Technical Standards for the Authorization of Constitution and Operation of Fixed Capital Investment Companies

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

Approval: 12/17/2025 Validity: 01/02/2026

THE STANDARDS COMMITTEE OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:

I. That Article 2, eighth clause, of the Law on Private Alternative Investment Funds, establishes that the constitution, modification, transformation, and merger of the Administrating Companies of Private Alternative Investment Funds and the Fixed Capital Investment Companies must be registered in the Commercial Registry of the National Registry Center, attaching the resolution of approval by the Financial System Superintendence.

II. That Article 5, second clause, of the Law on Private Alternative Investment Funds, establishes that it is the responsibility of the Central Bank of El Salvador, through its Standards Committee, within its scope of competence, to issue the necessary technical standards that allow the operation of Private Alternative Investment Funds.

III. That Article 45 of the Law on Private Alternative Investment Funds establishes that the Superintendence will authorize or not the operation of an autonomous Private Alternative Investment Fund, according to the procedure established in the Technical Standards issued for this purpose by the Central Bank of El Salvador, through its Standards Committee.

IV. That Article 46, fourth clause, of the Law on Private Alternative Investment Funds, establishes that, upon presentation of the authorization request with the information required by said law, the Board of Directors of the Financial System Superintendence will have a period of up to thirty calendar days to review the content of the presented documents and authorize in the same act the constitution and the start of operations of the Fixed Capital Investment Companies.

V. That Article 63, second clause, of the Law on Private Alternative Investment Funds, establishes that Private Alternative Investment Funds will be subject to the legal provisions on anti-money laundering and asset prevention, terrorism financing, and the proliferation of weapons of mass destruction, as well as others related to the fulfillment of their tax obligations or investigation of criminal activities.

THEREFORE,

by virtue of the normative powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

Approval: 12/17/2025 Validity: 01/02/2026

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

CHAPTER I OBJECT, SUBJECTS, AND TERMS

Object Art. 1.- These Standards aim to establish the requirements and procedures that interested parties must fulfill to obtain authorization for the constitution of a Fixed Capital Investment Company, as well as aspects related to its operation.

Subjects Art. 2.- The subjects obligated to comply with the provisions established in these Norms are natural and legal persons interested in receiving authorization for the constitution of a Fixed Capital Investment Company.

Terms Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning: a) Contributions: Contributions from investors to the Fixed Capital Investment Company, in the case of autonomous Private Alternative Investment Funds; b) Central Bank: Central Bank of Reserve of El Salvador; c) Identity Document: Refers to the Unique Identity Document, Minor's Card, Passport, or Resident Card, as applicable; d) Sophisticated Investor: In accordance with Article 4 of the Investment Banks Law, they are natural or legal persons, national or foreign, to whom the Administrating Companies of Private Alternative Investment Funds or Fixed Capital Investment Companies are authorized to offer their services, which must meet the criteria established in said article; e) Board of Directors: Collegiate body responsible for the administration of the Fixed Capital Investment Company, with functions of supervision, direction, and control; f) Law: Law on Private Alternative Investment Funds; g) TIN: Tax Identification Number; h) PAIF: Private Alternative Investment Fund (PAIF, from its English acronym); i) Autonomous PAIF: In accordance with Article 3, letter b) of the Law on Private Alternative Investment Funds, these are funds created through the constitution of a SICAF, or the transformation of another existing society into one of these, and whose administration and operation will be governed by the respective social clauses, bylaws, and internal norms corresponding to the respective SICAF; j) SICAF: Fixed Capital Investment Company;

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

Approval: 12/17/2025 Validity: 01/02/2026

k) Partner or Shareholder: Investor in an autonomous PAIF; and l) Superintendence: Financial System Superintendence.

CHAPTER II GENERAL PROVISIONS ON THE AUTONOMOUS FUND

Formation of an Autonomous PAIF Art. 4.- An autonomous PAIF will be formed by the set of contributions from various investors to whom we will refer as shareholders or partners, which will be constituted as a SICAF, at their account and risk. The value of the contributions of the shareholders or partners, as well as any type of return they receive, will be in direct function of the financial result of the PAIF.

