Adjunct Superintendent Resolution N° 044-2025-SMV/10

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. 44-2025-SMV/10 Lima, August 14, 2025 Subject: LXG Asset Management S.A.
Investment Fund Management Company is sanctioned with six (6) warnings for having committed six (6) minor infractions typified in Annex I, numeral 3, clause 3.1 of the SANCTIONS REGULATION, for failing to submit occasional and periodic information within the deadline established by the applicable regulations.
Administered by: LXG Asset Management S.A. Investment Fund Management Company Subject: Administrative sanctioning procedure File No.: 2025025172 The Adjunct Superintendent of Prudential Supervision SEEN:
The administrative file No. 2025025172, and Report No. 1019-2025-SMV/10.3, issued by the General Superintendent of Prudential Compliance; AND CONSIDERING:

1. Pursuant to 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 the Securities Market Superintendency (SMV), so that any reference to CONASEV in legal norms shall be understood as referring to the SMV;
   I. FACTS
2. Within the supervisory functions assigned to
   the SMV, an evaluation of the timely submission of occasional information by LXG Asset Management S.A. Investment Fund Management Company 1 (hereinafter, LXG SAFII) was carried out;

1 By Superintendent Resolution No. 104-2021-SMV/02 published on 11/23/2021, LXG Asset Management S.A. SAFI was authorized to manage mutual investment funds in securities, with the name of LXG Asset Management S.A. Fund Management Company. By Superintendent Resolution No. 093-2024-SMV/02 of 07/03/2024, the automatic revocation of the operating authorization as a mutual investment fund management company was declared.

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
3. As a result of said evaluation and under the authority of
the provisions of the Single Text of the General Administrative Procedure Law, Law N° 27444, approved by Supreme Decree N° 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 3229-2025-SMV/10.3, notified on June 9, 2025 (hereinafter, CHARGES LETTER), charges were filed against LXG SAFII for infractions of the Investment Funds and Their Management Companies Regulation, approved by SMV Resolution No. 029-2014-SMV/01 (hereinafter, REGULATION) and the Regulation on Significant Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 and its amendments (hereinafter, RHI), in force at the time the facts occurred, for not timely presenting the following information:
a) The significant event referred to the agreement adopted by the General Shareholders' Meeting of LXG SAFI, held on June 29, 2021, which approved the designation of the external auditing company for the 2021 fiscal year. This significant event should have been communicated on June 29, 2021; however, it was communicated to the RPMV on July 1, 2021 2; b) The significant event referred to the approval by the General Management of LXG SAFI of the individual interim financial statements and management report of the investment fund named “LXG Latin American High Yield Bond Fund, FI – In Liquidation” (hereinafter, FUND 1), corresponding to the third quarter of the 2021 fiscal year. This significant event should have been communicated on the day of its approval, that is, November 3, 2021; however, it was reported to the RPMV on November 4, 2021 3; c) The significant event referred to the approval by General Management of LXG SAFI of the individual interim financial statements and management report of the investment fund named “LXG Amazon Reforestry Fund - FI” (hereinafter, FUND 2), corresponding to the third quarter of the 2021 fiscal year. This significant event should have been communicated on the day of its approval, that is, November 3, 2021; however, it was reported to the RPMV on November 4, 2021 4; d) The significant event referred to the submission of documents that were approved through the agreements adopted in the General Assembly of Participants of FUND 1. The approved documents should have been sent to the RPMV on the same day that the agreements were taken in the General Assembly of Participants of FUND 1; that is, October 9, 2023 5; however, they were reported to the RPMV on October 10, 2023 6; e) The individual annual financial statements along with the external financial audit report of FUND 2, corresponding to the 2023 fiscal year. It should be noted that the deadline for submitting this information was May 2, 2024; however, it was sent to the SMV on May 3, 2024 7;

2 File No. 2021025593.
3 File No. 2021041949.
4 File No. 2021041952.
5 File No. 2023042512.
6 File No. 2023042682.
7 File No. 2024025288.

