Superintendency of the Securities Market issues rules to call and carry out virtual shareholder and bondholder meetings under Emergency Decree N° 056-2020
Through Superintendent Resolution N° 050-2020-SMV/02 (the “Resolution”) published on June 4, 2020, the Superintendency of the Securities Market (Superintendencia del Mercado de Valores – “SMV”) approved the rules to call and hold virtual shareholder and bondholder meetings. Article 5 of Emergency Decree N° 056-2020 exceptionally allows entities under the jurisdiction of the SMV to call and hold virtual shareholder and bondholder meetings and mandates the SMV to issue complementary regulations to implement the virtual meetings.
Within the scope of Emergency Decree N° 056-2020 and through the Resolution, the SMV established such complementary regulations to be complied by: (i) legal entities authorized by the SMV to be incorporated and to operate; and (ii) companies with securities registered in the Peruvian Securities Market’s Public Registry (Registro Público del Mercado de Valores), in order to carry out, under an exceptional regime, the calls and execution of virtual shareholder and bondholder meetings. The Resolution establishes, among others, the deadline to call the meetings, minimum information the call notice must contain, the means for its publication, and rules to conduct the virtual meetings.
The Resolution entered into force on June 4, 2020 and will remain in force for up to ninety (90) business days following the end of the National State of Emergency, provided by Supreme Decree N° 044-2020-PCM and its modifications.
