Capital and Financial Market Newsletter – January 2025

SMV REGULATIONS

Superintendency of the Securities Market (“SMV”) approves Early Agenda 2025. By means of Superintendent Resolution No. 011-2025-SMV/02, the SMV approved its Early Agenda 2025 of the Securities Market Superintendence (“Early Agenda”), whose purpose is to inform the public about the preliminary evaluation of public problems that will be subject to the Ex Ante Regulatory Impact Analysis (AIR Ex Ante) by such Institution, in the indicated period.

Among the public issues identified in the Early Agenda are the following:

• Higher risks in the settlement of equity securities transactions carried out in centralized trading mechanisms, compared to other Pacific Alliance countries.
• Existence of operational and regulatory limitations for intermediaries from countries participating in an integrated market with Peru to carry out operations from their jurisdictions with securities registered in Peru.
• Insufficient level of transparency of information available to investors in the securities market with respect to: (i) compensation received by directors and senior management of securities issuers; and (ii) the composition of the Audit Committees.
• Difficulty in identifying and disclosing certain Material Facts by issuers.

SMV DRAFTS

SMV authorizes the dissemination of the draft amendment to the Rules for the Prevention of Money Laundering and Financing of Terrorism, approved by Resolution CONASEV No. 033-2011-EF-94.01.1. By means of Resolution SMV No. 001-2025-SMV/01, published on January 10, 2025 in the Official Gazette “El Peruano”, the SMV authorized the dissemination, for the reception of comments from the public, of the aforementioned draft.

SBS DRAFTS

Superintendence of Banking, Insurance and Private Pension Funds Administrators (“SBS”) authorizes the publication of the draft that proposes to approve the new Regulations for the Classification and Valuation of the Investments of the Financial System Companies. By means of a notice dated January 06, 2025, the SBS authorized the publication of the above-mentioned draft for the reception of comments from the public.

SBS authorizes the publication of the draft that proposes to approve the new Regulations for the Trading and Accounting of Derivative Financial Instruments in the Financial System Companies. By means of a notice dated January 06, 2025, the SBS authorized the publication of the above mentioned draft for public comments.

SBS authorizes the publication of the draft that proposes to modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 348-95. By means of a notice dated January 03, 2025, the SBS authorized the publication, for public comments, of the above mentioned draft.