Alert
Capital Markets Alert - October 2025
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October 16, 2025
SMV PUBLISHES DRAFT AMENDMENT TO CROWDFUNDING REGULATIONS
By means of SMV Resolution No. 015-2025-SMV/01, published in the Official Gazette El Peruano on October 4, 2025, the SMV approved the draft amendment to the Regulations on Participatory Financial Financing Activity and its Management Companies, which mainly proposes amendments to Superintendent Resolution No. 045-2021-SMV/02 (“Crowdfunding Regulations”):
- Financing of projects outside the country: to allow, through participatory financial financing (“FPF”), projects (“PFF Projects”) developed outside Peru can be financed, provided that the applicants for financing (‘Recipients’) through the PFF platforms referred to in the Crowdfunding Regulations (“Platforms”) meet certain conditions of experience and solvency at the time of applying for financing, including:
- having successfully financed at least one FPF Project in the last 24 months through a Platform;
- have been operating in Peru for four years, in the case of Recipients that are legal entities;
- not have incurred, in the last 24 months, any defaults or delays in payments of obligations arising from the financing of FPF Projects, which are considered to be delinquent operations according to the collection manual of the Platform administrator (“Administrator”).
- Dissemination environment for the transfer of securities: empower Administrators to provide a dissemination environment that facilitates the transfer of securities previously placed on the Platform, without this constituting a secondary trading or price formation mechanism. In order for the aforementioned securities to be part of the Administrator's dissemination environment, it will be necessary, among other requirements, to have the express consent of the Receiver issuing the securities.
- Extension of the financing limit: increase the financing limit to 1,000 UIT, only for business projects through the Platforms, provided that the Administrator incorporates specific variables into its methodology that allow it to identify, select, and classify Recipients and FPF Projects that request financing greater than 500 UIT, and evaluate such financing requests. For all other cases, the current general limit of 500 UIT remains in place. In turn, it is proposed that in the case of business projects that may exceed the financing limit of 500 UIT, as explained above, the limit on the amount received by the same Recipient to finance business projects be up to 1,500 UIT.
- Representative of bondholders: allow Administrators to be appointed as representatives of bondholders in debt securities issues carried out through the Platform they administer, provided that they assume the collection service for the obligations contracted by the Recipient.