Adjunct Superintendent Resolution for Prudential Supervision No. 027-2026-SMV/10

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 authorship Adjunct Superintendent Resolution SMV No. 027-2026-SMV/10 Lima, September 16, 2026 Subject: Andean Crown Fund Administrator Society S.A.C. is sanctioned with a fine of 1,545 UIT equivalent to S/ 7,107.00 (seven thousand seven and 00/100 soles) for having incurred one (1) minor infringement classified in Annex I, item 3, subsection 3.1 of the Sanctions Regulation, for failing to to present eventual information within the timeframe established by the applicable regulations. Administered Entity: Andean Crown Fund Administrator Society S.A.C. Subject: Administrative sanctioning procedure File No.: 2025056097 The Adjunct Superintendent for Prudential Supervision SEEN:
The administrative file No. 2025056097, and the Report No. 671-2026-SMV/10.3, issued by the General Superintendency of Prudential Compliance; as well as the defenses and arguments presented by Andean Crown Fund Administrator Society S.A.C., and, CONSIDERING:

1. Pursuant to Article 1 of Law No. 29782, Law of
   Strengthening 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 Securities Market Superintendency (SMV), so that 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 of the timely compliance in the presentation of eventual information by Andean Crown Fund Administrator Society S.A.C. (hereinafter, ANDEAN CROWN SAF) to the Public Registry of the Securities Market (hereinafter, RPMV) was carried out;
3. As a result of said evaluation and under the auspices of
   what is provided for by the Single Text of the General Administrative Procedure Law No. 27444 – Law of the General Administrative Procedure, approved by Supreme Decree No. 006-2026-JUS (hereinafter, TUO LPAG), through Office No. 7510-2025-SMV/10.3, notified on December 31, 2025 (hereinafter, OFFICE OF CHARGES), an administrative sanctioning procedure was initiated against ANDEAN CROWN SAF for infringements of the Regulation of Mutual Investment Funds and their Administrator Societies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its amendments (hereinafter, MUTUAL FUNDS REGULATION), the Regulation of Investment Funds and their Administrator Societies, approved by SMV Resolution No. 029-2014-SMV-01 (hereinafter, INVESTMENT FUNDS REGULATION) and the Regulation of Material Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 and its amendments (hereinafter, MATERIAL EVENTS REGULATION), in force at the moment of the commission of the facts, for not having timely presented the material event referred to the agreements of the General Shareholders' Meeting of ANDEAN CROWN SAF, regarding the application of the legal reserve and distribution of profits in cash, which were approved on October 17, 2022. Said material event had to be communicated to the RPMV on the day of its occurrence; however, it was communicated to the RPMV on February 06, 2023 1 .
4. The charge mentioned in the preceding
   consideration is classified as a minor infringement, according to what is established in Annex I, item 3, subsection 3.1, of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), according to which it constitutes an infringement: “To submit outside the established deadline, or to do so in an incomplete manner, 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 negotiation mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material events and, annual reports”;
5. Through a document presented on January 13,
   2026, ANDEAN CROWN SAF presented the defenses to the observations made;
6. The charge formulated, as well as the defenses
   presented by ANDEAN CROWN SAF have been the subject of evaluation by the General Superintendency of Prudential Compliance in Report No. 671-2026-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendency;
7. In observance of the Principle of Due
   Process contemplated both in Article IV, subsection 1, item 1.2 of the Preliminary Title, as well as in Article 230, item 2, of the TUO LPAG, through Office No. 1956-2026-SMV/10, the administrative file to which this resolution refers was made available to ANDEAN CROWN SAF for its review;
8. On May 11, 2026, the administrator presented
   additional written arguments;
   II. MATTERS TO BE DETERMINED
9. In the present administrative procedure, at
   the discretion of this Adjunct Superintendency, it corresponds to determine the following:

