Article 7 of Resolution SMV Nº 009-2020-SMV/01 is amended. Through Superintendent’s Resolution Nº 125-2022-SMV/02, published in the Official Gazette El Peruano on December 31, 2022, the Superintendence of the Securities Market (“SMV”) amended the article mentioned above to extend until December 31, 2023, the application of the model of “Bases for the non-presential selection process of the valuation entity responsible for determining the minimum price to be taken into account in the delisting and tender offer processes”, adopted by Resolution SMV Nº 009-2020-SMV/01 mentioned above.
Article 3º of Superintendent’s Resolution Nº 056-2020-SMV/02 is amended. By means of Superintendent’s Resolution Nº 126-2022-SMV/02, published in the Official Gazette El Peruano on December 31, 2022, the SMV modified the aforementioned article to extend until December 31, 2023, the validity of the “Provisions for the exercise of the use of the floor to be made through the electronic platform by those taxpayers, in the processing of administrative sanctioning procedures and others”, adopted by the aforementioned Superintendent’s Resolution Nº 056-2020-SMV/02.
The Regulation on Contributions for the Supervision Services provided by the Superintendence of the Securities Market, adopted by Resolution CONASEV Nº 095-2000-EF/94.10 (“Regulation”) and the Regulation of the Alternative Securities Market – MAV, adopted by Resolution SMV Nº 025-2012-SMV/01 (“MAV Regulation”) are amended. Through Resolution SMV Nº 030-2022-SMV/01, published in the Official Gazette El Peruano on December 26, 2022, the SMV amended the aforementioned rules to extend until December 31, 2023, the following special contribution regimes for the SMV’s supervision service:
CAVALI S.A. ICLV’s Internal Regulations, adopted by Resolution CONASEV Nº 057-2002-EF/94.10 (“Internal Regulations”), are amended. Through Resolution SMV Nº 029-2022-SMV/01, published in the Official Gazette El Peruano on December 9, 2022, Chapter X “Information Services” of the Internal Regulations was amended, mainly to grant CAVALI S.A. ICLV (“CAVALI”) the power to provide third parties with information related to the securities that are recorded in its Accounting Record, provided that it does not contravene rules on confidentiality of information and protection of personal data.
Likewise, Chapter XVII “Centralized Registry of Negotiable Invoices” of the Internal Regulations was amended to establish that it is CAVALI’s obligation and responsibility to keep confidential the identity of the legitimate holders of the negotiable invoices registered in CAVALI’s Web application and system, complying with the applicable provisions, as well as to provide information on such securities upon request of persons accessing the information sale service regulated in the referred Internal Regulations, taking into consideration the aforementioned duty of confidentiality.
The Regulation of Claims and Requirements Management is adopted, modifies the name of Title VI of the Regulations of the Special Regime for the Management of Market Conduct of the Financial System, incorporates the procedure in the TUPA of the SBS and dictates other provisions. Through SBS Resolution Nº 4036-2022, published in the Official Gazette El Peruano on December 29, 2022, the aforementioned provisions were adopted, with the main purpose of adapting the regulations to the changes and advances in financial services as a result of technological innovation in an environment of greater digitalization, accelerated by the pandemic originated as a result of COVID-19, as well as to Law Nº 31143, Law that protects consumers of financial services from usury, which has established new obligations for companies in the financial system, associated, among other aspects, to the charging of commissions and expenses to users, the prohibition of charging penalties, and the establishment of limits in the application of interest rates.
New Subordinated Debt Regulation applicable to Financial System Companies (“New Subordinated Debt Regulation”) is adopted. Through Resolution SBS Nº 03950-2022, published in the Official Gazette El Peruano on December 27, 2022, the New Subordinated Debt Regulation was adopted, which adapts the regulation on subordinated debt to the amendments to Articles 184, 185 and 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 (“General Law”), adopted by Legislative Decree Nº 1531, to continue adapting the regulatory framework to the Basel III standard. Along these lines, the New Subordinated Debt Regulation regulates the new way of calculating the above mentioned instrument in the different levels and sublevels of the effective equity of the respective entity and establishes the treatment to be granted to the subordinated debt contracted by companies of the financial system other than the multiple operation companies authorized to take deposits from the public and the companies referred to in Article 7 of the General Law (COFIDE, Banco de la Nación, Banco Agropecuario and Fondo MIVIVIENDA S.A.).
