Contributor供稿：秘鲁Rodrigo, Elías & Medrano律师事务所

Chinese Translation中文翻译：锦天城 王良 律师

China is Peru's main trading partner, the largest destination of exports and the main source of imports for Peru. Peru is China's second largest investment destination in South America. The two countries have established a comprehensive strategic partnership and signed a free trade agreement. In the next five to 10 years, Peru will become another destination for Chinese enterprises going global. More Chinese companies will enter Peru and expand into the broader South American market through Peru. AllBright Law is actively exploring the legal service market in South America, providing reliable host country legal service resources and doing legal research on various host countries for Chinese enterprises going to South America, so as to provide legal protection for serving China's high-level opening-up and the "the Belt and Road" strategy. To this end, AllBright Law, together with Rodrigo, El í as &Medrano Law firms in Peru, launched this Series of Articles on Peru Business Environment, including Peru's going global, Peru's corporate structures, Peru's promotion of investment and legal stability, operational legal environment, business winding up and restructuring a business.

中国是秘鲁的主要贸易伙伴，是秘鲁第一大出口目的地国，也是秘鲁主要进口来源国。秘鲁是中国在拉美的第二大投资目的地。两国之间既建立全面战略伙伴关系，又签署了自由贸易协定。未来五到十年，秘鲁将成为中国企业出海的另一片热土，中国会有更多企业走向秘鲁，并通过秘鲁走向更广阔的南美洲市场。锦天城积极开拓南美洲法律服务市场，向出海南美洲的中国企业提供可靠的东道国法律服务资源和做好国别法律研究等工作，为服务中国高水平对外开放和“一带一路”战略提供法律保障。为此，锦天城联合秘鲁Rodrigo, Elías & Medrano律师事务所，推出《秘鲁营商环境》系列文章，介绍秘鲁走向世界、秘鲁公司架构、秘鲁外国投资促进和法律稳定性、企业运营法律环境、停业和企业重整等内容。

Securities Regulations

证券监管

Securities transactions are mainly regulated by the Securities Market Law (SML). This law applies to securities that qualify as transferable securities, that is, that are issued in bulk, that are freely negotiable and that grant their holders credit rights, participation rights or similar rights of an economic nature. Transferable securities may be offered publicly or privately.

证券交易主要受《证券市场法》（SML）监管。本法适用于符合可转让证券条件的证券，即批量发行、可自由流通且赋予持有人债权、参与权或类似经济性质权利的证券。可转让证券可以公开或非公开发行。

Security Offerings 证券发行

All securities that are offered publicly, except for the exceptions expressly provided for in the law, must be previously registered in the Public Registry of the Securities Market (RPMV) administered by the SMV (Securities Market Superintendence), as well as comply with certain other requirements.

除法律明确规定的例外情况外，所有公开发行的证券必须事先在由证券市场监理署（SMV）管理的证券市场公开登记处（RPMV）登记，并符合其他特定要求。

Among the current exceptions to the aforementioned rule are securities offerings made by the State and securities offerings registered or authorized in the countries of the Pacific Alliance (comprised of Peru, Chile, Colombia and Mexico) and/or the Latin American Integrated Market - MILA (comprised of stock exchanges and securities depository or registry entities of those countries, as mentioned below). Also exempted are securities offered in the framework of the FPF (Financial Participatory Financing), which is subject to the special rules governing this type of activities, referred to in section M. above.

上述规则目前的例外情况包括：国家进行的证券发行；以及在太平洋联盟国家（由秘鲁、智利、哥伦比亚和墨西哥组成）和/或拉丁美洲一体化市场（MILA）（由下文所述国家的证券交易所及证券托管或登记机构组成）登记或授权的证券发行。在金融参与式融资（FPF）框架下发行的证券亦获豁免，此类活动受上文第 M 节所述特殊规则管辖。

In order to carry out a public offering of securities, the LMV, as well as its regulatory rules issued by the SMV, establishes certain standards, such as transparency and timely disclosure of relevant information to potential investors. All information disclosed to the market for such purposes must be disclosed through the channels provided in the rules for such dissemination and be submitted to the RPMV, and the information disclosed must be true, clear, sufficient and timely.

