Adjunct Superintendent for Prudential Supervision Resolution No. 046-2025-SMV/10

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship Adjunct Superintendent Resolution SMV No. 046-2025-SMV/10 Lima, August 26, 2025 Subject: The administrative sanctioning procedure against MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A. is declared archived for not having incurred four (4) minor infractions typified in Annex I, numeral 3, subsection 3.1 of the SANCTIONS REGULATION.

Administrated: MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A.
Subject: Administrative sanctioning procedure
File No.: 2025027812

The Adjunct Superintendent for Prudential Supervision

SEEN:

The administrative file No. 2025027812, and Report No. 1145-2025-SMV/10.3, issued by the General Superintendentship of Prudential Compliance; as well as the defenses presented by MGI Sociedad Administradora de Fondos de Inversión S.A.; and,

CONSIDERING:

1. Pursuant to Article 1 of Law No. 29782, Law for the Strengthening of the Supervision of the Securities Market, the name of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of the Securities Market Superintendence (SMV), therefore any reference to CONASEV in legal norms shall be understood as referring to the SMV;

I. FACTS

2. Within the supervisory functions assigned to the SMV, an evaluation was carried out regarding the timely presentation of occasional information by MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFi S.A. (hereinafter, MGI SAFI);

3. As a result of said evaluation and under the authority of the provisions of the Single Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Office No. 3522-2025-SMV/10.3, notified on June 26, 2025

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship (hereinafter, OFFICE OF CHARGES), charges were formulated against MGI SAFI for infractions against the Regulation of Investment Funds and their Administrating Companies, approved by SMV Resolution No. 029-2014-SMV/01 (hereinafter, REGULATION) and against the Regulation of Important Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 and its modifications (hereinafter, RHI), in force at the time the facts occurred, for not having timely presented the following information:

a) The important event referred to the communication of the start of activities of the investment fund named “FI Impulso Acreencias MN2” (hereinafter, FUND 1), which occurred on July 07, 2021. Said event should have been communicated to the RPMV on the day it occurred; however, it was communicated on July 08, 2021 1;

b) The important event referred to the communication of the start of activities of the investment fund named “FI Impulso Acreencias ME2” (hereinafter, FUND 2), which occurred on July 07, 2021. Said event should have been communicated to the RPMV on the day it occurred; however, it was communicated on July 08, 2021 2;

c) The important event referred to the results of the public offering for acquisition and subscription of new participation shares of FUND 1, which concluded on April 15, 2022. Said event should have been communicated to the RPMV on the day it occurred; however, it was communicated on April 18, 2022 3;

d) The important event referred to the results of the public offering for acquisition and subscription of new participation shares of FUND 2, which concluded on April 15, 2022. Said event should have been communicated to the RPMV on the day it occurred; however, it was communicated on April 18, 2022 4;

4. The mentioned non-compliances are typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), which prescribes as a minor infraction: “To present outside the established deadline, or to present it incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated interim financial statements, management report, special audit report, important events, and annual reports”;

5. In writing received on July 08, 2025, MGI SAFI presented its defenses regarding the observations made;

6. The charges formulated, as well as the defenses presented by MGI SAFI, have been the subject of evaluation by the General Superintendentship of Prudential Compliance in Report No. 1145-2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;

7. In observance of the Principle of Due Process contemplated in Article IV, subsection 1, numeral 1.2 of the Preliminary Title, as well as in Article 248, numeral 2, of the TUO LPAG, through Office No.

File No. 2021026461.
File No. 2021026462.
File No. 2022016041.
File No. 2022016042.

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship 4349-2025-SMV/10, the administrative file to which this resolution refers was made available to MGI SAFI for its review;

II. MATTERS TO BE DETERMINED

8. In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:

a. Whether MGI SAFI incurred or did not incur an infraction by communicating the important event referred to the start of activities of FUND 1 on July 08, 2021, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;

b. Whether MGI SAFI incurred or did not incur an infraction by communicating the important event referred to the start of activities of FUND 2, on July 08, 2021, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;

c. Whether MGI SAFI incurred or did not incur an infraction by communicating the important event referred to the results of the public offering for acquisition and subscription of new participation shares of FUND 1, which concluded on April 15, 2022, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;

d. Whether MGI SAFI incurred or did not incur an infraction by communicating the important event referred to the results of the public offering for acquisition and subscription of new participation shares of FUND 2, which concluded on April 15, 2022, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;

e. Whether it corresponds or does not correspond to impose a sanction on MGI SAFI;

III. ANALYSIS

3.1 Of the applicable regulations

9. Regarding this, Article 140 of the REGULATION establishes the following:

“Article 140.- Submission to the Regulation of Important Events The Administrating Company is governed by the Regulation of Important Events and the provisions on the matter issued by the SMV.
The Administrating Company has the obligation to inform the Registry of important events regarding the Administrating Company and the Funds it administers while it maintains Funds registered in the Registry.”