1 Material event presented on February 06, 2023 (File No. 2023005671).

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 authorship a. Whether ANDEAN CROWN SAF incurred or not an infringement for not communicating the material event referred to the agreements of the General Shareholders' Meeting of ANDEAN CROWN SAF, within the timeframe established in Article 9, item 9.1 of the MATERIAL EVENTS REGULATION; b. Whether it corresponds or not to impose a sanction on ANDEAN CROWN SAF;
III. ANALYSIS
3.1 Of the applicable regulations
10. Regarding the obligation to communicate material events by
fund administrator societies, Article 131 of the MUTUAL FUNDS REGULATION, establishes the following:
“Article 131.- Material Events
The administrator society is obligated to send all information regarding the mutual fund under its administration that qualifies as a material event for investors, according to what is provided in the regulation on the matter, as well as by the provisions issued by the SMV. It must also be sent as a material event all information regarding the administrator society itself that meets the premise provided in the second paragraph of Article 28 of the Law for the participants and potential investors of the mutual fund under its administration. (…)”
11. Likewise, Article 140 of the INVESTMENT FUNDS REGULATION,
disposes the following:
“Article 140.- Subject to the Regulation of Material Events The Administrator Society is governed by the Regulation of Material Events and the provisions on the matter issued by the SMV. The Administrator Society has the obligation to inform the Registry of the material events regarding the Administrator Society and the Funds it administers while it maintains Funds registered in the Registry.”
12. Additionally, Article 24 of the MATERIAL EVENTS REGULATION states:
“Article 24.- General Aspects
What is provided in this Regulation applies to administrator societies insofar as it does not oppose what is stated in this Title and to the specific norms that regulate them. The Administrator Societies are obligated to communicate material events regarding themselves, as well as the autonomous estates under their administration or fiduciary dominion, provided that, in accordance with Articles 3 and 4 of this Regulation, they can generate significant influence regarding the public offering values issued by the autonomous estates they administer or whose fiduciary dominion they exercise. Material events must be reported in accordance with what is provided in this Regulation and the specific norms that regulate them. In all cases, the timeframe for communicating the aforementioned material events is that established in Article 9 of the present Regulation.”
13. Likewise, what is provided by
Article 5 of the MATERIAL EVENTS REGULATION must be observed, which indicates the following:

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 authorship “Article 5.- Information that by its nature may qualify as a material event
5.1. In the Annex that forms part of this Regulation, an enumerative list of
facts, acts, agreements and decisions is included, which aims to facilitate the Issuer's identification, qualification and classification of the information that could qualify as a material event (…)”.
14. In relation to the above, the material event
observed qualifies as such according to Annex 1 of the MATERIAL EVENTS REGULATION, as follows:
“Annex 1
Convenings and Agreements

1. Convening of shareholders' meetings, creditors' meetings or bondholders' assemblies,
   indicating the respective agenda and the documentation that is available to the shareholders, creditors and bondholders, as appropriate, as well as the agreements that are adopted in them. (…) Financial situation and benefits (…)
2. Information relating to the distribution or application of profits of the fiscal year, indicating the
   amount and fiscal year to which it corresponds, and, if applicable, the dividend and/or percentage of shares released that corresponds per common and/or investment share, the number of shares benefited, as well as the record date and delivery date of any value or benefit. (…)”.
3. Regarding the timeliness of communicating material
   events, Article 9 of the MATERIAL EVENTS REGULATION, disposes the following:
   “Article 9.- Timeliness to report material events
   9.1. The Issuer must report its material 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 negotiation mechanism. This, regardless of whether the information has been generated or not within the Issuer itself. (…)”.
   3.2. Of the charge formulated
4. Through the OFFICE OF CHARGES, charges were formulated
   against ANDEAN CROWN SAF for not communicating, within the timeframe established by the regulations, the eventual information indicated in the third consideration of this resolution;
   3.3. Of the defenses presented
5. ANDEAN CROWN SAF states that, pursuant to
   Article 25 of the SANCTIONS REGULATION, the determination of an eventual sanction
   requires a comprehensive and reasoned evaluation taking into account the circumstances