为实现证券公开发行，《证券市场法》（LMV）及其由 SMV 制定的监管规则确立了若干标准，例如透明度以及向潜在投资者及时披露相关信息。所有为此目的向市场披露的信息必须通过信息传播规则中规定的渠道发布，并提交至 RPMV，且所披露的信息必须真实、清晰、充分且及时。

The information submitted to the RPMV is freely accessible, unless it is declared confidential under certain circumstances provided for in the legislation.

提交至 RPMV 的信息可自由查阅，除非在立法规定的特定情况下被声明为保密信息。

On the other hand, Peruvian law establishes that any advertising or notice on financial assets under the competence of the SBS or the SMV, which is made with the purpose of obtaining money from the public, in exchange for a return or a right of an economic nature, and which is made in Peruvian territory using mass media, including virtual media, such as social networks or the internet, may only be made by subjects authorized or supervised by the SMV or the SBS.

另一方面，秘鲁法律规定，任何由 SBS 或 SMV 主管的金融资产广告或通知，若旨在向公众募集资金以换取回报或经济性质的权利，且在秘鲁境内通过大众媒体（包括虚拟媒体，如社交网络或互联网）发布，则只能由 SMV 或 SBS 授权或监管的主体发布。

Public offerings公开发行

The rules governing the securities market mainly cover the following types of public offerings: (i) the public offerings for the primary placement or sale of securities, (ii) the tender offer - OPA, (iii) the public offerings for the purchase of securities by exclusion from the RPMV - OPC; and, (iv) international offerings. To the offers proposing to exchange securities for other securities, or for securities and other assets, called exchange offers, the rules foreseen for the offers indicated in (i), (ii) or (iv), as appropriate.

适用于证券市场的规则主要涵盖以下类型的公开发行：(i) 为首次配售或出售证券而进行的公开发行；(ii) 要约收购（OPA）；(iii) 为购买将被排除在 RPMV 登记之外的证券而进行的公开发行（OPC）；以及 (iv) 国际发行。对于提议将证券交换为其他证券、或交换为证券和其他资产的要约（称为“交换要约”），应视情况适用第 (i)、(ii) 或 (iv) 项所述要约的预定规则。

Our legislation defines a public offering of securities as any offer that is directed to the general public or to a determined segment of non-institutional investors for the sale or placement of securities. Any offer is presumed public if it is addressed to over 100 different prospective investors who qualify as "institutional investors".
 秘鲁立法将证券公开发行定义为向公众或特定的非机构投资者群体发售或配售证券的要约。若任何要约是向超过 100 名符合“机构投资者”资格的不同潜在投资者发出的，则该要约被推定为公开要约。

For the registration in the RPMV of securities subject to a public offering, as a general rule, an informative prospectus must be filed with the SMV containing all the information considered relevant for investors about the issuer, the offering and the security; the annual audited financial statements for the last two periods (or for the time of incorporation of the issuer) and the last available quarterly financial statements, the annual report for the last two years (or for the time of incorporation of the issuer), as well as some other documents and information described in the applicable regulations, depending on the type of public offering in question.

拟公开发行的证券需在 RPMV 登记。作为一般规则，必须向 SMV 提交一份信息说明书（招股说明书），其中应包含投资者所需的所有相关信息，涉及发行人、发行事项以及证券本身；最近两个会计年度（或自发行人成立时起）经审计的年度财务报表及最近可获得的季度财务报表；最近两年（或自发行人成立时起）的年度报告；以及根据所涉公开发行类型，适用法规中描述的其他文件和信息。

Primary public offering or sale of transferable securities

可转让证券的首次公开发行或出售

The primary public offering of securities can be made through individual issues or emission programmes. The latter allow the realization of one or more broadcasts during the term of program registration that is maximum six years. In the case of registering a programme, the issuer is obliged to update the framework information leaflet submitted for the registration of the programme on the third anniversary of that registration. In any case, the placement of the securities is done in merit to the registration of the corresponding issue and can be carried out within three years from the date of registration of the respective issue, and, if the issue corresponds to a program, as long as it remains in force.

