Adjunct Superintendent Resolution N.° 025-2026-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship Adjunct Superintendent Resolution SMV No. 025-2026-SMV/10 Lima, September 14, 2026 Subject: Acres Sociedad Titulizadora S.A. is sanctioned with a fine of eight (8) UIT, equivalent to 33,600.00 (Thirty-three thousand six hundred and 00/100 Soles) for having committed two (02) serious infractions: one (01) typified in
Annex V, item 2, subsection 2.1 of the
Sanctions Regulation and one (01) typified in Annex I, item 2, subsection 2.8 of the Sanctions Regulation; for having integrated guarantees with the assets that form its patrimony in favor of the debt assumed by its parent company and for having submitted to the SMV financial information prepared without observing the International Financial Reporting Standards and the International Accounting Standards. Administered: Acres Sociedad Titulizadora S.A. Subject: Administrative sanctioning procedure File No.: 2025053998 The Adjunct Superintendent of Prudential Supervision SEEN:
The administrative file No. 2025053998, Report No.
166-2026-SMV/10.3, issued by the General Superintendent of Prudential Compliance, as well as the defenses presented by Acres Sociedad Titulizadora S.A.; and, CONSIDERING:

In accordance with Article 1 of Law N° 29782, Law on
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
As a result of supervision activities, with
Letter No. 7242-2025-SMV/10.3, notified on December 16, 2025 (hereinafter, CHARGES LETTER), an administrative sanctioning procedure was initiated against Acres Sociedad Titulizadora S.A. (hereinafter, ACRES ST) for having failed to comply with provisions contained in the Regulation on Asset Securitization Processes, approved by CONASEV Resolution No. 01-1997-EF/94.10 and its amendments (hereinafter, REGULATION), the Standards on preparation and presentation of Financial Statements and Annual Report by entities supervised by the Securities Market Superintendency, approved by SMV Resolution No. 016-2015-SMV-01 (hereinafter, STANDARDS) and the Financial Information Regulation and Manual for the preparation of financial information, approved by CONASEV Resolution No. 103- 1999-EF/94.10 and its amendments (hereinafter, FINANCIAL INFORMATION REGULATION);
On December 17, 2025, ACRES ST requested
extension of the deadline granted via the CHARGES LETTER, for the presentation of its defenses; which was granted via Letter No. 7335-2025-SMV/10.3, notified on December 18, 2025;
By written communication sent to the SMV on January 9,
2026, ACRES ST presented the defenses to the charges formulated via the CHARGES LETTER;
The charges formulated against ACRES ST, the defenses
of the latter and their evaluation have been the subject of analysis in Report No. 166-2026- SMV/10.3 (hereinafter, IGCP REPORT), which has been submitted to the knowledge of this Adjunct Superintendency;
In observance of the Principle of Due
Process contemplated in both Article IV, item 1, item 1.2 of the Preliminary Title, as well as in Article 248°, item 2, of the Single Text of the General Administrative Procedure Law N° 27444, approved by Supreme Decree N° 004-2019-JUS (hereinafter, TUO LPAG), via Letter No. 525- 2026- SMV/10, the administrative file to which this resolution refers was made available to ACRES ST for its review;
II. MATTERS TO BE DETERMINED
In the present administrative procedure, at
the discretion of this Adjunct Superintendency, it corresponds to determine the following:
a. Whether ACRES ST incurred or did not incur an infraction of what is provided in Article 28 of the REGULATION, by integrating guarantees with the assets that form its patrimony in favor of the debt assumed by its parent company; b. Whether ACRES ST incurred or did not incur an infraction of what is provided in Article 1 of the STANDARDS,
Article 31 of the FINANCIAL INFORMATION REGULATION, the provisions of International Financial Reporting Standard No. 7 (hereinafter, IFRS No. 7) and International Accounting Standards No. 7 and No. 24 (hereinafter, IAS);
c. Whether it corresponds or not to impose a sanction on ACRES ST;
III. ANALYSIS
3.1 FIRST CHARGE: GRANTING GUARANTEES WITH ASSETS THAT INTEGRATE ITS PATRIMONY
3.1.1 APPLICABLE NORMATIVE
Regarding this, Article 28 of the REGULATION
provides as follows:
"Article 28.- Limitations

In addition to the limitations imposed in the constitutive act relating to each trust, and except as indicated in the following paragraph, securitization companies are prevented from granting generic or specific guarantees with the assets that integrate their patrimony. Notwithstanding the above, securitization companies may participate as enhancers regarding: i) securitization instruments issued against the fiduciary patrimonies under their domain; or ii) securitization instruments issued by other securitization companies. In both cases, the amount of the guarantee will be deducted from the calculation of share capital and/or net equity referred to in Article 18. (...) (Underlining added)
3.1.2 OF THE CHARGE FORMULATED
9. From the analysis carried out by the SMV on the
audited financial statements of ACRES ST, corresponding to December 31, 2021, note 9, subsection a), it was identified that the entity registered, in the item "Other receivables", an amount of S/ 3,222,030 (Three million two hundred twenty-two thousand thirty and 00/100 Soles) as time deposits;
10. Regarding this, via Letter No. 3335-2022-
SMV/10.2, of June 23, 2022, the SMV requested ACRES ST, among others, to describe the nature, availability and restriction of the deposits included in note 9 "Other receivables" of the audited financial statements of the period ended December 31, 2021;
11. In virtue of this, via written communication of June 30,
2022, ACRES ST stated that the aforementioned note 9 corresponds to time deposits in a local financial institution duly authorized and supervised by the SBS, Raíz Rural Savings and Credit Bank S.A.A. (hereinafter, CAJA RAÍZ), instruments that guarantee obligations of related companies;
12. In response to this, via Letter No. 3566-
2022-SMV/10.2 of July 7, 2022, the SMV observed ACRES ST that such guarantee would fail to comply with what is provided by Article 28 of the REGULATION, which provides, among others, that securitization companies are prevented from granting generic or specific guarantees with the assets that integrate their patrimony. Additionally, it requested ACRES ST, among others, to send the list of related companies whose obligations are guaranteed with the aforementioned time deposits;
13. Regarding this, via written communication of July 14, 2022,
ACRES ST stated that the related company whose obligation is guaranteed with the time deposits is Acres Finance S.A. (hereinafter, ACRES FINANCE), detailing that there are five (5) time deposits constituted in the 2021 exercise;
14. Subsequently, from the review of the audited financial statements at December 31, 2023, the SMV took note that ACRES
ST maintained nine (9) time deposits in CAJA RAÍZ, for a total amount of S/ 4,831,070.00 (Four million eight hundred thirty-one thousand seventy and 00/100 Soles), which were in force during said period;
15. As part of the information requests made
by the SMV within the framework of supervision actions of the first half of 2024, ACRES ST sent by email 1 the monetary security contracts

