Adjunct Superintendent Resolution No. 020-2025 — SMV — PE

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Adjunct Superintendent Resolution SMV No. 020-2025-SMV/11 Lima, March 10, 2025 Subject: Sanction CONSORCIO CEMENTERO DEL SUR S.A. with 0.15 UIT for having committed a minor infraction, typified in subsection 3.1 numeral 3 of Annex I of the Sanctions Regulation. Administered: CONSORCIO CEMENTERO DEL SUR S.A. Subject: Administrative Sanctioning Procedure of single administrative instance Main Type: Subsection 3.1 of numeral 3 of Annex I of the Sanctions Regulation MINOR INFRACTION File No.: 2024031819 The Adjunct Superintendent of Market Conduct Supervision SEEN:
The administrative file No. 2024031819, containing the administrative sanctioning procedure (hereinafter, PAS) initiated by the General Superintendent of Conduct Compliance of the Securities Market Superintendence – SMV (hereinafter, the IGCC), against CONSORCIO CEMENTERO DEL SUR S.A. (hereinafter, the Issuer); as well as Report No. 1495-2024-SMV/11.2 (hereinafter, the Report) issued by the IGCC; CONSIDERING:
I. FUNCTION AND COMPETENCE OF THE SASCM

That, the IGCC – the instructing body of the PAS referred to in the present case – has brought to the attention of the Adjunct Superintendent of Market Conduct Supervision of the SMV (hereinafter, SASCM), the PAS of administrative file No. 2024031819 with the aim that it issues a decision as the sanctioning body of single administrative instance for the case of infractions regarding timeliness in the presentation of periodic and eventual information. In this way, the SASCM assumes competence in observance of the exercise of the supervisory function and the sanctioning faculty of the SMV, established through the Unified Concorded Text of its Organic Law, Decree Law No. 26126 (hereinafter, LOSMV) and the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF-1 (hereinafter, TUO LMV); as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation); and in articles 42 and 43 of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM to impose sanctions in single administrative instance for the commission of infractions whose compliance control corresponds to the aforementioned Adjunct Superintendence. Likewise, the SASCM has the faculties to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship supervision and of the sanctioning faculty of the SMV, established through the Unified Concorded Text of its Organic Law, Decree Law No. 26126 (hereinafter, LOSMV) and the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF-1 (hereinafter, TUO LMV); as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation); and in articles 42 and 43 of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM to impose sanctions in single administrative instance for the commission of infractions whose compliance control corresponds to the aforementioned Adjunct Superintendence. Likewise, the SASCM has the faculties to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;
II. FACT, CHARGE, DEFENSES AND ALLEGATIONS
2.1 Fact
2. That, it was evaluated whether the Issuer complied with communicating in a timely manner the important fact referred to the agreements adopted in the General Shareholders' Meeting of June 19, 2023;
2.2 Charge
3. That, as a result of said evaluation, through Letter No. 3252-2024-SMV/11.2 of September 26, 2024 (hereinafter, the Charge Letter), the charge was formulated against the Issuer for having communicated in a belated manner the important fact referred to the agreements adopted in the General Shareholders' Meeting of June 19, 2023, regarding the distribution of profits and the establishment of the registration and delivery dates, agreements that should have been communicated on that same day; however, they were communicated belatedly on June 20, 2023 (File No. 2023027329);
2.3 Defenses
4. That, through a document presented on October 07, 2024, the Issuer stated that it recognizes the commission of the infraction, according to what is established in subsection a) of article 26 of the Sanctions Regulation;
5. That, additionally, the Issuer states: "(...) in the present case, it can be verified that our represented party proceeded immediately, of its own free will and with the intention to rectify as soon as possible the involuntary omission incurred, presenting the next day the regulation of the Important Fact, that is, on June 20, 2023, communicating the approval of the dividend distribution, agreed upon in the General Shareholders' Meeting of June 19, 2023.";
6. That, likewise, the Issuer adds: "(...) we are facing a minor infraction and, given the prompt and spontaneous regularization carried out, there has been no impact and no concrete economic damages to investors nor repercussion in the market have been evidenced.";