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 authorship specific to the case and under criteria of reasonableness and proportionality. In this sense, it maintains that the authority must consider criteria such as the circumstances in which the alleged infringement occurred, the existence or not of economic prejudice, the obtaining of an eventual illicit benefit, the probability of detection of the conduct, the gravity of the damage to the public interest and the intent;
18. Likewise, ANDEAN CROWN SAF affirms that the
omission imputed did not generate any economic prejudice, neither for the securities market, nor for the investors of the funds administered by ANDEAN CROWN SAF, nor for its shareholders, since the late communication of said agreement did not affect its patrimonial or financial situation, specifying that the society maintained at all times the minimum capital required for administrator societies supervised by the SMV;
19. Furthermore, ANDEAN CROWN SAF maintains that the
questioned conduct did not imply affectation to market transparency, since the agreements communicated were adopted by its own shareholders.
Likewise, the administrator complements what is stated indicating that although the late communication could have affected market transparency whose purpose is to guarantee that market participants make their investment decisions adequately informed; in the analysis of the case in concreto subject of sanction, the only ones who could have been affected by the lack of communication of the reserve of profits of the SAF and its distribution of profits in cash were the shareholders of the Society.
20. In that same line, the information communicated
corresponded to internal corporate agreements linked, not having produced patrimonial, financial or operational affectation regarding the funds administered by the Society nor regarding the protection mechanisms applicable to investors and participants
21. In the same line, it states that it did not obtain economic benefit, direct or indirect, as a consequence of the late communication, and that
this situation was remedied immediately once alerted, proceeding to effect the corresponding communication as a material event in the RPMV;
22. On the other hand, ANDEAN CROWN SAF manifests that
it has implemented improvements in procedures and control measures, oriented to prevent the recurrence of situations of similar nature. Thus, it states that among the measures are: a) the strengthening of internal mechanisms for monitoring regulatory obligations; b) the implementation of validation and review controls for the submission of eventual and periodic information; and, c) the monitoring of compliance by the responsible areas.
23. Additionally, it maintains that there was no intention
to hide information or to fail to comply with the applicable regulations, but that it was an involuntary delay in sending, which was remedied immediately after having taken knowledge of it, which —according to it— would evidence absence of fraud or gross negligence. Likewise, the administrator specifies that the information was finally communicated to the RPMV prior to the start of the present administrative sanctioning procedure, having not existed a conduct oriented to hide information or impede the supervisory work of the SMV;

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 authorship
24. Finally, ANDEAN CROWN SAF expressly recognizes its responsibility for the charge formulated and states that, in application
of subsection a) of Article 26 of the SANCTIONS REGULATION, it adheres to the mitigating condition of responsibility that the administration might determine. Likewise, in application of the principles of reasonableness and proportionality, as well as of the faculty provided for in the final paragraph of Article 25 OF THE SANCTIONS REGULATION, the administrator requests that it be evaluated to impose as a disciplinary measure an admonition or, subsidiarily, a fine lower than that proposed in the instruction report;
3.4 Evaluation of the defenses
25. On this matter, it must be noted that ANDEAN
CROWN SAF has expressly recognized its responsibility for the commission of the infringement imputed in the OFFICE OF CHARGES, which will be taken into consideration at the moment of performing the evaluation of the sanction to be imposed;
26. Notwithstanding the above, it is necessary to indicate
that ANDEAN CROWN SAF is a company supervised by the SMV, with authorization of operation granted by Superintendent Resolution No. 072-2017- SMV/02 of August 14, 2017, and has knowledge of the applicable regulations for the presentation of eventual information, so it has the obligation to comply with what is established in said regulations and therefore act diligently in the presentation of the timely submission of the aforementioned information; however, this did not occur, since ANDEAN CROWN SAF has incurred one (1) infringement, subject of the present administrative sanctioning procedure;
27. In this sense, regarding said infringement, it is
precise to mention that administrator societies are obligated to present the communication of material events in the opportunity established in Article 9 of the MATERIAL EVENTS REGULATION, that is, as soon as the event occurs or is taken knowledge of it, in no case later than the day on which it has occurred or has been known;
28. However, it is appreciated that ANDEAN CROWN SAF
presented the information described in the third consideration of this resolution on February 06, 2023, when the deadline was October 10, 2022, that is, it presented the information with 112 days of delay with respect to the deadline. It must be indicated that a delay of 112 days eliminates the immediacy that the regulatory regime of material events requires; it deprives the market of relevant information during an extended period while certain shareholders or internal agents of the administrator knew the agreement; it compromises the transparency of the issuer or participant; it affects the correct functioning of the market and the protection of the investor; In view of the above, it is concluded that ANDEAN CROWN SAF has not disproved the charges imputed in this regard;
29. On the other hand, regarding the sanction criteria
and mitigating factors of responsibility alleged by ANDEAN CROWN SAF, it must be indicated that these aspects will be the subject of evaluation at the moment of the determination of the sanction to be imposed;
30. Regarding the applicable norms to the infringement
subject of the present administrative sanctioning procedure, it must be specified that they will be the provisions in force at the moment the administered entity incurred in the