1 From March 26 and April 4, 2024.

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship monetary security contracts linked to the time deposits maintained in CAJA RAÍZ, as well as the documents supporting the time deposits in force at that time, as well as of previous time deposits constituted since 2020, which were also linked to the monetary security contracts sent;
16. The detail of the monetary security contracts
and of the time deposits constituted since 2020 is shown in the following table:
MONETARY SECURITY CONTRACTS MONETARY SECURITY: TIME DEPOSITS IN CAJA RAÍZ (SINCE 2020) N ° GUARANTOR GUARANTEED CONTRACT DATE AMOUNT ACCOUNT HOLDER CURRENCY ISSUE DATE EXPIRY DATE AMOUNT 1 Acres ST Acres Finance 22/07/2019 600,000 Acres ST SOLES 17/07/2020 7/07/2021 600,000.00 Acres ST SOLES 17/07/2021 7/07/2024 600,572.94 2 Acres ST Acres Finance 7/10/2019 330,000 Acres ST SOLES 2/10/2020 1/10/2021 330,000.00 Acres ST SOLES 1/10/2021 1/10/2024 330,000.00 3 Acres ST Acres Finance 5/01/2021 900,000 Acres ST SOLES 4/01/2021 4/01/2022 904,522.61 Acres ST SOLES 4/01/2022 4/01/2025 904,522.61 4 Acres ST Acres Finance 13/01/2021 800,000 Acres ST SOLES 12/01/2021 12/01/2022 804,020.10 Acres ST SOLES 12/01/2022 12/01/2025 804,020.10 5 Acres ST Acres Finance 25/06/2021 580,000 Acres ST SOLES 25/06/2021 24/06/2024 582,914.57 6 Acres ST Acres Finance 31/03/2022 480,000 Acres ST SOLES 30/03/2022 31/03/2025 482,412.04 7 Acres ST Acres Finance 19/04/2022 480,000 Acres ST SOLES 18/04/2022 19/04/2025 482,412.04 8 Acres ST Acres Finance 21/04/2022 360,000 Acres ST SOLES 20/04/2022 21/04/2025 361,809.05 9 Acres ST Acres Finance 4/07/2022 280,000 Acres ST SOLES 30/06/2022 30/06/2025 282,406.97 TOTAL AMOUNT IN FORCE AT 31.12.2023 4,831,070.32
17. Regarding this, it should be clarified that, from the review
carried out on the audited financial statements at December 31, 2019, in note 10 "Other receivables" it is observed that ACRES ST maintained time deposits for a total of S/ 930,000.00, which would be linked to the monetary security contracts of July 22, 2019 and October 7, 2019 detailed in the table above;
18. The monetary security contracts show that ACRES ST affected its time deposits in CAJA RAÍZ as guarantee of obligations assumed by its parent company, ACRES FINANCE before CAJA RAÍZ, including any future renewal or splitting associated with said deposits;
19. In this way, at the close of the 2023 exercise, ACRES
ST maintained in force the time deposits constituted in previous exercises, under the conditions agreed contractually, with automatic renewal, with the

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship designation of CAJA RAÍZ as beneficiary of the funds in case of execution and keeping such deposits as guarantees granted in favor of ACRES FINANCE;
20. Therefore, from the evaluation carried out on the facts
occurred, ACRES ST would have committed a continuing infraction since between the years 2019 and 2023, a plurality of homogeneous acts is evidenced by said securitization company since it would have granted guarantees to ACRES FINANCE with the assets that integrate its patrimony violating Article 28° of the REGULATION, thus configuring a conduct sustained over time;
21. Consequently, it was imputed to ACRES ST that
it would have incurred in the infraction qualified as serious, typified in subsection 2.1, item 2, of Annex V of the Sanctions Regulation, approved by SMV Resolution No. 035- 2018-SMV/01 and its amendments (hereinafter SANCTIONS REGULATION) which establishes as an infraction of a serious nature "Granting guarantees with the assets that integrate its patrimony, generic or specific, except if they are established in relation to the patrimonies under its fiduciary domain";
3.1.3 OF THE DEFENSES PRESENTED
22. Regarding this, ACRES ST states that, it recognizes in a precise, concise, clear, express and unconditional manner its responsibility in the infractions imputed, within the initial stage of administrative sanctioning procedure and within the deadline granted by the CHARGES LETTER. In this sense, it requested that the sanctioning criteria established in Article 25 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 and its amendments (hereinafter SANCTIONS REGULATION) be applied to it. To this effect, it argues the following:
a. It states that it does not have firm sanctions imposed by the SMV for the commission of the infractions imputed within the four (4) years prior to the commission of the infraction described in the CHARGES LETTER. b. It specifies that it does not register sanctions for infractions of the same nature as that of the present administrative sanctioning procedure.
c. It indicates that the guarantees were constituted in support of obligations assumed by its parent company ACRES FINANCE and not for the benefit of companies outside the economic group.
d. It maintains that the operations did not imply a purchase or sale transaction, nor did it generate any economic consideration for ACRES ST, since, according to them, no commissions, interests or other type of remuneration were charged for the granting of the guarantee. Additionally, it specifies that no guarantee was executed and no transfer of resources occurred from ACRES ST to third parties as a consequence of a breach; on the contrary, the guaranteed obligations were timely attended and the associated deposits were lifted/cancelled. e. It manifests that the probability of detection by the SMV of the infractions imputed in the CHARGES LETTER was very high, since the facts can be reflected directly in the contracts that ACRES ST sent within the framework of the supervision actions. f. It affirms that no damage has occurred to investors, to the general public nor to the legal good protected by the applicable regulation. Likewise, it states that within the framework of the recognized infractions, it corresponds to highlight — according to ACRES ST — that

