amend the list of Accounting Accounts Considered in the RCD, as follows:
    Accounting Account Code
    Class Item Account Subaccount Analytical Account Analytical Subaccount 1 dig. 2 dig. 4 dig. 6 dig. 8 dig. 10 dig.
    1 15 1504.04 All All
    1 15 1507 1507.07
    1 15 1509 1509.07 1509.07.07