1 Through Supreme Decree No. 020-2023-EF, published on February 10, 2023 in the Official Gazette El Peruano, the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861 was approved.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
7. That, complementarily, the Issuer indicates that "(...) there has been no intent nor has any benefit been obtained from the omission incurred and that there has been no damage to the public interest, immediately and voluntarily remedying the omission attributed as an administrative infraction prior to notification and without any requirement for compliance with the obligation having existed.";
8. That, the Unified Ordered Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, (hereinafter, TUO of the LPAG), contains common rules for the actions of the administrative function of the State and regulates all administrative procedures developed in the entities, including special procedures. Likewise, numeral 3) of article 248 of the TUO of the LPAG, indicates the criteria regarding the graduation of the sanction: (a) The illicit benefit resulting from the commission of the infraction, (b) The probability of detection of the infraction, (c) The gravity of the damage to the public interest and/or protected legal good, (d) The economic damage caused, (e) Recidivism for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final, (f) The circumstances of the commission of the infraction, and (g) The existence or non-existence of intent in the conduct of the infringer;
9. That, the charge formulated, the defenses and the criteria regarding the graduation of the sanction have been the subject of evaluation in the Report, which has been brought to the attention of the SASCM;
10. That, in observance of what is provided by numeral 5 of article 255 of the TUO of the LPAG, through Letter No. 5329-2024-SMV/11 of November 22, 2024, the Report was sent to the Issuer so that it could formulate its allegations within a period of five (5) business days;
11. That, through a document of November 29, 2024, the Issuer presented its allegations, referring to the following:
"The aforementioned infraction (...) is typified in subsection 3.1 numeral 3 of Annex I of the Sanctions Regulation, and expressly establishes that this constitutes a minor infraction, because it is precisely recognized as an infraction of low impact.
(...) our represented party proceeded spontaneously to rectify the omission incurred the next day, so it presented the regulation of the important fact on June 20, 2023, so given the prompt regularization carried out, the impact has assumed null significance and no economic or other type of damage to investors or the market has been given or evidenced. We have not received any complaint or denunciation for any impact from this fact and, we must add, there has been no type of benefit in favor of CONCESUR. (...) furthermore, there has been no fraud or intent regarding the omission incurred and remedied, and there has been no damage to the public interest. (...) our represented party carried out the immediate and voluntary remediation of the omission attributed as an administrative infraction prior to notification and without any requirement for compliance with the obligation having existed.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship (...), we allow ourselves to disagree with the position of the Report that the present act would constitute a recidivism, since it must be considered that the previously infringing act occurred on June 08, 2021, and only became final on November 23, 2023, since the Adjunct Superintendent of Market Conduct Supervision itself pronounced itself later than usual due to the same COVID-19 pandemic situation. As the Report itself recognizes, the probability of detection of the infraction is high because its controls are frequent (and probably automated). In a normal situation, and unrelated to us, the infraction should have become final at the end of 2022, with which we would not fall into 'recidivism'. Furthermore, the calculation should not be computed from when the resolution leaving the sanction final is issued, but it must be retrotracted to the moment the infraction was committed, and from there compute the year until another infraction of the same nature is committed. That is the ratio of the norm, because otherwise it would depend on how long it takes for the sanction to become final. From the first infraction to the second, more than two years passed. Finally, we do not consider that in the present particular case the transparency of the securities market has been affected, since no damage or benefit was generated, and it was disclosed with hours of difference from the moment that the current Regulation of Important Facts establishes, which is within the same day. Let us remember that until its last modification, the Issuer had until the next day to report an Important Fact. The mere fact of the delay in the timeliness of communication of the important fact should not be considered as causing per se damage to the market. (...)";
III. ISSUES TO DETERMINE
12. That, in the present PAS it corresponds to determine the following:
(i) Whether the Issuer incurred or did not incur the infraction indicated in the Charge Letter and Report; (ii) Whether it corresponds or does not correspond to impose a sanction on the Issuer;
IV. ANALYSIS
4.1 Applicable Normativity
13. That, article 30 of the TUO of the LMV states: "The registration of a certain value or issuance program entails for its issuer the obligation to inform the SMV and, in its case, to the respective stock exchange or entity responsible for the management of the centralized trading mechanism, of the important facts, including ongoing negotiations, about itself, the value and the offer made of it, as well as to disclose such facts in a truthful, sufficient and timely manner. The information must be provided to said institutions and disclosed as soon as the fact occurs or the issuer takes knowledge of it, as the case may be." (Underline added);
14. That, numeral 5.1 of article 5 of the Regulation of Important Facts and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 (hereinafter, Regulation of Important Facts), contemplates that: "In the Annex that forms part of this Regulation, a list is included

