Circular No. 478-2024 — SMV — PE

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho" Av. Santa Cruz 315 Miraflores 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 Miraflores, November 21, 2024 CIRCULAR No. 478-2024-SMV/11.1 Gentlemen Risk Rating Agencies Present:- Ref.: File No. 2024047758 I address you regarding the obligations held by Risk Rating Agencies (hereinafter, ECR) registered in the Public Registry of the Securities Market – RPMV of the Securities Market Superintendence – SMV, regarding permanent monitoring and updating of risk ratings granted to debt securities issued publicly by issuers, established by Article 279 of the Single Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, and by Article 25 of the Regulation of Risk Rating Agencies, approved by SMV Resolution No. 032-2015-SMV/01 and its amendments (hereinafter, ECR Regulation).

In this regard, within the framework of the preventive administrative activities being carried out by the General Superintendent of Conduct Supervision – IGSC, your represented entity is reminded of the obligation established in Article 25, item 25.3, clause 25.3.21, of the ECR Regulation, regarding the submission of respective risk rating update reports using financial information as of June 30 or September 30 corresponding to the 2024 fiscal year, whose submission deadline to the SMV is November 30, 2024^3.

1 «Article 25.- First classification, update and monitoring of the classification (...)
25.3 Subsequent to the first classification of the public debt security representative, and within the framework of the obligation to permanently monitor each risk rating granted, the Rating Agency must update the classification report at least two (2) times a year, by issuing the respective risk classification update reports, according to the following scheme:
(...)
25.3.2. Using financial information as of June 30 or September 30 of each year, with the submission and publication deadline for this report being November 30 of each year.
(...).»

2 The classification report must observe the minimum content indicated in Annex 5 of the ECR Regulation.

3 The term is subject to what is established in Art. 183, item 5, of the Peruvian Civil Code: “The term whose last day is a non-working day, expires on the first following working day.”

PERU Ministry of Economy and Finance

Without prejudice to the foregoing, your represented entity must act with due diligence to request from the issuer and take knowledge of all relevant information that allows it to comply with its duty of permanent monitoring; furthermore, in case it becomes aware of any circumstance or event that, due to its characteristics, could modify the previously granted classification, it must pronounce itself timely on the classification, in accordance with what is provided in Article 254, items 1 and 4 of the ECR Regulation.

In this sense, your represented entity must send, in a timely manner, the aforementioned updates of the risk classification reports, through the MVNet System, in the option «Information Obligations», followed by «General Communications» and in the section «Modification of Information of Securities for Primary Public Offering – Risk Classification Reports» select the issuer, to register the corresponding data and attach the corresponding report. Likewise, it must be taken into account that, in case your represented entity does not find the denomination of the securities and/or issuance programs from which it will update the risk classification report, it must coordinate with the issuer so that it updates the denomination of its represented entity, through the MVNet System, in the option «Information Obligations», followed by «General Communications», section «Information of securities for Primary Public Offering - 2. Change of Assignment of Risk Rating Agency», this prior to the submission of the respective report.

Similarly, it is pertinent to note that the ECR, on the same date of issuance of the risk classification report, in addition to its presentation before the SMV, must proceed with its publication in the list of classifications through its website^5 and the sending of the referred report to the issuer of the corresponding securities, by virtue of what is established by Article 32, item 32.3^6, of the ECR Regulation.

Finally, it should be indicated that this circular does not require a response from your represented entity; as well as that said document has a preventive and referential character, therefore it does not exempt your represented entity from its responsibility to know and observe the securities market regulations and to fully comply with its information submission obligations that correspond to it.

Without further particulars, I remain at your disposal.
Sincerely,
Alix Godos
General Superintendent
General Superintendent of Conduct Supervision

PERU Ministry of Economy and Finance

4 «Article 25.- First classification, update and monitoring of the classification (...)
25.1. It is the obligation of the Rating Agency to permanently monitor each risk rating granted to public debt securities, in accordance with what is stated in articles 280 and 290 of the LMV. The Rating Agency must act with due diligence to request from the Issuer and take knowledge of all relevant information to comply with said obligation.
(...)
25.4. In case the Rating Agency becomes aware of any circumstance or event that, due to its characteristics, could modify the previously granted classification, it must act with the necessary timeliness and diligence, proceeding to issue the respective pronouncement on the classification. (...).»

5 In accordance with the formats established in Annex 8 of the ECR Regulation.

6 «Article 32.- First classification, update and monitoring of the classification (...)
32.3 On the same date of issuance of the classification report, the Rating Agency will proceed with its publication in the list of classifications, referred to in item 33.2 of Article 33 of the Regulation, its sending to the Issuer and to the SMV.
(...).»

PERU Ministry of Economy and Finance

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