CAPITAL MARKETS NEWSLETTER
SMV Regulations
The Superintendency of the Securities Market (SMV) is amending the Common Regulations for entities requiring SMV authorization for organization and operation, approved by SMV Resolution No. 039-2016-SMV/01 («Common Regulations«). Through SMV Resolution No. 009-2025-SMV/01, published in the Official Gazette «El Peruano» on June 13, 2025, the SMV approved the amendment to the Common Regulations to establish specific regulatory exceptions for collective fund management companies (CFMCs), as described below:
- CFMCs that are incorporated or adopt the form of a closed corporation are not required to have a board of directors.
- CFMCs are exempt from the requirement to have independent directors on their boards.
- CFMCs are not required to report the appointment or dismissal of their independent directors.
- In the case of EAFCs that have a board of directors, the requirement that the positions of chairman of the board and general manager be held by different individuals will not apply.