New Regulation for the Computation of Reserves, Profits, Donations and Capital Instruments in the Cash Equity of Financial System Companies is adopted. Through SBS Resolution Nº 03951-2022, published in the Official Gazette El Peruano on December 27, 2022, the aforementioned regulation was adopted, with the main purpose of adapting the current regulation to the changes introduced by Legislative Decree Nº 1531 to Articles 184 and 185 of the General Law, to continue adapting the regulatory framework to the Basel III standard and to the treatment to be granted to companies of the financial system other than the multiple operation companies authorized to take deposits from the public and the companies referred to in Article 7 of the General Law (COFIDE, Banco de la Nación, Banco Agropecuario and Fondo MIVIVIENDA S. A.).
The Regulation of Cash Equity Requirement for Credit Risk is modified. Through SBS Resolution Nº 03952-2022, published in the Official Gazette El Peruano on December 27, 2022, the aforementioned amendment was adopted, whose main purpose is to update the current regulations applicable to companies of the financial system to incorporate the changes related to the composition of the effective equity and to establish the adaptation term applicable to the solvency requirements contemplated in Article 199 of the General Law, as amended by Legislative Decree No. 1531 in order to adapt the regulations applicable to companies of the financial system, related to the composition of the effective equity, to the Basel III standard.
The new Regulation for the Cash Equity Requirement for Additional Risks is adopted. Through SBS Resolution Nº 03953-2022, published in the Official Gazette El Peruano on December 27, 2022, the aforementioned regulation was adopted, with the main purpose of adapting its provisions to Article 199-B of the General Law, which provides that companies must have a process to assess the adequacy of their effective equity based on their risk profile, and that the SBS establishes the effective equity requirements for additional risks. This article was introduced by Legislative Decree Nº 1531 to continue adapting the regulatory framework to the Basel III standard.
Adoption of the Regulation for the Requirement of Conservation Cushions, by Economic Cycle and by Market Concentration Risk. Through SBS Resolution Nº 03954-2022, published in the Official Gazette El Peruano on December 27, 2022, the aforementioned regulation was adopted, whose purpose is to regulate Article 199-A of the General Law -incorporated by Legislative Decree Nº 1531-, which establishes that companies must maintain conservation, economic cycle and market concentration risk buffers above the minimum requirements established in Article 199 of the General Law, in order to continue adapting the regulatory framework to the Basel III standard.
The Regulation for the Market Risk Effective Equity Requirement, the Regulation for the Operational Risk Effective Equity Requirement, the Leverage Ratio Regulation, the Regulation for the Special Regimes and Liquidation of the Financial System and Insurance System Companies and other legal provisions are amended. Through SBS Resolution Nº 03955-2022, published in the Official Gazette El Peruano on December 27, 2022, the modification of the above mentioned regulatory bodies was adopted in order to adapt their provisions to the changes introduced to the General Law through Legislative Decree Nº 1531, which adapts the composition of the effective equity of the financial system entities to the Basel III standard in order to improve the quality of effective equity, and eliminates the advanced methods for the calculation of the effective equity requirement for operational risk, in accordance with the Basel III recommendations.
The Electronic Money Transactions Regulation, adopted by SBS Resolution Nº 6283-2013, is amended, as well as other provisions. Through SBS Resolution Nº 03932-2022, published in the Official Gazette El Peruano on December 22, 2022, the aforementioned amendment was adopted in order to, among others, reduce the limits applicable to simplified electronic money accounts and include immediately available deposits as an alternative modality to the trust, which is currently contemplated as the only guarantee to back 100% of the value of the electronic money issued. Likewise, it is established that the yields of the immediately available deposits and/or of the trust assets, depending on the type of guarantee used, are freely available, as long as the 100% coverage of the value of the electronic money issued is complied with.