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendency
Electronically signed document within the framework of Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship the legal good that the regime of securitization companies protects — among others — is the solvency and solidity of the securitization company and, therefore, the protection of the system and of the patrimonies it administers. g. It maintains that the imputed facts did not occur with the intention of obtaining an undue benefit or advantage nor with the intention of carrying out breaches of the applicable regulation. The decisions that led to the affectation of deposits as guarantee and to the omissions in accounting disclosure responded to operational criteria and internal coordination gaps, without intent to conceal or to generate illicit profit. h. Finally, it states that the activities subject to the imputation of charges have not generated any harm or repercussion in the market.
23. Additionally, ACRES ST requests that it be considered in the determination of the eventual sanction, the principles provided in Article IV of the LPAG. Likewise, it states that as it expressly recognized the commission of the infraction, it would correspond that the mitigating factor established in item 1 of subsection a) of Article 26 of the SANCTIONS REGULATION be applied to it and at the time of determining the amount of the infraction, the SMV must apply the sanctioning criteria referred to in Article 25 of the SANCTIONS REGULATION and the LPAG;
3.1.4 EVALUATION OF DEFENSES
24. ACRES ST has expressly recognized its responsibility
in the infraction imputed in the CHARGES LETTER, in accordance with what is provided in Article 26 of the SANCTIONS REGULATION. Likewise, ACRES ST stated that it is evaluating the implementation of additional measures that seek to avoid the recurrence of the imputed charge;
25. On this particular matter, it corresponds to clarify that
ACRES ST is a company authorized by the SMV to operate as a securitization company and in such condition, it knows and must strictly comply with the applicable regulation, specifically with the provisions established in the REGULATION;
26. From the analysis carried out by the SMV it was noted that,
between the exercises 2019 and 2023, ACRES ST constituted and maintained time deposits in CAJA RAÍZ as guarantee of obligations assumed by its parent company, ACRES FINANCE. In particular, deposits linked to monetary security contracts signed in 2019, in force at the close of the exercises 2021, 2022 and 2023, for amounts that reached S/ 4,831,070.32 in the last period were identified. This practice reflected a continuing infraction to Article 28 of the REGULATION, which prohibits securitization companies from granting guarantees with the assets that integrate their patrimony, except in the expressly authorized cases as part of their role as enhancers;
27. In that context, via Letter No. 3566-2022-
SMV/10.2 of July 7, 2022, 2022, the SMV observed ACRES ST that the constitution of guarantees with time deposits in favor of its parent, without linkage to securitization operations, would violate what is provided in said Article. Likewise, with Letter 5182- 2022-SMV/10.2 of December 21, 2022, it was communicated to Acres ST that the aforementioned constitution of guarantees does not correspond to an ordinary banking operation of financing and/or investment that involves some type of guarantee of the securitization company;
28. Notwithstanding the above, it must be indicated that according to the financial statements of March 31, 2024, the time deposits mentioned above are no longer observed, in the note it is specified that on January 15, 2024, compensation was made with the debt that the Parent had with CAJA
RAÍZ, which explains that the loans granted to related parties went from S/1,678,151.00 to S/6,600,463.00 between the close of December 2023 and March 2024. It should be noted that what is stated is also reported in the audited financial information of 2024 2 ;
29. On the other hand, regarding what was alleged by ACRES ST
as to the application of the graduation criteria and the mitigating factors regulated in Articles 25 and 26 of the SANCTIONS REGULATION, respectively, they will be considered at the time of carrying out the evaluation of the sanction to be imposed;
30. Consequently, it is noted that ACRES ST
incurred in the infraction qualified as serious, typified in subsection 2.1, item 2, of Annex V of the SANCTIONS REGULATION, which establishes as an infraction of a serious nature "Granting guarantees with the assets that integrate its patrimony, generic or specific, except if they are established in relation to the patrimonies under its fiduciary domain";
3.2 SECOND CHARGE: SUBMITTING FINANCIAL INFORMATION PREPARED WITHOUT OBSERVING THE INTERNATIONAL FINANCIAL REPORTING STANDARDS AND/OR THE ACCOUNTING STANDARDS FOR PREPARATION AND PRESENTATION OF FINANCIAL INFORMATION ISSUED BY THE SMV.
3.2.1 APPLICABLE NORMATIVE
31. Article 1 of the STANDARDS provides as follows:
"Article 1st.- Application of IFRS by obligated subjects Issuer companies with values registered in the Public Registry of the Securities Market (RPMV), legal entities registered in the RPMV, collective fund management companies, and investment funds must prepare their financial statements with full observance of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) currently in force internationally, and, where applicable, the Financial Information Regulation and the Manual for the preparation of Financial Information. For the purposes of these standards, legal entities registered in the RPMV shall be understood as intermediation agents, mutual fund management companies, investment fund management companies, securitization companies, risk rating companies, price provider companies and other entities to which the Securities Market Superintendency grants operating authorization. (Underlining added)
32. In that sense, Article 31 of the FINANCIAL INFORMATION REGULATION
provides as follows:

2 Note 8 – Receivables from related parties:
"(...)
The Company at December 31, 2023, had time deposits in the Rural Savings and Credit Bank - Raíz Bank which was in liquidation presenting a receivable balance of S/ 4,831,070. Likewise, the parent company maintained at that date a debt to Rural Savings and Credit Bank – Raíz Bank (In Liquidation) of S/ 4,741,684., and in order to reconcile the receivables and payables with said financial entity, compensation of its deposits against the credits granted to the Parent was requested. On January 15, 2024 the Rural Savings and Credit Bank - Raíz Bank (In Liquidation) accepts the compensation proposal, liquidating the deposits in S/ 5,188,240 with close to November 10, 2023 and the credits in S/ 4,741,684 leaving a balance in favor of the Company of S/ 446,555 which is credited to account on February 02, 2024. (...)"

PERÚ Ministry of Economy and Finance

“Notes to the Financial Statements
Article 31.- Definition
The notes are clarifications or explanations of facts or situations, quantifiable or not, that form an integral part of all and each of the financial statements, which must be read together with them for correct interpretation. The notes include narrative descriptions or detailed analyses of the amounts shown in the financial statements, whose disclosure is required or recommended by the IFRS and the standards of this Regulation but not limited to them in order to achieve a fair presentation. The notes do not constitute a substitute for adequate accounting treatment in the financial statements. (Underline added)
33. On the other hand, the objective and paragraph 14 of IFRS
N° 7: Disclosures (hereinafter, IFRS 7), in effect for the indicated period 3, provide as follows:
“Objective:
The objective of this IFRS is to require entities to disclose in their financial statements information that enables users to evaluate:
(a) the significance of financial instruments in the entity’s financial position and performance; and (b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, as well as how the entity manages those risks. (…) Collateral (a) the carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities, including amounts that have been reclassified in accordance with paragraph 3.2.23(a) of IFRS 9; and (b) the terms and conditions related to their pledge.”
34. In the same vein, the objective and paragraph 48 of
International Accounting Standard N° 7: Statement of Cash Flows (hereinafter, IAS 7), in effect for the indicated period 4, states as follows:
“Objective:
Information about the cash flows of an entity is useful because it provides users of financial statements with a basis for assessing the ability of the entity to generate cash and cash equivalents and the needs of the entity to use those cash flows. To make economic decisions, users must assess the capacity that the entity has to generate cash and cash equivalents, as well as the dates on which they occur and the degree of relative certainty of their appearance. (…) Other information to disclose The entity must disclose in its financial statements, accompanied by a comment from management, any significant amount of its cash and cash equivalents that is not available for use by itself or by the group to which it belongs.”

