Adjunct Superintendent for Prudential Supervision Resolution No. 043-2025-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

Adjunct Superintendent Resolution SMV
No. 043-2025-SMV/10
Lima, August 11, 2025

Summary: BBVA Asset Management S.A.
Fund Administrator Society is sanctioned with a fine of 5 UIT, equivalent to S/ 22,000.00 (Twenty-two thousand and 00/100 soles), for having committed two (2) infractions: one (1) serious infraction typecast in Annex I, numeral 2, item 2.26 of the Sanctions Regulation and one (1) minor infraction typecast in Annex VII, literal A), numeral 3, item 3.4 of the Sanctions Regulation, for not constituting the required guarantee in support of commitments undertaken with participants of a fund; and for not complying with regulations regarding participant participation limits in a fund; respectively.

Administered by: BBVA Asset Management S.A. Fund Administrator Subject: Administrative sanctioning procedure File No.: 2024049981

The Adjunct Superintendent for Prudential Supervision SEEN:
The administrative file No. 2024049981, and Report No. 738-2025-SMV/10.3, issued by the General Intendancy for Prudential Compliance; as well as the arguments presented by BBVA Asset Mzaanagement S.A. Sociedad Administradora de Fondos; and,

CONSIDERING:

Pursuant to article 1° of Law No. 29782, Law on
Strengthening the Supervision of the Securities Market, the denomination of National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of Securities Market Superintendency (SMV), therefore any reference to CONASEV in legal norms shall be understood as made to the SMV;

Digitally Signed by:
GUTIERREZ
OCHOA Omar
Dario FAU
20131016396 soft
Date: 12/08/2025
17:08:47

PERÚ Ministry of Economy and Finance

I. FACTS
2. As a result of supervision activities, with
Letter No. 5501-2024-SMV/10.3, notified on December 5, 2024 (hereinafter, CHARGES LETTER), an administrative sanctioning procedure was initiated against BBVA Asset Management S.A. Sociedad Administradora de Fondos (hereinafter, BBVA SAF), so that with writing sent on December 16, 2024, it presented the defenses to the charges formulated;
3. The charges formulated, as well as the defenses
presented by BBVA SAF, have been subject to evaluation by the General Intendancy for Prudential Compliance in Report No. 738-2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendency;
4. In observance of the Principle of Due Process
contemplated both in article IV, item 1, numeral 1.2 of the Preliminary Title, as well as in article 248°, numeral 2, of the Single Text Ordered of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 3151-2025- SMV/10, the administrative file to which the present resolution refers was made available to BBVA SAF for review;
5. On July 3, 2025, the administrator presented
additional written arguments;

II. ISSUES TO BE DETERMINED
6. In the present administrative procedure, at
the discretion of this Adjunct Superintendency, it corresponds to determine the following:
a. Whether BBVA SAF incurred or did not incur an infraction provided for in Annex I, numeral 2, item 2.26 of the Sanctions Regulation, approved by SMV Resolution No. 035- 2018-SMV/01 (hereinafter, SANCTIONS REGULATION), by failing to comply with the obligation that administrator societies have regarding the constitution of guarantees in favor of the SMV in support of commitments undertaken with the participants of the mutual investment fund in securities named “Fondo de Fondos BBVA Deuda High Yield FMIV (now named “Fondo de Fondos BBVA Distributivo High Yield EEUU FMIV”); b. Whether BBVA SAF incurred or did not incur an infraction provided for in Annex VII, literal A), numeral 3, item 3.4 of the SANCTIONS REGULATION, by failing to comply with obligations referred to participation limits, since it did not regularize the participation excess that occurred on May 11, 2022;
c. Whether it is appropriate or not to impose a sanction on BBVA SAF;

III. ANALYSIS
A. FIRST CHARGE: REGARDING THE CONSTITUTION OF A GUARANTEE AT THE START OF OPERATIONS OF A MUTUAL INVESTMENT FUND IN SECURITIES OF THE APPLICABLE REGULATIONS

PERÚ Ministry of Economy and Finance

Regarding the constitution of a guarantee at
the moment of starting the activities of a mutual investment fund in securities, the
article 241 of the Single Text Ordered of the Securities Market Law,
Legislative Decree No. 861 and its amendments, approved by Supreme Decree No. 020- 2023-EF (hereinafter, TUO LMV) establishes that:
“Article 241.- Requirements of the fund
For the administrator society to start the activities of a mutual fund, it must comply with the following:
(…) c) Constitute the guarantee referred to in article 262.
(…)”
(Underline added);
For its part, article 262 of the TUO LMV provides:
“Article 262.- Guarantee.- Administrator societies must constitute a guarantee in favor of the SMV, in support of commitments undertaken with participants under their charge, for an amount no lower than the percentage that by general character norm the SMV establishes based on the net assets administered of each mutual fund. The guarantee referred to in the previous paragraph has an intangible character and cannot be subject to judicial measure or encumbrance. This guarantee may adopt the following modalities:
a) Bank deposit at the order of the SMV; b) Bank surety bond in favor and of the SMV; and, c) Surety policy issued by insurance companies in favor of the SMV. The SMV may demand a guarantee for higher amounts due to the volume and nature of mutual funds, or other substantiated circumstances.”;
Likewise, article 67 of the Mutual Investment Funds in Securities and Their Administrator Societies Regulation, approved by SMV Resolution No. 068-2010-EF/94.01.1 and its amendments (hereinafter,
REGULATION) establishes the following:
“Article 67.- Requirements for starting activities To enter the operational stage or start of activities, the mutual fund must have a net asset value no less than Four Hundred Thousand Soles (S/ 400,000) and the administrator society must have constituted the guarantee referred to in article 265-A of the Law. The start of activities of the mutual fund must be communicated as a Material Event. (…)”;
In the same line, article 141 of the
REGULATION states the following:
“Article 141.- Constitution of Guarantees
Administrator societies must constitute a guarantee in favor of CONASEV, in support of commitments undertaken with participants under their charge, for an amount no lower than zero point seventy-five percent (0.75%) of the net assets administered of each fund

Designated as article 262 in the TUO LMV.