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 f) Annual Report of FUND 2 corresponding to the 2023 fiscal year. It should be noted that the deadline for submitting this information was May 2, 2024; however, it was sent to the SMV on May 3, 2024 8;
4. The mentioned non-compliances are typified in Annex I, numeral 3, clause 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), which prescribes as a minor infraction: “Submit outside the established deadline, or 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 trading mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, significant events, and annual reports”;
5. In writing received on June 18, 2025, LXG SAFI presented its defenses regarding the observations made;
6. The charges filed, as well as the defenses presented by LXG SAFI, have been evaluated by the General Superintendent of Prudential Compliance in Report No. 1019-2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendency;
7. In observance of the Principle of Due Process contemplated in Article IV, clause 1, numeral 1.2 of the Preliminary Title, as well as in Article 248°, numeral 2, of the TUO OF THE LPAG, through Letter No. 4023-2025-SMV/10, the administrative file to which this resolution refers was made available to LXG SAFI for review;
II. ISSUES TO BE DETERMINED
8. In the present administrative procedure, in the opinion of this Adjunct Superintendency, the following must be determined:
a. Whether LXG SAFI incurred or did not incur an infraction by communicating the significant event referred to the agreement adopted by the General Shareholders' Meeting of LXG SAFI, held on June 29, 2021, which approved the designation of the external auditing company for the 2021 fiscal year, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred; b. Whether LXG SAFI incurred or did not incur an infraction by communicating the significant event referred to the approval by the General Management of LXG SAFI of the individual interim financial statements and management report of FUND 1, corresponding to the third quarter of the 2021 fiscal year, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;
c. Whether LXG SAFI incurred or did not incur an infraction by communicating the significant event referred to the approval by the General Management of LXG SAFI of the individual interim financial statements and management report of FUND 2, corresponding to the third quarter of the 2021 fiscal year, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred;
d. Whether LXG SAFI incurred or did not incur an infraction by communicating the significant event referred to the submission of documents that were approved through the agreements adopted in the General Assembly of Participants of FUND 1, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred; e. Whether LXG SAFI incurred or did not incur an infraction by communicating the periodic information referred to the individual annual financial statements along with the external financial audit report of FUND 2, corresponding to the 2023 fiscal year, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred; f. Whether LXG SAFI incurred or did not incur an infraction by communicating the periodic information referred to the annual report of FUND 2, corresponding to the 2023 fiscal year, subject of charges, within the deadline established in Article 9, numeral 9.1 of the RHI, in force at the date the facts occurred; g. Whether a sanction should or should not be imposed on LXG SAFI;
III. ANALYSIS
3.1 Of the applicable regulations
9. Regarding the communication of significant events, Article 140 of the REGULATION establishes the following:
“Article 140.- Compliance with the Regulation on Significant Events The Management Company is governed by the Regulation on Significant Events and the provisions on the matter issued by the SMV.
The Management Company has the obligation to inform the Registry of significant events regarding the Management Company and the Funds it manages while it maintains Funds registered in the Registry.
(…)”;
10. Similarly, Article 5 of the RHI qualifies as significant events those listed in Annex I of said normative body, within which are found:
“Annex I
Financial situation and benefits
(…)
10. Approval and submission of financial information, annual report, as well as their respective modifications or corrections. The respective financial information and annual report must be attached, as appropriate.
11. Designation and resolution of contract with its auditing company.
(…).”
11. Likewise, Articles 5°, numerals 5.2 and 5.3 and Article 9°, numeral 9.1 of the RHI, provide the following:

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 “Article 5°.- Information that by its nature may qualify as a significant event (…)
5.2. The cases in the Annex must be communicated as significant events when they have the capacity to influence significantly as defined in Articles 3 and 4. If any act, decision, agreement, fact or negotiation in progress is not listed in said Annex, it does not necessarily imply that it does not qualify as a significant event, and must be communicated as such if it complies with what is stated in the cited articles.
The stated in this numeral does not apply to specific cases contained in the current regulations approved by the SMV that qualify certain cases as significant events.
5.3. In all cases, the Issuer must act diligently to communicate its significant events, and in case of doubt about whether information qualifies as a significant event, it must opt to reveal it as such.
Any reference to Annex in this article shall be understood as referring to Annex 1”.
(…)”
“Article 9.- Opportunity to report significant events
9.1. The Issuer must report its significant event as soon as such event occurs or the Issuer becomes aware of it, and in no case later than the day it occurred or was known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when appropriate to the Stock Exchange or to the entity administering the respective centralized trading mechanism. This, regardless of whether the information was generated or not within the Issuer itself;
(…)”
12. On the other hand, Article 85°, clause a) of the REGULATION, in force at the date the facts occurred, establishes the following:
“Article 85.- Information of the Funds
The Management Companies, once the activities of the Fund have begun, must submit to the registry the following information for each Fund:
(…) a) Audited annual financial statements, prepared and presented the day after their approval by the General Assembly, which must be held within the deadline established by Article 11 of Law 9.
(Underline added).

