Capital Markets Newsletter – March 2021

CAPITAL MARKETS NEWSLETTER

PROVISIONS OF GENERAL INTEREST

SMV Regulations  

Superintendence of the Securities Market (“SMV“) amends the Rules for the Inclusion and Exclusion of Securities in the Public Registry of the Securities Market and in the Peruvian Stock Exchange Listing, adopted by Resolution SMV N° 031-2012-SMV/01 (“Rules for Inclusion and Exclusion“), Alternative Securities Market Rules, adopted by Resolution SMV N° 025-2012-SMV/01 (“MAV Rules“) and the Rules for the Institutional Investors Market, adopted by Resolution SMV N° 021-2013-SMV/01 (“MII Rules“).

Through Resolution SMV N° 004-2021-SMV/01 (the “Resolution”), published in the Official Gazette El Peruano, on March 30, the SMV amended the three aforementioned rules in order to remove the duty-paying obligation for the processing of certain administrative procedures related to public offerings in the primary and secondary markets, which the SMV has determined to be free of charge.

Such procedures are as follows:

– Procedures governed by the Rules for the Inclusion and Exclusion:

• Registration in the Public Registry of the Securities Market (“RPMV”), securities previously issued by companies resulting from mergers or spin-offs of issuers with securities registered in the RPMV and to be traded in centralized trading facilities (“MCN”)”;
• Exclusion of securities from the MCN or exclusion of securities registered in the RPMV; and,
• Exclusion of securities from the RPMV, which are simultaneously registered in an MCN for: (i) Domestic Securities and (ii) Foreign Securities at the request of the issuer;

-Procedure governed by the MAV Rules:

• Exclusion of securities from the RPMV and from the MCN in which they are registered, of companies from Alternative Securities Market – MAV;

-Procedure governed by the MII Rules:

• Primary Registration (of securities or issuance programs, as well as of the respective informative prospectuses) in the section of the RPMV called “From the Institutional Investors Market”.

In addition, the text of Annex No. 2 “Application for Registration of Domestic Securities” of the Rules for the Inclusion and Exclusion is amended, so that it may be used both for proceedings before the General Inspectorate for Conduct Supervision of the SMV, as well as before the General Inspectorate for the Supervision of Entities of that entity.

Rules on Preparation and Submission of Financial Statements and Annual Report by the Entities Supervised by the Superintendence of the Securities Market, adopted by Resolution SMV N°. 016-2015-SMV/01 (“Rules“) are amended

By Resolution SMV N° 003-2021-SMV/01 (the “Resolution“), published in the Official Gazette El Peruano, last March 26, the SMV amended the Rules to repeal the obligation of legal entities registered in the RPMV, issuing companies with securities registered in the RPMV and collective fund management companies, whose ultimate parent companies are incorporated abroad and file such financial statements abroad, to submit such information also to the SMV.

The Resolution also specifies the case in which such supervised entities, whose ultimate parent companies are incorporated abroad, must submit to the SMV an affidavit indicating the financial information of their parent company that they submit locally and the regulations that the SMV must comply with in such matters abroad.

For further information, please see our Alert at the following link.

SMV Drafts

Dissemination of the draft amendment to the Guarantee Fund Regulation, adopted by Resolution SMV N° 013-2011-SMV/01, is authorized. By means of Resolution SMV No. 005-2021-SMV/01 (published on March 28, 2021), the SMV published the above mentioned draft for public comments.