Adjunct Superintendent for Conduct Supervision Resolution No. 066-2025-SMV/11

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
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Adjunct Superintendent Resolution SMV
No. 066-2025-SMV/11
Lima, October 13, 2025

Subject: The reconsideration appeal filed by LM Quispe y Asociados Sociedad Civil against Adjunct Superintendent Resolution SMV No. 058-2025-SMV/11 is declared unfounded.

Administered Entity: LM QUISPE Y ASOCIADOS SOCIEDAD CIVIL Subject: RECONSIDERATION APPEAL File No.: 2025017956

The Adjunct Superintendent for Market Conduct Supervision

VIEWED:
Administrative File No. 2025017956, which contains, among other things, the reconsideration appeal filed on September 30, 2025, by LM Quispe y Asociados Sociedad Civil (hereinafter, SOA LM Quispe) against Adjunct Superintendent Resolution SMV No. 058-2025-SMV/11 of September 8, 2025 (hereinafter, the Challenged Resolution), which resolved to sanction SOA LM Quispe with one (1) warning, and Report No. 1426-2025-SMV/11.2 (hereinafter, the Report), issued by the General Superintendent of Conduct Compliance (hereinafter, the IGCC) of the Adjunct Superintendence for Market Conduct Supervision (hereinafter, the SASCM);

CONSIDERING:
I. FUNCTION AND COMPETENCE OF THE SASCM

That Administrative File No. 2025017956 contains the documentation and information regarding an administrative sanctioning procedure (hereinafter, PAS), which has been brought to the knowledge of the SASCM in observance of the exercise of the supervision function and the sanctioning power of the Securities Market Superintendence – SMV, established through the Unified Concorded Text of its Organic Law, Decree Law No. 26126 (hereinafter, Organic Law of the SMV), and the Unified Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation), and in articles 42 and 43 of the Organization and Functions Regulation of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF, hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM to impose sanctions in the first administrative instance for the commission of infractions whose compliance control

PERÚ Ministry of Economy and Finance

II. FACTS
2. That, through the Challenged Resolution, the SASCM resolved:
"Article 1st.- Declare that LM Quispe y Asociados Sociedad Civil has incurred one (1) infraction of a minor nature typified in subsection 3.6 of numeral 3 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for having failed to comply with the information requests formulated by the SMV through Office No. 1085-2023-SMV/11.1 and reiterated through Office No. 1408-2023-SMV/11.1.
Article 2nd.- Sanction LM Quispe y Asociados Sociedad Civil with one (1) warning, pursuant to Article 1 of this Resolution.
Article 3rd.- This Resolution does not exhaust the administrative route, this being able to be challenged before this Adjunct Superintendence for Market Conduct Supervision by filing a reconsideration or appeal resource, an administrative resource recognized in article 218 of the Unified Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS, within the term of fifteen (15) business days counted from the day following its notification, as it is a procedure of double administrative instance.
(…)" (Underlining and emphasis added);

That, through a document presented on September 30, 2025, the Issuer filed a reconsideration appeal against the Challenged Resolution;
That, in that sense, through Memorandum No. 4085-2025-SMV/11 of September 30, 2025, the Office of the SASCM requested the IGCC to evaluate the appeal presented by SOA LM Quispe;
That, through Report No. 1426-2025-SMV/11.2 of October 9, 2025, the IGCC evaluated the appeal presented by the Issuer as a reconsideration;
That, the arguments of the reconsideration appeal filed by SOA LM Quispe have been the subject of evaluation in the Report by the IGCC, which has been submitted to the knowledge of the SASCM;

III. ISSUES TO DETERMINE
7. That, it corresponds to determine whether or not to reconsider what was resolved in the Challenged Resolution;

IV. ANALYSIS
4.1. OF THE CHALLENGING APPEAL
8. That, first of all, it must be specified that PAS related to non-compliance for not attending to SMV requests correspond to be processed in double administrative instance, that is, in the first instance in charge of the SASCM, as indicated in numeral 13 of article 43 of the ROF-SMV;