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship. m mutual fund. This guarantee may not be lower than zero point seventy-five percent (0.75%) of the net asset value required in item b) of article 245 of the Law. (…)”; OF THE OCCURRED FACTS
11. Through General Supervision Intendancy Resolution No. 046-2021-SMV/10.2 of April 16, 2021, the approval of the registration of the mutual investment fund in securities named “Fondo de Fondos
BBVA Deuda High Yield FMIV (now named “Fondo de Fondos BBVA Distributivo High Yield EEUU FMIV”) (hereinafter, HIGH YIELD FUND) in the Public Registry of the Securities Market (RPMV);
12. On July 7, 2021, BBVA SAF communicated as
a material event the start of activities and/or operations of the HIGH YIELD FUND3. However, it did not present a guarantee in favor of the SMV in support of the commitments undertaken with the participants;
13. Through Letter No. 2825-2021-SMV/10.2,
notified on July 13, 2021 (hereinafter, LETTER 2825), the IGSE requested BBVA SAF to send immediately the guarantee in support of the commitments undertaken with the participants of the HIGH YIELD FUND;
14. On July 16, 2021, BBVA SAF sent to the SMV
surety bond No. 0011-0451-9800005639-24 issued on July 15, 20214 by the Bank BBVA Perú for an amount of US$ 70,000.00 (Seventy thousand and 00/100 American dollars). It should be noted that the validity period of the aforementioned surety bond began on July 15, 2021; OF THE IMPUTED CHARGE
15. Pursuant to what is established in article 241 of the
TUO LMV and article 67 of the REGULATION, administrator societies of funds at the time of starting operations of a mutual investment fund in securities, must comply, among others, with constituting a guarantee in favor of the SMV, pursuant to what is established in article 262 of the TUO LMV. Additionally, article 141 of the REGULATION establishes that administrator societies must constitute a guarantee in favor of the SMV in support of the commitments undertaken with the participants under their charge. Such guarantee must be constituted for an amount no lower than zero point seventy-five (0.75%) of the minimum net asset value established for the start of activities, required in item b) of article 241 of the TUO LMV;
16. Regarding this, it is observed that on July 7, 2021,
BBVA SAF communicated as a material event the start of operations of the HIGH YIELD FUND. Nevertheless, it did not present a guarantee in favor of the SMV in support of the commitments undertaken with the participants;
17. In this sense, through LETTER 2825, it was requested
to BBVA SAF to immediately remit the guarantee required by articles 241 and 262 of the TUO LMV and articles 67 and 141 of the REGULATION;

Designated as article 241 in the TUO LMV.
File No. 2021026165.
File No. 2021027489.

PERÚ Ministry of Economy and Finance

In view of the above, on July 16, 2021,
BBVA SAF presented the required guarantee for the amount of US$ 70,000.00 (Seventy thousand and 00/100 American dollars) with validity start on July 15, 2021, equivalent to S/ 276,948.00 (Two hundred seventy-six thousand nine hundred forty-eight and 00/100 soles)5. It should be noted that the amount of the guarantee exceeded zero point seventy-five percent (0.75%) of the minimum net asset value required for the start of activities of a mutual fund during the year 2021, amounting to S/ 811,390.00 (Eight hundred eleven thousand three hundred ninety and 00/100 soles)6; that is, S/ 6,085.425;
In view of the foregoing, it is noted that BBVA
SAF would have failed to comply with what is established in articles 241 and 262 of the TUO LMV and in articles 67 and 141 of the REGULATION, since it did not constitute a guarantee in favor of the SMV that supports the commitments undertaken with the participants of the HIGH YIELD FUND, prior to the start of operations of said mutual investment fund in securities (July 7, 2021);
Therefore, it was imputed to BBVA SAF that it had incurred one (1) infraction classified as serious, according to Annex I, numeral 2, item 2.26 of the SANCTIONS REGULATION; according to which it constitutes an infraction: “Not constituting the guarantees, not updating them, renewing them or replacing them, in the form, amount and conditions foreseen in the regulations on the matter or those determined by the SMV”;
OF THE DEFENSES PRESENTED
Regarding this, BBVA SAF refers that after having evaluated the facts imputed in the CHARGES LETTER, and within the framework of what is established in article 26, literal a) of the SANCTIONS REGULATION, it expressly and unconditionally recognizes its responsibility for the non-compliance with the constitution of the guarantee of the HIGH YIELD FUND in favor of the SMV and its presentation to said body before starting operations of said mutual fund;
Without prejudice to the above, and with the purpose of contributing to the clarification of the circumstances in which it incurred the infraction, the administrator society refers that the non-compliance occurred due to a human error that impacted the untimely coordination of the constitution of the corresponding surety bond. Likewise, BBVA SAF notes that once received LETTER 2825 it proceeded with immediate coordination for the constitution of the guarantee and its presentation to the SMV;
Additionally, the administrator society specifies that from the start of activities of the HIGH YIELD FUND until the date of presentation of the surety bond to the SMV, that is, from July 07, 2021 to July 16, 2021, no participant complaints were registered, nor was it notified with any complaint about the HIGH YIELD FUND, among others, that might have required the execution of the surety bond, so no economic harm was produced to the participants of said fund;
Likewise, the administrator society manifests that in order to avoid incurring again in a non-compliance with the constitution of the guarantee and its presentation to the SMV, at the time of the start of activities of a mutual fund, in July 2023 it elaborated the internal procedure named “Procedure Constitution/Renewal of Guarantees for Mutual Funds”, which is known to all persons who integrate the operations area of BBVA SAF and which details the cases before which a guarantee must be constituted and/or renewed on the managed mutual funds. Said procedure, according to BBVA SAF will be included in the Processes Manual of the Administrator Society;
For the above exposed, and considering the arguments presented, by virtue of the regulation in article 25, last paragraph, of the SANCTIONS REGULATION, BBA SAF requests that the sanction to be imposed be one corresponding to minor type infractions;
EVALUATION OF DEFENSES
On this particular, it should be noted that BBVA SAF has expressly recognized its responsibility for the commission of the imputed infraction, relying on what is provided by article 26, literal a), of the SANCTIONS REGULATION, which will be considered when determining the sanction to be imposed;
In such sense, taking into account the recognition of its responsibility for the commission of the infraction under analysis, it has been proven that BBVA SAF did not constitute a guarantee in favor of the SMV that supports the commitments undertaken with the participants of the HIGH YIELD FUND, prior to the start of operations of said mutual investment fund in securities (July 7, 2021)7; and, therefore, it has failed to comply with what is disposed in articles 241 and 262 of the TUO LMV and in articles 67 and 141 of the REGULATION;
With regard to the elaboration of certain procedures with the aim of not incurring again in the mentioned non-compliance, it should be noted that since these actions are subsequent to the incurred facts, this does not exempt the administrator society from the non-compliance in which it has incurred;
On the other hand, with regard to the arguments presented by the administrator society regarding sanction criteria, it must be indicated that these aspects will be subject to evaluation at the time of determining the sanction to be imposed;
Consequently, it is noted that BBVA SAF incurred one (1) infraction classified as serious, according to Annex I, numeral 2, item 2.26 of the SANCTIONS REGULATION; according to which it constitutes an infraction: “Not constituting the guarantees, not updating them, renewing them or replacing them, in the form, amount and conditions foreseen in the regulations on the matter or those determined by the SMV”;
B. SECOND CHARGE: REGARDING THE EXCESS OF PARTICIPATION OF THE APPLICABLE REGULATIONS
Regarding the maximum participation that a natural or legal person can have in a mutual investment fund in securities, article 245 of the TUO LMV states the following:
“Article 245.- Maximum Participation.-