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 authorship conduct to be sanctioned, except if subsequent ones are more favorable to it, these aspects will be the subject of evaluation at the moment of the determination of the sanction to be imposed;
31. Consequently, taking into account the
considerations indicated above, it is observed that ANDEAN CROWN SAF has incurred one (1) infringement classified as minor, classified in Annex I, item 3, subsection 3.1, of the SANCTIONS REGULATION, in force on the date of the commission of the facts, according to which it constitutes an infringement: “To submit outside the established deadline, or to do so in an incomplete manner, 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 negotiation mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material events and, annual reports”;
IV. EVALUATION OF THE SANCTION
32. In accordance with what is established in Article
35 of the SANCTIONS REGULATION, the commission of an infringement of a minor nature is subject to a sanction corresponding to admonition or fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);
33. Regarding this, taking into account that in the present
sanctioning procedure an infringement classified as minor referring to the failure to meet the deadline for presenting eventual information is evaluated, it must be considered that subsection 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with the Regulations that regulate the Submission of Periodic or Eventual Information”, approved by SMV Resolution No. 006-2012-SMV/01 and its amendment 2 (in the future, SANCTION CRITERIA), disposes that the purpose of said criteria is “to establish the sanction parameters that within the framework of the General Administrative Procedure Law, the Securities Market Law and the Decree Law on Collective Fund Administrator Companies allow applying sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the Registries under the custody of the SMV, and other persons obliged to present periodic or eventual information for the non-compliance in the timely submission of said information that are classified as a minor infringement in the annexes of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF94.10. The criteria that follow are developed apply exclusively to non-compliance with the regulations that regulate the submission of periodic or eventual information and are not applied extensively to other cases investigated by this Superintendency”;
34. Therefore, to evaluate the sanction that must
be imposed on ANDEAN CROWN SAF for the non-compliance of the deadline for presenting eventual information described in this resolution, it corresponds to apply the SANCTION CRITERIA 3

