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

Restricted securities

Securities issued by entities organized in jurisdictions with low or no taxation (in accordance with the provisions of the Peruvian tax regulations), and securities either issued by the legal entities mentioned in the OFAC list of the US Treasury Department or issued in the jurisdictions set out in such list are generally not admitted for listing in the BVL. These securities can, however, be listed in the BVL if they are already listed on a stock exchange of one of the following countries: Australia, Brazil, Canada, Chile, China, Colombia, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Norway, Spain, Switzerland, United Kingdom or United States.

Sponsors, brokers and advisers

It is not necessary to engage a sponsor, broker or financial adviser in Peru in order to list securities with the BVL. However, a foreign company may engage a local broker dealer to act as sponsor for listing its securities, in which case it is the sponsor that applies for registering the securities with the SMV and listing them on the BVL.

Furthermore, securities of foreign companies that are filed by a sponsor or the BVL for listing on the BVL, that have a class of securities listed with certain stock exchanges approved by the SMV, and which are included in an Approved Stock Index (Approved Stock Indexes are detailed in section 3 below), are subject to reduced requirements in terms of submission of documents and information and are automatically listed on the BVL.

Interviews with the exchange are not required or customary in order to list securities.

Shareholder spread and ownership

The BVL does not contain shareholder spread requirements, and there are no other ownership requirements applicable to the listing of a foreign company’s shares. Also, shares do not need to be placed in escrow in connection with the listing. There is no requirement to have a minimum public float at the time of listing or after listing.

Minimum trading price

There is no requirement for a listed foreign company to maintain a minimum trading price for its securities. Moreover, there is no trading history or a particular length of time in operation that a company must demonstrate in order to list its securities.

Corporate governance

The SMV publishes a corporate governance code that contains basic governance principles for Peruvian companies, especially for those with securities registered on the BVL. Implementation of the corporate governance principles is not mandatory but is recommended for Peruvian companies with securities listed on the BVL.

Peruvian companies with securities listed on the BVL and foreign companies that do not have securities listed in an Approved Stock Exchange (Approved Stock Exchanges are detailed in section 3 below) are required to file an annual self-assessment regarding their level of compliance or adherence to the corporate governance principles published by the SMV. Foreign companies with securities listed on an Approved Stock Exchange are required to file with the SMV and the BVL all information that is required to be filed in their primary listing market, including in regard to corporate governance compliance. Corporate governance principles are further detailed in section 5 below.

Further requirements

• There are no minimum financial requirements that a company must meet in order to list its securities or to maintain a listing on the BVL.
• The trading price of securities can be either in US dollars or Peruvian sol, regardless of the denomination of the securities.
• In order to be listed and traded, securities must be registered with and settle with CAVALI, the Peruvian settlement institution.
• There is no need for a foreign company to obtain a compliance adviser established with the exchange in order to maintain its listing.
• Principal listing and maintenance requirements and procedures are generally the same for domestic and foreign companies. Any differences are described below.