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship enunciative of facts, acts, agreements and decisions, which has as its purpose to facilitate to the Issuer the identification, qualification and classification of the information that could qualify as an important fact.";
15. That, numeral 9.1 of article 9 of the Regulation of Important Facts, indicates: "The Issuer must inform its important fact as soon as such fact occurs or the Issuer takes knowledge of it, and in no case beyond the day on which it has occurred or has been known. (...)";
16. According to numeral 1 of Annex 1 of the Regulation of Important Facts, the following may qualify as important facts: "1. Convocation to shareholders' meeting, creditors' meeting or bondholders' assembly, indicating the respective agenda and the documentation that is available to shareholders, creditors and bondholders, as the case may be, as well as the agreements that are adopted in them." (Underline added);
17. That, the non-compliance in the timely presentation of important facts is typified in subsection 3.1 of numeral 3 of Annex I of the Sanctions Regulation, which states that it constitutes a minor infraction:
"Present 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, important facts and, annual reports." (Underline added);
18. That, according to article 35 of the Sanctions Regulation, such infraction is sanctionable with a reprimand or fine not less than one (1) UIT and up to twenty-five (25) UIT;
4.2 Evaluation of the case
19. That, in the administrative file No. 2024031819 which contains the documentation of the present PAS, it is appreciated that through Memorandum No. 3046-2023-SMV/11.1 of July 24, 2023 (File No. 2023031684), the General Superintendent of Conduct Supervision (hereinafter, IGSC) – the body of the SMV that has within its functions and faculties, the supervision of the compliance of the norms applicable to issuers with values inscribed in the RPMV – sent to the IGCC, the result of its evaluation, and specifically what refers to the present case;
20. That, it must be kept in mind that the procedures and legal forms with which the IGSC conducts its auditing and/or supervision activity and upon concluding it with a report of indications of infraction, determine that its pronouncement or opinion on a specific topic of supervision – which can even contain a decision, for example, the adoption of corrective measures – is an opinion on the merits of the matter; it must be specified that said opinion and the report of indications of infraction of the IGSC is not binding for the IGCC, as established in the second paragraph of article 9 of the Sanctions Regulation 23;
21. That, in this way it is had that in the evaluation of the facts related to the present PAS have intervened and participated previously to the issuance of this Resolution, two (2) other bodies of the SMV, functionally independent from each other and from this Office; first the IGSC which at its opportunity reported the indications of infraction and then the IGCC which, as a result of its evaluation, formulated the Charge Letter and the Report; and at this point of the PAS it corresponds to the Office of the SASCM to issue a pronouncement containing its decision regarding the mentioned charges, being precise to indicate that by the nature of the same, as previously indicated, it will be a decision of single administrative instance;
22. That, as previously indicated, through a document of October 07, 2024, the Issuer recognized its responsibility expressly and in writing for the commission of the infraction subject of charge;
23. That, the Issuer makes the recognition of responsibility by virtue of what is provided in subsection a) of numeral 2 of article 257 of the TUO of the LPAG 4 and subsection a) of article 26 of the Sanctions Regulation 5

