Resolution SMV No. 018-2025-SMV/01

PERÚ Ministry of Economy and Finance

SMV

Electronic document digitally signed under Law No. 27269, Law on 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. 018-2025-SMV/01
Lima, November 7, 2025

SEEN:
File No. 2025034775, the Joint Report No. 1567-2025-SMV/06/10/11/12 dated October 31, 2025, issued by the Legal Advisory Office, the Adjunct Superintendence of Prudential Supervision, the Adjunct Superintendence of Investigation, Development and Innovation, and the Adjunct Superintendence of Market Conduct Supervision, as well as the draft modification of the Trading Rules of the Lima Stock Exchange;

CONSIDERING:

That, Article 145 of the Single Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO LMV), states that the Securities Market Superintendence (SMV) approves the bylaws of stock 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 Trading Rules of the Lima Stock Exchange (hereinafter, Trading Rules) were approved;

That, Article 5 of CONASEV Resolution No. 021-99-EF/94.10 establishes that for the application of modifications to the Supplementary Provisions to Articles 5, 9 and 25, among others, of the Trading Rules, prior authorization from the SMV is required;

That, on February 7, 2025, the Lima Stock Exchange S.A. (hereinafter, BVL) requested the SMV to approve the modification of a series of articles and supplementary provisions of the Trading Rules referred to the trading of instruments representing equity income. After an analysis of the request, through Resolution SMV No. 011-2025-SMV/01, published in the Official Journal El Peruano on July 17, 2025, the SMV approved 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, 76; and of the supplementary provisions of Articles 5 and 9 of the Trading Rules, among other modifications (hereinafter, Equity Modifications);

That, according to Article 7 of Resolution SMV No. 011-2025-SMV/01, said resolution will enter into force on November 17, 2025. Nevertheless, through communication dated October 9, 2025, the BVL has requested that the entry into force of Resolution SMV No. 011-2025-SMV/01 be postponed to February 2, 2026;

PERÚ Ministry of Economy and Finance

SMV

That, on the other hand, through communication dated August 19, 2025, the BVL requested the SMV to approve the modification of articles and supplementary provisions of the Trading Rules referring to the trading of instruments representing debt. As a result of the evaluation carried out, the request was reformulated so that it only comprises the modification of Articles 8-A and 15 of the Trading Rules, as well as the supplementary provisions to Articles 5, 9 and 25 (hereinafter, Debt Instrument Modifications). This is in application of the power to make formal and substantive modifications to the project presented, delegated by the Board of Directors of the BVL to the General Management of said entity;

That, the Debt Instrument Modifications aim to adapt the trading rules in the Stock Exchange Trading Room of instruments representing debt to the new trading system called "Telerenta HT – Sebra", which will allow simplifying operational processes and incorporating new trading rules aligned with market practices in the region;

That, in its letter of October 27, 2025, the BVL requested that the entry into force date of the Debt Instrument Modifications be November 24, 2025;

That, the BVL accredited having complied with the dissemination of the regulatory proposal on its institutional website for a period of ten (10) business days, declaring that it had not received comments, as well as with the other requirements established for the modification of the internal regulations of stock exchanges, in accordance with what is provided in Articles 8 and 10 of the General Standards of Stock Exchanges, approved by Superintendent Resolution No. 21-2020-SMV/02 (hereinafter, General Standards);

That, having evaluated the documentation presented, it has been verified that the BVL has complied with the requirements provided for in Articles 145 and 146 of the TUO LMV, Articles 8 and 10 of the General Standards, as well as in the Single Text of Administrative Procedures of the Securities Market Superintendence, approved by Supreme Decree No. 115-2025-EF, therefore the approval of the Debt Instrument Modifications proceeds;

That, Resolution SMV No. 011-2025-SMV/01 provides that the Equity Modifications enter into force on November 17, 2025, as requested by the BVL; however, in subsequent communications, said entity has requested that the entry into force of the Equity Modifications be extended to February 2, 2026. Likewise, in its last communication, the BVL has requested that the Debt Instrument Modifications enter into force on November 24, 2025;

That, in this sense, in order to facilitate the BVL's request, it must be considered that the entry into force of both groups of modifications at the same time could negatively impact the adequate implementation by the brokerage societies, therefore it is necessary to establish that the aforementioned modifications enter into force at different times;

PERÚ Ministry of Economy and Finance

SMV

That, taking this into account, the BVL has proposed that the modification of the rules regarding the trading of instruments representing debt shall apply from November 24, 2025 until February 1, 2026 and that from February 2, 2026, the modifying norms on the trading of instruments representing debt and equity securities shall enter into force jointly; and,

Being in accordance with what is established in paragraph a) of Article 1 and paragraph b) of Article 5 of the Concorded Single Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126; numeral 7 of Article 9 of the Organization and Functions Regulation of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF; Article 145 of the TUO LMV; as well as what was agreed by the Board of Directors of the SMV, in its session of October 31, 2025;

IT IS RESOLVED:

Article 1°.- Partially repeal Article 1 of Resolution SMV No. 011-2025-SMV/01, in the part referring to the modification of Articles 8-A and 15 of the Trading Rules of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10.

