Adjunct Superintendent Resolution N.° 031-2026-SMV/10

PERU Ministry of Economy and Finance

SMV
Superintendence of the Securities Market
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. 031-2026-SMV/10 Lima, September 22, 2026 Subject: Grupo Coril Sociedad Administradora de Fondos S.A. is sanctioned with a fine of 12.24 UIT, equivalent to S/ 57,910.50 (Fifty-seven thousand nine hundred ten and 50/100 Soles) for having committed eight (8) minor infractions typified in Annex I, numeral 3, inciso 3.1 of the Sanctions Regulation, for failing to submit occasional information within the deadline established by the applicable regulations. Administered Entity: Grupo Coril Sociedad Administradora de Fondos S.A. Subject: Administrative sanctioning procedure File No.: 2026031662

The Adjunct Superintendent of Prudential Supervision

SEEN:
The administrative file No. 2026031662, and Report No. 1223-2026-SMV/10.3, issued by the General Intendancy of Prudential Compliance; as well as the defenses presented by Grupo Coril Sociedad Administradora de Fondos S.A.; and,

CONSIDERING:

Pursuant to Article 1 of Law N° 29782, Law for the Strengthening of the Supervision of the Securities Market, the name of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of the Superintendence of the Securities Market (SMV); therefore, any reference to CONASEV in legal norms shall be understood as referring to the SMV;

I. FACTS

Within the supervisory functions assigned to the SMV, an evaluation was carried out regarding the timely submission of occasional and periodic information by Grupo Coril Sociedad Administradora de Fondos S.A. (hereinafter, CORIL SAF) to the Public Registry of the Securities Market (hereinafter, RPMV);
As a result of said evaluation and under the authority of the Unified Text of the General Administrative Procedure Law, Law N° 27444, approved by Supreme Decree N° 006-2026-JUS (hereinafter, TUO LPAG), through Office No. 3269-2026-SMV/10.3, notified on July 14, 2026

PERU Ministry of Economy and Finance

SMV
Superintendence of the Securities Market
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 (hereinafter, OFFICE OF CHARGES), charges were formulated against CORIL SAF for infractions of the Regulation of Mutual Investment Funds in Securities and their Administrating Companies, approved by CONASEV Resolution N° 068-2010-EF/94.01.1 and its amendments (hereinafter, REGULATION) and the Regulation of Important Events and Confidential Information, approved by SMV Resolution N° 005-2014-SMV/01 and its amendments (hereinafter, RHI) in force at the time the events occurred, for not having timely presented the following:

a) The communication of the important event regarding the investment excess in the instrument “Coril Renta Prime Soles – Investment Fund” in the mutual investment fund in securities named “Coril Cash Conservador Soles FMIV” (hereinafter, FUND) which occurred on August 10, 2022. Said event should have been communicated on August 11, 2022; however, it was communicated to the RPMV on March 06, 2023.

b) The communication of the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 2 – Investment Fund” in the FUND which occurred on August 10, 2022. Said event should have been communicated on August 11, 2022; however, it was communicated to the RPMV on March 06, 2023.

c) The communication of the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 3 – Investment Fund” in the FUND which occurred on August 17, 2022. Said event should have been communicated on August 18, 2022; however, it was communicated to the RPMV on March 06, 2023.

d) The communication of the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 4 – Investment Fund” in the FUND which occurred on August 10, 2022. Said event should have been communicated on August 11, 2022; however, it was communicated to the RPMV on March 06, 2023.

e) The communication of the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 5 – Investment Fund” in the FUND which occurred on September 12, 2022. Said event should have been communicated on September 13, 2022; however, it was communicated to the RPMV on March 06, 2023.

f) The communication of the important event regarding the investment excess in the instrument “Time Deposits – Banco de Crédito del Perú” in the FUND which occurred on March 07, 2023. Said event should have been communicated on March 08, 2023; however, it was communicated to the RPMV on March 28, 2023.

g) The communication of the important event regarding the investment excess in the instrument “Time Deposits – Scotiabank Perú S.A.A” in the FUND which occurred on March 07, 2023. Said event should have been communicated on March 08, 2023; however, it was communicated to the RPMV on March 28, 2023.

h) The communication of the important event regarding the investment excess in the instrument “Time Deposit – Banco Interamericano de Finanzas S.A.” in the FUND which occurred on March 07, 2023. Said event should have been communicated on March 08, 2023; however, it was communicated to the RPMV on March 28, 2023;

