Resolution SMV No. 015-2025-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. 015-2025-SMV/01
Lima, October 3, 2025

SEEN:

File No. 2025041348 and Joint Report No. 1352-2025-SMV/06/12 of September 24, 2025, issued by the Legal Advisory Office and the Deputy Superintendency of Investigation, Development and Innovation, as well as the draft modification of the Regulation of the Financial Participatory Financing Activity and its Administrator Companies (hereinafter, the "PROJECT");

CONSIDERING:

That, in accordance with Article 1 of the Unified Text of the Organic Law of the Securities Market Superintendence – SMV, approved by Legislative Decree No. 26126 and its amendments (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, according to paragraph b) of Article 5 of the Organic Law of the SMV, it is the attribution of the Board of Directors of the SMV to approve the regulations of the securities market, product market and collective fund system, as well as those to which natural or legal persons subject to its supervision must adhere;

That, through Title IV of Urgency Decree No. 013-2020, Urgency Decree that promotes the financing of SMEs, Startups and Startups (hereinafter, the Urgency Decree), the Securities Market Superintendence – SMV was tasked with establishing the legal framework for the correct and adequate functioning of the Financial Participatory Financing activity (hereinafter, FPF);

That, through Superintendent Resolution No. 045-2021-SMV/02, the Regulation of the Financial Participatory Financing Activity and its Administrator Companies (hereinafter, Regulation) was approved, with the objective of establishing the regulatory framework applicable to the FPF activity carried out within the national territory, as well as to the companies constituted as anonymous societies in Peru that administer the platforms through which this activity is carried out;

That, recognizing the potential that the FPF activity has as an innovative alternative financing mechanism, but at the same time seeking that this activity develops under a framework of protection for investors, it is considered necessary to incorporate some flexibilities into the current regulations to continue promoting the orderly development of said activity in the country;

That, in that line, it is proposed to expand the financing limits per recipient and projects; to exempt, under certain conditions, that projects be developed entirely within the territory of the Republic of Peru, with the purpose that the activity adjusts to the financing needs that certain recipients require to make their projects viable abroad; that the administrator societies of FPF platforms (Administrator Societies) can provide the services of bondholder representative in the issuance of debt securities that are carried out through the platform they administer; as well as provide a dissemination environment for the transfer of securities previously placed on the FPF platform, without this being considered a mechanism for secondary negotiation or price formation of the securities, with the object of promoting the development of the FPF activity under the securities modality;

That, according to what is established in the "Policy on the dissemination of normative projects, general legal norms, early agenda and other administrative acts of the SMV", approved by Resolution SMV No. 014-2014-SMV/01 and its amendments, it is considered necessary to disseminate the Project in public consultation through the Institutional Page of the Securities Market Superintendence on the Digital Unified Platform of the Peruvian State (www.gob.pe/smv), for a period of fifteen (15) calendar days, counted from the day following the date of publication of this resolution, for the public to be able to send their suggestions or comments to the proposal; and,

Being in accordance with what is provided by Article 1 and paragraph b) of Article 5 of the Organic Law of the SMV, paragraph 2 of Article 9 of the Organization and Functions Regulation of the Securities Market Superintendence (SMV), approved by Supreme Decree No. 216-2011-EF, as well as by what was agreed by the Board of Directors of the SMV in its session of September 26, 2025;

IT IS RESOLVED:

Article 1°.- Authorize the dissemination of the draft modification of the Regulation of the Financial Participatory Financing Activity and its Administrator Companies.

Article 2°.- Provide that the project indicated in the preceding article be disseminated in public consultation on the Institutional Page of the Securities Market Superintendence on the Digital Unified Platform of the Peruvian State (www.gob.pe/smv).

Article 3°.- The deadline for interested persons to send their comments and observations to the Securities Market Superintendence on the project indicated in the previous articles is fifteen (15) 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" 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

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

Register, communicate and publish.

Zósimo Juan Pichihua Serna
Superintendent of the Securities Market