SMV Regulations
Superintendence of the Securities Market (“SMV”) amends Internal Regulations of CAVALI S.A. I.C.L.V., adopted by Resolution CONASEV N° 057-2002-EF/94.10.- Through Resolution SMV N° 009-2021-SMV/01, published in the Official Gazette El Peruano on April 26, 2001, the SMV amended the above mentioned regulations to make clear that when it corresponds to CAVALI S.A. I.C.L.V. (“CAVALI”) make the payment of cash benefits, redemptions and amortizations, related to transferable securities and non-bulk issue instruments represented by book entries, registered in that institution, and does not have the necessary funds to make such payment within the established period, it shall not proceed with the payment, and shall communicate the delay or non-compliance, as appropriate, to the issuer and CAVALI participants involved, as well as to the SMV and BVL, if applicable.
SMV amends the Guarantee Fund Regulations, adopted by Resolution SMV N° 013-2011-SMV/01 (“FG Regulations”).– Through Resolution SMV N° 008-2021-SMV/01, published in the Official Gazette El Peruano on April 17, the SMV amended the FG Regulation mainly to:
– Provide details regarding the call to the assembly of members (“Assembly”) of the Administrator of the Guarantee Fund (“Administrator”).
– Establish as a condition of the representatives to the Assembly, that they belong to the management team of the member stockbroker company.
– Specify that among the functions of the Board of Directors of the Administrator (“Board of Directors”) is to decide on the implementation of the Guarantee Fund in accordance with the provisions of the legislation, or in accordance with a court order or arbitration award with res judicata quality or by a final administrative resolution; and that said resolutions or awards, in order to be enforced, must refer to any of the assumptions provided for in the FG Regulations and to actions derived from the performance of the operations or activities indicated in said regulations.
– Reduce from five to two years the maximum period for submitting to the Board of Directors, for implementation, the final administrative resolutions mentioned in the previous section.
– It is specified that the Board of Directors must adopt and submit to the SMV not only the annual report and the annual financial statements of the Guarantee Fund, but also those of its Administrator.
SMV Drafts
Dissemination of the Draft Amendment to the Regulations of Mutual Funds for Investment in Securities and their Management Companies, adopted by Resolution CONASEV N° 068-2010- EF/94.01.1, is authorized.– By Resolution SMV N° 10-2021-SMV/01 (published on April 29), the SMV published the above mentioned draft for receiving comments from the public.
The dissemination of the draft to amend the Institutional Investors Market Regulation, adopted by Resolution SMV N° 021-2013-SMV/01 and Superintendent Resolution N° 126-2020-SMV/02 which amends said regulation, is authorized.– By Resolution SMV N° 007-2021-SMV/01 (published on April 16), the SMV published the aforementioned draft for public comments. For further information, please see our Alert at the following link: [___].
