CAPITAL MARKETS NEWSLETTER
SMV PROJECTS
The Superintendency of the Securities Market («SMV«) authorizes the dissemination of the Draft Amendment to the Regulations of the Public Registry of the Securities Market, approved by CONASEV Resolution No. 079-97-EF/94.10, and the Regulations on Public Tender Offers and Purchase of Securities by Exclusion, approved by CONASEV Resolution No. 009-2006-EF/94.10. Through SMV Resolution No. 008-2025-SMV/01, published in the official gazette «El Peruano» on May 30, 2025, the SMV authorized the dissemination of the aforementioned draft. Details of the proposed amendment included in this draft can be found in our Capital and Financial Markets Alert, which can be found here.
SBS REGULATIONS
The Superintendency of Banking, Insurance, and Private Pension Fund Administrators («SBS«) modifies the Accounting Manual for Companies in the Financial System, approved by SBS Resolution No. 895-98 («Manual»), and the Regulations on Economic Groups, Affiliation, Application of Operating Limits referred to in Articles 201 to 204 of the General Law, and Large Exposures, approved by SBS Resolution No. 975-2025 («Economic Group Regulations»). Through SBS Resolution No. 01758-2025, published in the official gazette «El Peruano» on May 15, 2025, the SBS modified Chapter V «Supplementary Information» of the Manual to approve new reports and corresponding formats that supervised companies must submit to the SBS, including the following:
- Report No. 19 «Information on the Economic Group to which the Company Belongs.»
- Report No. 19-A «Information on Members of the Economic Group to which the Company Belongs,» and
- Report No. 21 «Information on Persons and Legal Entities Associated with the Company and Financing for Persons Associated with the Company.»
It also eliminates Report No. 21-A «Information on Legal Entities and Legal Entities Associated with the Company.»
On the other hand, among the main changes to the Economic Group Regulations are the following:
- It establishes the obligation to submit a written communication describing the organization of the economic group when the obligated company submits Report No. 19, and
- It provides for the possibility for the SBS to exempt or limit the submission of the information referred to in the aforementioned Report No. 21 in the case of companies whose economic group includes persons or legal entities operating abroad and for which consolidated supervision corresponds to a supervisor other than the SBS.
SBS approves the Asset and Liability Management Regulations for Insurance Companies («APM Regulations«), amending the Insurance Company Investment Regulations, approved by SBS Resolution No. 1041-2016 («Investment Regulations«), and other regulations approved by said entity. Through SBS Resolution No. 01660-2025, published in the official gazette «El Peruano» on May 9, 2025, the SBS approved the APM Regulations, which contain specific provisions on asset and liability matching for insurance companies, with the purpose of promoting asset and liability management («APM«) proportional to the nature, scale, magnitude, and complexity of the risks inherent to their activities, and promoting improvements in such management.
To this end, the APM Regulations primarily establish:
- The responsibilities of the Board of Directors and Management regarding said APM;
- The obligation to have a department specifically responsible for APM;
- The need to establish a APM policy and approve manuals that include policies, procedures, and methodologies for APM, including a description of the organization and distribution of APM functions;
- The risks that must be considered in APM; the obligations that fall within the scope of the GAP Regulations; and the obligation for companies to group said obligations into Homogeneous Groups of Regulatory Obligations («Regulatory GHOs«) and to identify the assets used to support each of the Regulatory GHOs.
- The need to conduct an Asset Adequacy Analysis (ASA) to support the obligations established in the regulation, considering that the asset flows eligible for the ASA are those that come exclusively from the assets established in the Investment Regulation. The regulation establishes how these flows should be determined for each type of asset provided for in the Investment Regulation. It also regulates how the liability flows eligible for the ASA are determined.
- The parameters and rules that insurance companies must follow in the APM, specifically with respect to each type of risk.
For its part, the aforementioned resolution modifies the Investment Regulation mainly to:
- Incorporate the rules introduced in the GAP Regulation into the investment management carried out by insurance companies;
- Modify the eligibility requirements for assets consisting of cash, deposits, and debt instruments;
- Introduce clarifications regarding how the limits established in the aforementioned regulation should be applied in the case of assets consisting of cash and deposits.
Other regulations amended by the resolution in question include, among others:
- The Regulations for the Establishment of Mathematical Reserves for Income Insurance and the Analysis of Asset Adequacy, approved by SBS Resolution No. 887-2018;
- The Regulations for Actuarial Management for Insurance Companies, approved by SBS Resolution No. 3863-2016;
- The Regulations for Corporate Governance and Comprehensive Risk Management, approved by SBS Resolution No. 272-2017;
- The Internal Audit Regulations, approved by SBS Resolution No. 11699-2008; and
- The Regulations for the Classification and Valuation of Investments in Insurance Companies, approved by SBS Resolution No. 7034-2012.
