The Securities Market Authority (SMV) has used this resolution to add a simplified formula for presenting information about economic groups. Nevertheless, due to the issues arising from the application of this system, the SMV has felt it necessary to make provisions for other practical situations in which regulated entities report information about their economic group, and has amended articles 8 and 9 of the Regulations on Indirect Property, Related Party Links & Economic Groups that cover this resolution.

The Authority stipulates that, as well as the securities issuers filed in its Public Register of the Securities Market, legal persons registered there and fund management companies with securities filed on any of the markets listed in Section I of Appendix 15 of the Regulations on Indirect Property, Related Party Links & Economic Groups or on the Stock Exchange are included as regulated entities when they present information about their economic group under the simplified system, and as such must submit:

• Details about the legal persons in their economic group wielding control, directly or indirectly, in a straight line of ownership;
• Details about the legal persons in their economic group that have an HQ or representation in the country; and
• Details about the foreign legal persons in their economic group that have a material commercial and/or financial relationship with the issuer, the legal person registered on the Fund Management Companies Register, according to the definition of “material” laid down in the internationally current International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Thus, regulated entities must provide a link to the website of their foreign regulators, in order to provide access to public information on their economic groups. When an economic group belongs to the Peruvian state or to another country whose securities market regulator is a member of the International Organisation of Securities Commissions (IOSCO), it will only have to submit the information listed above, as needed.

When amendments to the information registered about the economic group have to be reported, the resolution sets a deadline of 31st March of the year after the changes have taken place, unless the amendment is classified as an important fact or major event. In these circumstances, as well as making the respective notification, the information must be updated within fifteen (15) calendar days.