The charges mentioned in the preceding consideration are typified in Annex I, numeral 3, inciso 3.1, of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION) which prescribes as a minor infraction “To submit outside the established deadline, or to do so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by

PERU Ministry of Economy and Finance

SMV
Superintendence of the Securities Market
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 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 audited individual or consolidated financial information, the individual or consolidated intermediate financial statements, management report, special audit report, important events, and annual reports”;

In writing received on July 20, 2026, CORIL SAF presented the defenses to the observations made;
The charges formulated, as well as the defenses presented by CORIL SAF, have been the subject of evaluation by the General Intendancy of Prudential Compliance in Report No. 1223-2026-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
In observance of the Principle of Due Process contemplated in both Article IV, inciso 1, numeral 1.2 of the Preliminary Title, as well as in Article 230, numeral 2, of the TUO LPAG, through Office No. 3773-2026-SMV/10, the administrative file to which this resolution refers was made available to CORIL SAF for its review;

II. MATTERS TO BE DETERMINED

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

a. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Coril Renta Prime Soles – Investment Fund” in the FUND which occurred on August 10, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI;

b. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 2 – Investment Fund” in the FUND which occurred on August 10, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI;

c. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 3 – Investment Fund” in the FUND which occurred on August 17, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI;

d. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 4 – Investment Fund” in the FUND which occurred on August 10, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI;

e. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Coril Renta Prime Soles 5 – Investment Fund” in the FUND which occurred on September 12, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI;

f. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Time Deposits – Banco de Crédito del Perú” in the FUND which occurred on March 07, 2023, within the deadline established in Article 9, numeral 9.1 of the RHI;

g. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Time Deposits –

PERU Ministry of Economy and Finance

SMV
Superintendence of the Securities Market
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 Scotiabank Perú S.A.A” in the FUND which occurred on March 07, 2023, within the deadline established in Article 9, numeral 9.1 of the RHI;

h. Whether CORIL SAF incurred or did not incur an infraction for not presenting the important event regarding the investment excess in the instrument “Time Deposit – Banco Interamericano de Finanzas S.A.” in the FUND which occurred on March 07, 2023, within the deadline established in Article 9, numeral 9.1 of the RHI;

i. Whether it corresponds or does not correspond to impose a sanction on CORIL SAF;

III. ANALYSIS

3.1. Of the applicable regulations

Article 131, literal h) of the REGULATION provides as follows:

“Article 131.- Important Events
The administrating company is obligated to send all information regarding the mutual fund under its administration that qualifies as an important event for investors, according to what is established in the regulation on the matter, as well as by the provisions issued by the SMV. It is also necessary to send as an important event all information regarding the administrating company itself that meets the scenario provided in the second paragraph of Article 28 of the Law for the participants and potential investors of the mutual fund under its administration. Additionally, the administrating company is obligated to communicate as an important event, any information that could influence the behavior of the mutual fund, the share value, and, in general, any information that could influence the appreciation of an investor regarding the performance of the mutual fund. Qualifying as Important Events, in addition to what is stated above, are the following:
(...) h) Investment and participation excesses.
(...)”;

Regarding the timeliness of submission of important events, Article 9, numeral 9.1 of the RHI establishes:

