This week, the Superintendence of the Securities Market (SSM), in the context of the promotion of good practices among market participants, put out for consultation two regulatory projects with the objective of establishing guidelines in matters of corporate governance for the entities to which the SSM grants operating authorization. At the same time, it launched a public consultation on the Regulation of Intermediation Agents. The SSM will receive contributions by e-mail to the following address: [email protected].

Meanwhile, the SSM put up consideration a project to update its rules on the organisation of entities requiring authorisation from the SSM. This text proposes to establish as mandatory the corporate governance practices recognized in the Good Corporate Governance Code for Peruvian Companies 2013. It also covers international standards and other regulators of the financial system. Among other points, it establishes that the supervised entities must have independent directors. This text will be in consultation until May 7.

In regards to this last point, the SSM also put out to consultation a project to define the Qualification Guidelines for Independent Directors. The text highlights the importance of the Board of Directors and the independent director in the adoption and promotion of good corporate practices within these entities. These guidelines will be mandatory for issuing companies with securities registered in the Public Registry of the Securities Market. The consultation will be open until April 5.

At the same time, the SSM further put out to consultation a project to modify the Regulation of Intermediation Agents with regard to the selection process for liquidators, which will be defined by the SMV. The project will be in consultation until February 19.