证券的首次公开发行可通过单次发行或发行计划进行。后者允许在计划注册有效期内（最长为六年）进行一次或多次发行。在注册发行计划的情况下，发行人须在该计划注册满三周年之日更新为计划注册提交的框架说明书信息。无论如何，证券的配售均需基于相应发行的注册，并可在该发行注册之日起三年内进行；若该发行属于某个计划的一部分，则需在该计划有效期内进行。

Peruvian law provides simplified registration mechanisms and lesser information disclosure requirements for (i) offering made by small and medium-sized issuers, (ii) offerings of securities in certain multilateral institutions and (iii) offerings exclusively launched to institutional investors.

秘鲁法律为以下情况规定了简化的注册机制和较低的信息披露要求：(i) 中小型发行人进行的发行；(ii) 某些多边机构的证券发行；以及 (iii) 专门面向机构投资者进行的发行。

In the latter case, in the case of securities offerings that are registered with the United States Securities and Exchange Commission or are made under Rule 144A or Regulation S, a special recognition regime has recently been established with automatic registration and no reporting obligations for issuers.

在后一种情况下，对于已在美国证券交易委员会（SEC）注册或根据《144A 规则》或《S 条例》进行的证券发行，最近已建立一种特别认可机制，该机制实行自动注册且发行人无报告义务。

Tender Offer 要约收购 (OPA)

If a person or company intends to directly or indirectly acquire or increase a significant equity stake (defined as any acquisition of shares with voting rights equal to or over 25%, 50% or 60% of the capital stock subscribed and paid up represented by shares with voting rights, the acquisition by any means of voting right capacity equal to 25% of the voting capital, or the ability to elect the majority of the issuer's Board of Directors or amend the issuer's bylaws) in a company whose shares are listed on the Peruvian Stock Exchange, said acquisition requires the launching of a tender offer, except as otherwise indicated.

若任何个人或公司意图直接或间接收购或增加一家股票在秘鲁证券交易所上市的公司的重大股权（定义为：收购具有投票权的股份，使其所代表的已认购并实缴股本比例达到或超过 25%、50% 或 60%；通过任何方式获得相当于已发行有投票权股本 25% 的投票权能力；或获得能够选举发行人董事会多数成员或修改发行人章程的能力），则除非另有规定，否则该收购需要发起要约收购（OPA）。

If the acquisition of a significant equity stake is carried out (i) in no more than four transactions over a three-year period (ii) indirectly, or (iii) as a result of a public offer to sell; the OPA shall be launched within a specified period after the acquisition of said equity stake (subsequent tender offer - OPA) by a share percentage pursuant by law. The minimum value to pay in the OPA will be set by the valorization entity appointed by SMV unless securities comply with the level of liquidity set out in the rule, in which case the minimum value shall be determined on the basis of the transaction carried out on the market in the last three months. The offering must be addressed to shareholders with voting rights and securities that give its holders the right to acquire said shares within a specified period, which did not participate in the previous acquisition.

若重大股权的收购是通过以下方式进行的：(i) 在三年内不超过四次的交易；(ii) 间接方式；或 (iii) 作为一项公开出售要约的结果；则收购方须在收购该股权后的法定期限内，按法律规定的股份比例发起一项后续要约收购（OPA）。OPA 中的最低支付价格将由 SMV 指定的估值机构设定，除非相关证券符合规则规定的流动性水平，在此情况下，最低价格应基于该证券最近三个月在市场上的交易情况确定。该要约必须面向所有未参与先前收购交易的、持有具有投票权股份的股东以及持有可在特定期限内获得上述股份权利的证券的持有人。

In other cases, the OPA should be the mechanism for acquiring a significant shareholding (Previous tender offer -OPA).
 在其他情况下，收购重大股权应通过发起事前要约收购（OPA）的机制进行。

Tender offer for securities by exclusion from the RPMV - OPC

为将证券排除在 RPMV 登记之外而进行的要约收购（OPC）

The request to exclude securities from the RPMV or from a Peruvian Stock Exchange, or the execution of a transaction with similar effects (for example, a spin-off in which investors end up owning unregistered securities), entails the obligation to make a public tender offer (OPC) prior to the exclusion, unless an exception applies.

