SMV Resolution No. 024-2025-SMV/01 Modifying the Standard on Contributions for Supervision Services

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence

"Decade of Equal Opportunities for Women and Men" "Year of the recovery and consolidation of the Peruvian economy"

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SMV Resolution
No. 024-2025-SMV/01
Lima, December 15, 2025

SEEN:
The File No. 2025051108 and the Joint Report No. 1689-2025-SMV/06/12 of November 21, 2025, issued by the Legal Advisory Office and the Deputy Superintendency of Investigation, Development and Innovation;

CONSIDERING:

That, in accordance with what is provided in Article 1 of the Unified Concordant Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 (hereinafter, ORGANIC LAW), the Securities Market Superintendence (SMV) has as its purpose 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, paragraph b) of Article 5 of the ORGANIC LAW establishes that the Board of Directors of the SMV has the attribute to approve the regulations of the securities market, the product market and the collective fund system, as well as those to which natural and legal persons subject to the supervision of the SMV must adhere;

That, likewise, in accordance with paragraph f) of the aforementioned Article 5 and Article 18 of the ORGANIC LAW, the Board of Directors of the SMV is authorized to establish the rights and contributions for the maintenance of the SMV, as well as the form, place and deadline for compliance with said obligations;

That, paragraph a) of Article 18 of the ORGANIC LAW states that regarding principals, the contribution shall be equivalent to zero point zero five percent (0.05%) of the amount effectively traded;

That, paragraph c) of Article 18 of the ORGANIC LAW establishes that regarding autonomous estates, mutual investment funds in securities and investment funds, the contribution shall not exceed one per thousand (0.001) in a year, calculated on the value of the estate or fund on the last day of each month;

That, likewise, Article 18 of the ORGANIC LAW provides that the SMV may modify the contributions referred to in paragraphs a) and c) of said article, among others, as long as the percentages or amounts established by the aforementioned norm are not exceeded. These modifications may be made based on the value, deadlines, modality of the operation, the risk involved in the operation, the activity carried out by the entity subject to authorization or supervision by the SMV or any other criterion related to prudential regulation and supervision that the SMV must carry out;

That, paragraph a) of Article 1 of the Standard on Contributions for the Supervision Services provided by the Securities Market Superintendence, approved by CONASEV Resolution No. 095-2000-EF/94.10 (hereinafter, Standards on Contributions), establishes that regarding principals who intervene in the securities market, carrying out operations on their own account or for third parties, through cash operations with securities, with the exception of debt or credit securities, they have a monthly contribution of 0.0135 percent of the amount effectively traded;

That, by SMV Resolution No. 012-2024-SMV/01 of December 11, 2024 (hereinafter, RSMV 012-2024), it was decided to temporarily extend the monthly contribution rate applicable to principals, previously established at zero percent (0.00%), in the following specific cases: (i) cash operations with debt or credit securities issued by the Central Government; (ii) securities lending operations; (iii) cash operations on their own account carried out by intermediation agents with variable-income securities; and, (iv) cash operations carried out with participation units of Exchange Traded Funds or Exchange Traded Fund (ETF); until December 31, 2025;

That, Article 5 of the Standards on Contributions established that regarding autonomous estates, mutual investment funds in securities and investment funds, the monthly contribution rate is 0.0035 percent, calculated on the value of the estate or fund on the last day of each month. Likewise, it provided that the monthly contribution applicable for investment funds that adhere to the Simplified Regime of Public Offering shall be 0.0015 percent, calculated on the value of the fund on the last day of each month;

That, additionally, by RSMV 012-2024, the Seventh Transitional Provision of the Standards on Contributions was modified, setting the monthly contribution rate applicable to autonomous estates, mutual investment funds in securities and investment funds at 0.00245 percent, with temporary validity until December 31, 2025;

That, with the expiration of the reduction of the monthly contribution rates applicable to the aforementioned operations approaching, and with the purpose of providing greater predictability regarding the contribution costs that investors carrying out said operations will assume, as well as to continue generating incentives that promote the incorporation of investors in the negotiation of public debt securities, the reduction of transaction costs assumed by principals in securities lending operations, greater turnover of variable-income securities, as well as the development of the Exchange Traded Funds or Exchange Traded Fund (ETF) industry constituted under the framework of the Regulation of Mutual Investment Funds in Securities and their Managing Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1, and considering that this does not affect the financial viability of the SMV, it is established that for said operations, one percent (1.00%) of the monthly contribution applicable to principals shall be paid in the following specific cases: (i) cash operations carried out with debt or credit securities issued by the Central Government, with the exception of the Central Reserve Bank of Peru, the Ministry of Economy and Finance or the National Bank; (ii) securities lending operations; (iii) cash operations with variable-income securities on their own account carried out by intermediation agents; and, (iv) cash operations with participation units of Exchange Traded Funds or Exchange Traded Fund (ETF);

