SMV Regulations
SMV adopts regulations for the corporate integration of stock exchanges and securities clearing and settlement institutions (“Regulations“).
Through Superintendent Resolution No. 066-2020-SMV/02 (published on July 17, 2020), the Regulations were adopted that contemplate the requirements to request authorization from the SMV to carry out corporate integration proceedings between local stock exchanges (“Exchanges”) or between Exchanges and local securities clearing and settlement institutions (“ICLV” and, together with the Exchanges, the “Entities”); as well as the obligations that derive from obtaining said authorization for the Entities that obtain it.
The Regulations establish which Entities may submit such a request, as well as special rules in the event of administrative authorizations that an Entity has that must be transferred to another entity of its economic group due to corporate integration.
Likewise, the Regulations provide for the obligations to be fulfilled by the entity controlling the Entities participating in corporate integration, as well as those to be observed by the latter.
Said Regulations also contain special provisions for the event that Bolsa de Valores de Lima S.A.A. participates in a corporate integration process. For more information, see our Alert at the following link.
SMV amends the provisions applicable to Corporación Financiera de Desarrollo S.A. (“COFIDE”) to act as a securitization company within the framework of Programs and Funds created by the Peruvian State for the economic reactivation of the country (“Provisions”).
Through Superintendent Resolution No. 065-2020-SMV/02 (published on July 16, 2020), the SMV adopted the Provisions, which were originally issued by Superintendent Resolution No. 041-2020-SMV/02, also include programs and funds created subsequent to the latter, whose purpose is to promote economic reactivation, in which COFIDE shall also perform the functions of securitization company. In this regard, the aforementioned resolution amends various sections of the Provisions to include said additional programs and funds, which, to date, consist of the following:
SMV adopts provisions for speaking through an electronic platform, by the applicants, in administrative sanctioning procedures and others.
Through Superintendent Resolution No.056-2020-SMV/ 02 (published on July 1, 2020), the SMV adopted the aforementioned provisions, which allow the applicants to speak mainly in the context of administrative sanctioning procedures, in the different phases or instances of these:
(i) the pre-trial or sentencing phase, at first or single instance;
(ii) an appeal for reconsideration against sanctions imposed at first or single instance; and,
(iii) appeal. The rules in the above instances or phases are similar, and mainly involve the following:
The hearing shall take place through an electronic platform enabled by the SMV, and it is the responsibility of the applicant to verify that their equipment and systems are optimal to use said platform. If the applicants do not have access to MVNET, they must provide an email address for the completion of the respective communications. The aforementioned mechanism may be used by the SMV bodies to carry out other proceedings, such as taking statements within or outside of investigation proceedings.
This communication has been prepared by the banking and financial department of Rodrigo, Elías & Medrano Abogados.