请求将证券排除在 RPMV 或秘鲁证券交易所之外，或执行具有类似效果（例如，在分拆交易中投资者最终持有未注册证券）的交易，将导致在排除之前有义务发起公开要约收购（OPC），除非适用例外情况。

The OPC must be addressed to all holders of securities that did not participate in the in the exclusion decision or the approval of the transaction with similar effects, at a minimum price set by a valorization entity which is designated by the SMV.

OPC 必须面向所有未参与该排除决定或批准具有类似效果交易的证券持有人，其要约价格不得低于由 SMV 指定的估值机构设定的最低价格。

Investments in Securities by Local Institutional Investors

本地机构投资者的证券投资

The acquisition of transferable securities and other local or foreign financial instruments by local institutional investors is subject to their own regulations, which specify the characteristics that such transferable securities or instruments must have in order to be eligible for investment by such investors. For example, in the case of investments of pension funds or insurance companies, the rules approved by the SBS must be followed. On the other hand, in the case of investments of a mutual fund or local investment fund, the rules established by the SMV must be followed.

本地机构投资者收购可转让证券及其他本地或外国金融工具，须遵守其各自的规定。这些规定明确了此类可转让证券或工具必须具备的特征，方可被该等投资者投资。例如，养老基金或保险公司进行投资时，必须遵循 SBS 批准的规则。另一方面，共同基金或本地投资基金进行投资时，则必须遵循 SMV 制定的规则。

Lima Stock Exchange

利马证券交易所（BVL）

The Lima Stock Exchange (BVL) is currently the only stock exchange in Peru. The BVL has mechanisms for the regular listing of shares and other local and foreign securities. In the case of securities considered as "foreign securities" (for example, those issued abroad by local or foreign issuers), the BVL has implemented simplified listing mechanisms (fast track) that apply to securities that are already listed in certain other markets (dual listing). Additionally, a trading segment was recently created in which certain securities registered in the RPMV can be traded for an exclusive offer to Institutional Investors. In the case of offerings of "foreign securities" registered with the U.S. Securities and Exchange Commission - SEC, in which such securities are admitted to trading in a market under SEC supervision, registration in the RPMV and the BVL will be automatic.

利马证券交易所（BVL）目前是秘鲁唯一的证券交易所。BVL 设有股票及其他本地和外国证券的常规上市机制。对于被视为“外国证券”的证券（例如，由本地或外国发行人在境外发行的证券），BVL 已实施简化的上市机制（快速通道），适用于已在某些其他特定市场上市的证券（双重上市）。此外，BVL 最近设立了一个交易板块，在该板块中，某些已在 RPMV 注册的证券可专门向机构投资者进行交易。对于已在美国证券交易委员会（SEC）注册的“外国证券”发行，若该等证券获准在 SEC 监管下的市场交易，则其在 RPMV 和 BVL 的注册将自动生效。

The BVL has also implemented a special segment for the listing of junior mining companies, which includes a simplified listing mechanism (fast track) when the securities are previously registered in certain foreign markets specialized in the trading of securities issued by such companies.
 BVL 还为初级矿业公司的上市设立了一个特别板块。若此类公司的证券已先在专注于其证券交易的某些外国市场注册，则该板块提供简化的上市机制（快速通道）。

In addition, the BVL, together with the Santiago Stock Exchange, the Colombian Stock Exchange, the Mexican Stock Exchange and the corresponding securities depository or registry entities, is part of the Latin American Integrated Market (MILA), in order to facilitate the trading of securities listed on these exchanges among investors in their respective countries. Through MILA, investors can acquire and sell securities in any of these markets through an intermediary in their country of origin.

