走近南美洲（秘魯）系列文章DOING BUSINESS PERú秘魯營商環境（十六）
2025-08-26Contributor供稿：秘魯Rodrigo, Elías & Medrano律師事務所
Chinese Translation中文翻譯：錦天城 王良 律師
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.
中國是秘魯的主要貿易伙伴，是秘魯第一大出口目的地國，也是秘魯主要進口來源國。秘魯是中國在拉美的第二大投資目的地。兩國之間既建立全面戰略伙伴關系，又簽署了自由貿易協定。未來五到十年，秘魯將成為中國企業出海的另一片熱土，中國會有更多企業走向秘魯，并通過秘魯走向更廣闊的南美洲市場。錦天城積極開拓南美洲法律服務市場，向出海南美洲的中國企業提供可靠的東道國法律服務資源和做好國別法律研究等工作，為服務中國高水平對外開放和“一帶一路”戰略提供法律保障。為此，錦天城聯合秘魯Rodrigo, Elías & Medrano律師事務所，推出《秘魯營商環境》系列文章，介紹秘魯走向世界、秘魯公司架構、秘魯外國投資促進和法律穩定性、企業運營法律環境、停業和企業重整等內容。
Securities Regulations
證券監管
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.
證券交易主要受《證券市場法》（SML）監管。本法適用于符合可轉讓證券條件的證券，即批量發行、可自由流通且賦予持有人債權、參與權或類似經濟性質權利的證券?？赊D讓證券可以公開或非公開發行。
Security Offerings 證券發行
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.
除法律明確規定的例外情況外，所有公開發行的證券必須事先在由證券市場監理署（SMV）管理的證券市場公開登記處（RPMV）登記，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.
上述規則目前的例外情況包括：國家進行的證券發行；以及在太平洋聯盟國家（由秘魯、智利、哥倫比亞和墨西哥組成）和/或拉丁美洲一體化市場（MILA）（由下文所述國家的證券交易所及證券托管或登記機構組成）登記或授權的證券發行。在金融參與式融資（FPF）框架下發行的證券亦獲豁免，此類活動受上文第 M 節所述特殊規則管轄。
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.
為實現證券公開發行，《證券市場法》（LMV）及其由 SMV 制定的監管規則確立了若干標準，例如透明度以及向潛在投資者及時披露相關信息。所有為此目的向市場披露的信息必須通過信息傳播規則中規定的渠道發布，并提交至 RPMV，且所披露的信息必須真實、清晰、充分且及時。
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 的信息可自由查閱，除非在立法規定的特定情況下被聲明為保密信息。
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，秘魯法律規定，任何由 SBS 或 SMV 主管的金融資產廣告或通知，若旨在向公眾募集資金以換取回報或經濟性質的權利，且在秘魯境內通過大眾媒體（包括虛擬媒體，如社交網絡或互聯網）發布，則只能由 SMV 或 SBS 授權或監管的主體發布。
Public offerings公開發行
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.
適用于證券市場的規則主要涵蓋以下類型的公開發行：(i) 為首次配售或出售證券而進行的公開發行；(ii) 要約收購（OPA）；(iii) 為購買將被排除在 RPMV 登記之外的證券而進行的公開發行（OPC）；以及 (iv) 國際發行。對于提議將證券交換為其他證券、或交換為證券和其他資產的要約（稱為“交換要約”），應視情況適用第 (i)、(ii) 或 (iv) 項所述要約的預定規則。
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".
秘魯立法將證券公開發行定義為向公眾或特定的非機構投資者群體發售或配售證券的要約。若任何要約是向超過 100 名符合“機構投資者”資格的不同潛在投資者發出的，則該要約被推定為公開要約。
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.
擬公開發行的證券需在 RPMV 登記。作為一般規則，必須向 SMV 提交一份信息說明書（招股說明書），其中應包含投資者所需的所有相關信息，涉及發行人、發行事項以及證券本身；最近兩個會計年度（或自發行人成立時起）經審計的年度財務報表及最近可獲得的季度財務報表；最近兩年（或自發行人成立時起）的年度報告；以及根據所涉公開發行類型，適用法規中描述的其他文件和信息。
Primary public offering or sale of transferable securities
可轉讓證券的首次公開發行或出售
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.
證券的首次公開發行可通過單次發行或發行計劃進行。后者允許在計劃注冊有效期內（最長為六年）進行一次或多次發行。在注冊發行計劃的情況下，發行人須在該計劃注冊滿三周年之日更新為計劃注冊提交的框架說明書信息。無論如何，證券的配售均需基于相應發行的注冊，并可在該發行注冊之日起三年內進行；若該發行屬于某個計劃的一部分，則需在該計劃有效期內進行。
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.
秘魯法律為以下情況規定了簡化的注冊機制和較低的信息披露要求：(i) 中小型發行人進行的發行；(ii) 某些多邊機構的證券發行；以及 (iii) 專門面向機構投資者進行的發行。
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.
在后一種情況下，對于已在美國證券交易委員會（SEC）注冊或根據《144A 規則》或《S 條例》進行的證券發行，最近已建立一種特別認可機制，該機制實行自動注冊且發行人無報告義務。
Tender Offer 要約收購 (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.
若任何個人或公司意圖直接或間接收購或增加一家股票在秘魯證券交易所上市的公司的重大股權（定義為：收購具有投票權的股份，使其所代表的已認購并實繳股本比例達到或超過 25%、50% 或 60%；通過任何方式獲得相當于已發行有投票權股本 25% 的投票權能力；或獲得能夠選舉發行人董事會多數成員或修改發行人章程的能力），則除非另有規定，否則該收購需要發起要約收購（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.