10. Likewise, Article 141 of the REGULATION establishes the following:

“Article 141.- Important Events and Disclosure Without prejudice to what is stated in the preceding article, the following qualify as important events referred to in Article 28 of the LMV:
(…) f) The start of activities of the Fund including the information established in Article 51 of the Regulation.

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship (…) The events indicated in the previous article and this article must be informed to the Registry according to what is established in the Regulation of Important Events.
(…)”.

11. On the other hand, Article 70 of the REGULATION indicates the following:

“Article 70.- Capital Increase of the Fund
(…)
Upon completion of the placement of new shares due to capital increase, the Administrating Company must communicate to the Registry, as an important event, the corresponding result.”

12. Likewise, regarding the timeliness of presenting important events, Article 9, numeral 9.1 of the RHI establishes:

“Article 9.- Opportunity to inform important events
9.1. The Issuer must inform its important event as soon as such event occurs or the Issuer takes knowledge of it, and in no case later than the day on which it has occurred or has been known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when it corresponds to the Stock Exchange or to the entity administering the respective centralized trading mechanism. This, regardless of whether the information has been generated or not within the Issuer itself;
(…)”;

3.2. Of the charges formulated

13. Through the OFFICE OF CHARGES, charges were formulated against MGI SAFI for not communicating, within the deadline established by the regulations, the occasional information indicated in the third consideration of this resolution;

3.3. Of the defenses presented

ON THE CHARGES a) AND b) INDICATED IN THE THIRD CONSIDERATION OF THIS RESOLUTION

14. Regarding this, concerning the charges made, described in letters a) and b) of the third consideration, MGI SAFI states that on July 06, 2021, FUND 1 and FUND 2 obtained their registration in the RPMV and that subsequently, due to an involuntary operational error, they reported the start of activities date as July 07, 2021, with the intention of communicating the start of the placement of the referred funds, which –according to what is stated by MGI SAFI– occurred on the same day it was reported, that is, July 08, 2021;

15. This, according to MGI SAFI, is supported by the fact that the effective date of the start of operations of FUND 1 was October 28, 2021 and

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship in the case of FUND 2, it was November 26, 2021, which, states MGI SAFI, were communicated as important events within the established deadline, on October 28, 2021 5 and November 25, 2021 6, respectively;

16. Likewise, MGI SAFI maintains that the operational error is related to the lack of breakdown of the menu “Information Obligations > Important Events”, which establishes the same channel for sending the corresponding information for the start of placement of fund shares and start of activities/operations, so instead of reporting the start of the placement of the shares, the start of activities of FUND 1 and FUND 2 was erroneously reported;

17. Additionally, the administrating company states that the same important event generated contemplates as subject “Dates of Share Placement / Fund Activities”, which, according to MGI SAFI, motivated the lack of perception of the error in the information reported through the MVNet platform;

18. Thus, MGI SAFI alleges that there is an induced error as a cause for exemption, given that at the time of making the report, there were circumstances that induced the error to the administrating company, because, according to the administrating company, there is a lack of breakdown in the reporting channel established in MVNet, since the option enabled by the MVNet system groups in the same route the options named “Start of share placement” and “Start of activities/operations”, without providing differentiation criteria that allow the user to distinguish the type of event to report. In this sense, MGI SAFI states that this technical configuration generated an expectation that both options were reported equally, under the same channel, without the option of differentiation;

19. Likewise, MGI SAFI supports the induced error in the ambiguous wording of the title of the form generated by MVNet, since the self-generated document in MVNet, after selecting or filling in data to report as an important event, contemplates the same title for the report of “Start of share placement”, as well as for the report of “Start of Activities”, which is “Communication of placement date / Fund Activities”. Which, according to MGI SAFI, this circumstance generated confusion and the expectation that it was reporting the information correctly;

20. Consequently, MGI SAFI invokes as an exemption from responsibility the confusion or ambiguity generated by the section and disposition of the information reporting channels established in MVNet;