9 Law on Investment Funds and Their Management Companies, approved by Legislative Decree N° 862.- “Article 11.- The Funds must constitute a General Assembly of Participants, which may be ordinary and extraordinary. Its functions are:
a) Ordinary Assembly, held once a year within the first four months of the fiscal year:
i. Approve the Financial Statements of the Fund;
ii. Elect and remove members of the Oversight Committee and fix their remuneration, when applicable; and,

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 b) Annual report of the Fund, according to the rules established in Annex K of the Regulation, within the same deadline that applies to the submission of audited annual financial statements. (…)”;
13. Regarding the opportunity to report such significant events, Article 9°, numeral 9.1 of the RHI refers to the following:
“Article 9.- Opportunity to report significant events
9.1. The Issuer must report its significant event as soon as such event occurs or the Issuer becomes aware of it, and in no case later than the day it occurred or was known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when appropriate to the Stock Exchange or to the entity administering the respective centralized trading mechanism. This, regardless of whether the information was generated or not within the Issuer itself;
(…)”;
3.2. Of the charges filed
14. Through the CHARGES LETTER, charges were filed against LXG SAFI for not communicating, within the deadline established by regulations, the occasional and periodic information indicated in the third consideration of this resolution;
3.3. Of the defenses presented
15. In response to the charges made, LXG SAFI accepts that it did not inform, nor present documents on the significant events – subject of the present administrative sanctioning procedure – within the deadline established in the regulations applicable to investment fund management companies;
16. Notwithstanding this, LXG SAFI alleges that consideration should be given that it remedied the mentioned infractions within a one-day period in most cases, and without the management company being notified requiring compliance with the obligations after the deadline had expired. It also indicates that in most cases the submission of information was complicated by a problem of signature availability on MVNet;
17. LXG SAFI indicates that it is taking corrective measures to avoid new non-compliances, and to effect timely communication of significant events. It also requests that the period in which the infractions were remedied be considered, which occurred prior to notification by the SMV;
3.4 Evaluation of the defenses
18. This analysis must begin by stating that LXG SAFI has expressly acknowledged its responsibility for the commission of the infractions imputed in the CHARGES LETTER. Regarding this, it must be indicated that

iii. Deal with any other matter, even those that were the competence of the Extraordinary Assembly, when they had been included in the call for the meeting.”

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 such acknowledgment will be considered when evaluating the sanction to be imposed;
19. Notwithstanding the above, it is necessary to indicate that LXG SAFI is a company supervised by the SMV, with operating authorization granted by Superintendent Resolution No. 120-2015-SMV/02 of December 2, 2015, and has knowledge of the applicable regulations for the submission of periodic and occasional information, so it has the obligation to comply with what is established in said regulations and therefore act diligently in the timely submission of said information. However, this did not occur, as LXG SAFI would have committed six (6) infractions, subject of the present administrative sanctioning procedure;
20. In that sense, regarding said infractions, it is precise to mention that management companies are obligated to present the communication of significant events at the opportunity established in Article 9 of the RHI, that is, as soon as the event occurs or is known, in no case later than the day it occurred or was known;
21. Nevertheless, it is appreciated that LXG SAFI presented the occasional and periodic information under analysis outside the deadline provided by the applicable regulations:
Letters
(numeral 2 of
Section II)
Submission Date
Deadline for
Submission Delay (days) a) 07/01/2021 06/30/2021 10 1 day b) 11/04/2021 11/03/2021 1 day c) 11/04/2021 11/03/2021 1 day d) 10/10/2023 10/09/2023 1 day e) 05/03/2024 05/02/2024 1 day f) 05/03/2024 05/02/2024 1 day
22. In view of the above, it is concluded that LXG
SAFI has not disproven the charges imputed in this regard;
23. Consequently, taking into account the
considerations stated above, it is noted that LXG SAFI has committed six (6) infractions classified as minor, typified in Annex I, numeral 3, clause 3.1, of the SANCTIONS REGULATION, in force at the date of the commission of the facts, according to which it constitutes an infraction: “Submit outside the established deadline, or 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 trading mechanism or to any other entity or subject of the securities market, the individual or

10 According to the 2021 calendar, June 29, 2021 was a non-working day, therefore, according to Article 9 of the RHI, the communication should have been made on the next working day, that is, June 30, 2021.