3 Year 2021 and 2022. It should be noted that in 2022 IFRS 7 was not modified.
4 Year 2021 and 2022. It should be noted that in 2022 IAS 7 was not modified.

PERÚ 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 equivalentes al efectivo que no esté disponible para ser utilizado por ella misma o por el grupo al que pertenece.”
35. In line with the above, the objective and paragraph 18
of International Accounting Standard N° 24: Related Party Disclosures (hereinafter, IAS 24), in effect for the indicated period 5, provides the following:
“Objective:
The objective of this Standard is to ensure that an entity’s financial statements contain the necessary disclosure information to reveal the possibility that its financial position and results of the period may have been affected by the existence of related parties, as well as by transactions and outstanding balances, including commitments, with such parties. (…) Information to disclose If an entity has had transactions with related parties during the periods covered by the financial statements, it will disclose the nature of the relationship with the related party, as well as information about the transactions and outstanding balances, including commitments necessary for users to understand the potential effect of the relationship on the financial statements. (…) As a minimum, such disclosure information will include:
(…)
(b) The amount of outstanding balances, including commitments, and; (i) their terms and conditions, including whether they are secured, as well as the nature of the consideration fixed for their settlement; and (ii) details of any guarantee granted or received
3.2.2 OF THE CHARGE FORMULATED
36. From the evaluation carried out by the SMV on the audited financial
statements of ACRES ST corresponding to December 31, 2021, to the interim financial statements as of March 30 and June 30, 2022, it was verified that the fixed-term deposits constituted by said entity in favor of CAJA RAÍZ, as collateral for the obligations assumed by its parent, ACRES FINANCE, were not disclosed in the explanatory notes to the financial statements, specifically in note 9 (corresponding to the 2021 period) and in note 8 letter a) (corresponding to both the 2022 - I and 2022 - II periods);
37. In such periods, the existence of contractual restrictions on said assets linked
to their assignment as collateral vis-à-vis CAJA RAÍZ was not recorded in the notes mentioned. Such deposits were registered in the asset under the item “Various receivables” or “Other various receivables”, respectively, but contractually subject to execution by a third party — CAJA RAÍZ — in case of default by ACRES FINANCE, thus constituting a substantial limitation on the control and availability of the asset by
part of ACRES ST;

5 Year 2021 and 2022. It should be noted that in 2022 IAS 24 was not modified.

PERÚ 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
38. Regarding this, in relation to the financial statements as of December 31, 2021, through Letter N° 3335-2022-SMV/10.1 of June 23,
2022, the SMV requested ACRES ST among others, to describe the nature, availability and restriction of the time deposits included in note 9 as well as the reasons for their non inclusion in note 6 with current accounts in local financial entities;
39. In response, through a letter dated June 30,
2022, ACRES ST indicated that the deposits were constituted as guarantees of an obligation assumed by related companies and that, therefore, they were classified in note 9, corresponding to the application of IFRS N° 9;
40. Subsequently, through Letter Nº
3566‑2023‑SMV/10.2 of July 07, 2022, the SMV requested ACRES ST to do the following:
“(…) b) Disclose in notes to the audited and interim financial statements of the period ended December 31, 2021 and in notes to the interim financial statements published for the 2022 period, the description and nature of the obligations guaranteeing the aforementioned time deposits.” (…)
41. In response to the aforementioned Letter, through a letter dated
July 14, 2022, ACRES ST stated the following:
“(…)
Without prejudice to the above, we indicate that the time deposits, included in note 9 Various receivables, of the Audited Financial Statements of the period ended December 31, 2021, correspond to time deposits in a financial institution properly authorized and supervised by the Superintendence of Banks, Insurance and AFP, operations that generate a yield of over 4% annual, a fact that contributes to the development of Acres' operations and that are within the applicable legal and regulatory framework. Based on the application of IFRS 9, this type of operations are classified in note 9, in accordance with the opinion of our auditors, which is published in the annual report.”
42. With regard to the interim financial statements
of the 2022-I and 2022-II periods, through Letter N°5182-2022-SMV/10.2 of December 21, 2022, the SMV expressed the following to ACRES ST:
“(…)
Additionally, you have not disclosed in notes to the interim financial statements of the 2022-I and 2022-II periods, the description and nature of the obligations that guarantee the aforementioned time deposits.”
43. Regarding this, through a letter dated January 09,
2023, ACRES ST stated:
“(…)
Finally, regarding your request for disclosure of the notes of the interim financial statements of the 2022-I and 2022-II periods, regarding the description and nature of the obligations that guarantee the aforementioned time deposits, we state that we have indeed disclosed such information in the notes, both in note 7, letter c, and in note 8, letter e.”
44. The cited facts prove that ACRES ST
would not have disclosed in the notes to the audited financial statements corresponding to December 31

PERÚ 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 of December 2021, nor in the notes to the interim financial statements as of March 30 and June 30, 2022 and even in the 30 September 2022 interim financial statements, that the fixed-term deposits held in CAJA RAÍZ were affected as collateral for the obligations assumed by its parent, ACRES FINANCE. Likewise, it was not reported that said deposits were not freely available, as they could be executed in favor of CAJA RAÍZ in the event of a eventual contractual default by the aforementioned parent;
45. With regard to monetary security contracts, for example the one celebrated on June 25, 2021 between ACRES ST (guarantor or client/constituent), ACRES FINANCE (debtor or guaranteed person) and CAJA RAÍZ (secured creditor) the following clauses are established:
“First Clause.- Object
The security interest constituted by this contract extends to all funds that the client and/or the constituent maintains in the encumbered asset or those funds, fixed-term deposits or future certificates, accrued or to accrue interest, renewals, splits and in general any asset that gives rise to the total of the funds of the encumbered asset.”
46. Likewise, in the Second Clause of the aforementioned
contract, it is stated that:
“Second Clause.- Scope of the Security Interest The security interest that is constituted through this document has as its object to guarantee the obligations that the client and/or the constituent maintains vis-à-vis the box and/or any other obligation that it assumes, has guaranteed and/or endorsed vis-à-vis the box and/or of the guaranteed persons whose data are indicated in Annex N°1; in particular, the obligation contained in the loan contract dated June 25, 2021 up to the sum of S/ 580,000.00 with an EAR of 8.40% for a term of 1095 days and thereafter the obligations guaranteed by the total amount existing in the account and/or fixed-term deposit, as corresponds, that it maintains in its name in the box. (…) Consequently, it authorizes the box, so that at any time and at its sole discretion, it can charge and/or offset against the encumbered asset and/or fixed-term deposits, as corresponds, even if they are joint accounts or deposits, where its application will be proportional to each holder and/or accounts or deposits indistinctly and whose application can be made to any of the holders, in national or foreign currency, the sums owed. (…)
47. In the Seventh Clause of the aforementioned contract, it is
stated that:
“Seventh Clause.- Execution of the Security Interest The parties expressly and irrevocably agree that in the event of any of the legal and/or events provided for in the fifth clause of this document and/or in case of default of any of the guaranteed obligations, the box will proceed to the immediate execution of the security interest proceeding to apply to the amortization and/or cancellation of the overdue and due debts of the client and/or the constituent and/or the guaranteed persons with the amounts subject to security interest.” (Underline added)