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

3.2. Of the charges formulated

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

PERU Ministry of Economy and Finance

3.3. Of the defenses presented

In response to the charges made, CORIL SAF expressly and in writing recognizes its responsibility regarding the infractions imputed in the OFFICE OF CHARGES;
Regarding the clarification of the infractions, CORIL SAF refers that through Office No. 964-2023-SMV/10.2 of March 06, 2023, it was informed about the commission of investment excesses in the FUND and the failure to remit the respective important events. In response to said office, the administrating company states that it complied with remitting the important events immediately; and that, additionally, through a letter of March 13, 2023, it explained that the reason why the investment excesses were not regularized due to non-attributable causes was because the understanding of the observed paragraphs according to the REGULATION was not adequate;
Likewise, CORIL SAF indicates that it adopted measures to effectuate the timely detection of investment excesses and to monitor the deadlines established by the applicable regulations for the correction of such excesses, among others, implementation of internal control procedures and automation of processes;
Subsequently, the administrating company indicates that through Office 1292-2023-SMV/10.2 of March 28, 2023, it was informed about the omission of new investment excesses in the FUND, and that in attention to this, it complied with remitting the important events immediately;
CORIL SAF refers that by virtue of the sanctioning power vested in the Public Administration, the principle of reasonableness and proportionality, contemplated in Article 248, numeral 3, of the Unified Text of Law N° 27444, Law of the General Administrative Procedure, approved by Supreme Decree N° 004-2019-JUS, must be taken into account;
In this sense, it indicates that it should be considered that there was no illicit benefit, high probability of detection, no recidivism is observed, nor intent, no quantifiable economic damage to any participant or third party has been proven as a consequence of the commission of the infractions and that transparency has been affected to a minimal degree. Likewise, it points out that as a mitigating factor, it should be considered that it corrected the infractions after their requirement;
Regarding the circumstances of the commission of the infraction, the administrating company states that the reason for the delay was based on the incorrect understanding of what is stated in the REGULATION. Additionally, it indicates that it is indispensable to mention that the FUND is the only operational mutual fund it has, whose start of its operational stage occurred on August 10, 2022, according to what was informed through an important event of that date;
In that sense, CORIL SAF manifests that at that time, it was in the stage of implementing developments that would contribute to complying with the limits established by the REGULATION, so that upon the first incidence detected (and notified to it), the implementation was accelerated, reinforcing control and correcting the reported excesses;

PERU Ministry of Economy and Finance

3.4 Evaluation of the defenses

CORIL SAF has expressly recognized its responsibility in the commission of the referred infractions, which will be considered when performing the evaluation of the sanction to be imposed;
Without prejudice to the foregoing, it is necessary to indicate that CORIL SAF is a company supervised by the SMV, with an operating authorization granted through CONASEV Resolution N° 046-98-EF/94.10, dated February 10, 1998, and has knowledge of the applicable regulations for the submission of periodic and occasional information, so it has the obligation to act diligently in the communication of said information. Nevertheless, this did not occur, as it did not have the necessary diligence, which led CORIL SAF to incur in the eight (8) infractions subject to charges;
In that sense, regarding the infractions subject to analysis, it is necessary to mention that fund administrating companies are obligated to present, among others, all information regarding the mutual funds under their administration that qualify as important events. Nevertheless, it is noted that CORIL SAF presented the communications regarding investment excesses outside the deadline established in the RHI;
In attention to what is exposed, it is concluded that CORIL SAF presented the occasional information described in literals a), b), c), d), e), f), g) and h) of the third consideration of this resolution outside the deadline indicated in the applicable regulations, as appreciated below;

Literals (third consideration of the present resolution) Submission Date Deadline for Submission Delay (calendar days) a) 06/03/2023 11/08/2022 207 days b) 06/03/2023 11/08/2022 207 days c) 06/03/2023 18/08/2022 200 days d) 06/03/2023 11/08/2022 207 days e) 06/03/2023 13/09/2022 174 days f) 28/03/2023 08/03/2023 20 days g) 28/03/2023 08/03/2023 20 days h) 28/03/2023 08/03/2023 20 days

Consequently, CORIL SAF has incurred in eight (8) infractions qualified as minor, typified in Annex I, numeral 3, inciso 3.1, of the SANCTIONS REGULATION, according to which it constitutes an infraction: “To submit outside the established deadline, or to do so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated intermediate financial statements, management report, special audit report, important events, and annual reports”;

IV. EVALUATION OF THE SANCTION

In accordance with what is established in Article 35 of the SANCTIONS REGULATION, the commission of a minor nature infraction is subject to a sanction corresponding to a reprimand or a fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);
Regarding this, taking into account that in the present sanctioning procedure infractions typified as minor regarding the non-compliance with the submission deadline of information are evaluated, it must be considered that inciso 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-compliance with Regulations Regulating the Submission of Periodic or Occasional Information”, approved by SMV Resolution N° 006-2012-SMV/01 and its amendment 1 (hereinafter, SANCTION CRITERIA), in force on the date the events occurred, provides that the purpose of said criteria is “to establish sanctioning parameters within the framework of the General Administrative Procedure Law, the Securities Market Law and the Decree Law on Administrating Companies of Collective Funds that allow applying sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the Records under the charge of the SMV, and other persons obliged to present periodic or occasional information for the non-compliances in the timely submission of said information that are typified as a minor infraction in the annexes of the Sanctions Regulation, approved by CONASEV Resolution N° 055-2001-EF-94.10. The criteria that follow are developed exclusively for the non-compliances of the regulations that regulate the submission of periodic or occasional information and are not applied extensively to other cases investigated by this Superintendence”;
Likewise, what is established in Article 1 of the Regime of Gradual Sanctions for Late Submission of Financial Information, Annual Report and Important Events, approved through SMV Resolution N°007-2023-SMV/01 of September 04, 2023 (hereinafter, GRADUALITY REGIME), in force from January 01, 2024, must be taken into account, which indicates that the purpose of said normative body is “to establish parameters for the application of sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the records under the charge of the SMV and other persons obliged to present individual or annual audited financial information, intermediate or consolidated financial statements, annual report and important events; for the late submission of said information, typified as minor infractions in the Sanctions Regulation”;
Although the GRADUALITY REGIME has a validity date subsequent to the events analyzed in this resolution, it could be applied to the extent that it is more beneficial for the administered entity by virtue of the principle of non-retroactivity in accordance with Article 248, numeral 5 of the TUO LPAG;