此外，BVL 与圣地亚哥证券交易所、哥伦比亚证券交易所、墨西哥证券交易所及相应的证券托管或登记机构共同组成了拉丁美洲一体化市场（MILA），旨在便利其各自国家的投资者交易在这些交易所上市的证券。通过 MILA，投资者可通过其本国的中介机构在任一成员市场买卖证券。

At present, the SMV is currently committed to the development of mechanisms for negotiating new products such as negotiable bills, sovereign bonds and "green bonds" (debt instruments used to finance "green" projects, which are projects that do not affect the climate or environment).
 目前，SMV 正致力于开发用于交易新产品的机制，例如可转让票据、主权债券和“绿色债券”（用于为“绿色”项目融资的债务工具，即不影响气候或环境的项目）。

The BVL, the Santiago Stock Exchange and the Colombian Stock Exchange are currently in the process of creating a single stock market through the eventual integration of their infrastructures and services, and their shareholders and the stock exchanges themselves have signed various agreements to achieve this goal.
 BVL、圣地亚哥证券交易所和哥伦比亚证券交易所目前正致力于通过最终整合其基础设施和服务来创建单一证券市场，其股东及各交易所本身已签署多项协议以实现此目标。

Stock Exchange Intermediaries

证券交易所中介机构

Stock exchange intermediaries (broker-dealers) are in charge of all transactions carried out on the BVL. In order to carry out their activities, these entities are required to obtain a license from the SMV and are subject to its control and supervision.
 证券交易所中介机构（经纪交易商）负责在 BVL 进行的所有交易。为开展业务，此类实体需获得 SMV 颁发的牌照，并接受其管控和监督。

For operations within the MILA, local intermediaries can carry out operations in other stock exchanges through the platforms of the respective foreign exchange intermediaries.

对于 MILA 内的交易，本地中介机构可通过各自的外国交易所中介机构的平台在其他证券交易所进行操作。

Other mechanisms have also been implemented to allow investors direct access to the market to carry out stock exchange transactions through their intermediaries' systems.
 MILA 还实施了其他机制，允许投资者通过其中介机构的系统直接进入市场进行证券交易。

Securities Clearing and Settlement Institutions -- CAVALI

证券清算结算机构——CAVALI

CAVALI is the entity in charge of clearing and settling all transactions undertaken on the Lima Stock Exchange, as well as the registry of ownership or encumbrance of security and other financial instruments, for which it has previously obtained a license from the SMV to act as a securities clearing and settlement institution, being subject to the control and supervision of the latter governmental entity.

CAVALI 是负责清算和结算利马证券交易所（BVL）所有交易的实体，同时负责证券及其他金融工具的所有权或担保权益登记。CAVALI 已事先获得 SMV 颁发的牌照，作为证券清算结算机构运营，并接受该政府机构的监管。

For purposes of negotiations under the MILA, CAVALI has executed agreements with the relevant clearing and settlement institutions in the MILA countries.

为在 MILA 框架下进行交易，CAVALI 已与 MILA 成员国家的相关清算结算机构签署协议。

CAVALI has also entered into agreements with other clearing and settlement institutions from other countries for the purpose of trading securities simultaneously at the BVL and other markets (dual listing).

CAVALI 还与其他国家的清算结算机构签署了协议，旨在实现证券在 BVL 和其他市场同时交易（双重上市）。

Taxes 税收

As a general rule, capital gains from the sale of securities by non-domiciled entities are taxed at a preferential rate of 5% for income tax purposes, provided that the securities are traded on the BVL. Otherwise, the applicable rate will be 30%. However, based on a benefit that will be in force until December 31, 2023, in the case of non-domiciled individuals, the capital gain from the sale of securities traded on the BVL is exempt from Income Tax, provided that certain requirements set forth in the rule establishing such exemption are met. It should be noted that the exemption applies up to 100 UIT of the capital gain generated in each taxable year.

作为一般规则，非居民实体出售证券所产生的资本利得，若该证券在 BVL 交易，则所得税适用 5% 的优惠税率。否则，适用税率为 30%。然而，基于一项有效期至 2023 年 12 月 31 日的税收优惠，对于非居民个人，在满足规定该免税的规则所设定的特定要求的前提下，出售在 BVL 交易的证券所产生的资本利得免征所得税。需注意的是，该免税适用于每个纳税年度内产生的资本利得中不超过 100 个纳税单位（UIT）的部分。