CAPITAL MARKETS NEWSLETTER
SMV RULES
The Superintendence of the Stock Market (“SMV”) approves “Early Agenda 2024”.-By means of Superintendent’s Resolution No. 008-2024-SMV/02, published in the institutional website of the SMV, such entity approved the Early Agenda 2024, whose purpose is to inform interested parties and citizens in general about the preliminary assessment of public issues that will be subject of the Ex Ante Regulatory Impact Analysis (AIR Ex Ante).
The main points contained in the Early Agenda 2024 include the following:
- Strengthen the prevention of money laundering and terrorist financing in the securities market, based on the GAFILAT recommendations contained in the “2018 Mutual Evaluation Report”.
- Evaluate the operational and legal feasibility of allowing intermediaries participating in the Santiago Stock Exchange and the Colombian Stock Exchange to carry out operations from their jurisdictions with securities registered in the Lima Stock Exchange, without the need to obtain an organization and operation authorization from the SMV.
- Create the conditions that make regional integration processes of Stock Exchanges feasible, including the intervention of the Securities Clearing and Settlement Chambers, in addition to the modification of certain legal provisions, under adequate standards of investor protection and within the framework of the SMV’s powers.
- Evaluate the relevance of aligning the regulation of disclosure of Material Facts to the best international standards in the region.
The document also mentions that the following actions are planned for fiscal year 2024:
- Issuance by the SMV of the resolution of “Regulatory Harmonization (Phase 2) Draft Modification of the Regulation of Brokerage Agents, approved by Resolution SMV No. 034-2015-SMV/01 and the Regulation of Mutual Funds for Investment in Securities and their Management Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1”, whose project was in citizen consultation,
- Evaluate the public problem related to the realization of private offerings of investment funds by entities that are not under the supervision of the SMV and, if applicable, coordinate with the Ministry of Economy and Finance to determine the feasibility of managing a law that amends the Law of Investment Funds and their Management Companies, and,
- Continue coordination with the Superintendency of Banking and Insurance and AFP (“SBS”), in order to harmonize the provisions applicable to entities under the competence of this regulatory body that also have the status of issuers, in order to make adjustments to the respective regulations, if applicable.
SBS REGULATIONS
The SBS approves the modification of annexes to the SBS Infractions and Sanctions Regulations, approved by SBS Resolution No. 2755-2018.- By means of SBS Resolution No. 0013-2024, published in the Official Gazette “El Peruano” dated January 09, 2024, the SBS modified several numerals of Annexes 1 and 2 of the regulation in mention, regarding infractions linked to various matters, including, among others, the following:
- Information on significant owners and beneficial owners,
- Prevention of Money Laundering and Financing of Terrorism,
- Consolidated supervision,
- Market Conduct Management, and,
- Operational Risk Management.