That, likewise, with the purpose of continuing to promote the development of the industry of mutual investment funds in securities, investment funds and autonomous estates and to show the regulator's commitment to fostering the competitiveness of the Peruvian market, it is considered appropriate to extend until December 31, 2026, the promotional monthly contribution rate of 0.00245 percent, applicable to autonomous estates, mutual investment funds in securities and investment funds;

That, regarding the last mentioned measure, having a transitional character, the SMV carries out permanent monitoring to evaluate the impact of its validity on the market and whether the conditions that gave rise to its approval persist; as well as that the financial viability of the institution is not affected, therefore said promotional rate of a temporary character could be eliminated in the future or the difference with respect to the general rate applicable to said monthly contribution could be shortened;

That, under the auspices of what is provided in numeral 6.4 of Article 6 of Legislative Decree No. 1565, General Law for the Improvement of Regulatory Quality, the Ex Ante Regulatory Impact Analysis (AIR Ex Ante) does not apply to normative provisions and administrative procedures of a tax nature. In the same line, in accordance with what is provided in paragraph k) of subsection 41.1 of Article 41 of the Regulation of Legislative Decree No. 1565, Legislative Decree that approves the General Law for the Improvement of Regulatory Quality, approved by Supreme Decree No. 023-2025-PCM, the Project is outside the scope of the obligation to present an AIR Ex Ante file to the Multisector Commission for Regulatory Quality, as it concerns normative provisions of a tax nature; and,

Being in accordance with what is provided by paragraphs b) and f) of Article 5 and Article 18 of the ORGANIC LAW; Article 7 of the Securities Market Law, Legislative Decree No. 861; as well as by what was agreed by the Board of Directors of the SMV held in its session of December 10, 2025;

IT IS RESOLVED:

Article 1°. - Incorporate four paragraphs at the end of Article 1 of the Standard on Contributions for the Supervision Services provided by the Securities Market Superintendence, approved by CONASEV Resolution No. 095-2000-EF/94.10, with the following texts:

"Article 1.- (...)
The monthly contributions applicable to cash operations with variable-income securities on their own account that Intermediation Agents carry out, is one percent (1.00%) of the contribution to the SMV provided for in paragraph i) of subsection a) of this article.

Regarding principals who intervene in the securities market, the monthly contributions applicable for cash operations carried out with participation units of Exchange Traded Funds or Exchange Traded Fund (ETF), constituted under the framework of the Regulation of Mutual Investment Funds in Securities and their Managing Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1, is one percent (1.00%) of the contribution to the SMV provided for in paragraph i) of subsection a) of this article.

Regarding principals who intervene in the securities market, with the exception of the Central Reserve Bank of Peru, the Ministry of Economy and Finance or the National Bank, the monthly contributions applicable for cash operations carried out with debt or credit securities issued by the Central Government, is one percent (1.00%) of the contribution to the SMV provided for in paragraph ii) of subsection a) of this article. The monthly contributions applicable to securities lending operations, is one percent (1.00%) of the contribution to the SMV provided for in paragraphs i) and ii) of subsection b) of this article."

Article 2°. - Modify the Seventh Transitional Provision of the Standard on Contributions for the Supervision Services provided by the Securities Market Superintendence, approved by CONASEV Resolution No. 095-2000-EF/94.10, which shall be drafted as follows:

"Seventh. - The monthly contribution indicated in the first paragraph of Article 5 of this standard, applicable to autonomous estates, mutual investment funds in securities and investment funds, is 0.00245 percent until December 31, 2026."

Article 3°. - Publish this resolution in the Official Gazette El Peruano and on the Institutional Page of the Securities Market Superintendence on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 4°. - This resolution shall enter into force on January 1, 2026.

Register, communicate and publish.

Zósimo Juan Pichihua Serna
Superintendent of the Securities Market