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Capital and Financial Market Newsletter – May 2022

CAPITAL MARKETS NEWSLETTER

SMV Drafts

 

Publication of the draft amendment to the Sanctions Regulation, adopted by Resolution SMV Nº 035-2018-SMV/01, is authorized. By Resolution SMV Nº 009-2022-SMV/01, published in the Official Gazette El Peruano on May 28, the Superintendence of the Securities Market (“SMV”) authorized the dissemination, for the reception of comments from the public, of the aforementioned draft.

For further information, please see our alert.

Publication of the draft rule that amends the Annex to the Annual Report, item (10150) Report on Compliance with the Code of Good Corporate Governance for Peruvian Companies is authorized. By Resolution SMV Nº 008-2022-SMV/01, published in the Official Gazette El Peruano on May 27th, the publication of the above mentioned draft was authorized for the reception of comments from the public.

For further information, please see our alert.

SBS Regulations

Title VI of the Compendium of Regulatory Superintendence Regulations of the Private Pension Fund Management System, adopted by Resolution Nº 052-98-EF/SAFP, is amended. By Resolution SBS 1599-2022, published on May 12, 2022 in the Official Gazette “El Peruano”, the Superintendent of Banking, Insurance and Private Pension Fund Administrators (“SBS”), amended the aforementioned title regarding investment limits of pension funds.

Among the main amendments are the following:

– For simplification purposes, a single investment limit per issuer of local instruments is established, regardless of the nature of the issuer or the type of instrument issued.

– New investment limits per local instrument are established:

  • In the case of equity instruments, the limit will be based on the relative participation of the value of the funds managed by the AFP in relation to the value of all the funds of the system, and the “float” corresponding to the respective shares; with the exception of the securities that are part of the profitability reference indicator, defined in the investment policy.
  • In the case of debt instruments, the limit is fixed, based on the risk classification of the instrument.
  • New investment limits are established per mutual fund and per investment fund, which will be based on the value of each type of pension fund and the net assets of the mutual fund or investment fund, as appropriate. On the other hand, the AFP must establish in the investment policies of each type of pension fund, the limit that will apply to investments in mutual funds or investment funds managed by the same local management company.

– New investment limits per economic group are established and the investment limits are reduced by 30% in the case of issuers of the economic group of the AFP.

– Investment limits based on risk factors, liquidity factors and those associated with accounting accounts are repealed.

– A new regime is established for the treatment of excess investments, which takes into account the liquidity of the respective investment instruments. In the case of liquid instruments, the AFP must sell the instrument up to the day following the excess. In other cases, it must submit an adjustment plan to the SBS. The AFP is also required to use its own resources to cover losses caused by investment excesses attributable to it.

Title VI of the Compendium of Regulatory Superintendence Regulations of the Private Pension Fund Management System, adopted by Resolution Nº 052-98-EF/SAFP, is amended. By Resolution SBS 1560-2022, published on May 12, 2022 in the Official Gazette “El Peruano”, the SBS amended the above mentioned title to change the methodology for calculating the profitability of pension funds, mainly in relation to the period of time to be taken into account for this purpose, which now considers the time when the calculation is made. The purpose of the amendment is to facilitate the understanding and comparison of this value by market agents.