Modified by Article 3 of SMV Resolution N° 010-2014-SMV/01 of May 22, 2014, in force from May 25, 2014.
The referred resolution modified, the first paragraph of the Fourth Criterion of inciso 4.1, the numerales (ii), (iv), (v) (vi) and (vii) of inciso 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with regulations regulating the submission of periodic or occasional information, approved by SMV Resolution N° 006-2012-SMV/01.

PERU Ministry of Economy and Finance

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

In this sense, it corresponds to analyze what is provided in the SANCTION CRITERIA, as well as in the GRADUALITY REGIME, in order to evaluate the sanction that must be imposed on CORIL SAF;
It should be noted that the application of the SANCTION CRITERIA and the GRADUALITY REGIME observe the principle of proportionality established in the TUO LPAG, since it allows determining in a predictable manner for the administrator, the sanctions to be imposed on securities issuers and persons registered in RPMV for non-compliance with the deadlines for sending information to which they are obligated by regulations and for omission in sending such information as required by the SMV;
For the purpose of determining the sanction corresponding to the infractions described in the third consideration of this resolution, and according to what is established in subsection 3.2 of the SANCTION CRITERIA, the evaluation criteria set forth in article 344 of the Text Unified Order of the Securities Market Law, in article 248, numeral 3, of the TUO LPAG 2, in article 25 of the SANCTIONS REGULATIONS, 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 infraction; f) The illicit benefit resulting from the commission of the infraction; g) The existence or not of intent in the conduct of the offender; and, h) The probability of detection of the infraction;
Regarding the gravity of the damage to the public interest and/or protected legal good, it should be noted that, concerning the submission of periodic or 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 safeguard ensures the right of investors (actual and potential) and the general public to access such information in a timely manner in order to make investment decisions or carry out certain evaluations; likewise, it affects the SMV in the implementation of its supervision and control activities that seek to protect the integrity of the market;
Therefore, it can be affirmed that CORIL SAF has affected the protected legal good which is market transparency, since it presented outside the established deadline eight (8) significant events of investment excesses occurred in funds under its administration;
With regard to the economic harm caused and the repercussion in the market, it has not been evidenced that the infractions in which CORIL SAF has incurred have 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 also not been evidenced that there was repercussion in the market;
As for the sanction history, it should be noted that according to the SANCTION CRITERIA and with article 25, literal a) of the SANCTIONS REGULATIONS, constitute antecedents the firm sanctions imposed by the SMV within the period of four (4) years prior to the commission of the infractions to be sanctioned, and the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered antecedent;
In this sense, in accordance with the above and from the review carried out in said period, it has been verified that CORIL SAF presents the following sanction history in the four (4) years prior to the commission of the infractions under analysis:

Nº	Resolution	Resolved Firmness	Antecedent	Literals of the third consideration
i	Resolution of the Deputy Superintendent SMV No. 065-2018-SMV/10 3	07/01/2019	CORIL SAF is sanctioned with a fine of 1 UIT, amounting to Three thousand nine hundred fifty Soles (S/ 3,950.00) for having incurred one (01) infraction of a minor nature typified in Annex I, numeral 3, subsection 3.4 of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF/94.10 and its amendments (hereinafter, PREVIOUS SANCTIONS REGULATIONS), for not having designated its independent auditor within the deadline established by regulation.	a), b), c), d) and e)
ii	Resolution of the Deputy Superintendent SMV No. 037-2020-SMV/10 4	12/11/2020	CORIL SAF is sanctioned with a fine of 3.5 UIT equivalent to S/ 14,525.00 (fourteen thousand five hundred twenty-five and 00/100 soles) for having incurred two (2) infractions of a very serious nature, typified in Annex I, numeral 1, subsection 1.3 of the PREVIOUS SANCTIONS REGULATIONS, by revealing protected information with the duty of identity reserve established in article 45° of the Securities Market Law.	a), b), c), d) e), f), g) and h)

