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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:


2. Law N° 30052 – Repo Transactions Law


Ley Nº 30052 – Central Reserve Bank of Peru


3. Title 6 of Investment of pension funds


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


Title VI amended by SBS Resolution No. 3233-2015


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


• 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:


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