Resolution SMV No. 017-2025-SMV/01

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

Resolution SMV
No. 017-2025-SMV/01
Lima, November 6, 2025

SEEN:
The File No. 2022036574 and the Joint Reports No. 1185-2022-SMV/06/10/12, No. 401-2025-SMV/06/10/12 and No. 1559-2025-SMV/06/10/12 dated September 8, 2022, March 24 and October 30, 2025, issued by the Legal Advisory Office, the Adjunct Superintendency of Prudential Supervision and the Adjunct Superintendency of Investigation, Development and Innovation, as well as the Draft modification of the Regulation on Intermediation Agents, approved by Resolution SMV No. 034-2015-SMV/01, the Regulation on Mutual Investment Funds in Securities and their Managing Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, the Regulation on Investment Funds and their Managing Companies, approved by Resolution SMV No. 029-2014-SMV/01 and the Regulation on Asset Securitization Processes, approved by Resolution CONASEV No. 01-97-EF/94.10 (hereinafter, the "Draft");

CONSIDERING:
That, in accordance with the provisions of Article 1 of the Unified Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 (hereinafter, Organic Law of the SMV), the SMV aims to ensure the protection of investors, the efficiency and transparency of the markets under its supervision, the correct formation of prices and the dissemination of all information necessary for such purposes, through regulation, supervision and promotion;

That, paragraph b) of Article 5 of the Organic Law of the SMV establishes as an attribute of the SMV Board of Directors the approval of the securities market regulations, as well as those to which natural and legal persons subject to the supervision of the SMV must adhere;

That, Article 7 of the Unified Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, (hereinafter, TUO of the LMV), establishes that the SMV is empowered to issue the corresponding regulations;

That, in this framework, through Resolution CONASEV No. 01-97-EF/94.10, published on January 9, 1997, the Regulation on Asset Securitization Processes (hereinafter, Securitization Regulation) was approved;

That, through Resolution CONASEV No. 068-2010-EF/94.01.1, the Regulation on Mutual Investment Funds in Securities and their Managing Companies (hereinafter, the Mutual Funds Regulation) was approved;

That, likewise, by Resolution SMV No. 029-2014-SMV/01, the Regulation on Investment Funds and their Managing Companies (hereinafter, the Investment Funds Regulation) was approved;

That, by Resolution SMV No. 034-2015-SMV/01, the Regulation on Intermediation Agents (hereinafter, the Agents Regulation) was approved.

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

That, through Resolution No. 022-2022-SMV/01, the dissemination for citizen consultation, for a period of thirty business days, of the draft modifications to the Agents Regulation, Mutual Funds Regulation, Investment Funds Regulation, and Securitization Regulation was ordered; with the object of harmonizing, among other aspects, the process for elaborating the risk profile of clients and/or potential investors, the conditions for providing portfolio administration services, as well as the content of the contract with clients and participants for the services provided, in accordance with what was reported to the market in the regulatory agenda of 2021, in which it was specified that the harmonization of the provisions would be carried out gradually;

That, subsequently, through Resolution SMV No. 007-2025-SMV/01, the dissemination for public consultation of the articles related to the provision of investment advisory services; client profiling; standardization of the minimum content of the intermediation contract, administration contract; and subscription and transfer of quotas contracts of the Intermediation Agents and the managing companies of mutual funds, and investment funds, respectively, was authorized, in order to simplify and homologate, insofar as possible, the content of said contracts among the three industries. Additionally, the possibility was incorporated that the client contract with the Intermediation Agent, exclusively, the foreign currency purchase and sale service, as authorized by paragraph o) of Article 190 of the TUO of the LMV, without said contract having to comply with all the requirements established for the intermediation contract;

That, on this occasion, it has been deemed convenient to carry out a second dissemination of the articles placed in citizen consultation in September 2022, which have been modified as a result of the comments received on that occasion and which were not included in the March 2025 consultation; likewise, two articles that were disseminated in the public consultation in March of this year, which relate directly to the topics addressed in this project, are included;

That, additionally, it must be taken into account that the regulatory proposal put out for public consultation also incorporates new topics, which involve new administrative procedures, as well as new obligations, for which respect to them, a pronouncement from the Multisectoral Commission of Regulatory Quality will be required;

That, in this order of ideas, the Draft put out for public consultation addresses the provisions related to the provision of portfolio administration services by intermediation agents, managing companies of mutual funds and investment funds, placement of bonds issued by intermediation agents, incorporation of a simplified regime for the registration of securities issued by public offering backed by fiduciary estates, modification of the provisions on Real Estate Income Investment Funds – FIRBI, intermediation with financial instruments not registered in the RPMV, increase in capital of investment funds, issuance of corporate bonds by FIBRA, among other matters;

That, as provided in numeral 19.1 of Article 19 of the Regulation establishing provisions on publication and dissemination of general legal norms, resolutions and draft regulations, approved by Supreme Decree No. 009-2024-JUS, draft regulations of a general nature must be published on the digital headquarters of the Public Administration entities responsible for their elaboration or in another medium, ensuring their proper dissemination and easy access;

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

That, likewise, paragraph c) of numeral 20.1 of Article 20 of the Regulation mentioned in the preceding paragraph, provides that the period for receiving comments, contributions or opinions must not be less than fifteen calendar days counted from the day following its publication, unless a higher-ranking regulatory provision establishes otherwise; therefore, given the nature of the proposed changes, it is considered convenient to disseminate the Draft for public consultation for thirty calendar days; and,

In accordance with the provisions of paragraph a) of Article 1 and paragraph b) of Article 5 of the Organic Law; numeral 2 of Article 9 of the Regulation on Organization and Functions of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF; Articles 1 and 2 of the Policy on dissemination of draft regulations, general legal norms, regulatory agenda and other administrative acts of the SMV, approved by Resolution SMV No. 014-2014-SMV/01 and its amendment; and paragraph c) of numeral 20.1 of Article 20 of the Regulation establishing provisions on publication and dissemination of general legal norms, resolutions and draft regulations, approved by Supreme Decree No. 009-2024-JUS, as well as to what was agreed by the Board of Directors of the SMV in its session of October 31, 2025;

IT IS RESOLVED:

Article 1st.- Authorize the dissemination of the Draft modification of the Regulation on Intermediation Agents, approved by Resolution SMV No. 034-2015-SMV/01, the Regulation on Mutual Investment Funds in Securities and their Managing Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, the Regulation on Investment Funds and their Managing Companies, approved by Resolution SMV No. 029-2014-SMV/01 and the Regulation on Asset Securitization Processes, approved by Resolution CONASEV No. 01-97-EF/94.10.

Article 2nd.- Order that the project indicated in the preceding article be disseminated on the Institutional Page of the Securities Market Superintendence – SMV on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 3rd.- The period for interested persons to send to the Securities Market Superintendence their comments and observations on the project indicated in the preceding articles is thirty calendar days, counted from the day following the date of publication of this resolution in the Official Gazette El Peruano.

Article 4th.- The comments and observations referred to in the preceding article may be sent to the following email address: Proymodreg@smv.gob.pe.

Register, communicate and publish.

Zósimo Juan Pichihua Serna
Superintendent of the Securities Market