Resolution SMV No. 011-2025-SMV/01

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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. 011-2025-SMV/01 Lima, July 15, 2025 SEEN:
The File No. 2025005365 and the Joint Report No. 920-2025-SMV/06/10/11/12 of July 9, 2025, issued by the Legal Advisory Office, the Adjunct Superintendency of Prudential Supervision, the Adjunct Superintendency of Investigation, Development and Innovation and the Adjunct Superintendency of Market Conduct Supervision, by which the modification of the Ring Trading Operations Regulation of the Lima Stock Exchange is proposed; CONSIDERING:
That, article 145 of the Single Text of the Law of the Securities Market, approved by Supreme Decree No. 020-2023-EF, states that the Superintendency of the Securities Market – SMV approves the statutes of the exchanges and their modifications; as well as the internal regulations issued by the exchanges and their respective modifications; That, by Conasev Resolution No. 021-99-EF/94.10, the Ring Trading Operations Regulation of the Lima Stock Exchange was approved; That, Lima Stock Exchange S.A. requested the approval of articles 2, 3, 5, 7, 8A, 13, 15, 19, 20, 53, 55, 56, 58 A, 58 B, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 71 and 72; as well as, the modification of the Complementary Provisions to articles 5 and 9, to the aforementioned Regulation (hereinafter, The Project), indicating that such modifications were approved in the Board of Directors sessions Nos. 05.24 and 06.24 of July 26 and October 22, 2024 respectively; That, in this line, the proposed changes are linked to the integration of the stock markets of Chile, Colombia and Peru; and the migration to the new Nasdaq trading platform. The changes cover mainly the following topics: (i) the classification of market segments, (ii) the categorization of securities by type of market where the definition of Dual Listing securities is incorporated, (iii) new methodology for the calculation of the closing price, and (iv) incorporation of the "Designated Liquidity Provider", among others; That, on the other hand, article 5 of Conasev Resolution No. 021-99-EF/94.10 establishes that the modifications of the Complementary Provision to articles 5 and 9 of the Ring Trading Operations Regulation of the Lima Stock Exchange, for their application, will require prior authorization of the Superintendency of the Securities Market;