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 consolidada auditada, los estados financieros intermedios individuales o consolidados, informe de gerencia, informe especial de auditoría, hechos de importancia y, memorias anuales”;
IV. EVALUACIÓN DE LA SANCIÓN
24. In accordance with Article 35 of the SANCTIONS REGULATION, the commission of a minor infraction is subject to a sanction corresponding to a reprimand or a fine of not less than one (1) and up to twenty-five (25) Tax Units (UIT);
25. In this regard, taking into account that in the present sanctioning procedure, infractions classified as minor regarding the failure to submit eventual and periodic information on time are evaluated, it must be considered that paragraph 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with Regulations Governing the Submission of Periodic or Eventual Information”, approved by SMV Resolution No. 006-2012-SMV/01 and its amendment 11 (hereinafter, SANCTIONING CRITERIA), provides that the purpose of these criteria is “to establish sanctioning parameters within the framework of the General Administrative Procedure Law, the Securities Market Law, and the Decree Law on Administrators of Collective Investment Funds, allowing the imposition of sanctions on issuers with securities registered in the Public Registry of the Securities Market, legal entities registered in the registries under the SMV, and other persons obliged to submit periodic or eventual information, for failures to timely submit such information classified as minor infractions in the annexes of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF-94.10. The criteria developed below apply exclusively to non-compliance with regulations governing the submission of periodic or eventual information and do not apply extensively to other cases investigated by this Superintendence”;
26. Likewise, the provisions of Article 1 of the Gradual Regime for Sanctions for Late Submission of Financial Information, Annual Report, and Material Events, approved by SMV Resolution No. 007-2023-SMV/01 of September 4, 2023 12 (hereinafter, GRADUAL REGIME), effective as of January 1, 2024, must be taken into account, which states that the purpose of this regulatory body is “to establish parameters for the application of sanctions to issuers with securities registered in the Public Registry of the Securities Market, legal entities registered in the registries under the SMV, and other persons obliged to submit individual or audited annual financial information, individual or consolidated interim financial statements, annual report, and material events; for the late submission of such information, classified as minor infractions in the Sanctions Regulation”;
27. Therefore, considering that the GRADUAL REGIME was in effect at the time of the commission of some of the infractions under analysis, it is necessary to analyze the provisions of the SANCTIONING CRITERIA

Modified by Article 3 of SMV Resolution No. 010-2014-SMV/01 of May 22, 2014, effective as of May 25, 2014.
The aforementioned resolution modified the first paragraph of the Fourth Criterion of paragraph 4.1, and paragraphs (ii), (iv), (v) (vi) and (vii) of paragraph 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with regulations governing the submission of periodic or eventual information, approved by SMV Resolution No. 006-2012-SMV/01. Published in the Official Gazette El Peruano on September 8, 2023.

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 SANCTIONING CRITERIA, as well as the GRADUAL REGIME, in order to evaluate the sanction to be imposed on LXG SAFI;
28. It should be noted that the application of the SANCTIONING CRITERIA and the GRADUAL REGIME observes the principle of proportionality established in the Single Text of the General Administrative Procedure Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), as it allows for the predictable determination, for the administrative subject, of the sanctions to be imposed on securities issuers and persons registered in the RPMV for non-compliance with the deadlines for submitting information to which they are obliged by regulations and for omission in the submission of information requested by the SMV;
29. To determine the sanction corresponding to the infractions under analysis, and in accordance with paragraph 3.2 of the SANCTIONING CRITERIA, the evaluation criteria established in Article 344 of the Single Text of the Securities Market Law, Article 248, paragraph 3, of the TUO LPAG, Article 25 of the SANCTIONS REGULATION, paragraph 4.1 of the SANCTIONING CRITERIA, and Article 5 of the GRADUAL REGIME must be taken into account, whose observance is mandatory;
30. Within this framework, the evaluation of the sanction must consider: a) The gravity of the damage to the public interest and/or protected legal interest; b) The economic harm caused and the repercussion in the market; c) Sanctioning antecedents; 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 non-existence of intent in the offender's conduct; and, h) The probability of detection of the infraction;
31. Regarding the gravity of the damage to the public interest and/or protected legal interest, it must be considered that regarding the submission of periodic and eventual information, any non-compliance with the regulations on its timely presentation, that is, the non-observance of the deadlines established for presenting such information, affects the transparency of the securities market, as this safeguards the right of investors (actual and potential) and the general public to access such information in a timely manner in order to make investment decisions or carry out certain evaluations; likewise, it affects the SMV in the implementation of its supervision and control activities aimed at protecting the integrity of the market;
32. Therefore, it can be affirmed that LXG SAFI has affected the protected legal interest, which is market transparency, as it communicated the eventual and periodic information subject to charges late;
33. Regarding the economic harm caused and the repercussion in the market, it has not been evidenced that the infractions incurred by LXG SAFI have produced a concrete, quantifiable harm in the market, that is, it has not been determined that there has been concrete harm or caused economic damage to one or more investors, so it has not been evidenced that there was any repercussion in the market;
34. Regarding sanctioning antecedents, it should be noted that according to the SANCTIONING CRITERIA and Article 25, letter a) of the SANCTIONS REGULATION, antecedents constitute firm sanctions imposed by the SMV within the four (4) years prior to the commission of the infractions to be sanctioned. In this sense, a review carried out in said period has verified that LXG SAFI presents the following sanctioning antecedents:

