Circular No. 016-2025

PERU 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" 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 06, 2025 CIRCULAR NO. 016-2025-SMV/11.1

Gentlemen
Risk Rating Companies
Presente.-
Ref.: File No. 2025000457

I address you with the aim of bringing to your knowledge the current minimum amounts referenced in the Unified Text of Ordained Provisions 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 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 or unit placement value - Private Offering (Article 5 of the LMV)	250,000	601,582
Social 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

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 said index.". (Emphasis and underline added) 2 Published in the Official Newspaper El Peruano on December 31, 2024. Web link: https://busquedas.elperuano.pe/dispositivo/NL/2358495-1

PERU 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" 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

Social Capital of the Structuring Entity (Article 7, numeral 7.7, of the Regulation of Structuring Entities of the Securities Market, approved by Superintendent Resolution SMV 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 Investor 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 Investor 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 Investor 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 Investor 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 Intendant
General Intendancy of Supervision of Conduct