Article 2°.- Repeal Article 4 of Resolution SMV No. 011-2025-SMV/01, which approves the modification of the supplementary provisions of Articles 5 and 9 of the Trading Rules of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10.

Article 3.- Approve the modification of Article 8-A of the Trading Rules of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10, which will enter into force on November 24, 2025; which shall be drafted as follows:

"Article 8-A.- Of the Proposal Books and Proposal Modules A security may have two or more proposal books and/or proposal modules, which constitute the elements used in the BVL trading system to allow the execution of the different types of operations referred to in this Regulation.

For the entry of proposals, the corresponding proposal book and/or proposal module must be specified.

The different types of books and/or modules where proposals can be registered are:

For shares and securities representing rights over shares
i. Normal Book: Is the proposal book used for the execution of spot operations agreed to be settled within the period established by default in this regulation.

PERÚ Ministry of Economy and Finance

SMV

ii. Repo and Lending Book: Is the proposal book used for the execution of repo operations and securities lending operations.

iii. Block Trade Book: Is the proposal book used for the execution of transfer of the repo position operations with shares.

iv. Auctions Book: Is the proposal book used for the execution of operations corresponding to primary and secondary placement auctions, as well as operations corresponding to public offerings.

For instruments representing debt
(i) Telerenta Module: Is the proposal module used for the execution of spot operations where Limit type proposals and OD Proposals can be entered.

(ii) Repo Module: Is the proposal module used for the execution of repo operations under the continuous modality where Limit type proposals and OD Proposals can be entered.

(iii) Block Trade Book: Is the proposal book used for the execution of transfer of repo position operations and simultaneous sale and purchase operations of securities (pacto), under the continuous modality, where Limit type proposals can be entered.

(iv) Auctions Book: Is the proposal book used for the execution of placements referred to in the supplementary provision to Article 14, where Limit and Market type proposals can be entered."

Article 4.- Approve the modification of Article 15 of the Trading Rules of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10, which will enter into force from November 24, 2025 until February 1, 2026; which shall be drafted as follows:

"Article 15.- Spot Operation
It is that which results from the automatic application of buy or sell proposals of a quantity of securities at a determined price, with the exception of those resulting from OD Proposals, which are of special automatic application.

The settlement period for this type of operation is fixed by the Board of Directors, which may not exceed two (2) days, with the exception of operations with global bonds which may be settled up to the third day after the operation is carried out (T+3).

PERÚ Ministry of Economy and Finance

SMV

These operations may be carried out under the continuous or periodic trading modality.

15.1. Market Segments:

15.1.1 Shares and securities representing rights over shares listed in the trading room shall be grouped into the following market segments:

a) High liquidity securities segment, comprises shares and securities representing rights over shares that satisfy the liquidity criteria approved by the BVL Board of Directors and described in the supplementary provision of this Article and additionally are not included within the scope of Article 53 of this Regulation.

b) Low liquidity securities segment, comprises shares and securities representing rights over shares that do not satisfy the liquidity criteria approved by the BVL Board of Directors and described in the supplementary provision of this Article and additionally are not included within the scope of Article 53 of this Regulation.

c) Foreign securities segment, comprises shares and securities representing rights over shares included within the scope of Article 53 of this Regulation.

The criteria to determine the values that make up the high and low liquidity segments will be established in the complementary norm approved by the BVL Board of Directors.

15.1.2 Debt-representing securities shall be grouped into 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 but does not allow the entry, modification or cancellation of proposals by the Societies.

ii. Auction: Phase that meets the following characteristics:

a. Periodic trading, b. Automatic application of proposals at the end of the auction,
c. Determination of the allocation price by means of a volume maximization algorithm.

Auctions can be classified as follows:

PERÚ Ministry of Economy and Finance

SMV

ii.1) Opening Auction: Is the auction oriented to establish a price to be considered for the start of trading.

ii.2) Intermediate Auction: Is the auction oriented to establish a price to be considered prior to the closing auction. Intermediate Auctions correspond to the Low Liquidity Segment and are called RV2 Intermediate Auction.

ii.3) Closing Auction: Is the auction oriented to establish a price to be considered in the determination of the closing price during the Closing Price Publication Phase.

iii. Regular Trading: Are the trading phases that meet the following characteristics:

a. Continuous trading b. Automatic application of proposals throughout the phase, except for the case of OD Proposal (Direct Operation Proposal) to which special automatic application will correspond.