ON THE CHARGES c) AND d) INDICATED IN THE THIRD CONSIDERATION OF THIS RESOLUTION

21. Regarding the charges made, described in letters c) and d) of the third consideration of this resolution, MGI SAFI confirms that on April 15, 2022 the public offering and subsequent subscription of new participation shares of FUND 1 and FUND 2 concluded, which was reported via important events on April 18, 2022. Since, states the administrating company, April 15, 2022 was a holiday, and therefore considering what is established in Article 9, numeral 9.1 of the RHI, which establishes that in case the important event occurs on a non-working day, it must be communicated by the next working day, this information was communicated on April 18, 2022, after verifying the transfers made on the holidays;

22. Additionally, MGI SAFI states that although the RHI indicates that these important events must be published before the start of the trading session of the centralized trading mechanism in which its values are listed, it must be taken into account that the shares of FUND 1 and FUND 2 are not listed and that since April 15, 2022 was a holiday, deferred interbank transfers were not processed or settled until April 18, 2022, so on that date the mentioned interbank transfers were verified with the aim of communicating the exact result of the capital increase;

3.4 Evaluation of the defenses

ON THE CHARGES a) AND b) INDICATED IN THE THIRD CONSIDERATION OF THIS RESOLUTION

23. Regarding the alleged induced error as a cause for exemption from responsibility alleged by MGI SAFI as a result of the lack of breakdown in the reporting channel of the MVNet system, and of an ambiguous wording of the title of the form generated by said system, it must be indicated that although the system contemplates the same selection route for the communication –as an important event– of the start of placement of fund shares and start of activities/operations of the same, it must be specified that, as a next step, and after selecting said route, the system offers two options to choose from in order to specify the type of important event that is intended to be communicated. This is even reflected in one of the images provided by MGI SAFI with its defense writing, where the following can be observed:

24. Taking this into account, it is appreciated that MGI SAFI could know the type of information it was communicating, so it is not possible to affirm that an expectation was generated for the administrating company regarding that the start of placement of fund shares and start of activities/operations of the fund could be communicated equally, without the option of differentiation;

25. Likewise, it is incongruent to allege a supposed induced error that, according to the administrating company, is generated by the information reporting channels established in MVNet, when MGI SAFI itself has reported, prior to the important events subject of analysis of this sanctioning procedure, the information referred to the start of placement of shares and start of activities/operations of funds under its administration as can be appreciated, by way of example, in the following detail 7:

26. Likewise, the statement relative to the title of the form generated by the MVNet system, to communicate the important event, having caused confusion and expectation in the administrating company that it was reporting the information correctly, is contradictory, since, as indicated, prior to the communication of the important events subject of analysis, MGI SAFI communicated on more than one occasion information as an important event of the start of placement of shares and start of activities/operations of funds under its administration, which evidences that MGI SAFI already knew the procedure for communicating said information to the RPMV, and therefore the criteria that allows distinguishing the information to be communicated;

27. Consequently, taking into account that Article 257, letter e) of the TUO LPAG establishes that it constitutes an exemption from responsibility for infractions “The error induced by the Administration or by a confusing or illegal administrative provision”, according to what was stated above, in the present case it has not been evidenced that the alleged error has its origin in an action by the Administration or in a defective administrative provision, but on the contrary it would be the result of the own interpretation or lack of a diligent action by the administrated, that is, by MGI SAFI, so that in the present case the case of exemption from responsibility invoked by MGI SAFI is not present;

28. Without prejudice to what has been stated, it must be mentioned that considering one of the arguments exposed by MGI SAFI in its defense writing, it has been verified, according to the information on file in the RPMV, that the start of operations of FUND 1 and FUND 2, occurred on October 28, 2021 8, and November 26, 2021 9, respectively; which were communicated as important events and within the corresponding deadline, in accordance with what is provided in the RHI;

29. Likewise, in line with the above, it is observed that on August 12, 2021 10 MGI SAFI sent a communication to the SMV, through which the administrating company requested the annulment of the start of operations dates of FUND 1 and FUND 2, specifying that at the date of said communication, both funds were still in the placement stage and had not yet met the necessary requirements to start operations. It should be specified that, based on this information, the information of the Public Registry of the Securities Market was updated;

30. In this sense, taking into account what has been stated, MGI SAFI complied with communicating the important events referred to the start of operations of FUND 1 and FUND 2 11, within the deadline stipulated in Article 9 of the RHI, so it corresponds to archive the charges subject of analysis;

