Resolution SMV No. 004-2026-SMV/01

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
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Resolution SMV
No. 004-2026-SMV/01
Lima, February 27, 2026

SEEN:
File No. 2025038427 and Joint Report No. 226-2026-SMV/06/11/12 of February 20, 2026, issued by the Legal Advisory Office, the Adjunct Superintendence of Market Conduct Supervision and the Adjunct Superintendence of Investigation, Development and Innovation, as well as the draft modification of the Regulation on Registration and Exclusion of Securities in the Public Registry of the Securities Market and in the Stock Exchange Wheel, approved by Resolution SMV No. 031-2012-SMV/01 and its modifying norms (hereinafter, Project);

CONSIDERING:
That, pursuant to Article 1 of the Unified Concorded Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 and its amendments (hereinafter, Organic Law), the Securities Market Superintendence – 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, likewise, according to paragraph a) of Article 1 of the Organic Law, the SMV has among its functions to issue the legal norms that regulate matters of the securities market, product market and collective fund system;

That, paragraph b) of Article 5 of the Organic Law establishes that the Board of Directors of the SMV has the attribute to approve the regulations of the securities market, product market and collective fund system, as well as those to which natural and legal persons subject to the supervision of the SMV must adhere;

That, by Resolution SMV No. 031-2012-SMV/01, published on July 26, 2012 in the Official Gazette El Peruano, the Regulation on Registration and Exclusion of Securities in the Public Registry of the Securities Market and in the Stock Exchange Wheel (hereinafter, Registration Regulation) and its annexes were approved, among which Annex No. 15 "Foreign Reference Securities" is included;

That, the aforementioned annex consists of two sections: (i) Section I, which refers to the registration of foreign securities, at the request of the issuer, under the procedure set forth in Article 29 of the Registration Regulation, provided that such securities are admitted to trading on foreign stock exchanges or organized markets that are on the list of said section; and, (ii) Section II, which refers to the registration of foreign securities, at the request of a stock exchange or promoting agent, under the automatic registration procedure set forth in Article 36-A of the Registration Regulation, provided that such securities meet conditions I and II that are on the list of said section;

That, Article 24, numeral 24.4, of the Registration Regulation establishes that the stock exchange may propose to the SMV, directly or at the request of a brokerage firm, the inclusion or exclusion of a stock exchange or organized foreign market, foreign securities, a price index or other scenario different from those indicated in Section II of Annex No. 15 of the Registration Regulation, for which it must present a request accompanied by a technical report in which, regarding inclusions, it shows that the respective foreign market has standards similar to or greater than those of the Peruvian securities market in terms of information, transparency of operations and investor protection;

That, likewise, the Registration Regulation establishes that, for securities to be registered, they must be admitted to trading on a stock exchange or organized foreign market that is under the supervision of a supervisory entity that is a signatory to Annex A of the Multilateral Memorandum of Understanding (MMoU) of the International Organization of Securities Commissions (IOSCO);

That, in this framework, the Lima Stock Exchange S.A. (hereinafter, BVL), presented before the SMV a proposal for modification of the Registration Regulation —approved in the BVL Board of Directors Session—, with the objective of including the Bolsa de Valores de Colombia (BVC) and the Bolsa de Comercio de Santiago, Bolsa de Valores (BCS), as well as their MSCI COLCAP and S&P IPSA indices, respectively, in Section II of Annex No. 15 of the aforementioned regulation. To this end, it attached the documentation established in Article 24, numeral 24.4, of the Registration Regulation;

That, in response to the request of the BVL and in accordance with the regulations, it corresponds to modify Conditions I and II of Section II of Annex No. 15 of the Registration Regulation, in order to include the BVC and its MSCI COLCAP index, from the Colombian securities market, and the BCS and its S&P IPSA index, from the Chilean securities market;

That, it should be noted that this inclusion is aligned with a series of initiatives materialized in regulation in recent years within the framework of the market integration process of the Pacific Alliance and which have led to the recognition of markets such as Chile and Colombia under different schemes (intermediary routing, recognition of primary public offerings and mutual investment funds in securities, and the corporate integration process of stock exchanges), under the premise that these have regulation and supervision standards no lower than the Peruvian securities market and the existence of cooperation ties between the regulators of said markets. It should also be noted that markets such as Chile and Colombia are already recognized in Section I of Annex No. 15 of the Registration Regulation, leaving only their recognition in Section II of Annex No. 15 pending, comprising said segment securities with greater liquidity in those stock exchanges;

That, without prejudice to the foregoing, it should be indicated that the aforementioned inclusion is also beneficial from the perspective of administrative simplification, as it will allow that, pursuant to what is provided in paragraphs 24.2.1, 24.2.2 and 24.2.3 of Article 24 of the Registration Regulation, the securities traded in said organized foreign markets be registered in the RPMV, at the request of the Exchange or the Promoting Agent, under an automatic approval procedure and with special requirements in terms of presentation of documentation and information, without being subject to local market regulation —including norms on public acquisition offers and public buy-out offers by exclusion—. In this way, this modification does not imply the creation of new procedures or requirements, nor does it introduce substantive changes that increase the administrative burden; on the contrary, it seeks to facilitate the registration of securities through a more simplified procedure, compared to registration by issuer request, which requires prior evaluation and compliance with the requirements established in Article 29 of the REGISTRATION REGULATION;

That, pursuant to numeral 19.1 of Article 19 of the Regulation establishing provisions on publication and dissemination of general legal norms, resolutions and regulatory projects, approved by Supreme Decree No. 009-2024-JUS, draft general legal norms 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;

That, likewise, paragraph c) of numeral 20.1 of Article 20 of the Regulation mentioned in the preceding consideration, provides that the deadline for receiving comments, contributions or opinions must not be less than fifteen (15) calendar days counted from the day following its publication, unless a higher-ranking normative provision establishes otherwise; therefore, given the nature of the proposed regulatory change, it is considered convenient to disseminate the Project for public consultation for a period of fifteen (15) calendar days; and,

Being in accordance with 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 19 and 20 of the Regulation establishing provisions on publication and dissemination of general legal norms, resolutions and regulatory projects, approved by Supreme Decree No. 009-2024-JUS; as well as what was agreed by the Board of Directors of the SMV in its session of February 24, 2026;

IT IS RESOLVED:

Article 1°.- Authorize the dissemination of the Draft modification of the Regulation on Registration and Exclusion of Securities in the Public Registry of the Securities Market and in the Stock Exchange Wheel, approved by Resolution SMV No. 031-2012-SMV/01 and its modifying norms.

Article 2°.- Provide that the project referred to in the preceding article be disseminated on the Institutional Page of the Securities Market Superintendence – SMV on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 3°.- The deadline for interested persons to send to the Securities Market Superintendence – SMV their comments and observations on the project referred to in Article 1° of this resolution is fifteen (15) calendar days, counted from the day following the date of publication of this resolution in the Official Gazette El Peruano.

Article 4°.- The comments and observations referred to in the preceding article may be sent to the following email address: Proyinscripcion2026@smv.gob.pe

Register, communicate and publish.

Zósimo Juan Pichihua Serna
Superintendent of the Securities Market