Circular No. 040-2026-SMV/11.1 - Risk Classification Companies - Updated Minimum Amounts 2026

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 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 22, 2026

CIRCULAR NO. 040-2026-SMV/11.1

Gentlemen
Risk Classification Companies
Present:-

Ref.: File No. 2026000646

I address you to bring to your knowledge the current minimum amounts referred to in the Single Consolidated 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 for the Supervision of Market Conducts – 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 LMV1; taking into consideration for the year 2026 the IPM corresponding to December 20252.

In that sense, the current minimum amounts for the year 2026 are as follows:

Updated Minimum Amounts 2026

Minimum Amounts LMV and SASCM Competition Regulations	Legal Basis	Base Amount	Updated Amounts 2026 (*)
1. Lowest nominal or unit offering price - Private Offering (Article 5 of the LMV)	Article 5 of the LMV	250,000	578,563
2. Share Capital and Net Worth of the Risk Classification Company (Article 272 of the LMV and Article 20 of the Regulation of Risk Classification Companies, approved by SMV Resolution No. 032-2015-SMV/01)	Article 272 of the LMV and Article 20 of the Regulation of Risk Classification Companies	400,000	925,700

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, 2025.
Web link: https://busquedas.elperuano.pe/dispositivo/NL/2473374-1

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 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

3. Share Capital of the Structuring Entity (Article 7, numeral 7.6, of the Regulation of Structuring Entities of the Securities Market, approved by Superintendent Resolution SMV No. 142-2014-SMV/02)	Article 7, numeral 7.6, of the Regulation of Structuring Entities of the Securities Market	750,000	1,735,688
4. 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)	Annex 1, numeral 4, of the Regulation of the Institutional Investors Market	1,000,000	2,314,250
5. Fund or Individual Net Worth managed by Institutional Investors (Annex 1, numeral 5, of the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01)	Annex 1, numeral 5, of the Regulation of the Institutional Investors Market	400,000	925,700
6. 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)	Annex 1, numeral 6, of the Regulation of the Institutional Investors Market	2,000,000	4,628,501
7. 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)	Annex 1, numeral 6, of the Regulation of the Institutional Investors Market	1,000,000	2,314,250

Source: Amounts indicated in the provisions of the cited norms and IPM (approved by Head Resolution No. 255-2025-INEI of December 31, 2025).
(*) The 2026 amounts have been calculated by updating.

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 particulars, I remain at your disposal.

Sincerely,

Alix Godos
General Superintendent
General Superintendence of Conducts Supervision