The July 16, 2021, BBVA SAF presented to the SMV the required guarantee for the amount of US$ 70,000.00 (Seventy thousand and 00/100 American dollars) with validity start on July 15, 2021, equivalent to S/ 276,948.00 (Two hundred seventy-six thousand nine hundred forty-eight and 00/100 soles)

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship. No natural or legal person may be the holder, directly or indirectly, of more than ten percent (10%) of the net asset value of a mutual fund, unless it concerns:
a) Founding contributors, during the first two (2) years of operations, decreasing progressively their participation in the mutual fund according to a quota sale plan; b) The increase in participation as a consequence of the decrease in the number of quotas by redemptions carried out by other participants. In this latter case, the participant shall not acquire new quotas while their investment represents an excess in relation to the fund's net asset value; and, c) Other cases according to the criteria established by CONASEV through general character provisions. The SMV may establish through general character provisions a percentage greater than that indicated in the first paragraph of this article taking into account the nature and financial structure of the funds”;
32. In this sense, in article 91, first paragraph of the
REGULATION, the deadline to redeem participation excesses that occurred by the subscription of quotas by participants is established, as follows:
“Article 91°.- Redemption of Excesses
(…)
For the purposes of item b) of article 248 of the Law, an excess of participation due to third-party redemption is considered a cause not imputable to the participant. In such case, within five (5) days of the excess occurring due to a non-imputable cause, the administrator society must communicate directly and in writing, the excess to the participant, indicating that if the indicated situation is not regularized within a period of sixty (60) days, counted from the occurrence of the excess, it will proceed to redeem all the excess that allows maintaining a maximum of ten percent (10%) participation in the mutual fund. Without prejudice to what is stated in the previous paragraph, the administrator society may request the SMV for an extension of time. This request must be presented before the expiration of the indicated period of sixty (60) days, attaching the communication sent to the participant. (…)”; OF THE OCCURRED FACTS
33. Through Directorial Resolution of Autonomous Patrimony No. 009-2010-EF/94.06.2 of April 13, 2010, the approval of the registration of the mutual investment fund in securities named “BBVA Perú Soles FMIV” (now named “BBVA Super Soles 6M FMIV”) (hereinafter, SUPER SOLES FUND) in the RPMV, which started its operations on March 23, 2011;
34. On May 12, 2022, BBVA SAF communicated that on May 11, 2022 an excess of participation occurred in the SUPER SOLES FUND8, qualifying it as non-attributable;
35. From the review of the information sent daily by BBVA SAF to the Securities Market Superintendency – SMV9, it is observed that

File No. 2022020670.
According to what is established in the Technical Specifications of the Information to be sent by Mutual Investment Funds in Securities Administrator Societies, approved by General Management Resolution No. 058- 2010-EF/94.01.2.

PERÚ Ministry of Economy and Finance

On May 11, 2022, the PARTICIPANT's10 participation in the FONDO SUPER SOLES passed from 9.96% to 10.04%, without the same subscribing to additional quotas, generating an excess of participation due to causes not attributable to it;
36. On August 1, 202211, BBVA SAF stated that
for reasons exogenous to the management of the FONDO SUPER SOLES, such as operations of redemption of participation quotas, the aforementioned excess of participation occurred on May 11 of 2022, which states that it is not attributable to it. Additionally, it requested an extension of the deadline of 180 days to remedy the excess of participation of the PARTICIPANT;
37. Through Office No. 4001-2022-SMV/10.2 of August 3
of 202212, the extension of the deadline requested by BBVA SAF was granted to regularize the excess of the PARTICIPANT in the FONDO SUPER SOLES until February 1 of 2023, in accordance with what is established in article 91 of the REGULATION;
38. With Office No. 741-2023-SMV/10.2 notified on February 20
of 202313 (hereinafter, OFFICE 741), it was observed that as of the date of the aforementioned office, BBVA SAF had not complied with regularizing the excess of participation of the PARTICIPANT in the FONDO SUPER SOLES. Therefore, it was indicated that, immediately, redeem all quotas that allow it to maintain a maximum of ten percent (10%) participation in the mutual fund and that within five (5) business days, send information that accredits the remediation, among others;
39. On February 27, 2023, BBVA SAF requested five
(5) additional business days to deliver the information requested through OFFICE 741 and that a meeting be provided to explain the particularities of the case;
40. As informed by the IGSE, through the
meeting held on February 28, 2023 with BBVA SAF officials, the administrator company communicated that the request for an additional deadline is due to the fact that to remedy the excess of participation, it is necessary to lift the guarantee that falls on the quotas of the PARTICIPANT in the FONDO SUPER SOLES;
41. Through Office No. 962-2023-SMV/10.2 of March 6
of 2023, an additional term of five (5) days was granted in order to present the information required in OFFICE 741;
42. On March 6, 2023, BBVA SAF communicated that
it carried out the partial redemption of the quotas of the PARTICIPANT in the FONDO SUPER SOLES and that implemented measures to strengthen the monitoring of the deadlines for remediation of excesses of participation;

THE CHARGE ATTRIBUTED
43. In accordance with what is stated in article 91, fourth
paragraph, of the REGULATION, in case an excess of participation occurs due to cause not attributable to the participant of a mutual fund, the administrator company must communicate directly and in writing the excess to the participant, indicating that if it does not regularize the indicated situation within a period of sixty (60) business days, counted from

