Echecopar advises on unification of stock exchanges of Peru, Chile and Colombia

Estudio Echecopar, associated with Baker & McKenzie International, has advised Grupo BVL, Bolsa de Valores de Lima and CAVALI in the administrative procedure before the Superintendency of the Peruvian Securities Market to obtain regulatory authorisation to proceed with the proposed international corporate integration of the stock exchanges of Peru (Bolsa de Valores de Lima), Chile (Bolsa de Comercio de Santiago) and Colombia (Bolsa de Valores de Colombia) under a common holding company to be established in Chile which will control Grupo BVL and its subsidiaries.

The general terms and structure of the corporate integration process were outlined in the Framework Integration Agreement signed by the majority of the shareholders of the three exchanges.

While the international corporate integration and subsequent operational integration is an ongoing process, obtaining authorisation from the Peruvian Capital Market regulator is a milestone in the whole integration process, as it will allow the BVL Group, the Lima Stock Exchange and CAVALI ICLV to proceed with the corporate integration, subject to specific terms and conditions.

The advice involved agreements between the three jurisdictions, analysing and discussing multiple alternatives with all parties involved, as well as with securities regulators, in order to find the most efficient and expeditious way to implement the integration. The transaction required close coordination with the Peruvian securities regulator, including the modification of existing regulations.

Further milestones in the transaction are expected to be reached later this year.

Echecopar’s team comprised partner Alonso Miranda (pictured left) and senior associate Adrián Tovar (pictured right).