2 Modified by Article 3 of SMV Resolution No. 010-2014-SMV/01 of May 22, 2014, in force from May 25, 2014.
The aforementioned resolution modified, the first paragraph of the Fourth Criterion of subsection 4.1, the items (ii), (iv), (v) (vi) and (vii) of subsection 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with the regulations that regulate the submission of periodic or eventual information, approved by SMV Resolution No. 006-2012-SMV/01. 3 In force on the date of the infringement.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
35. It should be noted that the application of the SANCTION CRITERIA observes the principle of proportionality established in the TUO LPAG, as it allows for the predictable determination for the regulated party of the sanctions to be imposed on securities issuers and persons registered in the RPMV for non-compliance with the deadlines for submitting information to which they are obligated by regulations and for omission in the submission of such information as required by the SMV;
36. To determine the sanction corresponding to the infringement under analysis, and in accordance with what is established in subsection 3.2 of the SANCTION CRITERIA, the evaluation criteria set forth in article 344° of the Single Text of the Ordered Law of the Securities Market, in article 230°, numeral 3, of the TUO LPAG, in article 25° of the SANCTIONS REGULATION, as well as in subsection 4.1 of the SANCTION CRITERIA, whose observance is mandatory, must be taken into account. Within this framework, the evaluation of the sanction must consider: a) The gravity of the damage to the public interest and/or protected legal good; b) The economic harm caused and the repercussion in the market; c) Sanction history; d) Recidivism; e) The circumstances of the commission of the infringement; f) The illicit benefit resulting from the commission of the infringement; g) The existence or non-existence of intent in the infringer's conduct; and, h) The probability of detection of the infringement;
37. Regarding the gravity of the damage to the public interest and/or protected legal good, ANDEAN CROWN SAF states in its defenses that the late communication of the material event did not imply any affectation to market transparency, as the agreements were approved by its own shareholders;
38. In this regard, it must be taken into consideration that regarding the submission of occasional information, any non-compliance with the regulations on its timely presentation, that is, the non-observance of the deadlines established to present such information, affects the transparency of the securities market, as this safeguards the right of investors (actual and potential) and the general public to access such information in a timely manner in order to adopt investment decisions (potential investors) or carry out a specific evaluation (third-party creditors, analysts and counterparties, among others); likewise, it affects the SMV in the implementation of its supervision and control activities that seek to protect the integrity of the market;
39. It should be indicated that the distribution of dividends directly modifies the investor's economic position and transmits signals regarding: profitability, liquidity, financial policy, business prospects, financial strength, among others. Consequently, even when the agreement directly benefits shareholders, the information has material economic relevance for any market participant, as a distribution of profits can reveal: cash generation capacity, absence of urgent reinvestment needs, financial stability, positive expectations of continuity, changes in financial strategy, among others;
40. Therefore, it can be affirmed that ANDEAN CROWN SAF has affected the protected legal good, which is market transparency, as it communicated the material event subject to charges out of time;

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
41. With regard to the economic harm caused and the repercussion in the market, it has not been evidenced that the infringement in which ANDEAN CROWN SAF has incurred has produced a concrete quantifiable harm in the market; that is, it has not been determined that there has been concrete affectation or caused economic damage to one or more investors, so it has not been evidenced that there has been repercussion in the market;
42. Likewise, regarding sanction history, it should be noted that in accordance with the SANCTION CRITERIA and with article 25, literal a) of the SANCTIONS REGULATION, history consists of final sanctions imposed by the SMV within the period of four (4) years prior to the commission of the infringements to be sanctioned;
43. In this sense, from the review carried out in said period, it has been verified that ANDEAN CROWN SAF presents the following sanction history in the four (4) years prior to the commission of the infringement subject to analysis:

Nº	Resolución	Resolvió	Firmeza
i	Resolución de Superintendencia Adjunta SMV N° 023-2020-SMV/10	Se sanciona a Andean Crown Sociedad Administradora de Fondos de Inversión S.A.C. con multa de tres (3) UIT equivalente a S/ 12 450,00. (Doce mil cuatrocientos cincuenta y 00/100 Soles), por haber incurrido en dos (2) infracciones de naturaleza grave, tipificadas en el Anexo XIX, numeral 2, inciso 2.12 del Reglamento de Sanciones, al no haber cumplido con presentar el Informe Semestral del Oficial de Cumplimiento del segundo semestre del ejercicio 2017 y el Informe Independiente de Cumplimiento Anual del mismo ejercicio, y en dos (2) infracciones de naturaleza grave, tipificadas en el Anexo XVI, numeral 2, inciso 2.10 del Reglamento de Sanciones vigente, al no haber cumplido con presentar el Informe Anual de Auditoría Especial del año 2019 y el Plan Anual de Auditoría Especial del ejercicio 2019, conforme al plazo establecido en las Normas para la Prevención del Lavado de Activos y Financiamiento del Terrorismo.	03/09/2020
ii	Resolución de Superintendencia Adjunta SMV N° 036-2020-SMV/10	Se sanciona a Andean Crown Sociedad Administradora de Fondos de Inversión S.A.C. con una multa de 4.75 UIT, equivalente a S/ 19 950,00 (diecinueve mil novecientos cincuenta y 00/100 Soles), por haber incurrido en dos (2) infracciones de naturaleza leve tipificadas en el Anexo I, numeral 3, inciso 3.1 del Reglamento de Sanciones, al no haber cumplido con presentar información periódica dentro del plazo establecido por la normativa aplicable correspondiente a información financiera y memoria anual.	06/11/2020