That, in accordance with what is provided in articles 2182, 2193 and 2214 of the Unified Text of Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO of the LPAG), the reconsideration appeal must be presented within the term of fifteen (15) days of communicating the challenged administrative act. In the present case, it is appreciated that the Challenged Resolution was notified to the Issuer on July 18, 2025 and the reconsideration appeal was filed on August 13, 2025; that is, within the legal term established;
That, it is worth specifying that SOA LM Quispe proceeded to read the referred document on September 10, 2025 and that the reconsideration appeal was filed on September 30, 2025, therefore being within the term established in numeral 37.25 of article 37 of the Regulation of the MVNet and SMV Virtual System, approved through SMV Resolution No. 004-2024-SMV/01;
That SOA LM Quispe in its reconsideration writing argued the following:
(i) SOA LM Quispe exposed that the delay in the delivery of the audit of the annual financial statements of the 2022 exercise of the risk rating company JCR Latinoamérica Clasificadora de Riesgos S.A. (hereinafter, JCR) was not directly imputable to it, but originated due to a delay in the presentation of the sworn declaration of income tax, documentation necessary to complete the audit work, which could only be delivered on March 31, 2023. In that sense, it maintained that the delay was not due to deficiencies in the audit service, but to external factors. (ii) Regarding the development of the audit, it indicated that there were no limitations to carry out its work, highlighting that it complied with delivering on time the documents requested by the SMV in the request of January 23, 2023. In addition, it specified that the support of the operations allowed issuing an opinion of conformity with what is established in the International Auditing Standard – ISA 705 and that no significant restrictions were detected in the work carried out. Likewise, it highlighted that the preparation of the audit report was carried out in strict compliance with the International Auditing Standards revised in 2018, officialized by the Board of Deans of the College of Public Accountants of Peru, and that what was provided in ISA 720 was observed, in addition to guaranteeing conformity with the International Financial Reporting Standards – IFRS. (iii) Thus, SOA LM Quispe also detailed the recommendations derived from the audit, specifying that they were previously communicated to senior management and that an opinion qualification was incorporated into the judgment. Among the main observations, it was highlighted that, in Note 5 to the financial statements, there were commercial accounts receivable as of December 31, 2022 for an amount of S/ 422,389 that lacked a specialized technical report supporting the management's action plan for their recovery; and, in Note 7, it was evident that certain assets, such as real estate, machinery and equipment, installations, furniture, furnishings and computer equipment, were not properly valued at fair value. (iv) Finally, SOA LM Quispe requested that the imposed sanction be reconsidered, emphasizing that the delay in delivering information – understood as the non-delivery of information to the IGSC – was involuntary, that it is the first time they incur in an infraction of this type and that they maintain a firm commitment to comply with all future requirements, emphasizing that the sanction could affect the image and trajectory of the company in the market.

4.2. EVALUATION OF THE RECONSIDERATION APPEAL
12. That, it is important to mention that SOA LM Quispe, as part of the support of its reconsideration appeal, points out situations presented in the delivery of the audit of the annual financial statements of the 2022 exercise of the risk rating company JCR, arguments that are not oriented to disprove the imputation, in the sense that it did not comply with the information requests contained in Office No. 1085-2023-SMV/11.1, reiterated through Office No. 1408-2023-SMV/11.1, issued by the General Superintendent of Conduct Supervision (hereinafter, IGSC);

