Regulatory Alerts2026-01-20
Added · Updated
Circular No. 031-2026-SMV/11.1: Orientative Audit Guide on Issuers' Material Events Regime
The Securities Market Superintendence (SMV) issues an orientative audit guide to clarify the legal obligations of issuers regarding the disclosure of material events, emphasizing that the duty to report is based on the event's capacity to influence a reasonable investor's decision rather than fixed numerical thresholds. The document mandates that issuers apply both quantitative and qualitative relevance tests, report significant changes in financial results or equity immediately without waiting for quarterly financial statements, and disclose final sanctions and judicial proceedings promptly. It further instructs issuers to treat the regulatory list of material events as non-exhaustive, requiring disclosure of any act that could significantly impact market liquidity or price, and warns that failure to comply with these transparency duties is subject to administrative sanctions.