Contributions of the Autonomous PAIF Art. 5.- The capital of the autonomous PAIF will be expressed in shares or participations, according to the nature of the society adopted, with the objective of determining the part that corresponds to each of the shareholders or partners, within its equity.

Verification of the Sophisticated Investor Art. 6.- The administration of the SICAF must have a process that verifies the category of Sophisticated Investors of its interested contributors, for which it must consider what is established in Article 48 of the Law.

Registration of Contributions Art. 7.- In accordance with Article 49 of the Law, the administration of the SICAF will keep a control of the contributions of investors in autonomous PAIFs, which can be maintained through electronic systems and will contain at minimum the general information of each of its shareholders, which will be for internal use of the SICAF and must be available to the Superintendence in its supervision process.

Procedures on Anti-Money Laundering Prevention and Control and Due Diligence Art. 8.- The SICAF must adopt policies, mechanisms, and control measures to comply with the obligations established in laws, instructions, and regulations in force related to the prevention, detection, and control of money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction. The administration of the SICAF must have policies and procedures to perform due diligence for the identification and knowledge of its sophisticated investors, as well as the origin of funds and their economic activity, in accordance with what is established in laws, instructions, and regulations in force related to the prevention, detection, and control of money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction.

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

Approval: 12/17/2025 Validity: 01/02/2026

Internal Control in the Administration of the PAIF Art. 9.- The SICAF, regarding its administration, must define policies and internal control procedures that contemplate at least the following aspects: a) Administer the SICAF in accordance with what is established in the definitive documents of the Fund, which must include the minimum content established in Article 47 of the Law; b) Register the operations of the SICAF, according to the accounting policies defined by the society; c) Comply with the internal control procedures approved by its Board of Directors, regarding the administration of the SICAF, especially concerning risk management, investments, cash, marketing, conversion of contributions and redemption; d) Adopt policies, mechanisms, and control measures to comply with the obligations established in laws, instructions, and regulations in force related to the prevention, detection, and control of money laundering and assets, terrorism financing, and the financing of the proliferation of weapons of mass destruction; and e) Deliver to shareholders or partners documents that prove the contributions and the returns generated by them within the SICAF.

CHAPTER III AUTHORIZATION OF THE AUTONOMOUS FUND

Authorization Request for Autonomous PAIF Art. 10.- For the authorization of an autonomous PAIF, the legal representative or attorney of the investors interested in being shareholders or partners of a SICAF must submit to the Superintendence a request, accompanied by the following documentation: a) Draft social deed or social pact. This draft must contain the requirements indicated in Articles 22 and 194 of the Commercial Code and the mentioned in the Notary Law; b) Draft bylaws of the society, in case they are not included in the draft deed; c) Corporate documents in which aspects related to the operation of the SICAF are developed, as well as policies, manuals, or methodologies for this purpose, including those concerning risk management derived from them, which must consider what is established in Article 28 of these Norms; d) Documents of the PAIF referred to in Article 47 of the Law; e) List of shareholders or partners who hold a participation equal to or greater than twenty-five percent of the social capital, attaching their details.

If it is a natural person, the following must be presented: i. Full name; ii. Nationality and domicile; iii. Copy of the Identity Document, as applicable; iv. Copy of the TIN, which will be in accordance with what is established by the Tax Administration, when applicable; v. Certified copy of passport, in the case of foreigners, when applicable; vi. Valid certificate issued by the General Directorate of Penal Centers of no criminal record. In the case of foreign shareholders, they must present the document that certifies that they have no criminal record or equivalent, issued by the competent authority in their country of origin; and vii. Information that evidences the origin of funds for the acquisition of the shares.