44. With regard to recidivism for the commission of the same infringement, that final sanction imposed by the SMV within the period of one (1) year prior to the commission of the infringement to be sanctioned is taken into account. In this regard, from the review carried out in said period, it has been verified that ANDEAN CROWN SAF presents the following sanction recidivism with respect to the infringement subject to analysis:

Nº	Resolución	Resolvió	Firmeza
i	Resolución de Superintendencia Adjunta SMV N° 044-2021-SMV/10	Se sanciona a Andean Crown Sociedad Administradora de Fondos de Inversión S.A.C. con una multa de 3.5 UIT, equivalente a S/ 14 700,00 (Catorce mil setecientos y 00/100 Soles), por haber incurrido en dos (2) infracciones de naturaleza leve tipificadas en el Anexo I, numeral 3, inciso 3.1 del Reglamento de Sanciones, al no haber cumplido con presentar información periódica dentro del plazo establecido por la normativa aplicable correspondiente a información financiera e informe de gerencia.	23/11/2021

Notified on August 13, 2020.
Notified on October 15, 2020

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
45. Regarding the circumstances of the commission of the infringement, it should be noted that ANDEAN CROWN SAF, in its capacity as a company supervised by the SMV, knows the regulations that regulate the securities market and, in that sense, the regulations that oblige it to submit occasional information to the SMV within the deadlines established therein. However, ANDEAN CROWN SAF submitted the communication corresponding to the material event recorded in the third recital of this resolution, under evaluation in the present sanctioning procedure, out of time;
46. With regard to the imputed infringement, ANDEAN CROWN SAF stated that there was no intention to hide information or to violate the applicable regulations, but rather that it was an involuntary delay in sending, which was remedied immediately after becoming aware of it; which would evidence—in its view—the absence of intent or gross negligence in the imputed conduct. Likewise, it pointed out that it has implemented improvements in procedures and control measures aimed at preventing the recurrence of situations of a similar nature;
47. In this regard, it corresponds to indicate that ANDEAN CROWN SAF, in accordance with its duty of diligence as a supervised entity, should have adopted in due time the necessary measures that would allow it to timely submit occasional information within the deadlines established by current regulations, in order to avoid its late submission; particularly considering its condition as a supervised participant in the securities market, the fiduciary nature of its functions and the need to preserve the confidence of investors and participants;
48. Regarding the illicit benefit resulting from the commission of the infringement, it should be noted that it has not been proven that ANDEAN CROWN SAF has obtained a benefit directly related to the infringement subject to analysis;
49. Regarding the existence or non-existence of intent in the infringer's conduct, it has not been evidenced that ANDEAN CROWN SAF acted with intent in the commission of the infringement subject to analysis;
50. With regard to the probability of detection of the infringement, it should be indicated that in the present case the infringement in which ANDEAN CROWN SAF has incurred was evidenced as a result of the supervision and control activities carried out by the SMV regarding the compliance with the timely presentation of periodic and occasional information, in accordance with what is established in the applicable regulations; therefore, the probability of detection was high;

