Capital Markets Newsletter - September 2026
Themes
SBS REGULATIONS
The Superintendency of Banking, Insurance and Private Pension Fund Administrators ("SBS") has amended the Accounting Manual for Financial System Companies (the "Manual") to include accounts for the control of contractual modifications, in accordance with Multiple Official Letter No. 51365-2026-SBS.
Through Resolution SBS No. 02403-2026, published in the Official Gazette El Peruano on September 30, 2026, the SBS amended the Manual in order to identify loans whose original terms have been modified to adjust them to the new expected income flows of certain debtors, without such modifications being deemed refinancing, in accordance with Multiple Official Letter No. 51365-2026-SBS, which established the requirements and criteria applicable to such modifications.
This treatment refers to debtors whose payment capacity has been affected by exceptional and temporary circumstances and who, prior to the occurrence of such circumstances, had demonstrated a good payment record and a sound financial position.
SBS approves the Regulation on the Regulatory Capital Management Process of Financial System Companies (the "Regulatory Capital Management Regulation"), amends the Credit Risk Management Regulation, approved by Resolution No. 3780-2011, and the Internal Audit Regulation, approved by Resolution No. 11699-2008, and issues other provisions.
Through Resolution SBS No. 02387-2026, published in the Official Gazette El Peruano on September 30, 2026, the SBS approved the Regulatory Capital Management Regulation, establishing a new framework to integrate regulatory capital planning and adequacy with risk management, the risk appetite framework, corporate governance, and the strategic planning of financial system companies.
The Regulatory Capital Management Regulation applies to companies covered under subsection A of Article 16 of Law No. 26702, the General Law of the Financial and Insurance Systems and Organic Law of the Superintendency of Banking and Insurance, as well as to Banco de la Nación, Banco Agropecuario, COFIDE, and Fondo MIVIVIENDA. Credit companies that are not part of economic groups including other entities covered under that subsection are, in principle, exempted, without prejudice to the SBS's authority to require them to apply the Regulation.
Its principal provisions include the following:
- Companies must implement an internal regulatory capital management process aimed at ensuring and preserving an adequate relationship between their risk profile (current and projected), business strategy, and solvency level, consistent with the nature, size, and complexity of their operations and the economic environment in which they operate. Such process must be integrated with the companies' risk management, risk appetite framework, corporate governance, and strategic planning, and must continuously monitor capital adequacy.
- The Board of Directors bears ultimate responsibility for the proper management and adequacy of regulatory capital. It must approve the applicable strategy, policies, and procedures and, on an annual basis, the Regulatory Capital Adequacy Self-Assessment Report ("IASPE," by its Spanish acronym).
- Management must set the target level of regulatory capital, analyze current and projected requirements, monitor compliance with applicable policies, and ensure that the company maintains sufficient regulatory capital to support its risks above the regulatory minimum.
- Companies must conduct an annual self-assessment with a three-year horizon, taking into account a base scenario and two stress scenarios, and must define action plans based on the results thereof.
- The IASPE and its annexes must be submitted to the SBS through SUCAVE within thirty calendar days of the month of April of each year. The first submission is due in April 2027, with information as of the close of December 2026.
- The Internal Audit Unit must assess compliance with the new Regulation. The SBS may require supplementary information, the modification or preparation of a new IASPE, capital strengthening measures, and even additional regulatory capital.
Asimismo, la resolución modifica el Reglamento de Gestión de Riesgo de Crédito para precisar que las pruebas de estrés utilizadas en el IASPE se sujetan a los criterios del nuevo Reglamento de Gestión del Patrimonio Efectivo. También modifica el Reglamento de Auditoría Interna, incorporando la evaluación del cumplimiento de dicho nuevo reglamento, entre las actividades programadas de la Unidad de Auditoría Interna.
SBS Amends the Regulation on Economic Groups, Related-Party Status, Application of Operational Limits referred to in Articles 201 to 204 of the General Law, and Large Exposures, approved by Resolution SBS No. 975-2025 (the "Economic Group Regulation"), and the Regulation for Credit Risk Management, approved by Resolution SBS No. 3780-2011 (the "Credit Risk Management Regulation").
Through Resolution SBS No. 02235-2026, published in the Official Gazette El Peruano on September 11, 2026, the SBS amended the Economic Group Regulation. The amendment maintains, as a general rule, that all financing granted to related parties must be approved in advance by the Board of Directors. As a special regime for Municipal Savings and Loan Banks ("CMAC," by their Spanish acronym), it establishes that such financing must be approved by Joint Management (Gerencia Mancomunada) or the General Management, and reported to the Board of Directors at the session following its grant.
Consistent with the foregoing, the amendment to the Credit Risk Management Regulation clarifies that, for CMACs, transactions with related parties must be approved by Joint Management or the General Management, while maintaining the obligation to prevent the participation of individuals with conflicts of interest.
SBS Updates the Maximum Coverage Amount of the Deposit Insurance Fund.
Through Circular No. F-618-2026, CRAC-334-2026, B-2280-2026, and CMAC-467-2026, published in the Official Gazette El Peruano on September 4, 2026, the SBS set the maximum coverage amount of the Deposit Insurance Fund at S/ 123,000, applicable during the quarter from September to November 2026.
SBS DRAFTS
SBS Authorizes Publication of Draft Amendment to the Regulation on the Regulatory Capital Requirement for Credit Risk, approved by Resolution SBS No. 14354-2009.
Through notice dated September 29, 2026, the SBS authorized the publication of the aforementioned draft for the purpose of receiving public comments.
SBS Authorizes Publication of Draft Amendment to Title VII of the Compendium of Regulatory Rules of the Private Pension System (SPP), concerning the tender process for the group insurance policy for the administration of disability, survivorship, and burial expense risks (SISCO IX).
Through notice dated September 19, 2026, the SBS authorized the publication of the aforementioned draft for the purpose of receiving public comments.
SBS Authorizes Publication of Draft Amendment to the Market Conduct Management Regulation of the Financial System, approved by Resolution SBS No. 3274-2017, and to the Regulation on Fees and Expenses of the Financial System, approved by Resolution SBS No. 3748-2021.
Through notice dated September 17, 2026, the SBS authorized the publication of the aforementioned draft for the purpose of receiving public comments.
SBS Authorizes Publication of Draft Establishing the Procedure for Reporting Significant Operational Incidents.
Through notice dated September 16, 2026, the SBS authorized the publication of the aforementioned draft for the purpose of receiving public comments.
SBS Authorizes Publication of Draft Amendment to the Regulation on the Acquisition of Ownership in the Share Capital of Supervised Companies and of Significant Owners, approved by Resolution SBS No. 6420-2015.
Through notice dated September 15, 2026, the SBS authorized the publication of the aforementioned draft for the purpose of receiving public comments.