Capital and Financial Market Newsletter – December 2024

SMV Rules

The Superintendency of the Securities Market (“SMV”) approves the criteria for the determination of the administrative sanctioning procedures in charge of the SMV that qualify as “high complexity”. By means of Resolution SMV No. 013-2024-SMV/01, published on December 24, 2024 in the Official Gazette “El Peruano”, the SMV established the criteria to determine which procedures correspond to the aforementioned type, in execution of the provisions of Legislative Decree No. 1683, which establishes the deadlines for the attention of the administrative appeals filed in the SMV’s highly complex administrative sanctioning procedures. According to the aforementioned resolution, such criteria must be verified by the administrative authority that resolves the appeal or reconsideration, and shall be as follows:

• That there is a plurality of sanctioned parties;
• That there is a plurality of administrative infractions;
• That the administrative infraction is classified as serious or very serious in the Sanctions Regulation approved by Resolution SMV N° 035-2018-SMV/01; or,
• That, in order to resolve the appeal, specialized technical support is required in accounting or financial matters, by servers of the line bodies of the SMV.

The SMV approves modification of the First, Second, Third, Fourth and Seventh Transitory Provisions of the Regulation on Contributions for the Supervision Services provided by the Superintendence of the Securities Market, approved by Resolution CONASEV No. 095-2000-EF/94.10. By means of Resolution SMV No. 012-2024-SMV/01, published on December 12, 2024 in the Official Gazette “El Peruano”, the SMV approved the modification of the aforementioned transitory provisions to establish that the following promotional regime for payment of SMV contributions is in force until December 31, 2025:

• Monthly contributions for spot transactions made by principals with securities representing debt or credit issued by the Central Government: 0.00% of the amount effectively negotiated;
• Monthly contributions for spot transactions with equity securities carried out by brokers on their own account: 0.00% of the amount effectively traded;
• Monthly contributions for stock exchange securities lending operations: 0.00%;
• Monthly contributions for cash operations carried out by principals with units of participation of Exchange Traded Funds or Exchange Traded Funds (ETF), constituted within the framework of the Regulations of Mutual Funds for Investment in Securities and their Management Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1: 0.00% of the amount effectively negotiated; and,
• Monthly contribution applicable to autonomous patrimonies, mutual funds of investment in securities and funds of: 0.00245%.

In addition, such resolution approved the amendment of the First Transitory Provision of the Alternative Securities Market Regulation – MAV, approved by Resolution SMV No. 025-2012-SMV/01, to establish the following promotional regime for the payment of SMV contributions corresponding to securities issuers:

• Monthly contribution applicable to companies for their participation in the MAV: 0% of SMV contributions.

SMV Drafts

SMV authorizes the dissemination of the draft amendment to Article 18 of the Sanctions Regulation, approved by Resolution SMV N° 035-2018-SMV/01. By means of Resolution SMV No. 014-2024-SMV/01, published on December 30, 2024 in the Official Gazette “El Peruano”, the SMV authorized the dissemination, for the reception of comments from the public, of the aforementioned draft. The proposed amendment focuses mainly on the following:

• Establish the maximum term to resolve the reconsideration and appeal procedures, distinguishing those that qualify as “high complexity”, with respect to those that do not qualify as such.
• To regulate the exercise of the right to speak before the authority that will resolve the appeals or reconsideration appeals filed.

SBS Rules

Superintendency of Banking, Insurance and Private Pension Fund Administrators (“SBS”) approves modification of the Investment Regulations of Insurance Companies, approved by SBS Resolution No. 1041-2016. By means of SBS Resolution No. 4380-2024, published on December 28, 2024 in the Official Gazette “El Peruano”, the SBS approved the modification of the aforementioned regulation.

Among the main modifications is the inclusion of “Liabilities for counter-guarantees received in cash or account deposits” in the second order (i.e. after technical reserves) in which eligible investments must be allocated; and the introduction of precisions to the way in which the limit applicable to eligible investments issued or backed by entities engaged in the same economic activity must be computed.

SBS Drafts

SBS authorizes the publication of the draft that proposes to approve the new “Regulation on Economic Group, Linkage, application of Operating Limits referred to in articles 201 to 204 of the General Law and Large Exposures”. By means of a notice dated December 18, 2024, the SBS authorized the publication of the aforementioned draft for public comments.

SBS authorizes the publication of the draft that proposes to modify the Regulation for Business Continuity Management. By means of a notice dated December 17, 2024, the SBS authorized the publication of the above mentioned draft for public comments.