PERÚ 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
48. What is stated in the cited clauses demonstrates
that, in case of default by ACRES FINANCE of the guaranteed obligations, CAJA RAÍZ is empowered to execute the security interest constituted by ACRES ST. In such a scenario, said deposits cease to be freely available assets for the securitization company, being affected by a certain and legally enforceable risk of execution in favor of CAJA RAÍZ;
49. It is worth remembering that the applicable accounting regulations
require that the notes to the financial statements incorporate narrative descriptions and sufficient analyses that explain the nature, scope and effects of the amounts recognized in the financial statements. In particular, the contractual restrictions that limit control, availability or use of assets must be disclosed, as well as the existence of guarantees granted in favor of third parties and the risks associated with their possible execution, in order for the financial information presented to be complete, transparent and faithful to the economic reality of the entity;
50. In fact, paragraph 14 of IFRS 7 provides that:
“the entity will disclose the carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities”; while paragraph 48 of IAS 7 states that: “The entity must disclose in its financial statements, accompanied by a comment from management, any significant amount of its cash and cash equivalents that is not available for use by itself or by the group to which it belongs”;
51. From the above, it is evident that the accounting regulations require clear, specific and sufficient disclosure of: (i) the guarantees granted, (ii) the restrictions affecting the availability of cash or financial assets, and
(iii) the relevant details of operations carried out with related parties. In this latter case, IAS 24 expressly imposes the obligation to inform of the existence, nature and conditions of such operations, as well as their effects on the financial position of the entity;
52. Therefore, from the evaluation carried out on the facts
occurred, it is concluded that ACRES ST would have committed a continuing infringement that started from December 31, 2021 continuing even until September 30, 2022, evidencing a plurality of homogeneous acts by said securitization company since it would have presented to the SMV information without observing the disclosure requirements established in paragraph 14 of IFRS 7, paragraph 48 of IAS 7 and paragraph 18 of IAS 24, relating to guarantees, restrictions on financial assets and operations with related parties;
3.2.2 OF THE DEFENSES PRESENTED
53. Regarding this, ACRES ST states that, it recognizes in a
precise, concise, clear, express and unconditional manner its responsibility in the infringement attributed linked to the presentation of financial information without observing the disclosure requirements provided for in the IFRS, within the time limit granted by the CHARGE LETTER. In that sense, it requested that the sanctioning criteria established in article 25° of the SANCTIONS REGULATION be applied to it. To this effect, it argues the following:
a. It states that it does not have firm sanctions imposed by the SMV for the commission of the infringements attributed within the four (4) years prior to the commission of the infringement described in the CHARGE LETTER.

PERÚ 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 b. It specifies that it does not record sanctions for infringements of the same nature as the of the present administrative sanctioning procedure.
c. It states that the decisions that led to the affectation of deposits as
collateral and to the omissions in accounting disclosure responded to criteria operational and internal coordination gaps, without intent to conceal or to generate illicit profit. d. It maintains that the omission to detail in the notes the pledge, the availability restrictions and the nature of part related did not generate for ACRES ST additional income, improper cost savings, nor artificial improvements in its financial statements. It states that they were disclosure deficits that – recognized by the securitizing company- are already being corrected by the expansion of notes according to IFRS 7, IAS 7 and IAS 24, and the implementation of reinforced internal controls. At all times, the fiduciary assets under administration remained unchanged and the position of investors was not affected. e. It states that the probability of detection by the SMV of the infringements attributed in the CHARGE LETTER was very high, given that the facts can be reflected directly in the contracts that ACRES ST submitted in the framework of supervisory actions. f. It affirms that no damage has occurred to investors, to the public in general nor to the legal good protected by the applicable regulations. Likewise, it states that in the framework of the recognized infringements, it is necessary to highlight — according to ACRES ST— that the legal good that protects the regime of securitization companies — among others—is the solvency and solidity of the securitization company and, therefore, the protection of the system and of the patrimonies it administers. g. It maintains that the attributed facts did not occur with the intention of obtaining an undue benefit or advantage nor with the intention of carrying out non-compliance with the applicable regulations. The decisions that led to the affectation of deposits as collateral and to the omissions in the disclosure accounting responded to operational criteria and internal coordination gaps, without intent to conceal or to generate illicit profit. h. Finally, it states that the activities subject to the charge attribution have not generated any harm or repercussion in the market.
54. Additionally, ACRES ST requests that it be
considered in the determination of the eventual sanction, the principles provided for in
article IV of the LPAG. Likewise, it states that as it expressly recognized the commission
of the infringement, it would correspond that the mitigating factor established in the numeral 1 of letter a) of article 26° of the SANCTIONS REGULATION be applied to it and at the time of determining the amount of the infringement, the SMV must apply the sanctioning criteria to which article 25° of the SANCTIONS REGULATION and the LPAG refer;
3.2.4 EVALUATION OF DEFENSES
55. ACRES ST has expressly recognized its
responsibility in the infringement attributed in the CHARGE LETTER, in accordance with what is provided in article 26° of the SANCTIONS REGULATION. Likewise, ACRES ST is committed to contribute at all times with the SMV for the clarification of the facts that gave merit to the present administrative sanctioning procedure and that,

PERÚ Ministry of Economy and Finance

6 Article 248°.- Principles of administrative sanctioning power (…)
3. Reasonableness.- The authorities must foresee that the commission of the sanctionable conduct does not result in more advantage
for the infringer than complying with the infringed norms or assuming the sanction. However, the sanctions to be applied