ON THE CHARGES c) AND d) INDICATED IN SECTION II OF THIS RESOLUTION

31. Regarding this, as MGI SAFI has stated in its defense writing, on April 15, 2022 the public offering and subsequent subscription of new participation shares of FUND 1 and FUND 2 concluded. Likewise, as observed in the important events sent by MGI SAFI, the administrating company made the communication of said information to the RPMV on April 18, 2022;

32. However, it should be noted that according to the calendar of the year 2022, Friday, April 15, 2022 was a non-working day, therefore, in accordance with what is provided in Article 9, subsection 9.1, second paragraph of the RHI 12, the important events described above should have been communicated by MGI

File No. 2021040848.
File No. 2021044897.
File No. 2021031234.
It should be mentioned that, in the case of the important event referred to the start of operations of FUND 2 (File No. 2021044897), the communication to the RPMV was made one day before the effective date of the start of operations, that is, November 25, 2021.
“Article 9.- Opportunity to Inform Important Events (…) In case the important event occurs or that the issuer takes knowledge of it on a non-working day, it must communicate it by the next working day at the latest and before the start of the trading session of the centralized trading mechanism in which its values are listed.
(…)”

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 the authorship

SAFI to the RPMV by the next business day following the said non-business day, that is, Monday, April 18, 2022. In this sense, considering that MGI SAFI referred the important facts subject to analysis on April 18, 2022, the administrator company carried out the communications of the important facts corresponding to FUND 1 and FUND 2, in accordance with the applicable regulations, taking into account moreover that the shares of FUND 1 and FUND 2 are not listed in the centralized negotiation mechanism of the BVL;

33. In view of the above, having communicated in a timely manner the important facts subject to analysis in the present sanctioning procedure, it is not appropriate to sanction MGI SAFI for the charges imputed, so it is appropriate to proceed to its archiving;

34. In view of the above, it is concluded that MGI SAFI has disproven the charges imputed;

35. Being subject to what is provided in article 32°, numeral 16, of the Regulations on Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments;

RESOLVES:

Article 1º.- Declare that MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A. has not incurred a (1) minor infraction typified in Annex I, numeral 3, clause 3.1 of the Sanctions Regulations, approved by SMV Resolution N° 035-2018-SMV/01, regarding the communication of the important fact referred to the start of activities of the investment fund named FI Impulso Acreencias MN2 (now named FI Impulso Factoring MN).

Article 2º.- Declare that MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A. has not incurred a (1) minor infraction typified in Annex I, numeral 3, clause 3.1 of the Sanctions Regulations, approved by SMV Resolution N° 035-2018-SMV/01, regarding the communication of the important fact referred to the start of activities of the investment fund named FI Impulso Acreencias ME2 (now named FI Impulso Factoring ME).

Article 3º.- Declare that MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A. has not incurred a (1) minor infraction typified in Annex I, numeral 3, clause 3.1 of the Sanctions Regulations, approved by SMV Resolution N° 035-2018-SMV/01, regarding the communication of the important fact referred to the results of the public offering for acquisition and subscription of new participation shares of the investment fund named FI Impulso Acreencias MN2 (now named FI Impulso Factoring MN).

Article 4º.- Declare that MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A. has not incurred a (1) minor infraction typified in Annex I, numeral 3, clause 3.1 of the Sanctions Regulations, approved by SMV Resolution N° 035-2018-SMV/01, regarding the communication of the important fact referred to the results of the public offering for acquisition and subscription of new participation shares of the investment fund named FI Impulso Acreencias ME2 (now named FI Impulso Factoring ME).

PERU 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 the authorship

Article 5º.- This resolution does not exhaust the administrative route, unless it is consented, and may be challenged before the Adjunct Superintendent for Prudential Supervision by filing a reconsideration appeal before the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 6º.- In the event that this resolution is not subject to challenge through a reconsideration appeal within the term of fifteen (15) business days of being notified and becomes final, it must be published on the Institutional Website of the SMV in the Unique Digital Platform of the Peruvian State, in observance of what is provided in numeral 1, article 7º of the Policy on dissemination of normative projects, general character legal norms, early agenda and other administrative acts of the SMV, approved by SMV Resolution Nº 014-2014-SMV/01 and its amendment, and by what is provided in article 14° of the Sanctions Regulations, approved by SMV Resolution N° 035-2018-SMV/01.

Article 7º.- Transcribe this resolution to MGI Sociedad Administradora de Fondos de Inversión S.A. – MGI SAFI S.A.

Register, communicate and publish.

Omar Gutiérrez Ochoa
Adjunct Superintendent
Adjunct Superintendent for Prudential Supervision