10 In the Annex attached to this resolution, the complete data of the persons to whom the denominations used in this resolution belong are detailed, and likewise, if applicable, the email addresses 11 File No. 2022031590. 12 File No. 2022031590. 13 File No. 2023007791.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship from the occurrence of the excess, it will proceed to redeem all the excess that allows maintaining a maximum of ten percent (10%) participation in the mutual fund;
44. Regarding this, from the review of the information that
BBVA SAF sends daily to the SMV, it was corroborated that on May 11, 2022, the participation of the PARTICIPANT reached 10.04% in the FONDO SUPER SOLES14 with 11,123.98 quotas; without the PARTICIPANT subscribing to new participation quotas, generating an excess of participation due to causes not attributable to it;
45. In that sense, in accordance with what is established in the
article 91, fourth paragraph of the REGULATION, BBVA SAF had until August 5 of
2022 to remedy the aforementioned excess of participation. However, on August 1 of 2022, BBVA SAF requested an extension of the deadline from IGSE to remedy the excess of participation of the PARTICIPANT, attaching the communication addressed to the PARTICIPANT dated May 13, 2022 to which article 91, fourth paragraph of the REGULATION refers. In view of the foregoing, the IGSE granted BBVA SAF the extension of the deadline requested until February 1, 2023, in accordance with what is established in article 91, fifth paragraph, of the REGULATION;
46. Nevertheless, through OFFICE 741 of February 20
of 2023, the IGSE observed that, as of the date of issuance of the aforementioned office, BBVA SAF had not complied with regularizing the excess of participation of the PARTICIPANT in the FONDO SUPER SOLES. Consequently, it exhorted it to immediately carry out the redemption of all quotas that allow it to maintain a maximum of ten percent (10%) participation in the FONDO SUPER SOLES. It should be noted that, as of February 1, 2023, according to the information sent by BBVA SAF to the SMV, the participation of the PARTICIPANT in the FONDO SUPER SOLES amounted to 12.92% with 11,123.98 quotas; it is, it is observed that the PARTICIPANT did not subscribe to additional quotas;
47. On March 6, 2023, BBVA SAF communicated that
it complied with carrying out the partial redemption of quotas of the PARTICIPANT in the FONDO SUPER SOLES with the objective of regularizing the excess of participation observed, and that implemented measures to strengthen the monitoring of the deadlines for remediation of the excesses of participation. Then, as of March 6, 2023, according to the information sent by BBVA SAF to the SMV, the participation of the participant in the FONDO SUPER SOLES amounted to 9.91% with 8,227.48 quotas, thus regularizing the excess of participation. In view of the foregoing, it is observed that, with the extension of the deadline granted by the IGSE, BBVA SAF had until February 1, 2023 to regularize the excess of participation of the PARTICIPANT in the FONDO SUPER SOLES, occurred on May 11 of 2022. However, the administrator company regularized said excess of participation on a subsequent date, March 6, 2023, that is, 33 days after the deadline, failing to comply with what is established in article 91 of the REGULATION;
48. In that sense, it was attributed to BBVA SAF that it would have
incurred in one (1) infringement classified as minor, according to Annex VII, letter A), numeral 3, item 3.4 of the SANCTIONS REGULATION, according to which it constitutes infringement: "Not complying with the regulations regarding the limits of participation in the fund";

DEFENSES PRESENTED

14 As of May 10, 2022, the PARTICIPANT had a participation of 9.96% in the FONDO SUPER SOLES.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
49. Regarding this matter, BBVA SAF refers that after
having evaluated the CHARGE OFFICE, and within the framework of what is established in article 26, letter a) of the SANCTIONS REGULATION, it expressly and unconditionally recognizes its responsibility for the non-compliance with the remediation of the excess of participation of the PARTICIPANT in the FONDO SUPER SOLES within the maximum deadline granted by the SMV based on article 91 of the REGULATION;
50. Without prejudice to the foregoing, and with the purpose of
contributing to the clarification of the circumstances in which it incurred the infringement, BBVA SAF states that the non-compliance was related to an atypical case, since it was an excess of participation regarding quotas on which the PARTICIPANT had constituted a guarantee in favor of BBVA Perú Bank. It adds that said situation was voluntarily and directly informed by BBVA SAF officials to officials of the SMV in the meeting requested by the former and held on February 28 of 2023;
51. The administrator company alleges that with
subsequent to the expiration of the deadline for the remediation of the excess, that is, between February 2, 2023 and March 6, 2023, the commission charged for the participation in excess (2.92%) was equivalent to S/ 146.80 (one hundred forty-six and 80/100 soles). It also states that the amount charged has not been significant, therefore it manifests that it had no intention of obtaining an illicit benefit with the permanence of the excess;
52. For its part, BBVA SAF refers that with the aim of
not incurring again in a non-compliance in the remediation of excesses of participation within the maximum regulatory deadlines, the following actions were carried out: i) in a first instance, the operations area has implemented a control of alerts that allow the permanent monitoring of the deadlines of the excesses of participation detected; and ii) in a second instance, the internal control official includes in its Annual Work Plan the procedure of verification that the operations area complies with its function of detecting, informing the SMV and the participants of the mutual funds and monitoring the maximum deadlines for the regularization of the respective excesses of participation;

EVALUATION OF THE DEFENSES
53. Regarding this, taking into account the recognition
of its responsibility for the commission of the infringement under evaluation, in the present case it has been proven that BBVA SAF did not comply with regularizing the excess of participation occurred on May 11, 2022 of the PARTICIPANT (10.04% quotas of participation) in the FONDO SUPER SOLES15, within the deadline granted by the SMV, until February 1, 2023, in accordance with article 91 of the REGULATION (extended at the request of BBVA SAF), since BBVA SAF corrected said excess of participation, on a subsequent date, March 6, 2023, according to the information sent by the administrator company to the SMV, in view of OFFICE 741. It should be noted that, the deadline to regularize said excess of participation expired on February 1, 2023;
54. With regard to the actions that would have been
carried out in order not to incur again in the referred non-compliance, it must be noted that since these actions are subsequent to the facts incurred, this does not exempt the administrator company from the non-compliance in which it has incurred;

