Circular N.° 013-2025

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" Av. Paseo de la Republica 3617 San Isidro Central: 610 - 6300 www.smv.gob.pe Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml San Isidro, January 06, 2025

CIRCULAR NO. 013-2025-SMV/11.1

Gentlemen
Structured Entities
Present.-
Ref.: File No. 2025000457

I address you to bring to your knowledge the current minimum amounts referenced in the Single Consolidated Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO de la LMV) and in the various regulations approved by the Securities Market Superintendence – SMV, regarding entities authorized and/or supervised by the Superintendence for Supervision of Market Conduct Behaviors – SASCM.

In this regard, it should be indicated that, although the minimum amounts indicated in the regulations are constant, they must be updated annually based on the National Wholesale Price Index (hereinafter, IPM), as provided by the Final First Provision of the LMV 1; taking into consideration for the year 2025 the IPM corresponding to December 2024 2.

In that sense, the current minimum amounts for the year 2025 are as follows:

Updated Minimum Amounts 2025

Minimum Amounts LMV and SASCM Competition Regulations	Legal Basis	Updated Amounts 2025 (*)
Lowest nominal value or unit offering value - Private Offering (Article 5 of the LMV)	250,000	601,582
Share Capital and Net Worth of the Risk Rating Company (Article 272 of the LMV and Article 20 of the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032-2015-SMV/01)	400,000	962,531
Share Capital of the Structuring Entity (Article 7, numeral 7.7, of the Regulation of Structuring Entities of the Securities Market, approved by SMV Superintendent Resolution No. 142-2014-SMV/02)	750,000	1,804,746
Investment Portfolio in securities - Non-State Legal Persons (Annex 1, numeral 4, of the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01)	1,000,000	2,406,328
Fund or Individual Net Worth administered by Institutional Investors (Annex 1, numeral 5, of the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01)	400,000	962,531
Net Worth of natural persons (Annex 1, numeral 6, of the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01)	2,000,000	4,812,657
Investment Portfolio in securities of natural persons (Annex 1, numeral 6, of the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01)	1,000,000	2,406,328

Source: Amounts indicated in the provisions of the cited norms and IPM (approved through Chief Resolution No. 302-2024-INEI of December 31, 2024).
(*) The 2025 amounts have been calculated by update.

Finally, it should be noted that this Circular does not require a response from your represented entity, since its character is merely informative; the information detailed above must be taken into consideration in cases and/or administrative procedures in which your represented entity observes the aforementioned minimum amounts established in the regulations.

Without further particular, I remain at your disposal.

Sincerely,

Alix Godos
General Superintendent
General Superintendence of Supervision of Conduct