With regard to recidivism for the commission of the same infraction, the firm sanction imposed by the SMV within the period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account.
On this particular matter, from the review carried out in said period, it must be stated that CORIL SAF does not present sanctions within the aforementioned period, for the commission of the same infractions subject of analysis, so recidivism is not configured;
As for the circumstances of the commission of the infractions, in its defenses, CORIL SAF refers that the non-compliance subject of charges obeyed to an incorrect understanding of what was stated in the REGULATIONS;
Likewise, the managing society refers that the FUND was the only operational mutual fund it had and that the beginning of its operational stage occurred on August 10, 2022. In this sense, CORIL SAF alleges that it was in a stage of implementing developments that contribute to complying with the limits established by the REGULATIONS and therefore upon the first incidence detected by the SMV accelerated the implementation, reinforced control and corrected the reported excesses;
However, it should be mentioned that CORIL SAF, in its condition as a company supervised by the SMV, since the date of its authorization knows the regulations that regulate the securities market and, in this sense, the regulations that oblige it to present to the SMV occasional information within the deadlines established in them. However, the managing society, with more than twenty-four (24) years in the securities market at the date of occurrence of the facts, did not act diligently since it did not present timely the information detailed in the third consideration of this resolution, subject of evaluation of this administrative sanctioning procedure;
Concerning the illicit benefit resulting from the commission of the infractions, it should be noted that it has not been proven that CORIL SAF has obtained a benefit that relates directly to the infractions under analysis in the present administrative sanctioning procedure;
Regarding the existence or not of intent in the conduct of the offender, it has not been evidenced that CORIL SAF has acted with intent in the commission of the infractions subject of evaluation;
With regard to the probability of detection of the infractions, it must be indicated that in the present case the infractions in which CORIL SAF has incurred were evidenced as a result of the supervision and control activities carried out by the SMV regarding compliance with the timely presentation of periodic and occasional information, according to what is established in the applicable regulation; therefore, the probability of detection was high;
Continuing with the analysis, it corresponds to determine the sanction to be imposed on CORIL SAF for the infraction subject of analysis. In this sense, the SANCTION CRITERIA establish that a sanction of reprimand 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 infraction committed has not caused concrete harm to investors or associates; (iii) the offending subject does not have antecedents or having them they refer to infractions classified as minor offenses imposed in the four (4) years prior to the commission of the infraction being evaluated; (iv) the offending subject has not obtained a benefit from its illegal conduct; and, (v) it has not been accredited that the offender acted with intent in the commission of the infraction;
Also, these SANCTION CRITERIA establish that if it does not correspond to apply a sanction of reprimand, a sanction of fine must be imposed;
As for the condition referred to that the affectation to transparency in the market is minimal (linked to the gravity of the damage to the public interest and/or protected legal good), it must be warned, in principle and as mentioned in the evaluation of the sanction criteria, that any non-compliance with the regulations regarding the deadlines established to present occasional information affects the transparency of the securities market (protected legal good), even more so if this non-compliance prolongs over time; since such information is relevant not only for investors and shareholders of the managing society, but for the market in general. In this sense, it is the obligation of every managing society to present the occasional information required by regulation within the established deadlines, that is, in a timely manner;
With regard to the infractions described in literals a), b), c), d), e), f), g) and h) of the third consideration of this resolution, regarding the condition referred to that the affectation to transparency in the market is minimal, it must be warned in principle and as mentioned in the evaluation of the sanction criteria, that any non-compliance with the regulations regarding the deadlines established to present occasional information affects the transparency of the securities market, even more so if this non-compliance prolongs over time; since such information is relevant not only for investors but also for the market in general. In this sense, it is the obligation of every managing society to present the periodic and occasional information required by regulation within the established deadlines, that is, in a timely manner;
However, it should be indicated that the infractions under evaluation present a delay of two hundred seven (207), two hundred (200), one hundred seventy-four (174) and twenty (20) days, so the prolongation in the non-compliance with the deadline established in the regulation to present such information acquires greater relevance. Consequently, the greater delay in the presentation of such information has determined the degree of affectation to the transparency of the securities market, which has not been minimal;
In this sense, it does not correspond to apply a sanction of reprimand to the referred infractions. Since they do not meet the criteria established in subsection 4.2, numeral ii), literal i) of the SANCTION CRITERIA, referred to that the affectation to the transparency of the market is minimal; therefore, it corresponds to impose a sanction of fine 5;
Without prejudice to this, as for the guidelines for the application of the sanction of reprimand, article 6, numeral 6.1, of the GRADUALITY REGIME 6 prescribes that a sanction of reprimand 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 gravity of the damage to the public interest and/or protected legal good; b. The infraction committed has not caused concrete harm to investors or associates; c. The offending subject does not have antecedents or having them they refer to sanctions corresponding to minor infractions imposed by the SMV that had acquired firmness in the four (4) years prior to the commission of the infraction being evaluated; d. the offending subject is not a recidivist; e. The offender has not obtained benefits from his administrative infraction; and, f. It has not been accredited that the offender acted with intent in the commission of the infraction;
On this particular matter, it must be indicated that considering the prolonged period of delay in the presentation of the information of the infractions under evaluation, it is observed that the degree of affectation to the transparency of the securities market is not minimal, so the referred infractions do not meet the necessary conditions for the application of a reprimand according to the GRADUALITY REGIME;