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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, the proposal to modify the Complementary Provision to articles 5 and 9 of the Ring Trading Operations Regulation of the Lima Stock Exchange, seeks to adapt the communication protocols of the order routing system, and establish changes in the schemes for modification and cancellation of operations, respectively; That, Lima Stock Exchange S.A. accredited having complied with the dissemination of the regulatory proposal on its institutional website for a period of ten (10) business days, as well as with the other requirements established for the modification of the internal regulations of the stock exchanges, according to what is provided in articles 8 and 10 of the General Norms of the Stock Exchanges, approved by Superintendent Resolution No. 021-2020-SMV/02; That, through communications from the BVL presented until July 4, 2025 and after having held various meetings and coordination with BVL representatives, the observations formulated were remedied, also as a result of the same, changes proposed to articles 57 and 76 of the Ring Trading Operations Regulation, as well as to the Complementary Provision to article 55 of said regulation were introduced; That, having evaluated the documentation presented, it has been verified that Lima Stock Exchange S.A. has complied with the requirements provided for in articles 145 and 146 of the Single Text of the Law of the Securities Market, approved by Supreme Decree No. 020-2023-EF; articles 8 and 10 of the General Norms of the Stock Exchanges, as well as in the Single Text of Administrative Procedures of the Superintendency of the Securities Market, approved by Superintendent Resolution No. 023-2015-SMV/02, applicable to the present procedure; and, Being in accordance with what is established by article 1, paragraph a) and article 5, paragraph b) of the Concorded Single Text of the Organic Law of the SMV, approved by Legislative Decree No. 26126; article 9, numeral 7 of the Organization and Functions Regulation of the Superintendency of the Securities Market, approved by Supreme Decree No. 216-2011-EF; article 145 of the Single Text of the Law of the Securities Market; as well as to what was agreed by the Board of Directors of the Superintendency of the Securities Market, in its session of July 10, 2025; IT IS RESOLVED:
Article 1°.- Approve the modification of articles 2, 3, 5, 7, 8-A, 13, 15, 19, 20, 53, 55, 56, 57, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 71, 72, and 76 of the Ring Trading Operations Regulation of the Lima Stock Exchange, approved by Conasev Resolution No. 021-99-EF/94.10, which shall be drafted as follows:
Article 2.- Terms.
a) Abandonment: Resolution of the operation that materializes through the communication that the Society that fulfilled its obligation in case of non-compliance by the other directs.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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 b) (Repealed by SMV Resolution No. 025-2015-SMV/01). b.1) Market Maker: The society that promotes the liquidity of securities registered in Lima Stock Exchange S.A. c) Automatic Application: Matching of proposals according to the criteria established by the Board of Directors, resulting in an operation. d) Special Automatic Application: may contemplate matching criteria based on equality of the elements of the buy and sell proposals, which may include, value, quantity, price, operation term, rate, settlement term, SAB counterparty, currency. It does not require the confirmation of the proponent. e) Exchange or BVL: Lima Stock Exchange S.A. f) Days: The days on which the Trading Session takes place. g) Markets Department: The organ of the Exchange under the leadership and responsibility of the Director of Markets. h) Board of Directors: The Board of Directors of the Exchange. i) Director of Markets: Director of the Ring referred to in the Law. j) Issuers: The issuers of securities registered in the RBVL. k) Trading phases: They are the different stages that make up a session established for the different segments and with trading conditions defined in this Regulation. l) Cut-off Date: The last trading day for a security that allows the transfer of its ownership until the registration date, inclusive. m) Registration Date: The day established by the issuer to determine the holders of the securities issued by him for the purpose that is specified when establishing it. In its case, this will be the same date on which or from which the exchange takes place as a consequence of corporate agreements such as merger, spin-off, capital reduction, among others. n) Delivery Date: The day established by the issuer for the delivery of the securities, benefits and others to the registered holders. ñ) Additional Guarantee: in the stock loan operation of securities, it is constituted by the borrower and formed by money, securities or other assets as coverage for the risk of revaluation of the securities subject to the loan and devaluation of the main guarantee. o) Main Guarantee: In the stock loan operation of securities, it is constituted by the lender with the money, securities or other assets transferred to his favor as consideration for the first sale of the securities subject to loan. It is part of the risk coverage for non-compliance with the second sale of the securities subject to loan.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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 p) ICLV: Securities Compensation and Settlement Institution constituted in accordance with the Law of the Securities Market. q) Non-compliance: The failure to deliver securities or funds for the settlement of operations or for the constitution or replenishment of the margin of guarantee, to the ICLV within the established deadlines, as well as its partial, late or defective delivery. r) Institutional Investors: Institutional investors are the persons referred to in the Law and the Regulation of the Institutional Investors Market, approved by SMV Resolution No. 021-2013-SMV/01 or the norm that modifies or replaces it. s) Law: Law of the Securities Market. t) Margin of Guarantee: The money, securities or other assets constituted as guarantee for the compliance of certain stock operations. u) OPA: Public Acquisition Offer. v) OPC: Public Purchase Offer. w) OPI: Public Exchange Offer. x) OPV: Public Sale Offer. y) Operation: Transaction with securities carried out in the Trading Session, resulting from the application of a buy proposal and a sell proposal. z) Proposal: It is a mandatory offer to buy or sell proposed by a society to the market through the Exchange's trading systems, which must indicate value, quantity and price. aa) RBVL: Register of Securities of Lima Stock Exchange S.A. ab) Trading Session: Period during which securities are traded daily in the Stock Ring. ac) Societies: Stock Agent Societies of the Exchange. ad) Auction: Mechanism for placing securities and price formation based on proposals presented by the Societies. ae) Security: Securities registered in the RBVL. af) Dual Listing: Securities that are registered in the RPMV and, additionally, are registered in some other public register of securities of a regulator or supervisor, provided that their registration implies the obligation of the issuer to comply in each market to which such registers correspond, with the provisions referred to the presentation and dissemination of information and other requirements established in their jurisdictions. Their trading rules may be governed by those of the continuous segment and/or global segment, according to their main market, in accordance with the definition of article 55 of this regulation. ag) Local Market: They are local market securities, as long as they are not in the situations provided for the Global Market defined in numeral ah), the following:
1.1. The securities that are registered in the RPMV at the request of the issuer itself, shareholders or others that the applicable regulation regulates.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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
1.2. The securities that are registered in the RPMV at the request of the issuer itself, shareholders or others that the applicable regulation regulates, and that additionally are registered in some other public register of securities of a regulator or supervisor.
1.3. The securities of junior I companies, registered in the RPMV, under the protection of the Regulation of the risk capital segment of the BVL, approved by CONASEV Resolution No. 026-2005-EF-94.10 and its amendments.
ah) Global Market: They will be those securities registered in the RPMV at the request of a Promoter Agent or the BVL and the securities of junior II and junior III companies registered in the RPMV, under the protection of the Regulation of the risk capital segment of the BVL, approved by CONASEV Resolution No. 026-2005-EF-94.10 and its amendments. ai) Designated Liquidity Provider: The Society designated by the Exchange that promotes the liquidity of a specific group of securities. aj) Regulation: Ring Trading Operations Regulation, approved by CONASEV Resolution No. 021-99-EF/94.10. ak) RPMV: Public Register of the Securities Market.
Article 3.- Trading hours.
The schedule of the Trading Session will be fixed by the Board of Directors, prior opinion of the Markets Department.
Article 5.- Trading systems.
The operations that are executed may be carried out through the electronic trading system or by other systems according to the norms established by the Board of Directors. The proposals may be entered through the terminals under the responsibility of the Societies. The Exchange must offer all Societies access to said systems under the same conditions. Without prejudice to what is stated in the previous paragraph, the Exchange is authorized to make available to the Societies, direct access to the trading system through order routing systems whose communication protocol has been previously certified. To this effect, the term "order routing systems" refers to those electronic systems that allow the channeling of orders to the Trading System, either by the Society's own infrastructure or by that of a provider. The Board of Directors of the Exchange must approve the respective operating rules through Complementary Provisions in accordance with the regulation issued by the SMV.
Article 7.- Price indication.
The price indication must be made in soles or in US dollars or in that currency that, according to the type of operation, the Board of Directors has authorized.
In the case of debt-representative securities, the price will be expressed as a percentage of its nominal value, discount rate or in another way that has been previously authorized by the Board of Directors.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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 8-A.- On the proposal books.
A security may have two or more proposal books which constitute the elements used in the BVL trading system to allow the execution of the different types of operation referred to in this Regulation.
For the entry of the proposals, the corresponding proposal book must be specified.
The different types of books where the proposals can be registered are:
i. Normal Book: It is the proposal book used for the realization of spot operations agreed to be settled within the period established by default in this regulation.
ii. Early Settlement Book: It is the proposal book used for the realization of spot operations agreed to be settled in a period shorter than the period established by default. This type of book only applies to debt-representative instruments.
iii. Odd Lot Book: It is the proposal book used for the realization of spot operations for quantities that constitute a fraction of the minimum lot established (if applicable) for the trading of a security. This type of book only applies to debt-representative instruments.
iv. Repo and Loan Book: It is the proposal book used for the realization of repo operations and securities loan operations.
v. Block Trade Book: It is the proposal book used for the realization of pact operations with debt-representative securities and operations for the transfer of the position of the repo with shares and debt-representative securities.
vi. Auctions Book: It is the proposal book used for the realization of operations corresponding to primary and secondary placement auctions, as well as operations corresponding to public offers.
vii. "All or Nothing" Auction Book (AON Book): It is the proposal book used for operations corresponding to the so-called "All or Nothing" Auction, which awards the entirety of the offers to a single bidder. The use of such auction will be limited to primary placement public offers. This type of book only applies to debt-representative instruments.
Article 13.- Dissemination of information.
The Exchange will disseminate the proposals, quotes, including the quarterly average quote, relating to the securities through the means approved by the Board of Directors.
The provisions adopted by the Board of Directors by virtue of what is provided in this Regulation and other devices referred to its scope, will be disseminated prior to their entry into force and will be available to the public at the Exchange.
Article 15.- Spot operations

