The Superintendency of Securities Market (“SMV”) has issued a notice informing about certain measures it has taken in response to the declaration of the State of Emergency made by the Executive Branch through Supreme Decree DS No. 044-2020-PCM.
The main provisions approved by the Resolution above are the following:
1. Suspension of enforceability of obligations to send information:
a. For issuers with securities registered in the Public Registry of the Stock Market (“RPMV”), with the exception of financial system companies under the supervision of the Superintendency of Banking, Insurance and AFP (“SBS”): During the State of Emergency Declaration period (“Period”), the obligations regarding the presentation of financial information, annual report, management report or any other periodic information whose deadline for presentation is within said Period shall not be enforceable.
The SMV acknowledges in said notice that during the Period it will not be possible to hold the annual mandatory shareholders’ meetings, bondholders’ meetings, or any other meeting called or to be held during that period.
b. For the other entities under the scope of supervision of the SMV: during the aforementioned Period, the obligations to send information to the SMV, including those mentioned in the previous number, shall not be enforceable.
The notice exempts from the previous rule the obligations related to the following information:
The SMV announces that, once the validity of the measures ordered has expired, it shall set new deadlines for the fulfillment of such obligations.
2. Suspension of other terms by the persons concerned
Without prejudice to the suspension referred to in point 1, during the period in question, the deadlines that the companies have to attend to information or documentation requirements formulated by the SMV are suspended.
3. Suspension of administrative deadlines by SMV
All the administrative deadlines to be observed by the SMV for the handling of requests are suspended during the following 30 working days.
4. Suspension of attention to the public and certain processes by the SMV
The notice points out that during the period indicated the attention to the public is suspended by the SMV, and that no meeting will be held, neither face-to-face attention, nor documentary attention to the public. The notice also announces that the call processes for the selection of recovery entities or any other similar, or equivalent, are suspended.
5. Negotiation and activities of supervised entities are maintained in a restricted manner
During the indicated Period, services for trading in securities, transfer of securities (between participant parent accounts), delivery and payment of dividends or any other right or benefit on securities registered in the RPMV, subscriptions and redemptions of shares in mutual funds shall be maintained, provided, as appropriate, by the Bolsa de Valores de Lima SAA, CAVALI SA I.C.L.V., mutual funds and investment fund management companies and brokerage companies. Likewise, during said period, the entities referred to in the previous paragraph shall continue to work in a restricted manner and limited to essential services. You can access the notice in the following electronic link to the website of said regulatory body. http://www.smv.gob.pe/uploads/avisoEstadoEmergenciapdf.pdf
This communication has been prepared by the banking and financial area of Rodrigo, Elias & Medrano Abogados.