PERÚ Ministry of Economy and Finance

must be proportional to the non-compliance classified as an infringement, observing the following criteria that are indicated for their grading:
a) The illicit benefit resulting from the commission of the infringement; b) The probability of detection of the infringement; c) The gravity of the damage to the public interest and/or legal good protected; d) The economic harm caused; e) Recidivism, for the commission of the same infringement within the period of one (1) year from when the resolution sanctioning the first infringement became final. f) The circumstances of the commission of the infringement; and g) The existence or lack of intent in the conduct of the infringer”. 7 “Article 257°.- Exemptions and mitigating factors for liability for infractions 1.- The following constitute conditions exempting liability 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 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 remediation by the potential sanctioned party of the act or omission imputed as constitutive of administrative infringement, prior to the notification of the charge imputation referred to in paragraph 3) of
article 253.
2.- The following constitute conditions mitigating liability for infractions:
a) If an administrative sanctioning procedure has begun, the infringer recognizes their responsibility expressly and in writing. In cases where the applicable sanction is a fine, it is reduced to an amount no less than half of its amount. b) Others established by special regulation.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations, and amendments. The integrity of the document and authorship unfounded the appeal filed by Acres Sociedad Titulizadora S.A. against Assistant Superintendent Resolution SMV No. 051-2017-SMV/10;
66. With respect 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. Within this framework, it must be stated that ACRES ST does not register sanctions for the commission of the same infringements subject of analysis in the present administrative sanctioning procedure, within the aforementioned period, so the situations that configure recidivism are not present;
67. With respect to the circumstances of the commission of
the infringement, Acres ST, in its capacity as an authorized securitization company by the SMV via Superintendent Resolution No. 009-2011-EF/94.01 of August 10, 2011, knows the regulatory framework governing the securities market and, particularly, the specific provisions applicable to securitization companies. This status imposes a reinforced duty of diligence, legality, and compliance, both with respect to securities market regulations and accounting standards that regulate the preparation, presentation, and disclosure of financial information. This is especially exigible given the fiduciary function it exercises with respect to trust estates under its administration and the confidence of investors;
68. With reference to the first charge, related to the
constitution of guarantees in favor of its parent company ACRES FINANCE with own resources, it must be taken into account that the infringement was configured as a consequence of a practice sustained over time —identified since 2019 and verified in the exercises 2021, 2022, and 2023— through which ACRES ST affected its fixed-term deposits as collateral for obligations assumed by its parent. Thus, the consolidated amount of the fixed-term deposits in force at the close of each of the years indicated, according to the audited financial information of the securitization company, were those detailed below;

31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 Total amount in force S/ 930,000.00 930,000.00 3,222,030.00 5,439,950.00 4,831,070.00

In this context, it must be highlighted that the
money movable guarantee contracts signed between ACRES ST, ACRES FINANCE, and CAJA RAÍZ —as well as the contractual and financial documents reviewed— evidence that the securitization company committed its own funds in support of the debt assumed by its parent, without any relation to the trust estates, nor to a securitization operation under its control, moreover, it was confirmed that the deposits were renewed successively, remaining in force for years, which reinforces the continued nature of the infringement;
In its defenses, ACRES ST expressly recognized
the imputed infringement, specifying that the guarantees were constituted in support of obligations assumed by its parent ACRES FINANCE and not for the benefit of third parties outside the economic group. It also indicated that the decisions that motivated the affecting of deposits responded to operational criteria and gaps in internal coordination, without intent to conceal or generate illicit profit;
Likewise, it noted that the operation did not generate
consideration for ACRES ST, as according to its statement, no commissions were charged nor were the guarantees executed, and that the associated deposits were canceled as provided;
It should be noted that as a result of the
observations and requirements made by the SMV via Letter No. 3566-2022- SMV/10.2 of July 7, 2022, and Letter No. 5182-2022-SMV/10.2 of December 21 2022, according to the interim financial information of the first quarter of 2024 and audited financial statements of 2024, the fixed-term deposits were settled on January 15 2024, that is, with respect to what was observed, the securitization company adopted measures 557 days later with respect to the letter of July 7, 2022;
With reference to the second charge, referring to the
presentation of financial information prepared without observing IFRS and the accounting standards issued by the SMV, it is noted that ACRES ST in its financial statements corresponding to the exercises 2021 and 2022, omitted to disclose in a clear and specific manner that the fixed-term deposits maintained in CAJA RAÍZ were committed as collateral for obligations assumed by its parent;
The notes to the reviewed financial statements, if
they contain some ambiguous references to guaranteed obligations, do not consign the nature of the guarantee instrument, the creditor entity (CAJA RAÍZ), nor the fact that the execution of said deposits was linked to the default of third parties. This omission directly contravenes the requirements of transparency and disclosure indicated by the applicable accounting standards, which are fully known to a supervised and annually audited company;
It must be indicated that via Letter No. 3566-2022-
SMV/10.2 of July 7, 2022, it was requested of ACRES ST to disclose in the notes to the audited and interim financial statements of the period ended December 31 2021 and in the notes to the interim financial statements published of the period 2022, the description and nature of the obligations that guarantee the referred fixed-term deposits; however, the securitization company complied with the requirement only from the interim financial information of the close of December 2022;
In its defenses, ACRES ST also recognized
this infringement, stating that it was an unintentional omission, resulting from operational criteria and deficiencies in internal coordination, without intent to conceal or obtain undue benefits. Likewise, it noted that the accounting omissions did not generate additional income, cost savings, nor artificial improvements in its financial position, and that the trust estates under administration were not affected;
Together, the described circumstances allow
concluding that both infringements did not derive from isolated facts or exceptional material errors, but from decisions sustained over time, adopted in contravention of explicit norms and with relevant effects in the compliance with fiduciary, accounting, and transparency duties that govern the conduct of a securitization company under the supervision of the SMV;
With respect to the economic harm caused, in
the present case, it has not been evidenced that the infringement in which ACRES ST has incurred has produced a concrete quantifiable harm in the market; that is, it has not been determined that it has concretely affected or caused economic damage to one or more investors, so it has not been evidenced that there was repercussion in the market;