若重大股權的收購是通過以下方式進行的：(i) 在三年內不超過四次的交易；(ii) 間接方式；或 (iii) 作為一項公開出售要約的結果；則收購方須在收購該股權后的法定期限內，按法律規定的股份比例發起一項后續要約收購（OPA）。OPA 中的最低支付價格將由 SMV 指定的估值機構設定，除非相關證券符合規則規定的流動性水平，在此情況下，最低價格應基于該證券最近三個月在市場上的交易情況確定。該要約必須面向所有未參與先前收購交易的、持有具有投票權股份的股東以及持有可在特定期限內獲得上述股份權利的證券的持有人。
In other cases, the OPA should be the mechanism for acquiring a significant shareholding (Previous tender offer -OPA).
在其他情況下，收購重大股權應通過發起事前要約收購（OPA）的機制進行。
Tender offer for securities by exclusion from the RPMV - OPC
為將證券排除在 RPMV 登記之外而進行的要約收購（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.
請求將證券排除在 RPMV 或秘魯證券交易所之外，或執行具有類似效果（例如，在分拆交易中投資者最終持有未注冊證券）的交易，將導致在排除之前有義務發起公開要約收購（OPC），除非適用例外情況。
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 必須面向所有未參與該排除決定或批準具有類似效果交易的證券持有人，其要約價格不得低于由 SMV 指定的估值機構設定的最低價格。
Investments in Securities by Local Institutional Investors
本地機構投資者的證券投資
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.
本地機構投資者收購可轉讓證券及其他本地或外國金融工具，須遵守其各自的規定。這些規定明確了此類可轉讓證券或工具必須具備的特征，方可被該等投資者投資。例如，養老基金或保險公司進行投資時，必須遵循 SBS 批準的規則。另一方面，共同基金或本地投資基金進行投資時，則必須遵循 SMV 制定的規則。
Lima Stock Exchange
利馬證券交易所（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.
利馬證券交易所（BVL）目前是秘魯唯一的證券交易所。BVL 設有股票及其他本地和外國證券的常規上市機制。對于被視為“外國證券”的證券（例如，由本地或外國發行人在境外發行的證券），BVL 已實施簡化的上市機制（快速通道），適用于已在某些其他特定市場上市的證券（雙重上市）。此外，BVL 最近設立了一個交易板塊，在該板塊中，某些已在 RPMV 注冊的證券可專門向機構投資者進行交易。對于已在美國證券交易委員會（SEC）注冊的“外國證券”發行，若該等證券獲準在 SEC 監管下的市場交易，則其在 RPMV 和 BVL 的注冊將自動生效。
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 還為初級礦業公司的上市設立了一個特別板塊。若此類公司的證券已先在專注于其證券交易的某些外國市場注冊，則該板塊提供簡化的上市機制（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 與圣地亞哥證券交易所、哥倫比亞證券交易所、墨西哥證券交易所及相應的證券托管或登記機構共同組成了拉丁美洲一體化市場（MILA），旨在便利其各自國家的投資者交易在這些交易所上市的證券。通過 MILA，投資者可通過其本國的中介機構在任一成員市場買賣證券。
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 正致力于開發用于交易新產品的機制，例如可轉讓票據、主權債券和“綠色債券”（用于為“綠色”項目融資的債務工具，即不影響氣候或環境的項目）。
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、圣地亞哥證券交易所和哥倫比亞證券交易所目前正致力于通過最終整合其基礎設施和服務來創建單一證券市場，其股東及各交易所本身已簽署多項協議以實現此目標。
Stock Exchange Intermediaries
證券交易所中介機構
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.
證券交易所中介機構（經紀交易商）負責在 BVL 進行的所有交易。為開展業務，此類實體需獲得 SMV 頒發的牌照，并接受其管控和監督。
For operations within the MILA, local intermediaries can carry out operations in other stock exchanges through the platforms of the respective foreign exchange intermediaries.
對于 MILA 內的交易，本地中介機構可通過各自的外國交易所中介機構的平臺在其他證券交易所進行操作。
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 還實施了其他機制，允許投資者通過其中介機構的系統直接進入市場進行證券交易。
Securities Clearing and Settlement Institutions -- CAVALI
證券清算結算機構——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 是負責清算和結算利馬證券交易所（BVL）所有交易的實體，同時負責證券及其他金融工具的所有權或擔保權益登記。CAVALI 已事先獲得 SMV 頒發的牌照，作為證券清算結算機構運營，并接受該政府機構的監管。
For purposes of negotiations under the MILA, CAVALI has executed agreements with the relevant clearing and settlement institutions in the MILA countries.
為在 MILA 框架下進行交易，CAVALI 已與 MILA 成員國家的相關清算結算機構簽署協議。
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 還與其他國家的清算結算機構簽署了協議，旨在實現證券在 BVL 和其他市場同時交易（雙重上市）。
Taxes 稅收
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.
作為一般規則，非居民實體出售證券所產生的資本利得，若該證券在 BVL 交易，則所得稅適用 5% 的優惠稅率。否則，適用稅率為 30%。然而，基于一項有效期至 2023 年 12 月 31 日的稅收優惠，對于非居民個人，在滿足規定該免稅的規則所設定的特定要求的前提下，出售在 BVL 交易的證券所產生的資本利得免征所得稅。需注意的是，該免稅適用于每個納稅年度內產生的資本利得中不超過 100 個納稅單位（UIT）的部分。
