PERÚ Ministerio de Economía y Finanzas
SMV
Superintendency of the Market de Valores
DECENIO DE LAS PERSONAS CON DISCAPACIDAD EN EL PERÚ ‐ AÑO DE LA PROMOCIÓN DE LA INDUSTRIA RESPONSABLE Y DEL COMPROMISO CLIMÁTICO

SMV Resolution No. 014-2014-SMV/01

Lima, 30 June 2014

WHEREAS:

File No. 2012021677, Memorandum No. 1518-2014-SMV/06 of 24 June 2014, issued by the Legal Advisory Office, as well as the Draft Policy on publicity of regulatory projects, general legal rules and other administrative acts of the SMV;

CONSIDERING:

That, by CONASEV Resolution No. 073-2004- EF/94.10, “The Rules relating to the publication and dissemination of resolutions issued by the decision-making bodies of CONASEV” (hereinafter, the Publication Rules) were approved, which established a regime for the dissemination of administrative resolutions issued by the Superintendency of the Securities Market – SMV, which, due to their particular implication, have a general scope;

That, by CONASEV Resolution No. 089-2006- EF/94.10 of 4 December 2006, the Policy for Prior Dissemination of General Rules of CONASEV (hereinafter, the Prior Dissemination Policy) was approved, which established the citizen consultation procedure for general regulatory projects that the Superintendency of the Securities Market - SMV is required to issue;

That, article 360° of the Securities Market Law, Legislative Decree No. 861, incorporated by Legislative Decree No. 1061 (hereinafter, the LMV) provided that the SMV, to the extent practicable, shall publish in advance any generally applicable regulation relating to matters regulated by the LMV, as well as the purpose of such regulations, among other transparency measures;

That, it is necessary to introduce improvements to the current citizen consultation procedure, in order to strengthen citizen participation and provide greater transparency to the approval process of draft rules that the SMV is required to issue;

That, citizen participation guarantees transparency in the process of drafting general rules by the SMV, promoting mechanisms for access to institutional decisions, which fosters interaction of the supervised entities by creating effective channels of citizen participation, which is consistent with the provisions of articles 4° and 8° of the Framework Law on Modernization of State Management, Law No. 27658 and subsection 1.12 of article IV of the Preliminary Title of the General Administrative Procedure Law, Law No. 27444;

That, likewise, the Publication Rules were reviewed in order to have a single regulatory framework applicable to the publicity of regulatory projects, general legal rules and other administrative acts of the SMV; and,

In accordance with the provisions of literal a) of article 5° of the Single Concorded Text of the Organic Law of the Superintendency of the Securities Market - SMV, approved by Legislative Decree No. 26126 and its amendments, subsection 1 of article 9° of the Regulations on Organization and Functions of the Superintendency of the Securities Market – SMV, as well as what was agreed by the Board of Directors of the SMV meeting in its session of 27 June 2014;

IT IS RESOLVED:

Article 1°.- To approve the Policy on publicity of regulatory projects, general legal rules and other administrative acts of the SMV, which shall be drafted in accordance with the following text:

“Policy on publicity of regulatory projects, general legal rules and other administrative acts of the SMV

Chapter I

Publication and dissemination of draft rules of general scope of the SMV

Article 1°.- Prior dissemination of draft rules of general scope

The draft legal rules of general scope that the Superintendency of the Securities Market - SMV is required to issue within its competence must be disseminated prior to their final approval, through the citizen consultation procedure regulated in the following article, in order to receive comments and suggestions from interested parties.

Such comments or suggestions are not binding on the SMV.

Article 2°.- Citizen consultation procedure

The notice informing that a draft rule of general scope is submitted to citizen consultation must be published on the SMV Securities Market Portal (www.smv.gob.pe), indicating at least the following:

a) Deadline within which suggestions or comments must be submitted, which shall be at least ten (10) calendar days; and,

b) Postal address and/or email address to which suggestions and comments may be submitted.

Likewise, the text of the draft rule submitted to citizen consultation, a description or summary of the draft and the resolution of the SMV Board of Directors ordering its dissemination must be published on the SMV Securities Market Portal.

The resolution authorizing the submission of a draft rule to citizen consultation must be published in the official newspaper El Peruano; such publication shall include the matters indicated in literals a) and b) of this article and the indication that the draft will be published on the SMV Securities Market Portal. Likewise, at the discretion of the Board of Directors, the text of the draft rule submitted to citizen consultation and its description or summary may be published in the official newspaper El Peruano.

The procedure regulated in this article is applicable to the bodies of the SMV that are empowered to approve rules of general scope, by delegation of the SMV Board of Directors.

