Superintendent Resolution No. 134-2025-SMV/02

PERU 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 within 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 Superintendent Resolution No. 134-2025-SMV/02 Lima, November 5, 2025 The Superintendent of the Securities Market SEEN:
The file No. 2025002699 and the Joint Report No.
1575-2025-SMV/06/10/11/12 of the Legal Advisory Office, the Deputy Superintendency of Prudential Supervision, the Deputy Superintendency of Supervision of Market Conducts and the Deputy Superintendency of Investigation, Development and Innovation; CONSIDERING:
That, Article 5-A of Law No. 27658, Framework Law for Modernization of State Management, establishes that the Administrative System of Public Management Modernization aims to promote and improve the quality of regulations within the competence of the Presidency of the Council of Ministers, which exercises the leadership of the Administrative System of Modernization of Public Management, through the Public Management Secretariat; That, Legislative Decree No. 1565 approves the General Law for Improvement of Regulatory Quality (hereinafter, MCR Law), with the object of strengthening and harmonizing the regulatory quality improvement process, as well as the institutional framework and instruments governing it as part of an ordered, integral, coordinated, gradual and continuous process to guarantee effective compliance with public policies; That, item 5.1 of Article 5 of the MCR Law states that the instruments of regulatory quality improvement are public policy tools that allow public entities to adopt duly substantiated decisions on the need to issue or not a norm, modify it or repeal it, for the benefit of society; and, among these instruments it includes the Early Agenda; That, Article 13 of the Regulation that develops the Institutional Framework governing the Process of Improvement of Regulatory Quality and establishes the General Guidelines for the application of Ex Ante Regulatory Impact Analysis, approved by Supreme Decree No. 063-2021-PCM (hereinafter, Previous MCR Regulation) provided that public entities must prepare and publish their Early Agenda by the last business day of January of each year on their institutional portal, and approve said document by resolution of the Head of the public entity; That, by Ministerial Resolution No. 163-2021-PCM, the Guidelines for the application of the Early Agenda and Public Consultation within the framework of Ex Ante Regulatory Impact Analysis were approved; and, by Resolution of Public Management Secretariat No. 012-2021-PCM-SGP the Single Format for

PERU 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 within 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 Early Agenda and the Public Consultation Guide within the framework of Ex Ante Regulatory Impact Analysis; That, in compliance with the aforementioned regulations, by Superintendent Resolution No. 011-2025-SMV/02 of January 27, 2025, the 2025 Early Agenda of the Securities Market Superintendence – SMV was approved. Likewise, in the final part of the aforementioned regulatory quality improvement instrument, it was indicated that it is planned to advance with the evaluation of public problems of a series of matters associated with the strengthening of the Securities Market Superintendence – SMV and the transparency of the securities market, as well as to collect a series of recommendations made by the Organization for Economic Cooperation and Development (OECD); That, on February 25, 2025, the Regulation of Legislative Decree No. 1565, Legislative Decree that approves the General Law for Improvement of Regulatory Quality, approved by Supreme Decree No. 023-2025-PCM (hereinafter, Current MCR Regulation), was published in the Official Gazette El Peruano; That, its First Final Complementary Provision establishes that for the application of Regulatory Quality Improvement instruments, the Guidelines for the publication of the Early Agenda and Public Consultation within the framework of Ex Ante Regulatory Impact Analysis, approved by Ministerial Resolution No. 163-2021-PCM, as well as the Single Format for Early Agenda and the Public Consultation Guide, approved by Public Management Secretariat Resolution No. 012-2021-PCM-SGP, remain in force, among others; That, likewise, the Third Transitory Complementary Provision of the aforementioned regulation provides that the Early Agendas approved in the year 2025, maintain their duration for one (01) year as provided in item 13.1 of Article 13 of the Previous MCR Regulation; That, regarding this, Article 7 of the Guidelines for the publication of the Early Agenda and Public Consultation within the framework of Ex Ante Regulatory Impact Analysis, provides that, in case the public entity, during the fiscal year, identifies the existence of relevant, exceptional or urgent public problems, it may incorporate them into the Early Agenda prior justification by the area requesting its inclusion. Such modifications are made, for the case of public bodies or other entities of the Executive Power, through Resolution of the General Manager, or whoever acts in their place; That, in that framework, it is necessary to incorporate into the 2025 Early Agenda of the Securities Market Superintendence the public problem related to public
acquisition offers and offers for public purchase by exclusion, in order to optimize the processes contained in the regulations and verify that the same is aligned with international standards, which had previously been identified in the final part of the aforementioned regulatory quality instrument. Likewise, incorporate the public problem related to financial participatory financing activity, to allow greater dynamism in the market and benefit participants in this activity, under a legal framework of protection for investors; That, likewise, given the identified administrative burden, it has been considered necessary to reschedule the tentative dates for the completion of the Ex Ante AIR, as well as for the issuance of the solution proposal regulatory of public problems 1, 2 and 4 of the 2025 Early Agenda of the SMV, in order to carry out a proper technical-legal analysis on these; and, Being in accordance with what is provided in Article 2 of the Unified Text of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 and its amendment; Article 10 and item 35 of
Article 12 of its Organization and Functions Regulation, approved by Supreme
Decree No. 216-2011-EF and its amendment;
RESOLVES:
Article 1°. Modify the 2025 Early Agenda of the
Securities Market Superintendence, approved by Superintendent Resolution No. 011-2025-SMV/02, which, as an annex, forms an integral part of this resolution.
Article 2°. Order the publication of the modification
of the 2025 Early Agenda of the Securities Market Superintendence on the Institutional Page of the Securities Market Superintendence, on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv), in its offices, as well as on its social networks.
Article 3°. Transcribe this resolution to the
Technical Secretariat of the Multisectoral Commission for Regulatory Quality, within a maximum period of seven (7) business days counted from the day following its publication on the Institutional Page of the Securities Market Superintendence. Register, communicate and publish. Zósimo Juan Pichihua Serna Superintendent of the Securities Market