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Capital Markets Newsletter - October 2025
Themes
SMV DRAFTS
The Superintendency of Securities Market (SMV) publishes a draft (the Draft) to amend the Regulations on Participatory Financial Financing Activities and their Management Companies, approved by Superintendent Resolution No. 045-2021-SMV/02 (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, which mainly proposes:
- Authorize the financing of drafts developed abroad through participatory financial financing (FPF).
- Empower FPF platform administrators (Platforms) to offer a dissemination environment that facilitates the transfer of securities previously placed on said Platforms.
- Extend the financing limit for business drafts channeled through the Platforms, provided that certain conditions are met.
- Allow Platform administrators to act as representatives of bondholders in debt securities issues carried out through the Platforms they administer.
For further information, please refer our Alert on this matter here.
SBS DRAFTS
The Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS) approves the dissemination of a draft resolution amending Title II of the SPP Compendium of Regulations, referring to Business Management, specifically regarding the authorization of the organization and operation of entities in the financial and insurance system, within the framework of Law No. 32123. Through a notice published on October 1, 2025, on the SBS website, the entity published the aforementioned draft with the main objective of enabling companies in the financial and insurance systems established in paragraphs A, C, and D of Article 16 of Law No. 26702, General Law on the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance (Companies), to manage one or more pension funds under Law No. 32123, Law on the Modernization of the Peruvian Pension System.
The draft includes the following main proposals:
- The requirements and conditions for companies to operate as pension fund management companies, for which they must establish an additional line of business (LNA).
- The requirements for the SBS to authorize companies to operate an LNA and the time frame within which the SBS must make a decision.
- The procedure for companies that decide to enter the private pension fund management system through a bidding process for individual account management services, as provided for in Law No. 29903.