Capital Markets Newsletter - January 2026
Themes
The Superintendency of the Securities Market (“SMV”) modifies the effective date of changes made to the Trading Floor Regulations of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10 (“RORB”), through SMV Resolution No. 011-2025-SMV/01 and SMV Resolution No. 018-2025-SMV/01. By means of SMV Resolution No. 002-2026-SMV/01, published in the official gazette El Peruano on January 30, 2026, the SMV approved extending the effective dates of various regulatory modifications introduced to the RORB by the aforementioned resolutions. Thus, the SMV approved:
- Postponing the effective date of the changes introduced to the RORB by SMV Resolution No. 011-2025-SMV/01, setting April 27, 2026, as the new effective date. You can find more details about the aforementioned changes here.
- Extend until April 26, 2026, the effective date of the amendments to Article 15 and the supplementary provisions of Articles 5 and 9 of the RORB, introduced by SMV Resolution No. 018-2025-SMV/01, concerning the trading of debt instruments.
- Stipulate that the amendments to Article 15 and the supplementary provisions of Articles 5 and 9 of the RORB, incorporated by SMV Resolution No. 018-2025-SMV/01, relating to the trading of debt instruments and equity securities, shall enter into force on April 27, 2026.
SMV approves its Early Agenda for the period 2026-2027 (“Early Agenda”). By Superintendent Resolution No. 009-2026-SMV/02, dated January 29, 2026, the SMV approved its Early Agenda, including the matters and public issues that will be analyzed by the institution during the aforementioned period.
These matters and public issues are as follows:
- Material events: Issuers have difficulty identifying and disclosing certain material events.
- Central Counterparty Entity: Higher risks in the settlement of equity transactions carried out on centralized trading platforms, compared to other Pacific Alliance countries.
- Recognition of intermediaries in an integrated market: Operational and regulatory limitations exist for intermediaries from countries participating in an integrated market with Peru to conduct transactions from their jurisdictions with securities registered in Peru.
- Securities trusts: Operational limitations impact the performance of securities trusts.
- Annual report disclosure according to international standards: There is a need to align the presentation of the annual report with high-quality, understandable, internationally applicable, and recognized standards that facilitate the comparability of sustainability and climate change information between companies and markets, particularly with IFRS S1 and S2.
- Regulatory sandbox: Evaluate the need for, as well as the benefits and scope of, creating a testing environment for novel and innovative models within the SMV (Regulatory Sandbox), taking into account local and international experience.
The aforementioned Early Agenda also indicates that the SMV plans to complete the following items in the first half of 2026:
- Regulatory Harmonization (Phase 2): Amendments to the Regulations for Brokerage Agents, Mutual Funds and their Management Companies, Investment Funds, Asset Securitization Processes, and Primary Public Offerings and Securities Sales.
- Amendment to the Regulations for Public Tender Offers and Purchases of Securities by Delisting, approved by CONASEV Resolution No. 009-2006-EF-94.10.
- Guidelines for the Implementation and Operation of the Prevention Model (Law No. 30424, its amendments, and its Regulations).
Furthermore, the Early Agenda indicates that the following topics are planned for coordination with the entities indicated:
- Review of the new Code of Good Corporate Governance for Peruvian Companies, with the Capital Markets Advisory Council.
- Draft bill amending the Law on Investment Funds and their Management Companies (Legislative Decree No. 862), regarding private offerings of investment funds by entities not under the supervision of the SMV (Superintendency of the Securities Market), and including the authority for the SMV to create the category of qualified investor (Securities Market Law, Law No. 861), with the Ministry of Economy and Finance.