Nº Resolution Resolved Firmness Antecedent
(*) i
Deputy Superintendent
Resolution SMV No.
092-2017-SMV/10 13
LXG Asset Management S.A. Investment Fund Administrator Company is sanctioned with two (02) reprimands for having incurred two (02) minor infractions classified in Annex I, paragraph 3, paragraph 3.1 of the Sanctions Regulation, for failing to submit periodic information within the deadline established in the applicable regulation. 26/10/2017 a) ii Deputy Superintendent Resolution SMV No. 051-2018-SMV/10 14 LXG Asset Management S.A. Investment Fund Administrator Company is sanctioned with a fine of 2.4 UIT equivalent to S/ 9,480.00 (Nine Thousand Four Hundred and 00/100 Soles), for having incurred one (01) minor infraction classified in Annex I, paragraph 3, paragraph 3.1 of the Sanctions Regulation, for failing to submit eventual information within the deadline established by the applicable regulation. 12/11/2018 a), b) and c) iii Deputy Superintendent Resolution SMV No. 016-2021-SMV/10 15 LXG Asset Management S.A. Investment Fund Administrator Company is sanctioned with three (03) reprimands for having incurred three (3) minor infractions classified in Annex I, paragraph 3, paragraph 3.1 of the Sanctions Regulation, for failing to submit eventual information within the deadline established by the applicable regulation. Likewise, it is sanctioned with a fine of 1 UIT for having incurred one (1) minor infraction classified in Annex I, paragraph 3, paragraph 3.6 of the Sanctions Regulation, for failing to submit information indicated in the Investment Funds Regulation within the deadline established by the applicable regulation. 23/04/2021 d), e) and f) iv. Deputy Superintendent Resolution SMV No. 062-2021-SMV/10 16 LXG Asset Management S.A. Investment Fund Administrator Company is sanctioned with one (1) reprimand for having incurred one (1) minor infraction classified in Annex I, paragraph 3, paragraph 3.1 of the Sanctions Regulation, for failing to submit 24/01/2022 d), e) and f)

Notified on October 4, 2017.
Notified on October 17, 2018.
Notified on March 30, 2021.
Notified on December 29, 2021.

