RegAlertRule · SMV · 7 Jan 2025
Circular No. 014-2025
The Superintendence of the Securities Market updates the minimum amounts referenced in the Securities Market Law and SASCM regulations for the year 2025 based on the National Wholesale Price Index. The updated figures apply to entities such as risk rating companies, market structuring entities, and institutional investors, with specific thresholds ranging from 601,582 for private placement offerings to 4,812,657 for individual natural person net worth. This circular serves an informational purpose and requires no response from the addressees.
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 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 San Isidro, January 6, 2025
CIRCULAR No. 014-2025-SMV/11.1
Gentlemen
Issuers of the General Regime
Issuers of the Alternative Securities Market
Present:-
Ref.: File No. 2025000457
I address you to bring to your attention the current minimum amounts referenced in the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO of the LMV) and in the various regulations approved by the Securities Market Superintendence – SMV, regarding Entities authorized and/or supervised by the Superintendence of Market Conduct Supervision – 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 for in 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 | Base Amounts | Updated Amounts 2025 (*) |
|---|---|---|---|
| Lowest nominal value or unit placement value - Private Offering | (Article 5 of the LMV) | 250,000 | 601,582 |
| Social Capital and Net Equity 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 |
| Social 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 Equity 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 updating.
Finally, it should be noted that this Circular does not require a response from your represented party, 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 party observes the aforementioned minimum amounts established in the regulations.
Without further particulars, I remain at your disposal.
Sincerely,
Alix Godos
General Superintendent
General Superintendence of Conduct Supervision
1 "First.- The sums referred to in this law are of constant value and are updated annually, at the close of each fiscal year, based on the Wholesale Price Index for Metropolitan Lima published periodically by the National Institute of Statistics and Informatics. The number obtained for the month of January 1996 is considered as the base of the aforementioned index." (Emphasis and underline added) 2 Published in the Official Gazette El Peruano on December 31, 2024. Web link: https://busquedas.elperuano.pe/dispositivo/NL/2358495-1
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