Conasev Resolution No. 036-2011

Lima, May 23, 2011

HAVING SEEN:

File No. 2010008049 as well as Joint Report No. 300-2011-EF/94.06.1/94.05.2 dated May 19, 2011 presented by the Secondary Markets Department and the Information Technologies Office, with the favorable opinion of the General Management;

CONSIDERING:

That, Article 1 of the Unified Text of the Organic Law of CONASEV, approved by Legislative Decree No. 26126, establishes that CONASEV has as its purpose, among others, to promote the securities market;

That, subsection d) of Article 2 of said Unified Text states that it is a function of CONASEV to ensure transparency in securities markets, the correct formation of prices therein, and the protection of investors, seeking the dissemination of all information necessary for such purposes;

That, through Memoranda of Understanding signed on October 28, 2009 and January 15, 2010 between CONASEV, the Superintendency of Securities and Insurance, and the Financial Superintendency of Colombia, regulators of the securities markets of Peru, Chile, and Colombia respectively, they agreed to execute the main activities and tasks with the objective of facilitating the integration of the stock exchanges of the three countries; as well as establishing coordination mechanisms and procedures for the execution of supervisory activities corresponding to each of them;

That, through CONASEV Resolution No. 107-2010-EF/94.01.1, the Regulation of the Integrated Market through Intermediate Routing was approved, which allows for the routing of proposals from foreign intermediaries to the Stock Wheel of the Lima Stock Exchange, as well as those of local intermediaries to foreign trading systems;

That, Article 6 of said Regulation states that for the operation of the Integrated Market through Intermediate Routing, the Lima Stock Exchange S.A. and CAVALI S.A. ICLV must present before CONASEV the documentation and information detailed in said article; and that upon verification of compliance with the requirements established therein, provided there are agreements between the regulators of the participating trading systems, CONASEV will authorize the operation of the Integrated Market through Intermediate Routing;

That, the provision indicated in the preceding consideration stipulates that the start of operations in the Integrated Market through Intermediate Routing is subject to compliance with the requirements indicated in Article 7 of said Regulation;

That, through Letters GE-037/11 of May 5, 2011 and GG-059/11 of May 11, 2011, the Lima Stock Exchange S.A. and CAVALI S.A. ICLV, respectively, requested authorization for the operation of the Integrated Market through Intermediate Routing, presenting, among other documentation and information, the contracts signed with the Colombian Stock Exchange S.A., the Santiago Stock Exchange, the Centralized Securities Deposit of Colombia - Deceval S.A. and DCV Central Securities Deposit S.A., for the purpose of forming and making feasible the operation of an Integrated Market of the securities traded in the aforementioned stock exchanges;

That, having analyzed the documentation presented by both the Lima Stock Exchange S.A. and CAVALI S.A. ICLV, it has been determined that these institutions have met the conditions and requirements for operational authorization, established in Article 6 of the cited Regulation;

That, once the participation of the Lima Stock Exchange S.A. and CAVALI S.A. ICLV in the Integrated Market through Intermediate Routing is authorized, in application of numerals 8.1 and 8.2 of Article 8 of said Regulation, these institutions must establish monitoring and control mechanisms that ensure the normal functioning of the referred Integrated Market, according to the conditions and requirements established in the aforementioned Regulation;

That, taking into consideration that the integration of securities markets entails benefits or opportunities for investors, issuers, intermediaries, and for the development of the market itself, since it allows for greater risk diversification, greater liquidity in the market, higher levels of stock activity, more efficient price formation, reduction of financing costs and transaction costs, among others, and given the fulfillment of the requirements established in the referred Regulation, it corresponds to authorize the participation of the Lima Stock Exchange S.A. and CAVALI S.A. ICLV in the Integrated Market through Intermediate Routing; and,

Being in accordance with what is provided in subsection a) of Article 2 of the Unified Text of the Organic Law of CONASEV, approved by Legislative Decree N° 26126, and what was agreed upon by the Board meeting held on May 23, 2011;

IT IS RESOLVED:

Article 1.- Authorize the Lima Stock Exchange S.A. and CAVALI S.A. ICLV to participate in the Integrated Market through Intermediate Routing.

Article 2.- The start of operations in said market is conditioned upon compliance with the requirements established in Article 7 of the Regulation of the Integrated Market through Intermediate Routing.

Article 3.- This Resolution shall enter into force the day following its publication in the Official Gazette El Peruano.

Article 4.- Order the dissemination of this Resolution in the Official Gazette El Peruano and on the CONASEV Portal.

Article 5.- Transmit this Resolution to the Lima Stock Exchange S.A. and to CAVALI S.A. ICLV.

Register, communicate, and publish.

[pic] Michel Canta Terreros President