Resolution SMV No. 007-2025-SMV/01

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 Electronically signed document in 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

Resolution SMV No. 007-2025-SMV/01 Lima, March 26, 2025

SEEN:

File No. 2022036574 and the Joint Reports Nos. 1185-2022-SMV/06/10/12 of September 8, 2022 and 401-2025-SMV/06/10/12 of March 25, 2025 issued by the Legal Advisory Office, the Adjunct Superintendence of Prudential Supervision and the Adjunct Superintendence of Investigation, Development and Innovation, as well as the Draft modification of the Regulation of Intermediary Agents, approved by Resolution SMV No. 034-2015-SMV/01, the Regulation of Mutual Funds for Investment in Securities and their Managing Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1, the Regulation of Investment Funds and their Managing Companies, approved by Resolution SMV No. 029-2014-SMV/01 (hereinafter, the "Draft");

CONSIDERING:

That, in accordance with what is established in article 1 of the Unified Concordant Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 (hereinafter, Organic Law of the SMV), the SMV aims to ensure the protection of investors, the efficiency and transparency of the markets under its supervision, the correct formation of prices and the dissemination of all information necessary for such purposes, through regulation, supervision and promotion;

That, letter b) of article 5 of the Organic Law of the SMV establishes as an attribution of the SMV Board of Directors the approval of the regulations of the securities market, as well as those to which natural and legal persons subject to the supervision of the SMV must be subject;

That, article 7 of the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, (hereinafter, TUO of the LMV) establishes that the SMV is empowered to issue the corresponding regulations;

That, in this framework, by Resolution CONASEV No. 068-2010-EF/94.01.1 the Regulation of Mutual Funds for Investment in Securities and their Managing Companies was approved (hereinafter, the Mutual Funds Regulation);

That, likewise by Resolution SMV No. 029-2014-SMV/01, the Regulation of Investment Funds and their Managing Companies was approved (hereinafter, the Investment Funds Regulation);

That, by Resolution SMV No. 034-2015-SMV/01 the Regulation of Intermediary Agents was approved (hereinafter, the Agents Regulation);

That, as part of the standardization of common provisions for entities included within the modular scheme, by Resolution No. 022-2022-SMV/01, the dissemination for public consultation for a period of thirty (30) business days was ordered, of the draft modifications to the Agents Regulation, Mutual Funds Regulation, Investment Funds Regulation, and the Regulation of Asset Securitization Processes, approved by Resolution CONASEV No. 001-97-EF/94.10; with the objective of harmonizing, among other aspects, the process to elaborate the risk profile of clients and/or potential investors, the conditions to provide portfolio management services, as well as the content of the contract with clients and/or participants for the services provided; which were disseminated for public consultation;

That, the Draft was exempted from the application of the Ex Ante Regulatory Impact Analysis, by the Multisector Commission for Regulatory Quality (CMCR), due to temporality, insofar as it had been disseminated for public consultation ordered by Resolution No. 022-2022-SMV/01, of September 9, 2022, which was communicated to the SMV by the Technical Secretariat of the CMCR on November 18, 2022;

That, continuing with the standardization process, of the regulations mentioned in the preceding considerations, in this stage the topics of investment advice and profiling, as well as the minimum content of contracts, topics that were previously subject to public consultation, are addressed;

That, regarding investment advice and profiling, the minimum considerations that mutual fund managing companies must observe after evaluating the risk profile of investors and/or potential investors are specified, which will allow them to provide recommendations regarding investing in one or more mutual funds that adjust to their risk profile, in the subscription, transfer and assignment of quotas;

That, to this end, mutual fund managing companies may use technological tools such as information applications, which must allow them to perform adequate profiling, so that the mutual fund or funds offered to them respond to that profiling;

That, likewise, the prerogative for intermediary agents and investment fund managing companies to provide investment advisory services to their clients and/or potential investors is regulated, in which case, prior to the advice they offer, they must evaluate the risk profile of such clients and/or potential investors. In this way, it is specified that the intermediary agent and investment fund managing company may provide the investment advisory service, consisting of providing personalized recommendations regarding investing in one or more financial instruments, in the case of agents, and in one or more investment funds, in the case of investment fund managing companies; to which end they will evaluate the risk profile and identify the requirements and needs of their clients and/or potential investors;

That, on the other hand, the draft addresses the standardization of the minimum content of the intermediary contract, management contract and subscription and transfer of quotas contract, of the Intermediary Agents, and the managing companies of mutual funds and investment funds; respectively, in order to simplify and homogenize, insofar as possible, the content of said contracts among the three industries;

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 Electronically signed document in 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

That, additionally, the possibility has been incorporated for the client to contract exclusively with the Intermediary Agent, the foreign currency purchase and sale service, as authorized by letter o) of article 190 of the TUO of the LMV, without said contract having to comply with all the requirements established for the intermediary contract;

That, regarding the other modifications that were subject to public consultation by Resolution No. 022-2022-SMV/01, these are being adjusted and will be put out for public consultation in the second quarter of this year;

That, according to what is established in numeral 19.1 of article 19 of the Regulation that establishes provisions on publication and dissemination of legal norms of general character, resolutions and draft regulations, approved by Supreme Decree No. 009-2024-JUS, draft regulations of general character must be published on the digital headquarters of the Public Administration entities responsible for their elaboration or in another medium, ensuring their proper dissemination and easy access;

That, likewise, letter c) of numeral 20.1 of article 20 of the Regulation mentioned in the preceding paragraph, provides that the period for receiving comments, contributions or opinions must not be less than fifteen (15) calendar days counted from the day following its publication, unless a higher-ranking regulatory provision establishes otherwise; therefore, given the nature of the proposed changes, it is considered convenient to disseminate the Draft for public consultation for thirty (30) calendar days; and,

Being in accordance with what is established by letter a) of article 1 and letter b) of article 5 of the Organic Law; numeral 2 of article 9 of the Regulation establishing provisions on Organization and Functions of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF; articles 1 and 2 of the Policy on dissemination of draft regulations, legal norms of general character, regulatory agenda and other administrative acts of the SMV, approved by Resolution SMV No. 014-2014-SMV/01 and its amendment; as well as to what was agreed by the Board of Directors of the SMV in its session of March 25, 2025;

IT IS RESOLVED:

Article 1st.- Authorize the dissemination of the Draft modification of the Regulation of Intermediary Agents, approved by Resolution SMV No. 034-2015-SMV/01, the Regulation of Mutual Funds for Investment in Securities and their Managing Companies, approved by Resolution CONASEV No. 068-2010-EF/94.01.1 and the Regulation of Investment Funds and their Managing Companies, approved by Resolution SMV No. 029-2014-SMV/01.

Article 2nd.- Order that the project indicated in the preceding article be disseminated on the Institutional Page of the Securities Market Superintendence – SMV on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 3rd.- The period for interested persons to send to the Securities Market Superintendence their comments and observations on the project indicated in the preceding articles is thirty (30) calendar days, counted from the day following the date of publication of this resolution in the Official Gazette El Peruano.

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 Electronically signed document in 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

Article 4th.- The comments and observations referred to in the preceding article may be sent to the following email address: Proymodreg@smv.gob.pe.

Register, communicate and publish.

Zósimo Juan Pichihua Serna Superintendent of the Securities Market