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations, and amendments. The integrity of the document and authorship
79. With respect to the illicit benefit resulting from
the commission of the infringement, it must be indicated that if a loan had been made to ACRES FINANCE, instead of constituting a deposit in CAJA RAÍZ as collateral for obligations assumed by its parent company, at the close of December 2021, 2022, and 2023 ACRES ST would have incurred a deficit in capital and equity with respect to the minimum required, this to the extent that loans to related parties is a deductible concept for purposes of determining minimum capital and equity; from which it follows that ACRES ST obtained a benefit by constituting the deposit instead of making a loan, this to the extent that it did not require making additional contributions in order to cover the referred deficits;
80. Additionally, it must be noted that by having
granted ACRES ST guarantees with assets that integrated its equity in favor of ACRES FINANCE, it allowed its Economic Group to save costs related to the constitution of the guarantee that any other company should have assumed in conditions typical of the market;
81. With respect to the probability of detection of the
infringements, it must be indicated that as a result of the requirements made via Letters No. 3335, 3566, and 5182-2022-SMV/10.2, it was possible to determine the indications of infringement based on facts initially observed as results of the supervision and control activities of the SMV, as well as the review and analysis of the information and documentation delivered by the securitization company, only in these diligences, allowed evaluating the compliance with the obligations to which ACRES ST is subject in the development of its functions, in accordance with what is established in the applicable regulations. Therefore, the probability of detection of these infringements was low;
82. With respect to the gravity of the damage to the public interest
and/or legal good protected, although no concrete or generalized economic damage has been determined in the market, a relevant affectation to the protected legal good is noted;
83. In effect, the granting of guarantees with own assets in favor of its parent company —outside the situations established by
the regulation— and the omission of adequate accounting disclosure of said situation, constitute conduct that significantly affects market transparency and the confidence placed in the objective, diligent, and impartial conduct that a securitization company must have;
84. The lack of clear and specific disclosure on the
existence of contractual restrictions, on guarantees granted in favor of a related party, limited the capacity of users of the financial statements —including the SMV— to evaluate the real equity situation of ACRES ST and the level of exposure to risk;
85. It should be indicated that the information provided to
the market and which serves as a basis for decision-making by a reasonable investor, must comply with a set of conditions among them being truthful and complete; in this sense, investors reasonably expect that the financial information to which they have access, is prepared complying with the norms and accounting principles that govern it; therefore, the securitization company had to comply with what is provided by IAS and IFRS in order to provide the market and investors with information on the granting of guarantees as required by said regulation; taking into consideration the materiality it represented, with respect to its total assets and equity, the amount of the fixed-term deposits constituted; as observed in the following graph; Source: Audited and interim financial information of Acres ST
86. In this sense, the presentation of the financial
information of Acres St from the close of the 2019 exercise until September 2022, without observing the regulation, affected the transparency of the securities market, in that this safeguards the right of real investors as potential and the general public, to access said information not only in a timely manner but in compliance with the applicable norms on its preparation in order to be able to adopt investment decisions or carry out a certain evaluation;
87. This situation affects the general purpose that
financial information must have, that is, to provide financial information, that is useful to investors, lenders, and other existing and potential creditors to take decisions on the supply of resources to the entity, which serves as a basis for adopting decisions that lead to buying, selling, or holding equity and debt instruments, and providing and liquidating loans and other forms of debt; which takes particular importance in the present case as ARES ST is an institution that operates within the scope of an operating authorization granted by the regulator and supervisor of the securities market, and that according to its 2022 report, at the close of said year it had S/ 1,553 million in assets under fiduciary administration and 102 trust estates under administration;
88. Likewise, the affecting of own assets in favor of a
related party, without observing the restrictions established in article 28° of the REGULATION, represents an improper use of the equity of the securitization company, not linked to the purposes authorized by the current regulation. This conduct could compromise the availability of resources of the securitization company to meet its own obligations, which is especially relevant considering its role as a supervised fiduciary entity, obliged to maintain prudent management;
89. These conduct compromise the preventive purpose of the prudential regime applicable to securitization companies and weaken the
institutional confidence that the market places in them. Therefore, although no immediate equity consequences or evident economic damages have been identified, the

33%
35%
45% 44% 42%
50%
62% 61%
2021 I Trim -2022 II Trim 2022 III Trim 2022
Materiality: Fixed-term deposits / Equity or Assets (%) % Fixed-term deposits / Total Assets % Fixed-term deposits / Total Equity

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

infringements do reveal a detriment to the transparency and integrity regime that protects the applicable legal framework for this industry; particularly considering the materiality of the deposits with respect to the assets and equity of the securitizing company, as observed below; Source: Audited financial information of ACRES ST

In this sense, it must be indicated 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 imposed on fund management companies, such as the case of not granting guarantees with assets that make up the equity of the securitizing company, aim to incentivize them to act with due diligence to fulfill the obligations assumed with the trustees and mitigate the occurrence of situations of fraud or negligence in the development of their activities that cause harm to the trust assets; especially considering that a relationship, such as that between the securitizing company – trustee, may be involved in situations of conflict of interest, information and market position asymmetries; from which it follows the importance of compliance by securitizing companies with the prudential requirements;
Regarding the existence or not of intent in the
conduct of the offender, as previously pointed out, the commission of the infringements charged did not derive from isolated facts or exceptional material errors, but from sustained decisions over time from at least 2019 to March 2024, adopted in contravention of explicit norms and with relevant effects on the fulfillment of fiduciary, accounting and transparency duties that govern the conduct of a securitizing company under the supervision of the SMV, from which it follows that in the present case intentional conduct in the commission of the infringements is indeed observed;
In addition to the above, it is necessary to analyze the
exempting and mitigating circumstances of liability established in Article 257° of the TUO OF THE LPAG, as well as the mitigating and exempting conditions of liability established in Articles 26° and 27° of the SANCTIONS REGULATION;

13% 12%
33%
49%
29%
19% 17%
42%
64%
34%
2019 2020 2021 2022 2023
Materiality: Time Deposits / Assets or Equity (%) % Time Deposits/ Total Assets % Time Deposits/ Total Equity

PERU Ministry of Economy and Finance

In this regard, in accordance with what is determined in
Article 27°10 of the SANCTIONS REGULATION, in concordance with Article 257,
paragraph 1 of the TUO OF THE LPAG, it is not observed that in the present case any of the circumstances that constitute conditions exempting liability with respect to the infringements analyzed have been configured;
With regard to the mitigating conditions of
liability for infringements, established in Article 26°8 , letters a), b) and c) of the SANCTIONS REGULATION, in concordance with what is provided in Article 257°, paragraph 2, item a) of the TUO LPAG, it must be indicated that ACRES ST has recognized its responsibility for the infringements incurred, expressly and in writing, within the term granted for the presentation of defenses, and in a precise, concise, clear and unconditional manner, without ambiguous or contradictory expressions, as well as has contributed to the clarification of the same. Therefore, according to what is established in the aforementioned Article 26°, letter a), paragraph 1 and fourth paragraph of the same article, it would correspond to reduce the amount of the applicable fine by fifty percent (50%);
As for what is established in Article 26°, letter
c) of the SANCTIONS REGULATION, it must be indicated that the imputed facts are not curable as established in Article 28, letters c) and e) 9 of the SANCTIONS REGULATION;
From the foregoing, it is concluded that ACRES ST has
incurred the commission of two (2) infringements classified as grave according to
Annex V, paragraph 2, item 2.1 of the SANCTIONS REGULATION, according to which it constitutes
an infringement: “Granting guarantees with the assets that make up its equity, generic or