15 As of May 10, 2022, the PARTICIPANT had a participation of 9.96% in the FONDO SUPER SOLES.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
55. With regard to the arguments presented by the
administrator company regarding the sanctioning criteria, it must be indicated that these aspects will be the subject of evaluation at the time of determining the sanction to be imposed;
56. Consequently, it is noted that BBVA SAF
incurred in one (1) infringement classified as minor, according to Annex VII, letter A), numeral 3, item 3.4 of the SANCTIONS REGULATION, according to which it constitutes infringement: "Not complying with the regulations regarding the limits of participation in the fund";

IV. EVALUATION OF THE SANCTION
57. In accordance with what is established in the regulations, the
determination of sanctions will be carried out in accordance with article 344 of the TUO LMV and
article 25 of the SANCTIONS REGULATION, in concordance with article 248,
numeral 3, of the Single Text of the Law No. 27444 – General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG)16, and the mitigating and exonerating factors of responsibility regulated in the articles 26 and 27 of the SANCTIONS REGULATION, in concordance with what is established in article 257 of the TUO LPAG17;
58. Within this framework, the evaluation of the sanction
must consider: a) antecedents of the infringer; b) recidivism; c) the circumstances of the commission of the infringement; d) the damage caused and the repercussion in the market; e) the illicit benefit resulting from the commission of the infringement; f) probability of detection of the infringement; g) gravity of the damage to the public interest and/or legal good protected; h) the existence or not of intentionality in the conduct of the infringer;

16 "Article 248°.- Principles of the administrative sanctioning power (...)
3. Reasonableness.- The authorities must foresee that the commission of the sanctionable conduct does not result more advantageous
for the infringer than complying with the infringed rules or assuming the sanction. However, the sanctions to be applied must be proportional to the non-compliance classified as an infringement, observing the following criteria that are indicated for the purposes of their graduation:
a) The illicit benefit resulting from the commission of the infringement; b) The probability of the detection of the infringement; c) The gravity of the damage to the public interest and/or legal good protected; d) The economic damage caused; e) Recidivism, for the commission of the same infringement within a period of one (1) year from when the resolution that sanctioned the first infringement became final. f) The circumstances of the commission of the infringement; and g) The existence or not of intentionality in the conduct of the infringer". 17 "Article 257°.- Exonerating and mitigating conditions of responsibility for infractions 1.- The following constitute exonerating conditions of responsibility for infractions:
a) Force majeure or fortuitous event duly proven. b) Acting in compliance with a legal duty or the legitimate exercise of the right of defense. c) Mental incapacity duly proven by the competent authority, provided that this affects the aptitude to understand the infringement. d) Mandatory order of a competent authority, issued in the exercise of its functions. e) Error induced by the Administration or by confusing or illegal administrative provision. f) Voluntary remediation by the possible sanctioned person of the act or omission imputed as constitutive of administrative infringement, prior to the notification of the charge attribution referred to in item 3) of article 253. 2.- The following constitute mitigating conditions of responsibility for infractions:
a) If an administrative sanctioning procedure has been initiated, the infringer recognizes its responsibility in a express and written form. In cases where the applicable sanction is a fine, it is reduced to an amount no less than half of its amount. b) Others that are established by special regulation".

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
59. In that sense, for the purpose of concordance the criteria
of the TUO LMV, with those indicated in the TUO LPAG and the SANCTIONS REGULATION, and that these criteria are considered adequately for their valuation observe the principle of reasonableness and that the sanction to be imposed adapts to these, it proceeds to analyze the following criteria;
60. Regarding the antecedents, in accordance with
what is provided by article 25, letter a) of the SANCTIONS REGULATION, constitute antecedents the final sanctions imposed by the SMV within a period of four (4) years prior to the commission of the infringement to be sanctioned regarding any type of infringer. The aforementioned article specifies that the commission of the same infringement in the year prior to the infringement to be sanctioned is not considered antecedents;
61. In that sense, from the review carried out in said
period, it has been verified that BBVA SAF registers the following antecedents:
Charge
Resolution No. Resolved Finality 1st 2nd i)
Adjunct Superintendent Resolution
SMV No.
046-2017-SMV/1018
BBVA SAF is sanctioned with one (1) reprimand for having incurred in two (02) infringements of a grave nature typified in Annex I, numeral 2, item 2.11 of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF/94.10 (here hereinafter, PREVIOUS SANCTIONS REGULATION) for not complying with what specifically provided by the SMV, in the exercise of its functions, regarding sending to the participants of the mutual fund to be absorbed a communication containing information on the most relevant aspects of the merger and indication on the deadline for redemption without application of commissions. 20/07/2017 X ii) Adjunct Superintendent Resolution SMV No. 052-2017-SMV/1019 BBVA SAF is sanctioned with a fine of eight (08) UIT in force at the moment of the commission of the infringement, equivalent to S/ 30
400.00 (Thirty thousand four hundred and 00/100 Soles) for having
incurred in one (01) infringement of a grave nature typified in
Annex I, numeral 2, item 2.4; in two (02) grave ones typified in
Annex VII, letter A, numeral 2, items 2.5 and 2.14; and, one (01)
minor infringement typified in Annex I numeral 3, item 3.6 of the PREVIOUS SANCTIONS REGULATION for not including in the accounting books the deposits and transfers made from the soles fund account, non-compliance with the provisions on subscriptions of participations contained in the regulations, not registering as subscriptions the contributions received from a participant, and for having presented the special report, in an incomplete form, respectively. 03/08/2017 X iii) Adjunct Superintendent Resolution SMV No. 010-2018-SMV/1020 BBVA SAF is sanctioned with a fine of 1.224 UIT equivalent to S/ 4
712.40 (Four thousand seven hundred twelve and 40/100 Soles) for having
incurred in two (2) infringements of a minor nature typified in
Annex I, numeral 3, item 3.1 of the PREVIOUS SANCTIONS REGULATION
for not having complied with presenting occasional information within the established deadline in the applicable regulations.
19/06/2018 X iv) Resolution of
Adjunct Superintendent SMV No.
007-2020-SMV/1021
BBVA SAF is sanctioned with a fine of 1.6995 UIT, equivalent to S/ 6 898.43 (six thousand eight hundred ninety-eight and 43/100 Soles), for having incurred in two (02) infringements of a minor nature, typified in Annex I, numeral 3, item 3.1 of the PREVIOUS SANCTIONS REGULATION, for not having complied with presenting occasional information within the deadline established by the applicable regulations. 24/06/2020 X X

