The Superintendency of the Securities Market (“SMV”) approves new Regulations of the MVNet and SMV Virtual System (“Regulations”).- By means of Resolution SMV N° 004-2024-SMV/01, published in the official gazette “El Peruano” on March 23, 2001, such entity approved the Regulations, replacing the regulatory body of similar denomination approved by Superintendent’s Resolution N° 092-2020-SMV/02.
Among the main changes introduced by the Regulation are the following:
The use of the Virtual SMV is no longer mandatory, but optional. However, if a procedure is initiated using this system, its use will be mandatory until the procedure is completed.
An option called “Mesa de Partes Digital Agil” has been created as an extension of the document reception functionality of the Virtual SMV, which allows initiating procedures in the SMV with simplified access requirements, providing the option of a response via e-mail or electronic mailbox.
Electronic notifications made by the SMV are carried out from Monday to Friday during the SMV’s business hours. If the electronic notification is made outside these hours, it is considered to be notified on the following business day.
When an electronic notification is sent, the MVNet System and the Virtual SMV send an alert message to the e-mail and cell phone of the administered party, registered for such purpose. This message constitutes a requirement for the validity of the electronic notification.
The recipient entities must access the message deposited by the SMV in their electronic mailbox within 5 working days, which means that the receipt of the message has been confirmed. The notification becomes legally effective as of such confirmation or as of the business day following the expiration of the indicated term. However, the SMV may additionally resort to personal notification, whichever is effective first.
The SMV amends the Internal Regulations for Registration and Delisting of Securities in the Securities Registry of the Lima Stock Exchange, approved by Resolution SMV No. 042-2012-SMV/01 (“BVL Internal Regulations”).- By means of Resolution SMV No. 003-2024-SMV/01, published in the official gazette “El Peruano” on March 23 of this year, said entity approved the amendment of the BVL Internal Regulations with the main purpose of adapting it to the changes made through Resolution SMV No. 013-2023-SMV/01 to the Regulations of the Venture Capital Segment of the Lima Stock Exchange, approved by Resolution CONASEV No. 026-2005-EF/94.10 (“SCR Regulations”), specifying that:
The graduation of the Junior II Company in the market of origin also entails its graduation in the domestic market, subject to the foreign securities regime (subsection 2 of paragraph 2.17 of Article 2 of the Regulations for the Registration and Exclusion of Securities in the Public Registry of the Stock Market and Stock Exchange, approved by Resolution SMV No. 031-2012-SMV/01 (“Registration and Exclusion Regulations”)), and,
Junior II Companies that formulate primary public offering of their shares exclusively in the national territory, are subject to the national securities regime and, therefore, must comply with the obligations set forth in the Registration and Delisting Regulation and other applicable rules.
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (“SBS”) approves new Regulation of subordinated debt applicable to insurance companies (“DSS Regulation”).- By means of Resolution SBS No. 855-2024, published in the official gazette “El Peruano” on March 7 of this year, such entity approved the DSS Regulation, replacing the regulatory body of similar denomination approved by Resolution SBS No. 6599-2011, in order to adapt it to the amendment of Article 233 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702, introduced by Legislative Decree No. 1531.
Among the main changes reflected in the DSS Regulation are the following:
It is established that insurance companies (“Companies”) may issue subordinated debt, which, in order to be recognized for the computation of effective equity, must have the characteristics established in the DSS Regulation.
It is specified that the order of priority of the subordinated debt is subordinated to the insured and beneficiaries of insurance policies and general non-subordinated creditors of the company.
A distinction is made between accounting equity and effective equity, the latter being an extra-accounting amount destined to cover the equity requirements of the Companies.
Within the equity requirements, the requirement of additional effective equity per economic cycle is included.
The characteristics required for subordinated debt to be computable in the effective equity are modified.
It is specified that the modifications in the conditions of the contracts for the issuance of instruments representing subordinated debt or in the conditions of the contracts to contract subordinated loans, which do not affect their computation in the effective equity of the Companies, do not need to be authorized by the SBS, but they must be communicated to the SBS.
The loss absorption procedure applicable to subordinated debt eligible and not eligible for effective equity is regulated.
Subordinated debt computable in the effective equity is considered up to 40% of the Company’s adjusted effective equity.
The purchase or early redemption of instruments representing subordinated debt or subordinated loans requires the prior favorable opinion or prior authorization of the SBS, respectively.
Subordinated debt that has not been issued or contracted as of the effective date of the DSS Regulation, but has a favorable opinion and/or authorization from the SBS, must be adapted and comply with the requirements contemplated in said regulation in order to be issued or contracted.
SBS authorizes publication of project that approves a new rule that regulates the services provided by the SBS to citizens and the attention of complaints against supervised companies.- By means of a notice dated March 20 of this year, the SBS authorized the publication of the above mentioned project for the reception of comments from the public.
SBS authorizes the publication of the project that modifies the Accounting Manual for Financial System Companies.- By means of a notice dated March 12 of this year, the SBS authorized the publication of the above mentioned project for public comments.
