Experiencia internacional en torno a operaciones con partes relacionadas: Estados Unidos, Unión Europea, Japón, Canadá y Principios del Comité de Basilea Enero

2 Estados Unidos

(Secciones 23 A de la Ley de la Reserva Federal y regulación W) De acuerdo con la regulación 23 A, los bancos que participen en transacciones cubiertas 1/ con una Afiliada 2/, deberán sujetarse a los siguientes límites: –Las transacciones cubiertas con una afiliada deberán ser iguales o menores al 10% de su capital contable 3/. –Las transacciones cubiertas con todas sus afiliadas no podrán ser mayores al 20% de su capital contable 3/. Adicionalmente, la sección 23 A requiere, para ciertas transacciones entre el banco y sus afiliadas, que el banco use colateral al: –100%, si son obligaciones de EU, sus agencias o su equivalente. –110%, si son obligaciones de cualquier estado de EU. –120%, si son otros instrumentos de deuda, incluyendo bonos. –130%, si son acciones, arrendamiento u otras garantías. 1/ Préstamo o extensión de un crédito a una afiliada; compra de valores de una afiliada; las compras que un banco realice de los activos de una afiliada, incluyendo los activos que estén sujetos a un acuerdo de recompra; la aceptación por parte del banco de valores emitidos por una afiliada como colateral para un préstamo o extensión de un crédito otorgado por el banco o cualquier persona o compañía; y la emisión por un banco de una garantía, aceptación o carta de crédito, incluyendo el endoso de una carta de crédito en standby en nombre de una afiliada. 2/ Las afiliadas incluyen, entre otras, sus matrices, las subsidiarias de sus matrices, y otras compañías directa o indirectamente controladas por los accionistas de los bancos. 3/ Incluyendo el superávit. 3

Unión Europea 4

Comunidad Europea (Capital Requirements Directive, CRD) El financiamiento que puede proporcionar una institución de crédito no puede exceder los siguientes límites (Artículo 111, CRD): 1.A credit institution may not incur an exposure to a client or group of connected clients 1/ the value of which exceed 25 % of its own funds. 2.Where that client or group of connected clients is the parent undertaking or subsidiary of the credit institution and/or one or more subsidiaries of that parent undertaking, the percentage laid down in paragraph 1 shall be reduced to 20 %. 3.Member States may, however, exempt the exposures incurred to such clients from the 20 % limit if they provide for specific monitoring of such exposures by other measures or procedures. They shall inform the Commission and the European Banking Committee of the content of such measures or procedures. (continúa…) 1/ Group of connected clients means: (a)two or more natural or legal persons who, unless it is shown otherwise, constitute a single risk because one of them, directly or indirectly, has control over the other or others; or (b) two or more natural or legal persons between whom there is no relationship of control as set out in point but who are to be regarded as constituting a single risk because they are so interconnected that, if one of them were to experience financial problems, the other or all of the others would be likely to encounter repayment difficulties. 5

Comunidad Europea (Capital Requirements Directive, CRD) 4.A credit institution may not incur large exposures which in total exceed 800 % of its own funds. 5.A credit institution shall at all times comply with the limits laid down in paragraphs 1, 2 and 3 in respect of its exposures. If in an exceptional case exposures exceed those limits, that fact shall be reported without delay to the competent authorities which may, where the circumstances warrant it, allow the credit institution a limited period of time in which to comply with the limits. Adicionalmente a lo anterior, el artículo 106 de la CRD define lo que se debe entender por Exposures y establece que : All elements entirely covered by own funds may, with the agreement of the competent authorities, be excluded from the determination of exposures, provided that such own funds are not included in the credit institution's own funds for the purposes of Article 75 or in the calculation of other monitoring ratios provided for in this Directive and in other Community acts. Es decir, que se pueden superar los límites siempre y cuando, la exposición sea cubierta con fondos propios que no computen en el capital. 6

Japón 7

Banking laws and a related government ordinance stipulate that the amount of credit extended by a bank to a single person (including related parties such as subsidiaries, a parent company, subsidiaries of the parent company, etc.) must not exceed an amount calculated by multiplying the amount of the banks capital by 40% in a case where related parties are included or 25% where related parties are excluded. 8

Canadá 9

(OSFI's Guideline B-2) Limits on large exposures: Banks, Authorized Foreign Banks, and Trust and Loan Companies The aggregate exposure of a consolidated company or authorized foreign bank to any entity or a connection shall not exceed 25 per cent of total capital. Notwithstanding this limit, it is expected that companies and authorized foreign banks will establish lower internal limits and that the 25 per cent regulatory limit will be employed only on an exceptional basis. Subsidiaries in Canada A Canadian resident company that is the subsidiary of a parent bank, or a subsidiary of a regulated parent trust or loan company may have an exposure to any entity or connection that is no greater than 100 per cent of the total capital of the subsidiary. Notwithstanding this limit, it is expected subsidiary companies will establish lower internal limits and that the 100 per cent regulatory limit will be employed only on an exceptional basis. (Continúa…) 10

Subsidiaries in Canada The 100% of the total capital limit is contingent upon the following criteria being met: - the parent company is made aware of and has sanctioned exposures greater than 50% of the total capital of the bank subsidiary or trust or loan company subsidiary; - the parent and the subsidiary are adequately supervised consistent with the minimum standards for supervision published by the BCBS in June 1992; - the parent company is, in the opinion of the Superintendent, a continuing source of financial strength for the subsidiary; and -there are no legal, regulatory, statutory or fiscal restrictions in the parent's home jurisdiction to obtaining capital from the parent in the event of losses. Failure to meet all of the above conditions will result in the Superintendent reducing the limit to not lower than 25 per cent of the total capital of the company subsidiary. Canadá (OSFI's Guideline B-2) 11

Basel Committee on Banking Supervision: Core principles for effective banking supervision 12

Connected lending. Principle 10 In order to prevent abuses arising from connected lending, banking supervisors must have in place requirements that banks lend to related companies and individuals on an arm's- length basis, that such extensions of credit are effectively monitored, and that other appropriate steps are taken to control or mitigate the risks. Banking supervisors must be able to prevent abuses arising from connected and related party lending. This will require ensuring that such lending is conducted only on an arm's- length basis and that the amount of credit extended is monitored. These controls are most easily implemented … by imposing strict limits on such lending. Supervisors should have the authority, in appropriate circumstances, to go further and establish absolute limits on categories of such loans, to deduct such lending from capital when assessing capital adequacy, or to require collateralisation of such loans. BCBS (Core principle 10) 13

Anexos 14

Regulación Estados Unidos: Regulación 23 A: Regulación W: 1.pdf 1.pdf Regulación Unión Europea: Regulación Japón (artículo 13): Regulación Canadá: bsif.gc.ca/app/DocRepository/1/eng/guidelines/prudential/guidelines/b2_e.pdf Core Principles. BCBS: Ligas a las regulaciones relevantes 15