If it is a legal person, the following information must be presented: i. Name or corporate name; ii. Nationality and domicile; iii. Copy of the TIN, which will be in accordance with what is established by the Tax Administration, when applicable; iv. Annual financial statements of the last three years with their corresponding audit opinions and notes, when applicable. If the society is of recent constitution, it must present at least the Financial Statements of the last fiscal year; v. Testimony of the deed of constitution and bylaws, or creation law, according to the case, in both cases with their reforms and legal representation; vi. Power of attorney granted to be represented as a shareholder; vii. Certification of the minute point of the Board of Directors, where the acquisition of shares is authorized; viii. Information that evidences the origin of funds for the acquisition of the shares; and ix. Updated credentials of the Board of Directors of the legal person applicant.

f) Name or corporate name of the audit firm that will perform the external audit of the Society, in accordance with Article 55 of the Law; g) Name of the person(s) designated as investment administrator(s); h) Place, email address, and telephone contact to receive any kind of notifications and the designation of the persons commissioned for this effect; and i) Other documentation and information that due to the nature of the PAIF is necessary to present.

When the SICAF is constituted through the transformation of an already existing society, it must attach to the request established in the first clause of this article, the

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

Approval: 12/17/2025 Validity: 01/02/2026

following information: a) Certification of the Minute Point of the Assembly or General Shareholders' Meeting of the society, in which it is stated that said Body agreed to request to the Superintendence the authorization to transform as a SICAF; b) Draft of the deed of execution of the transformation agreement, which must be prepared in accordance with what is stipulated in Articles 323 and 324 of the Commercial Code; and c) Draft Modification of the Social Pact and bylaws of the society, which must consider the provisions of the Commercial Code.

The request and documentation, referred to in Article 10 of these Norms, may be presented through the means made available by the Superintendence, which may be electronic. In any case, the period referred to in the first clause of Article 11 of these Norms, will begin to count from the next business day after the request has been presented.

Authorization Procedure Art. 11.- Upon receipt of the corresponding authorization request with the complete information detailed in Article 10 of these Norms, as applicable, the Superintendence will proceed to verify compliance with the requirements defined by the Law and these Norms, having a period of up to thirty calendar days to authorize the PAIF.

If the request is not accompanied by the complete and proper information, as detailed in Article 10 of these Norms, the Superintendence, due to the lack of necessary requirements, may require the applicant to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the interested entity when there are reasons that justify it.

The Superintendence in the same notice will indicate to the applicant that if the information is not completed within the aforementioned period, the Superintendence will proceed, without further procedure, to archive the request, reserving its right to present a new request.

If after the analysis of the documentation presented according to Article 10 of these Norms, the Superintendence has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be certified as requested, the Superintendence will notify the respective applicant entity to remedy the deficiencies communicated or present additional documentation or information as required.

The applicant will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the additional information required by the Superintendence.

The Superintendence may, through a reasoned resolution, extend by up to another ten business days, the period indicated in the previous clause, when the nature of the observations or deficiencies notified so requires.

Extension Period Art. 12.- Interested parties may submit to the Superintendence, before the expiration of the period, a request for extension of the period indicated in the fifth clause of Article 11 of these Norms, stating the grounds on which it is based and proposing, if applicable, the pertinent proof.

The extension period cannot exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period Art. 13.- The thirty-day period indicated in Article 11 of these Norms, will be suspended for the days that pass between the notification of the request for information or documentation referred to in the second and fifth clauses of Article 11 of these Norms, until the interested parties remedy the observations noted by the Superintendence.

Once the documents are presented in proper form, the Superintendence will proceed to give a response to the authorization request of the PAIF.

Resolution Art. 14.- Once the complete and proper documentation is presented, the Superintendence, through a resolution, will respond to the authorization request. The Superintendence will proceed to notify the interested parties of the corresponding resolution, within a maximum period of three business days from the date of issuance, in which it authorizes or denies the authorization request for operation, and in the same act, it will authorize the constitution or transformation, as the case may be, and the start of operations of the SICAF.

Modification of Documents Authorized by the Superintendence Art. 15.- When the SICAF requires modifying the constitutive documents, to which letters a), b), and c) of the first clause of Article 10 of these Norms refer, over which authorization was granted, it must submit to the Superintendence, the request for authorization of modification to said documents, attaching for these purposes the following documentation: a) Certification of the agreement of authorization of modification, issued by the corresponding authority;

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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b) Detail of the proposed modifications, including the justification for them, as well as the supporting documentation when applicable; and c) Drafts of documents that are required to be authorized by the Superintendence in which the proposed modifications requested will be incorporated.

To evaluate the request presented, the Superintendence must observe the authorization procedure established in Articles 11, 12, 13, and 14 of these Norms.