18 Notified on June 28, 2017.
19 Notified on July 11, 2017.
20 Notified on February 23, 2018.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Charge Resolution No. Resolved Finality 1st 2nd v) Adjunct Superintendent Resolution SMV No. 049-2021-SMV/1022 BBVA SAF is sanctioned with a fine of 0.1545 UIT equivalent to S/ 648.90 (Six hundred forty-eight and 90/100 Soles) for having incurred in one (1) infringement of a minor nature typified in the
Annex I, numeral 3, item 3.1 of the SANCTIONS REGULATION, for not
having complied with presenting occasional information within the deadline established by the applicable regulations23.
13/12/2021 X vi)
Adjunct Superintendent Resolution
SMV No.
064-2021-SMV/1024
BBVA SAF is sanctioned with a fine of 2.1115 UIT equivalent to S/ 9 079.45 (Nine thousand seventy-nine and 45/100 Soles) for having incurred in two (2) minor infringements typified in Annex I, numeral 3, item 3.1 of the SANCTIONS REGULATION, for not having complied with communicating periodic information within the deadline established by the applicable regulations. 14/01/2022 X
62. With regard to recidivism for the commission of the
same infringement, the final sanction imposed by the SMV within a period of one (1) year prior to the commission of the infringement to be sanctioned is taken into account. Regarding this, it must be stated that BBVA SAF does not present sanctions within the period before mentioned, for the commission of the same infringements subject of analysis in the present administrative sanctioning procedure, so recidivism is not configured;
63. With regard to the circumstances of the commission of the
infringement, regarding the infringement described in the charge referred to the constitution of guarantee (FIRST CHARGE), BBVA SAF states that the non-compliance occurred due to an operational error of a human type that impacted the lack of timely coordination of the constitution of the corresponding surety bond. It also indicates that it has adopted measures to mitigate the risk of the occurrence of similar facts, and in a complementary way, as part of its allegations, it presents its Administrator Company Process Manual which includes, from December 1, 2024, the internal procedure called "Procedure Constitution/Renewal of Guarantees for Mutual Funds". It should be noted that said inclusion implied a modification to the aforementioned manual, which was approved by the board of directors of the administrator on March 28, 2025;
64. Regarding this, it should be noted that BBVA SAF upon
obtaining the operating authorization from the SMV and in that sense in its condition of company supervised by the SMV has knowledge of the regulations under which mutual investment funds in securities operate; and therefore, of the obligation to comply with the provisions issued by the SMV, insofar as they are applicable to it, such as, among others, the obligation to act diligently as a society administrator of funds in order to constitute guarantees in favor of the SMV in support of commitments contracted with the participants of the mutual funds it administers,

21 Notified on March 11, 2020.
22 Notified on November 18, 2021.
23 Likewise, it is declared that it does not correspond to sanction BBVA SAF for one (1) infringement of a minor nature, typified in Annex I, numeral 3, item 3.1 of the SANCTIONS REGULATION. 24 Notified on December 29, 2021.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship in a timely manner, as established in articles 241 and 262 of the LMV and in articles 67 and 141 of the REGULATION;

From the foregoing, it follows that BBVA SAF was required to constitute the guarantees backing the commitments assumed with the participants of the HIGH YIELD FUND with due advance notice. However, in this case, it is observed that BBVA SAF did not comply with the obligation of administrator companies to constitute guarantees in favor of the SMV, backing the commitments contracted with the participants of the HIGH YIELD FUND prior to the start of operations of said mutual investment fund in securities, that is, by July 7, 2021, constituting the guarantee with validity from July 15, 2021. In this sense, the failure to constitute the guarantee persisted for approximately nine (09) days;
Regarding the infraction related to the excess in the participation limit (SECOND CHARGE), BBVA SAF indicates that the non-compliance was related to an atypical case, as it involved an excess of participation regarding quotas for which the PARTICIPANT had constituted a guarantee in favor of Banco BBVA Perú, a situation that, according to the administrator company, was voluntarily and directly informed by its officials to the SMV in a meeting held on February 28, 2023. It should be noted that both companies belong to the same economic group;
On this matter, it is reiterated that BBVA SAF, upon obtaining operating authorization from the SMV, and therefore, in its capacity as a supervised company by the SMV, with more than twenty-five years of operations at the time the facts occurred, knows the regulations under which mutual investment funds in securities operate; and, consequently, has the obligation to comply with the provisions issued by the SMV, insofar as they are applicable to it, such as, among others, the obligation to regularize excesses in a timely manner, as established in article 91 of the REGULATION;
However, in this case, it is observed that BBVA SAF did not comply with regularizing the participant's excess participation (occurring on May 11, 2022) in the SUPER SOLES FUND as established in article 91 of the REGULATION, since BBVA SAF corrected said excess participation on March 6, 2023, on a date subsequent to that established by the SMV, in attention to the extension request from BBVA SAF, which expired on February 1, 2023. In this sense, said excess persisted for thirty-three (33) days;
As for the economic damage caused and the repercussion in the market, in this case, it must be stated that it has not been evidenced that the infractions under evaluation in the present administrative sanctioning procedure in which BBVA SAF has incurred have produced concrete quantifiable damage in the market; that is, it has not been determined that there has been concrete impact or caused economic damage to one or more investors, so it has also not been evidenced that there was any repercussion in the market;
Regarding the illicit benefit resulting from the commission of the infractions, it must be stated that it has not been proven that BBVA SAF obtained a benefit that bears a direct relationship with the infractions subject of analysis in the present sanctioning procedure;