The Regular Trading phases may be:

iii.1) Regular Trading I: Is the first phase of Regular Trading.

iii.2) Regular Trading II: Is the second phase of Regular Trading. With respect to the preceding phase, this differs in the values of the parameters linked to the price control mechanisms described in Article 20 of the Regulation.

iv. Closing Price Publication: phase without trading, which precedes the trading at closing price, which consists of a temporary interruption of trading, intended to allow the trading system to determine and publish the closing price for its subsequent trading in the following trading phase.

v. Trading at Closing Price: Continuous trading. Entry of proposals at closing price. Automatic application of proposals, at closing price, throughout the phase.

vi. Post-Closing: final phase, without trading, which allows the consultation of market information but does not allow the entry, modification or cancellation of proposals by the Societies.

The volume maximization algorithm is a criterion for determining allocation prices, in auction, which seeks to guarantee that the price resulting from an opening, intermediate, closing or Re-opening auction is that in which the largest possible amount of securities is traded.

The specific characteristics of the volume maximization algorithm will be established by the Board of Directors.

The Board of Directors will determine the application or not of each of the trading phases described above for the trading of securities belonging to the market as a whole

PERÚ Ministry of Economy and Finance

SMV

or for one or more segments thereof. It should be specified that the application of the phases will be included in the Supplementary Provision of this Article.

The criteria to be employed for this purpose will take into account the liquidity of the securities or the simultaneous trading of the securities on the BVL and one or more foreign markets.

15.3. Phases without fixed schedule:

Phases without fixed schedule may be started or ended by the Markets Department in the exercise of its functions.

In this sense, the price formation procedures referred to in Article 19 of this Regulation may include the temporary substitution of the trading phases indicated above in section 15.2 of this Article by the phases without fixed schedule indicated below.

In the scenarios indicated in the preceding paragraph, the phases without schedule will be applied to the books described in Article 8-A of this Regulation, associated with spot operations: Normal Book and Early Settlement Book. Spot operations coming from the Auctions Book will not necessarily be subject to the application of the phases without schedule previously mentioned.

The specific rules and those corresponding to exceptions, based on typology, conditions and validity, are approved and established by the Board of Directors through supplementary provisions.

Re-opening Auction:

It is a phase without fixed schedule that presents the following characteristics:

During the Re-opening Auction, proposals are not executed.
At the end of the phase, the auction is executed and the allocation price is determined by means of the same criterion employed in the opening auction and the closing auction.
Entry, modification and cancellation of proposals are accepted. In the event that the Re-opening Auction corresponds to a volatility auction, cancellation or modification of the proposal that generated said auction is not allowed.

The term volatility auction corresponds to a type of Re-opening Auction that is executed in the application of the price control mechanism called "Circuit Breaker", referred to in Article 20 of the Regulation.

In addition to the case described in the preceding paragraph, a re-opening auction may be carried out as a mechanism to restart the trading of a security, previously moved to the "Halt" session or "Pause" session by the Markets Department in the exercise of its functions.

Suspension (Halt):

It is a phase without fixed schedule that presents the following characteristics:

PERÚ Ministry of Economy and Finance

SMV

During this phase, proposals are not executed.
The proposals present in the Book remain in the system.
Entry or modification of proposals is not accepted, but cancellation of them is accepted.
It can be initiated at any time during the trading session.
The security can be assigned to another phase, such as, "Regular Trading I" or "Re-opening Auction", thus ending the "Halt" session.
It does not remain in force in the next trading session.

Suspension and Closing (Halt and Close)

It is a phase without fixed schedule that presents the following characteristics:

It can be initiated at any time during the trading session.
The closing price is published at the beginning of the phase and the security moves immediately to the "halt" session referred to in the previous section. The security remains in the "Halt" phase for the rest of the trading session.

Pause:

It is a phase without fixed schedule that presents the following characteristics:

During this phase, proposals are not executed.
The proposals present in the Book remain in the system.
Entry, modification and cancellation of proposals are accepted.
It can be initiated at any time during the trading session.
The security can be assigned to another phase, such as, "Regular Trading I" or "Re-opening Auction", thus ending the "pause" session.
It does not remain in force during the next trading session."

Article 5°.- Approve the modification of the supplementary provisions of Articles 5 and 9 of the Trading Rules of the Lima Stock Exchange, approved by CONASEV Resolution No. 021-99-EF/94.10

[RegAlert note: the English text above is a translation of the first 24,000 characters of a 118,046-character original (20% of the document). The remainder was not translated. The complete original-language text is stored with this document.]

Lineage: Amended

Timeline