When the information referred to in the first clause of Article 10 of these Norms is modified, with the exception of letters a), b), and c), the SICAF must inform the Superintendence within a period of 10 business days after its approval.

CHAPTER IV OPERATION, ACCOUNTING, AND AUDIT ASPECTS FOR SICAFS

Equity of the Autonomous PAIF Art. 16.- PAIFs must have the minimum equity and the number of shareholders or partners referred to in Article 46 of the Law.

Contributions Art. 17.- Shareholders or partners of a SICAF may make their contributions in money, national or foreign securities, movable or immovable property, stable currencies, digital assets in general, and any other asset, provided that, the administration of SICAF establishes or employs a valuation mechanism that allows knowing its value at all times in accordance with internal policies, in accordance with Article 49 of the Law, which will be expressed through contributions.

Accounting Records Art. 18.- It is the responsibility of the SICAF to record the operations of the PAIF, including accounting records, transaction files, and the formulation of the Financial Statements and their notes, as well as other reports for their corresponding analysis and interpretation.

Timing of Accounting Records Art. 19.- It is the responsibility of the SICAF to account daily for the transactions that the PAIFs carry out, which will be registered in chronological order and in the accounts whose title corresponds to their nature.

Responsibilities Art. 20.- Directors, managers, and employees responsible for the preparation, review, and authorization of the information will respond in their personal capacity for errors, omissions, and irregularities that it contains.

Appointment of Auditor Art. 21.- SICAFs, through the General Assembly or its equivalent governing body, must appoint external auditors from internationally recognized audit firms, domiciled or not in the country, considering for this purpose their experience or specialty with the business model and information obligations.

Communication of External Auditor Appointment to the Superintendence Art. 22.- SICAFs must communicate to the Superintendence, no later than ten business days after the date of appointment, the name of the selected external auditor, attaching the certification of the minute point of the General Assembly or its equivalent body where it was approved.

Separation or Resignation of External Auditor Art. 23.- SICAFs must inform about the separation or resignation of the external auditor explaining to the Superintendence the reasons for the resignation of

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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the external auditor, within a period of ten business days counted from the day following the notification of the event.

The Superintendence may, through a reasoned resolution, extend the period indicated in the previous clause by up to ten business days, when the nature of the observations or deficiencies notified so requires.

Extension Period Art. 12.- Interested parties may submit to the Superintendence, before the expiration of the period, a request for extension of the period indicated in the fifth clause of Article 11 of these Norms, stating the grounds on which it is based and proposing, if applicable, the pertinent proof.

The extension period cannot exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period Art. 13.- The thirty-day period indicated in Article 11 of these Norms, will be suspended for the days that pass between the notification of the request for information or documentation referred to in the second and fifth clauses of Article 11 of these Norms, until the interested parties remedy the observations noted by the Superintendence.

Once the documents are presented in proper form, the Superintendence will proceed to give a response to the authorization request of the PAIF.

Resolution Art. 14.- Once the complete and proper documentation is presented, the Superintendence, through a resolution, will respond to the authorization request. The Superintendence will proceed to notify the interested parties of the corresponding resolution, within a maximum period of three business days from the date of issuance, in which it authorizes or denies the authorization request for operation, and in the same act, it will authorize the constitution or transformation, as the case may be, and the start of operations of the SICAF.

Modification of Documents Authorized by the Superintendence Art. 15.- When the SICAF requires modifying the constitutive documents, to which letters a), b), and c) of the first clause of Article 10 of these Norms refer, over which authorization was granted, it must submit to the Superintendence, the request for authorization of modification to said documents, attaching for these purposes the following documentation: a) Certification of the agreement of authorization of modification, issued by the corresponding authority;

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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b) Detail of the proposed modifications, including the justification for them, as well as the supporting documentation when applicable; and c) Drafts of documents that are required to be authorized by the Superintendence in which the proposed modifications requested will be incorporated.

To evaluate the request presented, the Superintendence must observe the authorization procedure established in Articles 11, 12, 13, and 14 of these Norms.

