[Last updated: 1 January 2024, unless otherwise noted]

The Lima Stock Exchange - Bolsa de Valores de Lima (BVL), was organized in September 1970 as a non-profit organization and subsequently became a corporation on 31 December 2002.

The BVL has two main segments on which securities may be traded:

• The Principal Market segment. A foreign company may apply under this category, regardless of whether it is already listed on another stock exchange. The BVL does not distinguish between primary listings and secondary listings, and except for the securities issued and listed on the exchange of any of the other countries that are members of MILA (that is, Chile, Colombia and Mexico) as described below, there is no fast track for a company already listed on a foreign exchange, but rather a reduced list of documentation to file in connection with the listing process.
• The Venture Capital segment (Segmento de Capital de Riesgo). This is a specialized market implemented by the BVL to provide junior mining companies the opportunity to obtain funding for their exploration and development activities through the Peruvian capital markets. This segment was created considering the experience and standards implemented by major foreign markets specializing in venture capital in order to minimize the risk of fraud, so that investors should only face the risks inherent to the mining industry. The listing of the security is automatic if it is already listed on the TSX Venture Exchange, Toronto Stock Exchange, Alternative Investment Market of the London Stock Exchange, or the Australian Securities Exchange.

This summary relates only to the requirements for listing in the Principal Market segment of the BVL.

Historically, companies in the mining, electricity, cement, and agriculture industries have listed on the BVL. Financial institutions such as banks, insurance companies, pension fund managers are also required by law to be listed on the BVL. The BVL does not specialize or encourage listings by any particular types of companies.

The aggregate market capitalization of the BVL as of 29 December 2023 was US$177.72 billion. This means there has been a recovery compared to previous years, even surpassing pre COVID-19 pandemic levels, when market capitalization was around US$165.54 billion (December 2019).

The listing process is conducted before the Peruvian securities regulatory entity (the Superintendencia del Mercado de Valores, or SMV) and the Lima Stock Exchange, which are the entities that manage the Peruvian Capital Markets Registry (Registro Público del Mercado de Valores, or RPMV) and the Securities Registry (Registro de Valores), respectively, in which foreign and domestic securities are registered to be admitted to trading. In order for a security to be registered in the Securities Registry, such security must first be registered in the Peruvian Capital Markets Registry.

This chapter aims at identifying the principal listing and maintenance requirements and procedures for foreign listings, specifying in each case the main differences between the requirements and procedures applicable to domestic listings and those applicable to foreign listings.