The Superintendence of the Stock Market (SMV) announced the Early Agenda 2026, made up of six topics of public interest, which it disseminates with the aim of informing citizens about the identified challenges and encouraging their participation in the search for solutions.
The six points included are:
1. The Superintendency recognizes that there is difficulty in identifying and disclosing certain Material Facts by issuers, in this sense, it indicates that it seeks to facilitate their identification and align the regulation with international standards. In view of this, it seeks to incorporate the supervisory and sanctioning experience of the SMV in recent years, incorporating clarifications or improvements to the regulation, thus strengthening the transparency of the securities market, which is why it is working on the Ex Ante Regulatory Impact Analysis file (AIR Ex Ante) and hopes to submit the file to the Multisector Commission for Regulatory Quality on 06/30/2026 for evaluation.
2. The SMV, through a Central Counterparty Entity, will seek to reinforce the regulations to mitigate the greater risks that arise in the settlement of operations with variable income securities that are carried out in centralized negotiation mechanisms, compared to other countries of the Pacific Alliance, considering that in a scenario of integration of the securities trading markets, the number and amount of operations to be settled with the participation of counterparties from other jurisdictions would increase, exposing the risk mitigation mechanisms of the current securities settlement system to situations that They could disrupt its functioning, by importing risks to which entities participating in other markets are exposed.
3. The SMV seeks the recognition of intermediation agents in an integrated market, taking into account that there are operational and regulatory limitations for intermediaries from countries that participate in an integrated market with our country to carry out operations from their jurisdictions with securities registered in Peru. Therefore, it believes it is pertinent to enable intermediaries from countries that participate in said markets as remote participants, proposing as an essential requirement that said intermediaries have operating licenses granted by the supervisors of their markets of origin (principle of reciprocity), and comply with the requirements demanded by regulators so that they carry out operations from their jurisdictions with securities registered on any of the stock exchanges under a single platform for matching proposals. The SMV will establish the conditions for the implementation of the proposal.
4. The SMV evaluates the need, benefits and scope of creating a testing environment for new and innovative models in the field of the SMV (Regulatory Sandbox), taking local and international experience as a reference. Considers that financial innovation and the development of new business models linked to the securities market are advancing and generating challenges to traditional regulatory frameworks. Thus, financial technology, process digitalization, new investment vehicles and alternative financing models pose relevant opportunities, but also regulatory risks that require understanding before transversal adoption.
In this context, it is relevant to analyze the need to implement a Regulatory Sandbox as a tool so that novel and innovative models can be evaluated, in a controlled and supervised manner, without compromising market stability or investor protection.
5. The Superintendency recognizes the need to align the presentation of the annual report with high-quality, understandable, applicable and internationally recognized standards that facilitate the comparability of information on sustainability and climate change between companies and markets, in particular with IFRS S1 and S2. In recent years, companies participating in the stock market, in addition to disclosing their annual reports with information associated with the adoption of ESG (Environmental, Social, and Governance) practices and metrics required by the SMV, have been voluntarily implementing various methodologies to communicate financial risks and opportunities related to sustainability and climate change. In this context, it is relevant to seek greater standardization in terms of disclosure of ESG information and adopt the new global sustainability and climate change standards issued by the International Sustainability Standards Council (S1 and S2), in order to strengthen the comparability of this information, in line with the recommendations of international organizations such as IOSCO and the OECD.
6. The SMV will prioritize solutions that generate the greatest impact on possible operational limitations that affect autonomous assets that could be slowing down the development of the mutual and investment fund management industry.
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