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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 It is that which results from the automatic application of buy or sell proposals of a quantity of securities at a determined price, to be settled in the period fixed by the Board of Directors, which may not exceed two (2) days. These operations may be carried out under the continuous or periodic trading modality.
15.1. Market segments for trading:
15.1.1 The shares and securities representative of rights on shares listed in the stock ring will be grouped in the following market segments:
a) Continuous segment: It comprises (i) the shares and securities representative of rights on shares, of the Local Market indicated in letters 1.1 and 1.3 of paragraph ag) of article 2, and that additionally satisfy the liquidity criteria approved by the Board of Directors and described in the complementary provision of this article; and (ii) values included in 1.2 of paragraph ag) of article 2, considering that: a) when it comes to Dual Listing securities, only those that have the Peruvian market as their main market are included and b) when it comes to non-Dual Listing securities, as long as they satisfy the liquidity criteria approved by the Board of Directors and described in the complementary provision of this article. b) Auction segment: It comprises: (i) the shares and securities representative of rights on shares of the Local Market indicated in letters 1.1 and 1.3 of paragraph ag) of article 2, and that additionally do not satisfy the liquidity criteria approved by the Board of Directors and described in the complementary provision of this article; and (ii) values included in 1.2 of paragraph ag) of article 2, excluding Dual Listing securities, that do not satisfy the liquidity criteria approved by the Board of Directors and described in the complementary provision of this article. c) Global segment: comprises the shares and securities representative of rights on shares, included within the scope of Global Market and the Dual Listing securities whose main market is not Peruvian. The criteria to determine the securities that make up the continuous and auction segments will be established in the complementary norm that approves the Board of Directors of the Exchange.
15.1.2 The debt-representative securities will be grouped in a single segment.
15.2. Daily trading cycle.
The daily trading cycle applicable to spot operations may include the following trading phases:
i. Pre-Opening: Initial phase, without trading, which allows the consultation of market information and allows the entry, modification or cancellation of proposals by the Societies. The Proposals entered in this phase may be visualized in the proposal book.
ii. Auction: Phase that fulfills the following characteristics:
a. Periodic trading, b. Automatic application of proposals at the end of the auction,
c. Determination of the award price through a volume maximization algorithm.
The Auctions can be classified as follows:

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Electronically signed document under 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 ii.1) Opening Auction: It is the auction that is oriented to establish a price to be considered for the start of trading. ii.2) Intermediate Auction: The Intermediate Auctions correspond to the seven (7) auctions of the auction segment. ii.3) Closing Auction: It is the auction that is oriented to establish a price to be considered in the determination of the closing price, provided that the criteria established in

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