When the information referred to in the first clause of Article 10 of these Norms is modified, with the exception of letters a), b), and c), the SICAF must inform the Superintendence within a period of 10 business days after its approval.

CHAPTER IV OPERATION, ACCOUNTING, AND AUDIT ASPECTS FOR SICAFS

Equity of the Autonomous PAIF Art. 16.- PAIFs must have the minimum equity and the number of shareholders or partners referred to in Article 46 of the Law.

Contributions Art. 17.- Shareholders or partners of a SICAF may make their contributions in money, national or foreign securities, movable or immovable property, stable currencies, digital assets in general, and any other asset, provided that, the administration of SICAF establishes or employs a valuation mechanism that allows knowing its value at all times in accordance with internal policies, in accordance with Article 49 of the Law, which will be expressed through contributions.

Accounting Records Art. 18.- It is the responsibility of the SICAF to record the operations of the PAIF, including accounting records, transaction files, and the formulation of the Financial Statements and their notes, as well as other reports for their corresponding analysis and interpretation.

Timing of Accounting Records Art. 19.- It is the responsibility of the SICAF to account daily for the transactions that the PAIFs carry out, which will be registered in chronological order and in the accounts whose title corresponds to their nature.

Responsibilities Art. 20.- Directors, managers, and employees responsible for the preparation, review, and authorization of the information will respond in their personal capacity for errors, omissions, and irregularities that it contains.

Appointment of Auditor Art. 21.- SICAFs, through the General Assembly or its equivalent governing body, must appoint external auditors from internationally recognized audit firms, domiciled or not in the country, considering for this purpose their experience or specialty with the business model and information obligations.

Communication of External Auditor Appointment to the Superintendence Art. 22.- SICAFs must communicate to the Superintendence, no later than ten business days after the date of appointment, the name of the selected external auditor, attaching the certification of the minute point of the General Assembly or its equivalent body where it was approved.

Separation or Resignation of External Auditor Art. 23.- SICAFs must inform about the separation or resignation of the external auditor explaining to the Superintendence the reasons for the resignation of

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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the external auditor, within a period of ten business days counted from the day following the notification of the event.

The Superintendence may, through a reasoned resolution, extend the period indicated in the previous clause by up to ten business days, when the nature of the observations or deficiencies notified so requires.

Extension Period Art. 12.- Interested parties may submit to the Superintendence, before the expiration of the period, a request for extension of the period indicated in the fifth clause of Article 11 of these Norms, stating the grounds on which it is based and proposing, if applicable, the pertinent proof.

The extension period cannot exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period Art. 13.- The thirty-day period indicated in Article 11 of these Norms, will be suspended for the days that pass between the notification of the request for information or documentation referred to in the second and fifth clauses of Article 11 of these Norms, until the interested parties remedy the observations noted by the Superintendence.

Once the documents are presented in proper form, the Superintendence will proceed to give a response to the authorization request of the PAIF.

Resolution Art. 14.- Once the complete and proper documentation is presented, the Superintendence, through a resolution, will respond to the authorization request. The Superintendence will proceed to notify the interested parties of the corresponding resolution, within a maximum period of three business days from the date of issuance, in which it authorizes or denies the authorization request for operation, and in the same act, it will authorize the constitution or transformation, as the case may be, and the start of operations of the SICAF.

Modification of Documents Authorized by the Superintendence Art. 15.- When the SICAF requires modifying the constitutive documents, to which letters a), b), and c) of the first clause of Article 10 of these Norms refer, over which authorization was granted, it must submit to the Superintendence, the request for authorization of modification to said documents, attaching for these purposes the following documentation: a) Certification of the agreement of authorization of modification, issued by the corresponding authority;

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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b) Detail of the proposed modifications, including the justification for them, as well as the supporting documentation when applicable; and c) Drafts of documents that are required to be authorized by the Superintendence in which the proposed modifications requested will be incorporated.

To evaluate the request presented, the Superintendence must observe the authorization procedure established in Articles 11, 12, 13, and 14 of these Norms.

When the information referred to in the first clause of Article 10 of these Norms is modified, with the exception of letters a), b), and c), the SICAF must inform the Superintendence within a period of 10 business days after its approval.