That, on the other hand, it is evident that SOA LM Quispe does not contribute to clarifying situations that arise in the framework of its audit work, despite being obliged to provide information, as well as it has not responded to the charges formulated in the instruction stage of this administrative sanctioning procedure, since it did not present its defenses, despite having been duly notified. Likewise, even at the request of the company itself, through Office No. 2963-2025-SMV/11.2, an additional term of ten (10) business days was granted, which was also duly notified, without the corresponding defenses having been received;
That, in the same way, it is noted that SOA LM Quispe was notified through Office No. 3846-2025-SMV/11, the instruction report, granting it a term of five (5) business days for the presentation of its allegations, in accordance with what is provided in numeral 55 of article 255 of the TUO of the LPAG; however, after said term had passed, the company also omitted to present its allegations;
That, regarding this, within consideration 23 of the Challenged Resolution, the non-compliances by SOA LM Quispe are described, non-compliances that would have no justification, in the measure that even extended terms were granted for it to comply with the requests, as is observed below:
(i) In the year 2023, the IGCC disposed the start of supervision actions oriented to evaluate the compliance with ISAs by LM Quispe in the audit carried out on the Annual Audited Individual Financial Statements of the economic exercise 2022 of Latino América Empresa Clasificadora de Riesgo S.A.; and, in use of the faculties and attributes provided in the ROF of the SMV, the IGCC required LM Quispe information and documentation related to the audit work, through Office No. 1085-2023-SMV/11.1 of March 13, 2023. (ii) From the actions carried out by the IGCC, it is observed that the response term of the office referenced in the previous paragraph, was notified on March 14, 2023 to LM Quispe, and expired on March 31, 2023; however, it was not attended by the company. (iii) Subsequently, having not obtained a response to Office No. 1085-2023-SMV/11.1 from LM Quispe, the IGCC reiterated the requests made through Office No. 1408-2023-SMV/11.1, notified on April 10, 2023 to the audit company, granting it an additional term of five (5) business days counted from the next business day of its notification, in order to send to the SMV the corresponding documentation and information; however, both at the date of expiration of the additional term, and at the moment that the IGCC sent the indications to the IGCC, no response has been obtained from LM Quispe. (…).
That, in that sense, after verification of pertinent information, this Adjunct Superintendence pointed out the following in consideration 24 of the Challenged Resolution: "(…) from what was stated above, it is duly accredited that LM Quispe did not comply with delivering essential information to which it is obliged by having accepted being in charge of carrying out the audit on the Annual Audited Individual Financial Statements of the economic exercise 2022 of JCR Latino América Empresa Clasificadora de Riesgo S.A., a risk rating company registered in the RPMV, for which, in front of such refusal, the infraction of not presenting the documentation or information to which it was obliged by SMV request has been configured";
That, having said the above, and with respect to what was alleged by SOA LM Quispe in its reconsideration appeal, in the sense that the imposed sanction be reconsidered, emphasizing that the delay was involuntary, that it is the first time they incur in an infraction of this type and that they maintain a firm commitment to comply with all future requirements, emphasizing that the sanction could affect the image and trajectory of the company in the market, it must be pointed out, in principle, that the infraction in which SOA LM Quispe has incurred is a minor infraction, sanctionable with a warning or a fine not less than one (1) and up to twenty-five (25) UIT. In the present PAS and in accordance with the sanctioning criteria, the imposed sanction was a warning, that is, the least severe sanction, so the variation of the imposed sanction in the Challenged Resolution does not correspond;
That, in accordance with what was stated, what was requested by SOA LM Quispe in its challenging appeal, in the sense that the imposed sanction be reconsidered, that it is the first time they incur in an infraction of this type and that they maintain a firm commitment to comply with all future requirements, lacks support, emphasizing rather that SOA LM Quispe, by providing audit services to an entity supervised by the SMV, must have the due diligence to attend or respond to the requests that the SMV may formulate;
That, from what was evaluated in the preceding considerations, it is concluded that the arguments presented by the Issuer in its reconsideration appeal do not justify revoking or varying what was resolved in the Challenged Resolution, so its reconsideration appeal must be declared unfounded, and;

Being in accordance with what is provided in numerals 13, 22 and 36 of article 43 of the Organization and Functions Regulation of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF;

RESOLVES:
Article 1st.- Declare UNFOUNDED the reconsideration appeal filed by LM Quispe y Asociados Sociedad Civil against Adjunct Superintendent Resolution SMV No. 058-2025-SMV/11 of September 8, 2025.

Article 2nd.- Confirm Adjunct Superintendent Resolution SMV No. 058-2025-SMV/11 of September 8, 2025, which sanctions LM Quispe y Asociados Sociedad Civil with one (1) warning for having incurred one (1) infraction of a minor nature typified in subsection 3.6 of numeral 3 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035- 2018-SMV/01.

Article 3rd.- Transcribe this Resolution to LM Quispe y Asociados Sociedad Civil.

Carlos Rivero Zevallos
Adjunct Superintendent
Adjunct Superintendence for Market Conduct Supervision

PERÚ Ministry of Economy and Finance

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