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Legal Framework

 

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The legal framework applicable to stock lending transactions consists of:

 

 

1. Rules of Operations during trading session

 

Resolution CONASEV N° 021-1999-EF/94.10 (last modification with Resolution SMV N° 025-2015-SMV/01)

 

• Article 27: Selection of the assets allowed in the operations

 

• Article 28: Guarantee or margin

 

• Article 42: Securities lending operations

 

• Article 43: Benefits of a securities lending operation

 

• Article 46: Early settlement of securities lending operation

 

• Article 47: Extraordinary situations

 

• Article 49: Defaults

 

• Article 50: Defaults in the repo or securities lending operation

 

• Article 51: Application of the margin and collateral

 

Both the Rules of Operations and its Supplementary Provisions are available (in Spanish only) at:

 

http://www.bvl.com.pe/disp_complementarias.html

 

2. Law N° 30052 – Repo Transactions Law

 

Ley Nº 30052 – Central Reserve Bank of Peru

 

http://www.bcrp.gob.pe/transparencia/normas-legales/ley-de-las-operaciones-de-reporte.html

 

3. Title 6 of Investment of pension funds

 

Compendium of Regulatory Standards of Pension Funds System- Title VI : Investments

 

http://www.sbs.gob.pe/principal/categoria/sistema-privado-de-pensiones/2591/c-2591

 

Title VI amended by SBS Resolution No. 3233-2015

 

The Compendium of Regulatory Standards of Pension Funds System was modified:

 

http://www.elperuano.com.pe/NormasElperuano/2015/06/09/1248172-1.html

 

• Subchapter II – A: Securities lending operations

• Article 75H: Limits applicable to repo transactions and securities lending negotiated in centralized and not centralized trading mechanisms.

 

4. Rules of broker agents

 

Rules of broker agents:

 

http://www.smv.gob.pe/sil/RSMV00001500034001.pdf

 

Modification to the Rules of broker agents through SMV Resolution Nº 011-2016-SMV/01:

 

http://www.elperuano.com.pe/NormasElperuano/2015/05/02/1231628-1.html