Resolution SMV No. 021-2025-SMV/01

PERU Ministry of Economy and Finance

SMV
Superintendency of Securities Market
“Decade of Equal Opportunities for Women and Men” "Year of the recovery and consolidation of the Peruvian economy" 1 Electronic document digitally signed within the framework of Law N° 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 N° 021-2025-SMV/01 Lima, November 25, 2025 HAVING SEEN:
File N° 2025051085 and Joint Report N° 1688-2025-SMV/06/11/12 of November 21, 2025, issued by the Legal Advisory Office, the Deputy Superintendency of Market Conduct Supervision and the Deputy Superintendency of Research, Development and Innovation, as well as the draft modification of the Regulation for the Recognition of Ownership over Shares, Dividends and other Rights in Open Stock Corporations, approved by Resolution SMV N° 013-2013-SMV/01 (hereinafter, the Project); WHEREAS:
That, in accordance with the provisions of Article 1 of the Consolidated Single Text of the Organic Law of the Superintendency of Securities Market, approved by Legislative Decree N° 26126 and its amendments (hereinafter, Organic Law), the Superintendency of Securities Market – SMV aims to ensure the protection of investors, the efficiency and transparency of the markets under its supervision, the correct price formation and the dissemination of all necessary information for such purposes, through regulation, supervision and promotion; That, likewise, in accordance with literal a) of Article 1 of the Organic Law, the SMV has among its functions to issue legal norms that regulate matters of the securities market, products market and collective funds system; That, literal b) of Article 5 of the Organic Law establishes that the Board of Directors of the SMV has the power to approve the regulations of the securities market, products market and collective funds system, as well as those to which natural and legal persons subject to the supervision of the SMV must adhere; That, by Resolution SMV N° 013-2013-SMV/01, the Regulation for the Recognition of Ownership over Shares, Dividends and other Rights in Open Stock Corporations (hereinafter, Ownership Recognition Regulation) was approved, which regulates the procedures related to the delivery of shares, dividends and other rights corresponding to the owner of shares in open stock corporations, whether or not they form part of a trust patrimony; That, within the framework of Article 2 of Legislative Decree N° 1310, which approved additional administrative simplification measures, the Regulatory Quality Analysis (hereinafter, RQA) of the procedures for filing claims for the delivery of shares, dividends and other rights was carried out, in order to identify, eliminate and/or simplify those that are unnecessary, ineffective, unjustified, disproportionate, redundant or not adapted to Law

PERU Ministry of Economy and Finance

SMV
Superintendency of Securities Market
“Decade of Equal Opportunities for Women and Men” "Year of the recovery and consolidation of the Peruvian economy" 2 Electronic document digitally signed within the framework of Law N° 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 N° 27444, General Administrative Procedure Law (hereinafter, GAPL) or to the laws with the rank of law that support them; That, in compliance with the aforementioned norm and the Sole Transitory Complementary Provision of Supreme Decree N° 118-2019-PCM, the SMV submitted the draft regulatory project for the modification of the Ownership Recognition Regulation to the Multisectoral Regulatory Quality Commission (hereinafter, MRQC). As a result of the Ex Ante RQA of the administrative procedures contained in the aforementioned draft regulatory project, the MRQC declared them suitable to continue with the approval process, according to communication of February 10, 2021 to the SMV; That, subsequently, formal adjustments were made to the draft regulatory project and the information linked to the Principle of Legality in the RQA application was updated; That, it is important to specify that, although said validation was carried out in accordance with the regulatory framework in force at the time, specifically in Article 2 of Legislative Decree N° 1310, the Project complies with the principles of regulatory quality improvement contemplated in the Regulation of Legislative Decree N° 1565, Legislative Decree that approves the General Law for the Improvement of Regulatory Quality, approved by Supreme Decree N° 023-2025-PCM; That, in this sense, in order to continue promoting efforts aimed at improving regulatory quality and providing greater facilities for the effective access of regulated parties to the recognition of their rights, Articles 28 and 32 of the Ownership Recognition Regulation are modified, as detailed below; That, in accordance with the provisions of Article 113 of the GAPL, Article 28 of the Ownership Recognition Regulation incorporates the minimum information that the claim document must contain, such as the names and surnames of the appellant, their identity document number, real or procedural address, telephone and physical or electronic address for notification purposes, as well as the identification of their agent or representative, if applicable. Likewise, the application must indicate the number of the share certificates or of the file issued by the open stock corporation, if such information is available; That, in addition, it is established that the open stock corporation must send the file to the Deputy Superintendency of Market Conduct Supervision, obligatorily including the report of the open stock corporation, indicated in Article 29 of the Ownership Recognition Regulation, which contains, among others, the reasons that motivated
the rejection of the application or the opposition; That, on the other hand, in order to maintain consistency with the GAPL, it is specified that the calculation of the deadlines for filing the claim and for the SMV to issue a pronouncement begins "from the day after". Likewise, the provision that allowed the suspension of the resolution period due to pending information requirements from the regulated party or the open stock corporation is repealed, thus eliminating any procedural delay;