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
51. Continuing with the analysis, it corresponds to determine the sanction to be imposed on ANDEAN CROWN SAF. In that sense, the SANCTION CRITERIA establish that a reprimand sanction may be imposed when the following guidelines established in subsection 4.2, numeral (ii) of said criteria are met concurrently: (i) the affectation to transparency in the market is minimal; (ii) the infringement committed has not caused concrete harm to investors or associates; (iii) the infringing party does not have a history or, if it does, it concerns infringements classified as minor offenses imposed in the four (4) years prior to the commission of the infringement being evaluated; (iv) the infringing party has not obtained a benefit from its illegal conduct; and, (v) it has not been proven that the infringer acted with intent in the commission of the infringement;
52. Likewise, said SANCTION CRITERIA establish that if it is not appropriate to apply a reprimand sanction, a fine sanction must be imposed;
53. On the other hand, the Gradual Sanction Regime for late submission of financial information, annual reports and material events, approved by SMV Resolution No. 007-2023-SMV/01 of September 4, 2023 6 (hereinafter, GRADUAL SANCTION REGIME), effective from January 1, 2024, establishes in article 6, numeral 6.1, that a reprimand sanction may be applied when the following circumstances are met concurrently: a) When the affectation to transparency in the market is minimal. This statement is linked to the criterion of the gravity of the damage to the public interest and/or protected legal good; b) The infringement committed has not caused concrete harm to investors or associates; c) The infringing party does not have a history or, if it does, it concerns sanctions corresponding to minor infringements imposed by the SMV that had become final in the four (4) years prior to the commission of the infringement being evaluated; d) The infringing party is not a recidivist; e) The infringer has not obtained benefits from his administrative infringement; and f) It has not been proven that the infringer acted with intent in the commission of the infringement;
54. In this sense, it corresponds to evaluate the circumstances for the application of a reprimand sanction established in the SANCTION CRITERIA as well as in the GRADUAL SANCTION REGIME, in order to determine those that are more favorable to the regulated party, in application of the principle of retroactivity contemplated in numeral 5 of article 248 of the TUO LPAG;
55. It should be specified that, with regard to the infringement described in the third recital of this resolution, it should be noted that the corresponding occasional information was presented by ANDEAN CROWN SAF with one hundred twelve (112) days of delay; therefore, the prolongation in the non-compliance with the deadline established in the regulations to present such information acquires greater relevance;
56. Consequently, the greater delay in the presentation of such information has determined the degree of affectation to the transparency of the securities market; therefore, it does not correspond to apply a reprimand sanction to the aforementioned infringement, as it does not meet the criterion established in subsection 4.2, numeral ii), literal i) of the SANCTION CRITERIA, referring to the affectation to market transparency being minimal. Likewise, the GRADUAL SANCTION REGIME is not more favorable 7 with regard to the possibility of imposing a reprimand; therefore, it corresponds to impose a fine sanction;
57. In that sense, in accordance with the guidelines established in subsection 4.2, numeral (iv) and (v) of the SANCTION CRITERIA, regarding non-compliance in the submission of occasional information, it would correspond to apply to the infringement subject to evaluation a fine sanction of 3.09 UIT 8 equivalent to S/ 14,214.00 (Catorce mil doscientos catorce y 00/100 Soles);
58. On the other hand, we must point out that if the fine were applied according to the parameters established in the GRADUAL SANCTION REGIME, the amount to be imposed would be greater than that resulting from applying the SANCTION CRITERIA;
59. In addition to the above, it corresponds to analyze the exonerating and mitigating circumstances of responsibility established in article 257 9 of the TUO LPAG and in articles 26 and 27 of the SANCTIONS REGULATION, respectively;
60. In this regard, 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 circumstances that constitute exonerating circumstances of responsibility have been configured;
61. Likewise, we must indicate that in accordance with article 28, literal c) 10 of the SANCTIONS REGULATION, the late submission of material events and financial information, among others, is not subject to