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 Nº Resolution Resolved Firmness Antecedent () eventual information within the deadline established by the applicable regulation. () Letters of the third consideration of this resolution.
35. Regarding recidivism for the commission of the same infraction, the firm sanction imposed by the SMV within the one (1) year prior to the commission of the infraction to be sanctioned is taken into account. In this regard, a review carried out in said period has verified that for the infractions in letters a), b) and c) of the third consideration, LXG SAFI presents as recidivism the Deputy Superintendent Resolution SMV No. 016-2021-SMV/10. Regarding the circumstances of the commission of the infractions, it should be mentioned that LXG SAFI, in its capacity as a company supervised by the SMV, knows the regulations governing the securities market and, in that sense, the regulations obliging it to submit eventual information to the SMV within the deadlines established therein. However, LXG SAFI submitted the eventual and periodic information under analysis late, which is the subject of evaluation of this administrative sanctioning procedure;
36. Concerning the illicit benefit resulting from the commission of the infractions, it should be noted that it has not been proven that LXG SAFI obtained a benefit directly related to the infractions under analysis;
37. Regarding the existence or non-existence of intent in the offender's conduct, it has not been evidenced that LXG SAFI acted with intent in the commission of the infractions under analysis;
38. Regarding the probability of detection of the infractions, it should be indicated that in the present case, the infractions incurred by LXG SAFI were evidenced as a result of the supervision and control activities carried out by the SMV regarding the timely submission of periodic and eventual information, in accordance with the applicable regulations; therefore, the probability of detection was high;
39. Continuing with the analysis, it is necessary to determine the sanction to be imposed on LXG SAFI. In this sense, the SANCTIONING CRITERIA establish that a reprimand sanction may be imposed when the following guidelines established in paragraph 4.2, paragraph (ii) of the aforementioned criteria are met concurrently: (i) the impact on market transparency is minimal; (ii) the infraction committed has not caused concrete harm to investors or associates; (iii) the offending subject does not have antecedents or, if it does, they are 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 proven that the offender acted with intent in the commission of the infraction;
40. On the other hand, the GRADUAL REGIME establishes in Article 6, paragraph 6.1, that the reprimand sanction may be applied when the following circumstances are met concurrently: a) When the impact on market transparency is minimal. This statement is linked to the criterion of the gravity of the damage to the public interest and/or protected legal interest; b) The infraction committed has not caused concrete harm to investors or associates; c) The offending subject does not have antecedents or, if it does, they are sanctions corresponding to minor infractions imposed by the SMV that became firm 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 its administrative infraction; and, f) It has not been proven that the offender acted with intent in the commission of the infraction;
41. In this sense, the evaluation of the circumstances for the application of a reprimand sanction established in the SANCTIONING CRITERIA and in the GRADUAL REGIME is required, in order to determine those that are most favorable to the administrative subject:

INFRACTIONS DESCRIBED IN LETTERS a), b), C) AND d) OF SECTION II OF THE PRESENT RESOLUTION
42. On this matter, regarding the infraction committed in letter a) of the third consideration of this resolution, it has been verified that LXG SAFI has two (2) sanctioning antecedents in the four (4) years prior to the commission of the infraction being evaluated, being antecedents corresponding to infractions classified as minor offenses; as well as one (1) recidivism;
43. On the other hand, regarding the infractions committed in letters b) and c) of the third consideration of this resolution, LXG SAFI presents one (1) sanctioning antecedent in the four (4) years prior to the commission of said infractions, being antecedents corresponding to infractions classified as minor offenses. Likewise, said infractions register one (1) recidivism;
44. Likewise, regarding the infraction committed in letter d) of the third consideration of this resolution, it has been verified that LXG SAFI has two (2) sanctioning antecedents in the four (4) years prior to the commission of the infraction being evaluated, being antecedents corresponding to infractions classified as minor offenses;
45. Now, regarding the infractions committed in letters a), b), c) and d) referred to, it has not been proven that they have caused concrete harm to investors, it has not been evidenced that LXG SAFI has obtained a benefit from its illegal conduct, and it has not been proven that it acted with intent in the commission of the infraction;
46. Regarding the condition referred to the impact on market transparency being minimal, it must be warned in principle and as mentioned in the evaluation of the sanctioning criteria, any non-compliance with the regulations regarding the deadlines established for submitting eventual information affects the transparency of the securities market, especially if this non-compliance persists over time; since such information is relevant not only to investors but also to the market in general. In this sense, it is the obligation of every administrator company to submit the eventual information required by the regulations within the established deadlines, that is, in a timely manner;
47. However, it should be indicated that the infractions described in letters a), b), c) and d), although they present a delay of one (1) day in their