PERÚ Ministry of Economy and Finance

Notwithstanding the foregoing, regarding the FIRST CHARGE,
it must be stated that by not constituting the guarantee required by the regulation during a period of 9 days, BBVA SAF saved costs linked to the constitution of the bond letter that any other administrator would have had to assume under normal market conditions;
For its part, regarding the SECOND CHARGE, it must be indicated that, on this point, the administrator company refers that, after the deadline granted for the correction of the excess, that is, between February 2 and March 6, 2023 (approximately 33 days), the commission charged for the excess participation (2.92%) was equivalent to S/ 146.80. Regarding this, BBVA SAF maintains that this amount evidences that it had no intention of obtaining an illicit benefit;
Indeed, estimating that in the aforementioned 33 days the administrator company would have obtained more than S/ 2,000,000 in income from fund administration commissions^25, it is noted that this amount (S/ 146.80) is not relevant when considering the existence of an illicit benefit resulting from the commission of the infraction;
However, it must be taken into account that the motivation for not effecting the redemption of the quotas as disposed by the regulation was the fact that the PARTICIPANT'S quotas were collateral for a claim of its parent company within the same economic group, so maintaining the investment in quotas maintained the validity of the guarantee for the claim in favor of its parent company;
Regarding the probability of detection of the infractions, it must be indicated that the infractions in which BBVA SAF has incurred were evidenced as a result of the supervision and control activities carried out by the SMV, regarding the compliance by administrator companies with their obligations according to applicable regulations, related to the review of the amounts of bond letters presented to the SMV by the entity, as well as the review of information on the managed mutual funds sent by BBVA SAF to the SMV. Therefore, it is considered that the probability of detection of the infractions was high;
As for the gravity of the damage to public interest and/or protected legal good, regarding the infraction described in the FIRST CHARGE, it can be stated that it has not been possible to prove that BBVA SAF's conduct in the commission of said infractions has caused determinable damage to public interest;
Nevertheless, considering that during the period between July 7 and July 16, 2021, BBVA SAF did not comply with constituting guarantees backing the commitments contracted with the participants of the HIGH YIELD FUND, it must be indicated that this affected the legal good referred to the protection of investors, as well as the integrity of the mutual fund industry, to the extent that the fact that an administrator company does not comply with minimum prudential requirements affects the confidence that participants, potential investors, and the market in general can place in said industry, potentially affecting its development and its impact as an alternative source of investment;

25 Taking into account that BBVA SAF's income in the first quarter of 2023 amounted to S/ 7,190,000, according to its financial statements presented to the SMV.

PERÚ Ministry of Economy and Finance

it being necessary to consider additionally that the participants of a fund, in their capacity as investors, contribute to it with the confidence that the administrator company will fulfill the commitments contracted with them and in strict compliance with the regulation;

In this sense, it must be indicated additionally that the regulation of the securities market aims to protect investors, reduce systemic risk, and guarantee that markets are fair, efficient, and transparent, so in this framework, the prudential requirements demanded of fund administrator companies, such as minimum guarantees, aim to incentivize them to act with due diligence to fulfill the commitments contracted with participants and mitigate the occurrence of situations of fraud or negligence in the development of their activities that cause damage to the mutual fund; especially considering that a relationship, such as administrator-participant, may be involved in situations of conflict of interest, information asymmetries, and market position; from which the importance of observance by administrators of minimum guarantee requirements is derived;
In this context, the management of a public fund by the administrator company on behalf and at the risk of the participant is backed by the guarantee demanded in cases where the administrator company incurs the causes established in the LMV and in the REGULATION; therefore, by not constituting it, the mentioned legal goods are affected;
On the other hand, regarding the SECOND CHARGE, it has not been possible to prove that BBVA SAF's conduct in the commission of said infraction has caused damage to public interest or has had repercussion in the market;
However, the protection of the investor must always be kept in mind, because if administrator companies allowed part of the fund's assets to concentrate in a single participant or exceed the limits established in the TUO LMV, regardless of the value of the excess, such a situation could lead to said participant or participants, upon requesting the redemption of their participations, unnecessarily exposing the other participants by having to liquidate positions to obtain the necessary liquidity to attend to said redemptions, with the possibility of affecting the structure of the fund's portfolio;
In this sense, the redemption of quotas of participants that exceed the limits established in the regulation constitutes a way to avoid concentrations that put the stability of the funds at risk, regardless of whether the excesses are due to attributable or non-attributable causes, in such a way that the other participants are not affected in such scenarios;
It should be noted that, as an entity authorized by the SMV that participates in a complex market, it must have as its objective the proper protection of investors. In this case, it is observed that BBVA SAF subordinated, for 33 days, its obligation to perform the redemption up to the deadline, of all quotas that would have allowed the PARTICIPANT to maintain a maximum of 10% participation in the mutual fund, to the PARTICIPANT'S compliance with its financial obligations with Banco BBVA Perú, the parent company of BBVA SAF, due to the quotas being affected as collateral for a debt of the participant in favor of said bank; thus affecting the integrity of the market as well as the rest of the fund's participants;

PERÚ Ministry of Economy and Finance

Consequently, BBVA SAF has violated legal goods relative to the protection of investors participating in the mutual fund industry, as well as the corresponding duties of the administrator company to behave with diligence, and in defense of market integrity, such as managing its activity prudently, caring for the interests of participants as if they were its own;
Indeed, the objective of the excess participation limit that administrator companies must observe in the management of mutual funds is to achieve efficient portfolio management considering an adequate combination of profitability and assumed risk, seeking to avoid thus concentrations, among others, of participants which could harm them, the mutual fund industry, and the financial system of which said industry forms part. Consequently, the non-observance by a fund administrator company of the excess participation limits by the regulation does not contribute to achieving the referred objective;
In this sense, it is the obligation of fund administrator companies that when excesses in participation occur as in the present case, to take the corresponding measures in order to comply with the limits established by the TUO LMV;
Regarding the existence or non-existence of intent in the infringer's conduct, it has been verified that BBVA SAF, according to its own declaration, did not redeem the excess quotas because they were affected as collateral for a debt of the participant in favor of Banco BBVA, the parent company of BBVA SAF;
In addition to the foregoing, it corresponds to analyze the exemptions and mitigating circumstances of liability established in article 257

PERÚ Ministry of Economy and Finance

of the TUO LPAG^26, and in articles 26^27 and 27^28 of the SANCTIONS REGULATION, respectively;