CHAPTER IV OPERATION, ACCOUNTING, AND AUDIT ASPECTS FOR SICAFS

Equity of the Autonomous PAIF Art. 16.- PAIFs must have the minimum equity and the number of shareholders or partners referred to in Article 46 of the Law.

Contributions Art. 17.- Shareholders or partners of a SICAF may make their contributions in money, national or foreign securities, movable or immovable property, stable currencies, digital assets in general, and any other asset, provided that, the administration of SICAF establishes or employs a valuation mechanism that allows knowing its value at all times in accordance with internal policies, in accordance with Article 49 of the Law, which will be expressed through contributions.

Accounting Records Art. 18.- It is the responsibility of the SICAF to record the operations of the PAIF, including accounting records, transaction files, and the formulation of the Financial Statements and their notes, as well as other reports for their corresponding analysis and interpretation.

Timing of Accounting Records Art. 19.- It is the responsibility of the SICAF to account daily for the transactions that the PAIFs carry out, which will be registered in chronological order and in the accounts whose title corresponds to their nature.

Responsibilities Art. 20.- Directors, managers, and employees responsible for the preparation, review, and authorization of the information will respond in their personal capacity for errors, omissions, and irregularities that it contains.

Appointment of Auditor Art. 21.- SICAFs, through the General Assembly or its equivalent governing body, must appoint external auditors from internationally recognized audit firms, domiciled or not in the country, considering for this purpose their experience or specialty with the business model and information obligations.

Communication of External Auditor Appointment to the Superintendence Art. 22.- SICAFs must communicate to the Superintendence, no later than ten business days after the date of appointment, the name of the selected external auditor, attaching the certification of the minute point of the General Assembly or its equivalent body where it was approved.

Separation or Resignation of External Auditor Art. 23.- SICAFs must inform about the separation or resignation of the external auditor explaining to the Superintendence the reasons for the resignation of

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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the external auditor, within a period of ten business days counted from the day following the notification of the event.

The Superintendence may, through a reasoned resolution, extend the period indicated in the previous clause by up to ten business days, when the nature of the observations or deficiencies notified so requires.

Extension Period Art. 12.- Interested parties may submit to the Superintendence, before the expiration of the period, a request for extension of the period indicated in the fifth clause of Article 11 of these Norms, stating the grounds on which it is based and proposing, if applicable, the pertinent proof.

The extension period cannot exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period Art. 13.- The thirty-day period indicated in Article 11 of these Norms, will be suspended for the days that pass between the notification of the request for information or documentation referred to in the second and fifth clauses of Article 11 of these Norms, until the interested parties remedy the observations noted by the Superintendence.

Once the documents are presented in proper form, the Superintendence will proceed to give a response to the authorization request of the PAIF.

Resolution Art. 14.- Once the complete and proper documentation is presented, the Superintendence, through a resolution, will respond to the authorization request. The Superintendence will proceed to notify the interested parties of the corresponding resolution, within a maximum period of three business days from the date of issuance, in which it authorizes or denies the authorization request for operation, and in the same act, it will authorize the constitution or transformation, as the case may be, and the start of operations of the SICAF.

Modification of Documents Authorized by the Superintendence Art. 15.- When the SICAF requires modifying the constitutive documents, to which letters a), b), and c) of the first clause of Article 10 of these Norms refer, over which authorization was granted, it must submit to the Superintendence, the request for authorization of modification to said documents, attaching for these purposes the following documentation: a) Certification of the agreement of authorization of modification, issued by the corresponding authority;

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TECHNICAL STANDARDS FOR THE AUTHORIZATION OF CONSTITUTION AND OPERATION OF FIXED CAPITAL INVESTMENT COMPANIES

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b) Detail of the proposed modifications, including the justification for them, as well as the supporting documentation when applicable; and c) Drafts of documents that are required to be authorized by the Superintendence in which the proposed modifications requested will be incorporated.

To evaluate the request presented, the Superintendence must observe the authorization procedure established in Articles 11, 12, 13, and 14 of these Norms.

When the information referred to in the first clause of Article 10 of these Norms is modified, with the exception of letters a), b), and c), the SICAF must inform the Superintendence within a period of 10 business days after its approval.