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 submission, it can be appreciated that during the period in which LXG SAFI did not report said material events to the SMV, the degree of impact on market transparency has been minimal; without prejudice to the fact that in similar cases, a greater delay in the submission of information may determine a greater degree of impact on the transparency of the securities market;
48. It should be noted that considering that the evaluation carried out is based on an analysis of both the parameters established in the SANCTIONING CRITERIA and those contained in the GRADUAL REGIME, in order to consider the sanction that results in the most favorable outcome for the administrative subject, for the determination of the sanction, the provisions of paragraph 5 of Article 248 of the TUO LPAG will be considered, which establishes that, “Sanctioning provisions in effect at the time the administrative subject incurs the conduct to be sanctioned are applicable, unless subsequent ones are more favorable to them”;
49. In this sense, it should be indicated that the GRADUAL REGIME is not more favorable for the infractions contained in letters a), b), c), insofar as the parameter of not being a recidivist is not met, so a reprimand sanction could not be imposed. As for the infraction in letter d) of the aforementioned paragraph 2, it meets the parameters of the GRADUAL REGIME and applies the reprimand sanction; however, it is necessary to apply to this the regulation that was in effect on the date the same occurred;
50. Therefore, as a result of the evaluation carried out for the infractions contained in letters a), b), c) and d) of the third consideration of this resolution, LXG SAFI meets the circumstances established in paragraph 4.2, paragraph (ii) of the SANCTIONING CRITERIA, in effect at the time of the commission of the infractions, so, according to said circumstances, a reprimand sanction corresponds to be applied for each of the infractions committed;

INFRACTIONS DESCRIBED IN LETTERS e) AND f) OF SECTION II OF THE PRESENT RESOLUTION
51. On this matter, it must be taken into account that the GRADUAL REGIME is in effect at the time of the commission of the infractions described in letters e) and f) of the third consideration of this resolution, so it is necessary to carry out the analysis of the mentioned infractions in accordance with the guidelines and provisions established in said GRADUAL REGIME;
52. In this sense, in accordance with the evaluation carried out in this resolution, it has been verified that LXG SAFI has two (2) sanctioning antecedents in the four (4) years prior to the commission of the infractions being evaluated in this point. These antecedents contemplate sanctions corresponding to minor infractions;
53. Likewise, it has not been proven that the infractions described in letters e) and f) referred to have caused concrete harm to investors, it has not been evidenced that LXG SAFI has obtained a benefit from its illegal conduct, it has not been proven that it acted with intent in the commission of the infraction, and no recidivism has been observed regarding said infractions;
54. Regarding the condition referred to the impact on market transparency being minimal, it must be warned in principle and as

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship

has mentioned in the evaluation of the sanctioning criteria, all non-compliance with the regulations regarding the deadlines established to present periodic information, affects the transparency of the securities market, even more so if this non-compliance is prolonged 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 management company to present periodic information within the established deadlines, that is, in a timely manner;

55. However, it must be indicated that the infractions described in letters e) and f) present a delay of one (1) day in their presentation, so it can be appreciated that during this period in which LXG SAFI did not report the financial information to the SMV, the degree of impact on market transparency has been minimal; without prejudice to the fact that in similar cases, a greater delay in the presentation of information may determine a greater degree of impact on the transparency of the securities market;

56. Therefore, as a result of the evaluation carried out for the infractions contained in letters e) and f), LXG SAFI meets the conditions established in Article 6, numeral 6.1 of the GRADUALITY REGIME, so that, according to said conditions, it corresponds to apply a warning sanction for each of the infractions committed;

57. 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 said SANCTIONING CRITERIA or of the aggravating circumstances contemplated in Article 6, numeral 6.3, subsection 6.3.2, of the GRADUALITY REGIME 17 have been determined;

58. In addition to the above, it corresponds to analyze the exempting and mitigating conditions of responsibility established in Article 257° of the TUO LPAG 18
    , as well as the mitigating and exempting conditions of responsibility established in Articles 26° and 27° of the SANCTIONS REGULATION;

“6.3 AGGRAVATING CIRCUMSTANCES
(…)
6.3.2 In the event that the existence of any of the following elements is proven: (i) serious impact on the protected legal interests; (ii) concrete harm to investors or associates; (iii) obtaining an undue benefit; (iv) intent in the commission of the infraction; the amounts resulting from the application of what is stated in the preceding points may be increased up to the maximum allowed by the corresponding law, taking into account the principles of reasonableness and proportionality and what is provided for in Article 4.”

“Article 257.- Exempting and mitigating conditions of responsibility for infractions 1.- The following constitute exempting conditions of responsibility for infractions:
a) Force majeure or fortuitous event duly proven. b) Acting in compliance with a legal duty or the legitimate exercise of the right of defense. c) Mental incapacity duly proven by the competent authority, provided that this affects the ability to understand the infraction. 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 possible sanctioned party of the act or omission imputed as constitutive of an administrative infraction, prior to the notification of the charge imputation referred to in subsection 3) of Article 235.