8
“Article 26.- MITIGATING CONDITIONS OF LIABILITY FOR INFRINGEMENTS The following constitute mitigating conditions of liability for infringements:
a) Acknowledgment of liability by the offender expressly and in writing, once the administrative sanctioning procedure has been initiated. When the applicable sanction is a fine, it is reduced, taking into account the following:

If the acknowledgment of the infringement is presented within the term granted for the presentation of defenses, the reduction amount will be fifty percent (50%).
If the acknowledgment is presented after the expiration of the term granted for the presentation of defenses and before the expiration of the term granted to formulate allegations to the instruction report, the reduction amount will be thirty percent (30%).
If the acknowledgment is presented after the expiration of the term granted to formulate allegations to the instruction report and until before the issuance of the sanction resolution, the reduction amount will be ten percent (10%).
The acknowledgment of liability regarding an infringement must be made in a precise, concise, clear, express and unconditional manner, and must not contain ambiguous or contradictory expressions; otherwise, it will not be understood as an acknowledgment. If defenses are presented, despite having made an acknowledgment of liability, it will be understood as a non-acknowledgment, and the authority will proceed to evaluate the defenses. b) Contribution of the offender to the clarification of the infringement. c) The curative action carried out after its request or the initiation of the administrative sanctioning procedure.”

9
“Article 28.- CIRCUMSTANCES IN WHICH CURATION DOES NOT APPLY AS AN EXEMPTING CONDITION OF LIABILITY Curation prior to the notification of the charge imputation is not considered as an exempting condition of liability, when a communication demanding compliance with the obligation had been issued. The following are not subject to curation for the purposes of letter f) of Article 27:
a) The submission of inaccurate or false information or documentation to the SMV and/or that is disclosed to the market. b) The contravention of market abuse norms, referring to the improper use of insider information and market manipulation. c) The late or incomplete submission, or non-submission of material facts, financial information and annual reports. d) The performance of activities not permitted or providing services or performing activities not authorized by the SMV, in cases where the regulations require having the respective authorization. e) The performance of activities that imply the disposal of funds, financial instruments or any asset of client ownership without their authorization or the non-compliance with the custody, administration or fiduciary duties that entities authorized by the SMV have.”

PERU Ministry of Economy and Finance

specific, unless these are established in relation to the assets under their fiduciary dominion” and to Annex I, paragraph 2, item 2.8 of the SANCTIONS REGULATION, according to which it constitutes an infringement: “Presenting to the SMV, to the Stock Exchange, to the entity in charge of the centralized trading mechanism, to the investor or, in general, to any other Participant, financial information prepared without observing the International Financial Reporting Standards, issued by the International Accounting Standards Board (International Accounting Standard Board - IASB) and/or the accounting standards for the preparation and presentation of financial information issued by the SMV, as applicable”;

Therefore, it would correspond to impose on said
securitizing company a sanction in accordance with what is established in Article 33° of the SANCTIONS REGULATION, which establishes that grave infringements are sanctioned with a fine of not less than twenty-five (25) and up to fifty (50) UIT or with the suspension of the operating authorization for up to (20) days;
However, considering that ACRES ST has
acknowledged the commission of the (2) infringements, detailed above, and has not obstructed the clarification of the same; it corresponds to apply what is provided by Article 26°, letters a), paragraph 1) and b) of the SANCTIONS REGULATION, so the fine for each of these infringements must fluctuate between 12.5 UIT and 25 UIT; that is, 50% of the range established for grave infringements;
On the other hand, according to the sanctioning criteria
analyzed in application of the Principle of Reasonableness contemplated in Article 248°, paragraph 3 of the TUO LPAG, which states that sanctions must be proportional to the non-compliance classified as an infringement, it must be considered that with respect to the infringements described, it has not been evidenced that these have caused economic harm to market participants; likewise, it must be taken into account that it has also not been verified that the securitizing company has obtained any illicit benefit with the commission of the cited infringements, nor that there was intent in its actions regarding this, and that it has been verified that said company is not a recidivist with respect to the infringements; and has contributed to the clarification of the infringements;
Therefore, considering the analysis performed, this
Assistant Superintendency considers that it is possible to impose on ACRES ST a sanction corresponding to a classification lower than that provided for grave infringements, in accordance with what is stated in the third paragraph of Article 25°10 of the SANCTIONS REGULATION; so it is applicable a sanction corresponding to minor infringements, in accordance with what is established in Article 35° of the SANCTIONS REGULATION Being in accordance with what is provided by Article 32°, paragraph 16, of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF and its amendments.

10
“Article 25°.- Sanctioning Criteria
(...)
When, from the evaluation of the aforementioned criteria, it is observed that there is no proportionality between the sanction to be imposed and the imputed facts, by exception and through a reasoned resolution, a sanction may be imposed corresponding to a classification lower than that provided.”

PERU Ministry of Economy and Finance

RESOLVES:
Article 1º.- Declare that Acres Sociedad Titulizadora
S.A. has incurred one (1) infringement classified as grave as established in
Annex V, paragraph 2, item 2.1 of the Sanctions Regulation, approved by
SMV Resolution No. 035-2018-SMV/01, for having integrated guarantees with the assets that make up its equity in favor of the debt assumed by its parent company.

Article 2º.- Declare that Acres Sociedad Titulizadora
S.A. has incurred one (1) infringement classified as grave as established in
Annex I, paragraph 2, item 2.8 of the Sanctions Regulation, approved by
SMV Resolution No. 035-2018-SMV/01, for having presented to the SMV financial information prepared without observing the disclosure requirements established in paragraph 14 of IFRS 7, paragraph 48 of IAS 7 and paragraph 18 of IAS 24, relative to guarantees, restrictions on financial assets and transactions with related parties.

Article 3º.- Sanction Acres Sociedad Titulizadora
S.A. with a fine amounting to eight (8) UIT, equivalent to 33,600.00 (Thirty-three thousand six hundred and 00/100 Soles) for what is provided in Articles 1° and 2° of this resolution.

Article 4º.- This resolution does not exhaust the administrative
path, unless it is consented, and may be challenged before the Assistant Superintendency of Prudential Supervision by filing the reconsideration or appeal appeal 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 within the term of fifteen (15) business days of being notified and becomes final, it must be published on the Institutional Page of the SMV in the Unique Digital Platform of the Peruvian State (www.gob.pe/smv), in observance of what is provided by paragraph 1, Article 7° of the Policy on dissemination of normative projects, legal norms of general character, early agenda and other administrative acts of the SMV, approved by Resolution SMV 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 6º.- Transcribe this resolution to Acres
Sociedad Titulizadora S.A.
Register, communicate and publish.
Omar Gutiérrez Ochoa
Assistant Superintendent
Assistant Superintendency of Prudential Supervision

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