6 Published in the Official Newspaper “El Peruano” on September 8, 2023.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría remedy for the purposes of literal f) of article 27 11 of said regulation;
62. With regard to the infringer's admission of responsibility (article 236-A, numeral 2, subsection a) of the TUO LPAG), established in article 26, subsection a), of the SANCTIONS REGULATION, it must be indicated that ANDEAN CROWN SAF, in accordance with what is stated in the defenses, has admitted its responsibility for the infringement subject of the present sanctioning procedure, expressly and in writing within the deadline granted for the presentation of defenses; therefore, the responsibility mitigating factor indicated applies to it;
63. In this sense, considering what has been stated above, and that the present sanctioning procedure is related to an infringement whose determination and proof is objective based on a deadline by which the information must be presented, in addition to the fact that its detection is evidenced as a result of the supervision and control activities carried out by the SMV continuously regarding the compliance with the timely presentation of information established by the MATERIAL EVENTS REGULATION, it corresponds to impose on ANDEAN CROWN SAF a fine sanction of 3.09 UIT 12 equivalent to S/ 14,214.00 (Catorce mil doscientos catorce y 00/100 Soles);
64. However, as indicated before, ANDEAN CROWN SAF has admitted its responsibility for the infringement incurred; therefore, the responsibility mitigating factor established in article 26, literal a), subsection 1) of the SANCTIONS REGULATION applies, which provides that, if the admission of the infringement is presented within the deadline granted for the presentation of defenses, the reduction amount will be fifty percent (50%). Consequently, considering the 50% reduction of the fine, it is proposed to reduce the determined fine of 3.09 UIT to 1.545 UIT;
65. Being in accordance with what is provided by article 32°, numeral 17, of the Regulation on Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments, as well as the SANCTION CRITERIA and its amendment;

RESOLVES:
Article 1º.- Declare that Andean Crown Sociedad Administradora de Fondos S.A.C. has incurred one (1) infringement of a minor nature typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the material event referred to the agreements of the General Shareholders' Meeting of Andean Crown SAF.

“Article 257.- Exonerating and mitigating circumstances of responsibility for infringements 1.- The following constitute conditions exonerating responsibility for infringements:
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 ability to understand the infringement. d) Mandatory order from 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 remedy by the possible sanctioned party of the act or omission imputed as constitutive of an administrative infringement, prior to the notification of the imputation of charges referred to in subsection 3) of article 235. 2.- The following constitute mitigating conditions of responsibility for infringements:
a) If an administrative sanctioning procedure has been initiated and the infringer expressly and in writing recognizes their responsibility.
In cases where the applicable sanction is a fine, it is reduced to an amount no less than half of its value. b) Others established by special regulation.”
“Article 28.- Circumstances in which remedy does not apply as an exonerating circumstance of responsibility (...) c) The late or incomplete submission, or non-submission of material events, financial information and annual reports.”

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría “Article 27.- Exonerating circumstances of responsibility for infringements (...) f) Voluntary remedy by the possible sanctioned party of the act or omission imputed as constitutive of an administrative infringement, prior to the notification of the imputation of charges referred to in the LPAG and provided that no communication demanding compliance with the obligation has been issued.” 12 In accordance with article 32, literal b), of the SANCTIONS REGULATION, for payment purposes, the UIT applicable is the one in effect at the time of the commission of the infringement. Therefore, the UIT for the year 2022 is considered, approved by Supreme Decree N°398-2021-EF, equivalent to S/ 4,600.00.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
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

Article 2.- Sanction Andean Crown Sociedad Administradora de Fondos S.A.C. with a fine of 1,545 UIT equivalent to S/ 7,107.00 (seven thousand one hundred seven and 00/100 Soles), pursuant to Article 1 of this Resolution.

Article 3.- This resolution does not exhaust administrative remedies, unless it is consented, and may be challenged before the Superintendent of Prudential Supervision by filing a reconsideration request, submitted to the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 4.- In the event that this resolution is not subject to challenge via reconsideration request within the term of fifteen (15) business days of notification and becomes consented, it must be published on the SMV Institutional Page on the Peruvian State Digital Single Platform, in observance of what is provided in numeral 1, article 7 of the Policy on dissemination of normative projects, general 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 Regulation, approved by SMV Resolution No. 035-2018-SMV/01.

Article 5.- Transcribe this resolution to Andean Crown Sociedad Administradora de Fondos S.A.C.

Register, communicate and publish.

Omar Gutiérrez Ochoa
Deputy Superintendent
Superintendent of Prudential Supervision