Financial and Capital Markets Alert – November 2022

Amendments to the Regulations against Market Abuse – Rules on Insider Trading and Market Manipulation, adopted by Resolution SMV Nº 005-2012-SMV/01 (“REGULATIONS”)

By Resolution SMV Nº 028-2022-SMV/01 (the “Resolution”), published today in the Official Gazette El Peruano, the Superintendence of the Securities Market (“SMV”) added a third paragraph to subsection 6.1 of Article 6 of said Regulation to establish that the directors or managers of a securities issuer:

1. May not carry out operations through portfolio management with securities issued by the issuer in which they are directors or managers, and,

2. They must inform their portfolio manager in writing:

2.1 The list of issuers in which they hold the position of director or manager, and expressly indicate that they do not carry out transactions with securities issued by such issuers.

2.2 Any change in relation to the information they have provided, within the business day following the change.

In addition, the Resolution establishes that the aforementioned directors or managers, with a portfolio management contract in force, must carry out what is indicated in numeral 2.1 above within five business days from the effective date of the Resolution.