CAPITAL MARKETS NEWSLETTER
SMV Rules
The Superintendence of the Securities Market (“SMV”) approves the Provisions that regulate the mechanisms for the subscription of the Form that contains the information of the beneficial owner of the Legal Entities (“Provisions”). By means of Resolution SMV N° 010-2024-SMV/01 (“Resolution”), published in the Official Gazette “El Peruano” on October 12 of this year, such entity approved the Provisions, to establish in which cases, when dealing with entities with operating authorization granted by the SMV, that manage legal entities included in the scope of Legislative Decree No. 1372, Legislative Decree (which regulates the obligation of legal persons and/or legal entities to report the identification of beneficial owners (“Law”)), the electronic document containing the format containing the information of the beneficial owner may dispense with the digital signature of such beneficial owner (“Format”), as provided in Superintendence Resolution No. 000236-2023/SUNAT.
These provisions establish the following two possibilities to dispense with the digital signature of the beneficial owner:
- That the Form is subscribed by the Beneficial Owner through “electronic signature”, understood as the one referred to in numeral 31.3 of Article 31 of the Common Rules for the entities that require authorization for organization and operation of the SMV, approved by Resolution SMV No. 039-2016-SMV/01; or,
- That the Form is subscribed by the Beneficial Owner by means of a handwritten signature, converted into an electronic document and digitally signed by the legal representative of the entity, in which case the certification referred to in the Regulations of the Law is not required. In this case, the signature of the aforementioned legal representative is intended to certify that the entity has verified that the person signing the Form by handwritten signature is the person whose information is declared therein.
SBS Regulations
The Superintendence of Banking, Insurance and Private Pension Fund Management Companies (“SBS”) approves amendments to Title VI of the Compendium of Superintendence Norms of the Private Pension Fund Management System, approved by Resolution No. 052-98-EF/SAFP (“Compendium”). By means of Resolution SBS No. 3514-2024, published in the Official Gazette “El Peruano” on October 9 of this year, said entity approved amendments to Title VI of the Compendium, mainly for:
- Incorporate Subchapter V “Application to Zero Fund Investments” to Chapter IV of Title VI of the Compendium, to establish restrictions that the Private Pension Fund Administrators (“AFPs”) must observe when preparing the Investment Policy corresponding to the Type 0 pension funds under their management, and which are referred to aspects such as:
- The maximum Macaulay duration of the portfolio;
- The currency in which the investment instruments must be denominated;
- The minimum risk classification of the investment instruments;
- The requirements to invest the resources of such funds in investment vehicles referred to in paragraph c) of Article 75°-K of Title VI of the Compendium, which must necessarily be local ETFs or local investment funds; and,
- The investment limit of the value of the Type 0 Fund for investment vehicles.
- Modify the requirements applicable to investment funds in general, and to venture capital, private debt, private equity, real estate, forestry funds and infrastructure funds, in particular, with respect to the investment commitments in such funds to be acquired by the management company or the entities comprising its economic group.