PERU Ministry of Economy and Finance

SMV
Superintendency of Securities Market
“Decade of Equal Opportunities for Women and Men” "Year of the recovery and consolidation of the Peruvian economy" 3 Electronic document digitally signed within the framework of Law N° 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, it is indicated that these procedures are subject to prior evaluation, with negative administrative silence and are not subject to renewal, in order to generate predictability; That, as a consequence of these modifications, it is expected to optimize the procedures for claiming the delivery of shares, dividends and other rights, by specifying the minimum information that the claim document must contain and identifying the competent SMV body to resolve the aforementioned procedures, as well as by repealing the part where the suspension of the procedure due to pending information requirements from the regulated party or the open stock corporation was contemplated. Likewise, these modifications will contribute to reducing the costs and time incurred by regulated parties within the framework of said procedures; and, In accordance with the provisions of literal a) of Article 1 and literal b) of Article 5 of the Consolidated Single Text of the Organic Law of the Superintendency of Securities Market, approved by Legislative Decree N° 26126 and its amendments; Article 7 of the Consolidated Single Text of the Securities Market Law, approved by Supreme Decree N° 020-2023-EF; numeral 2 of Article 9 of the Regulation of Organization and Functions of the Superintendency of Securities Market, approved by Supreme Decree N° 216-2011-EF; as well as what was agreed by the Board of Directors of the SMV at its session of November 21, 2025; RESOLVES:
Article 1.- Modify Articles 28 and 32 of the Regulation for the Recognition of Ownership over Shares, Dividends and other Rights in Open Stock Corporations, approved by Resolution SMV N° 013-2013-SMV/01, in the following terms:
«Article 28.- Filing of the claim and deadlines The applicant whose delivery of shares, dividends and other rights is denied, expressly or fictitiously, as well as opponents whose opposition is rejected, may claim such fact before the SMV.
Applicants whose application is declared inadmissible under the simplified or special regime may also claim such fact before the SMV.
The claim, for the purposes of being elevated to the SMV, is filed with the Society, within a maximum period of fifteen days, counted from the day after the notification of the Society's pronouncement or of the fictitious denial having occurred, as applicable. Said claim is filed by means of a written document signed by the appellant, in which their names and surnames, their identity document number, real or procedural address, telephone and the physical or electronic address where they wish to receive notifications of the procedure, identification of their agent or representative if applicable, and, if applicable, the number of the share certificates or of the file issued by the Society, are indicated. Attorney authorization is not a requirement for the admissibility of the application filed with the Society or the claim before the SMV.

PERU Ministry of Economy and Finance

SMV
Superintendency of Securities Market
“Decade of Equal Opportunities for Women and Men” "Year of the recovery and consolidation of the Peruvian economy" 4 Electronic document digitally signed within the framework of Law N° 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 The Society elevates the claim to the SMV by means of a written document addressed to the Deputy Superintendent of Market Conduct Supervision, within three days, counted from the day after the claim is received. For this purpose, the Society must send the file ordered, paginated and with an index, including the report indicated in Article 29.» «Article 32.- Competent body and deadline for resolving the claim The General Intendency of Conduct Compliance is responsible for evaluating claims filed by Applicants and opponents before the Society. After evaluating the documentation presented and receiving any additional documentation that may exceptionally be required, said Intendency issues a report addressed to the Deputy Superintendency of Market Conduct Supervision, opining on the admissibility or inadmissibility of the claim. Likewise, the General Intendency of Conduct Compliance evaluates and opines whether the Applicant has or has not managed to prove ownership over shares, dividends and other rights in the Societies, recommending that such claim be upheld or dismissed, as appropriate. The Deputy Superintendency of Market Conduct Supervision resolves the claim in a single instance, so only a reconsideration appeal may be filed before this instance. The period available to the SMV to issue a pronouncement is ninety days counted from the day after the file is elevated by the Society. Claims filed under the simplified regime or special regime under Emergency Decree N° 052-2000 are resolved within a period not exceeding one hundred and twenty calendar days, counted from the day after the file is elevated by the Society. These procedures are subject to prior evaluation with negative administrative silence and are not subject to renewal.»
Article 2.- Publish the present resolution in the Official Gazette El Peruano and on the Institutional Website of the Superintendency of Securities Market – SMV, on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).
Article 3.- The present resolution shall enter into force the day after its publication in the Official Gazette El Peruano.
Register, communicate, and publish.
Zósimo Juan Pichihua Serna
Superintendent of the Securities Market