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Asian Investment Desk
Banking and Finance
Banking Regulation
Capital Markets
Corporate and Commercial
Corporate Compliance
Energy
Environmental
ESG | Environmental, Social and Governance
Fintech
Fishery
Forestry
Immigration
Infrastructure and Concessions
Insurance and Reinsurance
Intellectual Property
International Trade and Customs
Labor & Employment
Life Sciences
Maritime and Aviation
Mergers and Acquisitions
Mining
Oil & Gas
Privacy and Data Protection
Project Development
Project Finance
Public Law
Public Procurement
Public Services Regulation
Real Estate Investment
Restructuring and Insolvency
Tax
Telecom, Media & Technology (TMT)
Venture Capital and Entrepreneurship
Water Resources and Sanitation
Wealth Management
Newsletter
Capital and Financial Market Newsletter - July 2025
Themes
August 5, 2025
SMV Regulations
The Superintendency of Securities Market (“SMV”) amends the Lima Stock Exchange Trading Regulations, approved by Conasev Resolution No. 021-99-EF/94.10 (“Trading Regulations”) and supplementary provisions thereto. By means of SMV Resolution No. 011-2025-SMV/01, published in the Official Gazette “El Peruano” on July 17, 2025, the SMV approved the amendment to the Trading Regulations. The amendments relate to the integration of the stock markets of Chile, Colombia, and Peru, and the migration to the new Nasdaq trading platform. The main provisions are as follows:
- The definitions section of the Operating Regulations is amended to include terms such as “Market Maker,” “Dual Listing,” “Local Market,” “Global Market,” and “Designated Liquidity Provider,” to which the amendments refer.
- It is stipulated that the currency of trading shall be the sol, the US dollar, or any other currency authorized by the stock exchange's board of directors.
- The order books that apply exclusively to debt instruments are specified.
- The market segments for trading are redefined, moving from the division into “high liquidity,” “low liquidity,” and ‘foreign’ securities segments to “continuous,” “auction,” and “global” segments.
- Likewise, the concepts and regulations of the trading phases of the daily trading cycle are modified for spot transactions, such as “Intermediate Auction,” “Closing Auction,” “Regular Trading,” “Closing Price Trading,” and “Post-Closing”.
- The “Halt and Close” and “Pause” phases are eliminated from the phases without a fixed schedule for spot transactions.
- The regulation of the quotation of traded securities and the concept of closing quotation, as well as the market margin, are modified.
- The concept of trading on foreign stock exchanges is replaced by that of trading on global securities exchanges, with corresponding changes to the relevant regulations.
- The activities of the Designated Liquidity Provider, which promotes the liquidity of a group of securities, are regulated in a similar manner to those of the Market Maker.