2.- The following constitute mitigating conditions of responsibility for infractions:
a) If an administrative sanctioning procedure has been initiated, the infractor 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 value. b) Others that are established by special regulation.”

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

59. Regarding this, it is not observed that in the present case any of the conditions that constitute exempting conditions of responsibility have been configured;

60. Likewise, we must indicate that according to Article 28, letter c) 19 of the SANCTIONS REGULATION, the late presentation of important facts and financial information, among others, is not subject to remediation for the purposes of letter f) of Article 27 20 of said Regulation;

61. With regard to the voluntary declaration of the commission of the infractions and the contribution of the infractor to their clarification, established in Article 257°, numeral 2, letter a) of the TUO LPAG and in Article 26°, letters a) and b) of the SANCTIONS REGULATION, it must be pointed out that LXG SAFI has recognized its responsibility for the infractions under analysis, expressly and in writing, within the deadline granted for the presentation of defenses; as well as has contributed to their clarification;

62. In this sense, considering what has been stated above, and that this sanctioning procedure is related to infractions whose determination and proof is objective based on a deadline by which the information must be presented, in addition to the fact that its detection is evidenced as a result of the supervision and control activities carried out by the SMV continuously regarding the compliance with the timely presentation of information provided by the RHI; it corresponds to apply a warning sanction for each of the infractions committed;

63. Being subject to what is provided for in Article 32°, numeral 17, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF and its amendments, as well as to the SANCTIONING CRITERIA and its amendment;

RESOLVES:

Article 1º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated the important fact referred to the approval of the designation of the external audit firm for the 2021 fiscal year.

Article 2º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated

“Article 28.- Cases in which remediation does not apply as an exempting condition of responsibility (…) c) The late or incomplete presentation, or the non-presentation of important facts, financial information and annual reports.”

“Article 27.- Exempting conditions of responsibility for infractions (…) f) Voluntary remediation by the possible sanctioned party of the act or omission imputed as constitutive of an administrative infraction, prior to the notification of the charge imputation referred to in the LPAG and always that no communication demanding compliance with the obligation had been issued.”

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

the important fact referred to the approval by the General Management of LXG SAFI of the individual interim financial statements and management report of the fund “LXG Latin American High Yield Bond Fund, FI – In Liquidation”, corresponding to the third quarter of the 2021 fiscal year.

Article 3º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated the important fact referred to the approval by General Management of LXG SAFI of the individual interim financial statements and management report of the fund “LXG Amazon Reforestry Fund - FI”, corresponding to the third quarter of the 2021 fiscal year.

Article 4º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated the important fact referred to the presentation of documents that were approved through the agreements adopted in the General Meeting of Participants of the fund “LXG Latin American High Yield Bond Fund, FI – In Liquidation”.

Article 5º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated the periodic information referred to the individual annual financial statements together with the external financial audit report of the fund “LXG Amazon Reforestry Fund - FI”, corresponding to the 2023 fiscal year.

Article 6º.- Declare that LXG Asset Management S.A. Sociedad Administradora de Fondos has committed 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 communicated the periodic information referred to the Annual Report of the fund “LXG Amazon Reforestry Fund - FI”, corresponding to the 2023 fiscal year.

Article 7º.- Sanction LXG Asset Management S.A. Sociedad Administradora de Fondos with six (6) warnings, for what is provided for in Articles 1°, 2°, 3°, 4°, 5° and 6° of this resolution.

Article 8º.- This resolution does not exhaust the administrative route, unless it is consented, it may be challenged before the Adjunct Superintendent of Prudential Supervision by filing a reconsideration appeal, presented before the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 9º.- In the event that this resolution is not subject to challenge through a reconsideration appeal within the term of fifteen (15) business days of being notified and becomes final, it must be published on the Institutional Website of the SMV in the Unique Digital Platform of the Peruvian State, in observance of what is provided for in numeral 1, Article 7° of the Policy on dissemination of normative projects, general character legal norms, early agenda and other administrative acts of the SMV, approved by SMV Resolution No. 014-2014-SMV/01

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

and its amendment, and for what is provided for in Article 14° of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01.

Article 10º.- Transcribe this resolution to LXG Asset Management S.A. Sociedad Administradora de Fondos.

Register, communicate and publish.

OMAR GUTIÉRREZ OCHOA
Adjunct Superintendent
Adjunct Superintendent of Prudential Supervision