Article 3°.- Exceptions

The SMV Board of Directors may dispense with the publication of the draft rule or reduce the citizen consultation period indicated in the preceding article, for any of the following reasons:

a) The citizen consultation could compromise the effectiveness of the measure, or generate some type of speculation or harmful effect on the market;

b) Approval or modification of general rules on SMV contributions is proposed; and,

c) Any other that determines that the publication of the draft rule is impracticable, unnecessary or contrary to the public interest.

Article 4.- Dissemination of the results of the Citizen Consultation

Once the rule has been approved and published, the SMV may publish on the SMV Securities Market Portal a brief summary of the rule, highlighting the changes introduced as a result of the citizen consultation. Likewise, it may review the comments and suggestions received.

Chapter II

Publication and dissemination of legal rules of a general nature and other administrative acts of the SMV

Article 5.- General Principle

Legal rules of general scope as well as administrative resolutions issued by the decision-making bodies of the SMV that, in addition to their particular scope, have a general effect with respect to an indeterminate group of persons or whose rights may be affected by such decisions, must be subject to publicity in accordance with the provisions of the following articles.

Article 6.- Publication in the official newspaper El Peruano

The following administrative resolutions must be published in the official newspaper El Peruano:

1. Legal rules of a general nature issued by the SMV;

2. Authorizations for organization and operation issued by the SMV in the exercise of its powers;

3. Resolutions issued by the SMV in the exercise of its powers, which revoke or cancel, at the request of a party, an operating authorization;

4. Administrative resolutions that interpret the Securities Market Law and other matters that said law addresses;

5. Administrative resolutions that create precedents of mandatory observance; and,

6. Those whose publication is ordered by express legal mandate.

Likewise, the SMV shall publish the aforementioned administrative resolutions on the SMV Securities Market Portal.

Article 7.- Dissemination through the SMV Securities Market Portal

The following decisions must be disseminated through the SMV Securities Market Portal:

1. The final resolutions issued in the first administrative instance in a sanctioning procedure by decision-making bodies of the SMV, which, although they could be challenged by means of a motion for reconsideration or appeal, have become final, as they were not challenged within the period of fifteen (15) business days from notification. Likewise, the final resolutions issued in the first administrative instance that, having been reconsidered, become final because no appeal is filed;

2. The final resolutions issued in the second administrative instance in an administrative sanctioning procedure, even when said resolutions have been subject to contentious-administrative action before the Judicial Branch. In the present case, dissemination shall comprise the resolutions issued both at first and second administrative instance;

3. Those issued by the SMV in the exercise of its powers, which suspend an operating authorization. The deciding body may condition the publication of the suspension resolution on said act becoming administratively final.

4. Those that resolve the suspension of the centralized mechanisms administered by the stock exchanges or Product Exchanges for more than one day, decisions which shall also be published in the bulletin of the respective exchange;

5. Those that resolve the suspension of one or more functions of the securities clearing and settlement institutions;

6. Those that resolve the registration of securities, registration of the information prospectus corresponding to issuance programs, exclusion of the aforementioned securities from the Public Registry of the Securities Market, and approval of advance procedures relating to the registration of securities;

7. Those that resolve the registration or exclusion of mutual investment funds in securities, the registration of participation regulations, simplified prospectuses and administration contracts in the Public Registry of the Securities Market;

8. Those that resolve the registration or exclusion of investment funds and the registration of participation regulations in the Public Registry of the Securities Market;

9. Authorization of programs of collective fund management companies and their administration contract models;

10. Authorization of mergers of groups within the collective fund system;

11. Those that resolve the suspension of the trading of securities. Such decisions shall also be disseminated through the bulletin of the respective stock exchange;

12. Those that resolve exceptions to the Public Tender Offer approved by the Board of Directors of the SMV;

13. The Resolutions issued by the Judiciary or the Constitutional Court which, having become final or res judicata, modify, annul, or suspend the effects of the resolutions issued by the SMV; and,

14. Any other administrative decision that, in the opinion of the deciding body, generates the effects provided for in Article 5° of this regulation.

Without prejudice to the foregoing, the SMV may order the publication of the aforementioned decisions through the official newspaper El Peruano.

Article 8°.- Express decision on publication

The administrative resolutions referred to in Articles 6° and 7° of this regulation must expressly mention the obligation to disseminate the administrative decision in accordance with the means provided for each particular case.”

Article 2°.- Repeal CONASEV Resolution N° 073-2004-EF/94.10, which approved the Rules relating to the publication and dissemination of resolutions issued by the deciding bodies of CONASEV, and CONASEV Resolution N° 089-2006-EF/94.10, which approved the Policy on Prior Dissemination of CONASEV Regulations of a General Nature.

Article 3°.- Publish this resolution in the official newspaper El Peruano and on the Securities Market Portal of the Superintendency of the Securities Market (www.smv.gob.pe).

Article 4°.- This resolution shall enter into force on the day following its publication in the official newspaper El Peruano.

Register, communicate and publish.

Lilian Rocca Carbajal
Superintendent of the Securities Market