5 Footnote: It should be noted that, additionally, the conditions for the application of the sanction of reprimand established in the GRADUALITY REGIME, effective from January 01, 2024, were analyzed; however, it was verified that the infractions analyzed in this aspect do not meet the requirement of minimal affectation to the principle of transparency, so it does not correspond to apply a sanction of reprimand.

“Article 6.- GUIDELINES FOR THE APPLICATION OF THE GRADUALITY REGIME
6.1 CONSIDERATIONS FOR THE APPLICATION OF THE REPRIMAND SANCTION
A sanction of reprimand 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 infraction committed has not caused concrete harm to investors or associates;
c. The offending subject does not have antecedents or having them they refer to sanctions corresponding to minor infractions imposed by the SMV that had acquired firmness in the four (4) years prior to the commission of the infraction being evaluated;
d. The offending subject is not a recidivist; e. The offender has not obtained benefits from his administrative infraction; and, f. It has not been accredited that the offender acted with intent in the commission of the infraction.”

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market
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

It should be added that, although the five (5) first investment excesses occurred during the first six (6) months of the start of the operational stage of the FUND, CORIL SAF communicated said excesses through significant events in attention to the request formulated by OFFICE 964 of the SMV, which evidences a lack of diligence on the part of the managing society to identify all investment excesses of the FUND, whether due to causes not attributable or attributable to the managing society, and communicate them to the market;
In this sense, according to the guidelines established in subsection 4.2, numeral (iv) and (v) of the Sanction Criteria, regarding the non-compliance in the submission of occasional information, it would correspond to apply to the infractions subject of evaluation a sanction of fine which would amount in total to 24.48 UIT equivalent to S/ 115,821.00 (One hundred fifteen thousand eight hundred twenty-one and 00/100 Soles). Without prejudice to this, if the Graduality Regime were applied to the referred infractions, the calculation of the fine would be more burdensome; SSinFrom the above it follows that it does not correspond to apply the GRADUALITY REGIME retroactively, because it is not more favorable for the infractions analyzed in this section, insofar as the fixed fine for this type of infraction is more burdensome;
On the other hand, it should be noted that in the present procedure no aggravating circumstances contemplated in subsection 4.2, numeral (vi) of the referred SANCTION CRITERIA or of the aggravating circumstances contemplated in article 6, numeral 6.3, subsection 6.3.2, of the GRADUALITY REGIME 7 have been determined;
In addition to the above, it corresponds to analyze the exonerating and mitigating circumstances of responsibility established in article 236-A of the TUO LPAG 8, as well as the mitigating and exonerating conditions of responsibility established in articles 26 and 27 of the SANCTIONS REGULATIONS, respectively;
As for the exonerating circumstances collected in article 236-A, numeral 1 of the TUO OF THE LPAG and in article 27° of the SANCTIONS REGULATIONS, it must be highlighted that the late or incomplete presentation; or the non-presentation of significant events, financial information and annual reports, constitutes one of the circumstances in which voluntary remediation does not apply as an exonerating circumstance of responsibility, as established in article 28°, literal c) of the SANCTIONS REGULATIONS. Therefore, it is not observed that in the present case any of the circumstances that constitute conditions of exonerating responsibility have been configured; without prejudice that in the present case through OFFICE 964 CORIL SAF was requested to communicate the significant events subject of charge;