Regarding this, in accordance with what is determined in article 257, numeral 1 of the TUO LPAG and in article 27 of the SANCTIONS REGULATION, it is not observed that in the present case any of the scenarios that constitute conditions exempting from liability have been configured;
With regard to the recognition of responsibility of the infringer (article 257, numeral 2, item a) of the TUO LPAG) and its contribution to the clarification of the infraction, established in article 26, items a) and b), respectively, of the SANCTIONS REGULATION, it must be indicated that BBVA SAF, according to what is stated in the defenses, has recognized its responsibility in the infractions subject of the present sanctioning procedure, expressly and in writing, within the deadline granted for the presentation of defenses, and precisely, concisely, clearly, and unconditionally, without ambiguous or contradictory expressions, and has contributed to the clarification of the infractions, so the mitigating circumstances of responsibility indicated apply to it;
On the other hand, it is observed that the mitigating condition referred to the correction made subsequent to its requirement, established in article 26, item c) of the SANCTIONS REGULATION, has also been configured, given that, regarding the FIRST CHARGE, through OFFICE 2825 notified on July 13, 2021, BBVA SAF was required to immediately send the guarantee backing the commitments contracted with the participants of the HIGH YIELD FUND, which was fulfilled by the administrator company on July 16, 2021;
Likewise, regarding the SECOND CHARGE,
through OFFICE 741, BBVA SAF was exhorted to immediately perform the redemption of all quotas that allow it to maintain a maximum of ten percent (10%) participation in the mutual fund and that within five (5) business days, send information accrediting the correction, among others; proceeding to regularize the observed excess participation on March 6, 2023;
Based on the foregoing, it corresponds to determine the sanction to impose on BBVA SAF for having committed one (1) infraction classified as grave according to Annex I, numeral 2, item 2.26 of the SANCTIONS REGULATION and one (1) infraction classified as minor, according to Annex VII, literal A), numeral 3, item 3.4 of the SANCTIONS REGULATION;
Regarding this, it must be stated that because the determined infractions are of different nature, it corresponds to impose the sanction for the infraction of greater gravity, as stated in the second paragraph of article 29^29 of the SANCTIONS REGULATION;
According to what has been exposed, having incurred BBVA SAF in the commission of the infraction classified as grave, according to Annex I, numeral 2, item 2.26 of the SANCTIONS REGULATION, it would correspond to impose a sanction in accordance with what is established in article 34 of the SANCTIONS REGULATION, which establishes that grave infractions are punishable with a fine not less than twenty-five (25) and up to fifty (50) Tax Unit Values, or with the suspension of the operating authorization for up to twenty (20) days.
It should be indicated that in case of a fine, in accordance with what is established in the aforementioned article 26°, literal a), numeral 1 and fourth paragraph of the same article, it would correspond to reduce the amount of the applicable fine by fifty percent (50%), so considering that BBVA SAF has acknowledged the commission of the (2) infractions, detailed above, and has contributed to their clarification; in application of the aforementioned article, the fine for each of said infractions must fluctuate between 12.5 UIT and 25 UIT; that is, 50% of the range established for grave infractions;
However, taking into account the analyzed sanction criteria, and in application of the Principle of Reasonableness contemplated in article 248, numeral 3 of the TUO LPAG which states that the sanctions to be applied shall be proportional to the non-compliance classified as an infraction, it must be considered that regarding the infractions subject of charges, it has not been evidenced that these have had repercussion in the market. Likewise, it has not been verified that the administrator company has obtained an illicit benefit that bears a direct relationship with the commission of the infractions, nor that it has had intent in its actions regarding this. Similarly, it has been verified that BBVA SAF is not a repeat offender regarding the infractions; furthermore, it must be kept in mind that it has

29 “Article 29.- CONCURSUS OF INFRACTIONS
(…)
Likewise, when several behaviors qualify as more than one infraction, the sanction corresponding to the most serious infraction is imposed.”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship recognized the infractions, which contributed to their clarification and were remedied after their requirement;
98. Therefore, it corresponds to impose on BBVA SAF a
sanction corresponding to a classification lower than that provided for serious infractions, in accordance with what is stated in article 25, last paragraph, of the SANCTIONS REGULATION. In this sense, considering the analysis carried out, it is proposed to impose on BBVA SAF, a sanction applicable to minor infractions, in accordance with what is established in article 35 of the SANCTIONS REGULATION, for the infractions under evaluation in the present administrative sanctioning procedure;
99. Being subject to what is provided by article 32°, numeral
16, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments; RESOLVES:
Article 1º.- Declare that BBVA Asset Management
S.A. Fund Administrator Company has committed one (1) infraction classified as serious, typified in Annex I, numeral 2, item 2.26 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, since it did not comply with the obligation that administrator companies have regarding the constitution of guarantees in favor of the SMV in support of commitments undertaken with participants at the start of operations of the mutual investment fund in securities denominated "Fondo de Fondos BBVA High Yield Debt FMIV (now denominated "Fondo de Fondos BBVA Distributive High Yield USA FMIV"), failing to comply with what is established in articles 241 and 262 of the Single Ordained Text of the Securities Market Law, Legislative Decree N° 861 and its amendments, approved by Supreme Decree N° 020-2023-EF and in articles 67 and 141 of the Regulation of Mutual Investment Funds in Securities and their Administrator Companies, approved by Resolution SMV N° 068-2010-EF/94.01.1 and its amendments.
Article 2º.- Declare that BBVA Asset Management
S.A. Fund Administrator Company has committed one (1) infraction classified as minor, typified in Annex VII, literal A), numeral 3, item 3.4 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, since it did not comply with the obligations referred to participation limits, since it did not regularize the excess participation that occurred on May 11, 2022 of the PARTICIPANT in the mutual investment fund in securities denominated "BBVA Peru Soles FMIV" (now denominated "BBVA Super Soles 6M FMIV"), in accordance with what is established in article 91 of the Regulation of Mutual Investment Funds in Securities and their Administrator Companies, approved by Resolution SMV N° 068-2010-EF/94.01.1 and its amendments.
Article 3º.- Sanction BBVA Asset Management S.A.
Fund Administrator Company with a fine of 5 UIT, equivalent to S/ 22,000.00 (Twenty-two thousand and 00/100 soles) for the commission of the infractions referred to in articles 1° and 2° of this resolution.
Article 4º.- This resolution does not exhaust the administrative
path, unless it is consented, it may be challenged before the Superintendency Adjunct of Prudential Supervision by filing the

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship reconsideration or appeal resource presented before the same, within the term of fifteen (15) business days counted from the day following its notification.
Article 5º.- In the event that this resolution is not
subject to challenge through reconsideration or appeal resource within the term of fifteen (15) business days of being notified and becomes final, it must be published on the SMV Institutional Page on the Unique Digital Platform of the Peruvian State, in observance of what is provided by numeral 1, article 7º of the Policy on dissemination of normative projects, legal norms of a general character, early agenda and other SMV administrative acts, approved by SMV Resolution Nº 014-2014-SMV/01 and its amendment, and by what is provided in article 14° of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01.
Article 6º.- Transcribe this resolution to BBVA
Asset Management S.A. Fund Administrator Company.
Register, communicate and publish.
Omar Gutiérrez Ochoa
Adjunct Superintendent
Superintendency Adjunct of Prudential Supervision

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