With regard to the voluntary declaration of the commission of the infractions and the contribution of the offender to their clarification, established in article 236-A, numeral 2, subsection a) of the TUO LPAG and in article 26, literals a) and b) of the SANCTIONS REGULATIONS, it should be noted that CORIL SAF has recognized its responsibility for the infractions under evaluation, expressly and in writing, within the deadline granted for the presentation of defenses, and precisely, concisely, clearly, expressly and unconditionally, without ambiguous or contradictory expressions, as well as has contributed in the clarification of the same; so that according to what is established in said article 26 9, literal a), numeral 1 and fourth paragraph of the same article, it would correspond to reduce the amount of the fine applicable to the infractions under evaluation by fifty percent (50%);
In this sense, considering the above and that this sanctioning procedure is related to infractions whose determination and proof is objective based on a deadline date on which the information must be presented, in addition that the detection of the same is evidenced as a result of the supervision and control activities carried out by the SMV continuously regarding compliance with the timely presentation of information disposed by the RHI; it would correspond to apply the reduction of 50% in the fine to be imposed on CORIL SAF, according to what is established in article 26, subsection a), numeral 1 of the SANCTIONS REGULATIONS, so the determined fine sanction of 24.48 UIT is reduced to 12.24 UIT, equivalent to S/ 57,910.50 (Fifty-seven thousand nine hundred ten and 50/100 Soles);
Being in accordance with what is provided by article 32°, numeral 17, of the Organization and Functions Regulation 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 Grupo Coril Managing Society of Funds S.A. has incurred one (1) infraction 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 communication of the significant event referred to the investment excess in the instrument “Coril Renta Prime Soles – Investment Fund” in the mutual fund of

“Article 26.- MITIGATING CIRCUMSTANCES OF LIABILITY The following constitute mitigating circumstances for liability regarding infractions:
a) Acknowledgment of liability by the offender in an express and written manner, once the administrative sanctioning procedure has been initiated.
When the applicable sanction is a fine, it shall be reduced, taking into account the following:

If the acknowledgment of the infraction is submitted within the deadline granted for the presentation of defenses, the reduction amount shall be fifty percent (50%).
(…)
The acknowledgment of liability regarding an infraction must be made in a precise, concise, clear, express, and unconditional manner, and must not contain ambiguous or contradictory expressions; otherwise, it shall not be understood as an acknowledgment. If defenses are submitted despite having made an acknowledgment of liability, it shall be understood as a non-acknowledgment, and the authority shall proceed to evaluate the defenses.”

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship investment in securities fund named “Coril Cash Conservative Soles FMIV” occurred on August 10, 2022.
Article 2.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Coril Renta Prime Soles 2 – Investment Fund” in the mutual fund of securities investment fund named “Coril Cash Conservative Soles FMIV” occurred on August 10 of 2022.
Article 3.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Coril Renta Prime Soles 3 – Investment Fund” in the mutual fund of securities investment fund named “Coril Cash Conservative Soles FMIV” occurred on August 17 of 2022.
Article 4.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Coril Renta Prime Soles 4 – Investment Fund” in the mutual fund of securities investment fund named “Coril Cash Conservative Soles FMIV” occurred on August 10 of 2022.
Article 5.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Coril Renta Prime Soles 5 – Investment Fund” in the mutual fund of securities investment fund named “Coril Cash Conservative Soles FMIV” occurred on September 12 of 2022.
Article 6.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Time Deposits – Credit Bank of Peru” in the mutual fund of securities investment fund named “Coril Cash Conservative Soles FMIV” occurred on March 07 of 2023.
Article 7.- Declare that Grupo Coril Sociedad
Administradora de Fondos S.A. has committed one (1) infraction of a minor nature typecast in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having timely presented the communication of the important fact referred to the excess investment in the instrument “Time Deposits – Scotiabank Peru S.A.A” in the mutual fund of investment

PERU Ministry of Economy and Finance

Lineage: In force