2 In article 245 of the TUO of the LPAG it is indicated as forms or modes in which the auditing activity could be concluded the following: 1) Certificate of conformity of the activity developed by the administered; 2) Recommendation of improvements or corrections of the activity developed by the administered; 3) The warning of the existence of non-compliances not susceptible of meriting the determination of administrative responsibilities; 4) The recommendation of the initiation of a procedure with the aim of determining the administrative responsibilities that correspond; 5) The adoption of corrective measures and 6) Other forms as established by special laws. 3 Article 9.- PRELIMINARY INQUIRIES AS A CONSEQUENCE OF SUPERVISION ACTIONS (...) When said bodies conclude that there are sufficient indications of possible administrative infractions they send the corresponding reports to the General Superintendencies of Compliance, which determine if it corresponds to initiate or not an administrative sanctioning procedure. If the case, the General Superintendencies of Compliance may carry out additional inspections or investigations of the indications reported. In the case of possible infractions in the scope of the Regulation of the Participatory Financing Activity and its Managing Societies, the preliminary inquiries are carried out by the General Superintendent of Investigation and Innovation, dependency that if there are sufficient indications of possible administrative infractions will determine if it corresponds to initiate or not an administrative sanctioning procedure. (...). "Article 257.- Exemptions and mitigating factors of responsibility for infractions (...) 2.- The following constitute mitigating conditions of responsibility for infractions:
(...) a) If an administrative sanctioning procedure is initiated and the infringer recognizes its responsibility expressly and in writing.
In cases where the applicable sanction is a fine, it is reduced up to an amount not less than half of its amount."
"Article 26.- Mitigating factors of responsibility for infractions The following constitute mitigating conditions of responsibility for infractions:
a) Recognition of responsibility of the infringer expressly and in writing, once the administrative sanctioning procedure has been initiated.
When the applicable sanction is a fine, it is reduced, taking into account the following:

If the recognition of the infraction is presented within the period granted for the presentation of defenses, the amount of reduction will be fifty percent (50%).
(...)."

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document within the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
24. That, notwithstanding the above, the Issuer asks to take into account the arguments regarding the sanction criteria, which will be evaluated in the section where they are analyzed in a detailed manner;
25. That, regarding the allegations presented by the Issuer it is worth noting the following:
(i) Regarding that the Issuer "carried out the immediate and voluntary remediation of the omission attributed as an administrative infraction prior to notification and without any requirement for compliance with the obligation having existed"; it must be specified, that in accordance with article 28 of the Sanctions Regulation establishes:
"Article 28.- CASES IN WHICH REMEDIATION DOES NOT APPLY AS AN EXEMPTION OF RESPONSIBILITY (...)
Not subject to remediation (...):
c) The belated or incomplete presentation, or the non-presentation of important facts, financial information and annual reports."
In concordance with it, numeral 3.1 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with the norms that regulate the submission of periodic or eventual information, approved by SMV Resolution No. 006-2012-SMV/01, in force at the time of the commission of the infraction (hereinafter, Special Sanction Criteria), establish the following:
"3 EVALUATION PARAMETERS
3.1 Exemptions of responsibility
If it is determined that the infraction committed was the product of a fortuitous case or force majeure, the sanctioning bodies of the SMV may exempt the administered from responsibility."
Additionally, article 3 of the Regime of Graduality of Sanctions for belated submission of financial information, annual report and important facts, approved by Resolution No. 007-2023-SMV/01 of September 04, 2023 (hereinafter, New Regime of Graduality of Sanctions), clarifies this provision incorporating that:
"Article 3.- APPLICATION OF EXEMPTIONS AND MITIGATING FACTORS (...)
Voluntary remediation as an exemption of responsibility is not applicable according to the Sanctions Regulation, in the cases subject of the present norm."
In that sense, since the infraction subject of charge refers to the belated communication of an important fact, this defense argument is incompatible with the regulation of the securities market as indicated in the preceding normativity. Consequently, it is not procedent

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship said request for application of exemption from liability for voluntary remediation without prior requirement.
(ii) Likewise, regarding the defense arguments referred to the sanctioning criteria, these will be evaluated in the corresponding part of the Determination of the Sanction.
26. That, in this way, having proven the conduct constitutive of the infringement indicated above and having determined the administrative responsibility of the Issuer, it corresponds to analyze the proposal for sanction in attention to what is provided by the principle of reasonableness, as well as the provisions applicable to the recognition of the infringement, established in letter a), numeral 1, of article 26 of the Sanctions Regulation, which specifies that the express and written recognition of responsibility by the offender constitutes a mitigating condition of responsibility. It is important to specify that the application of this mitigating factor will be made at the time of determining the corresponding sanction;
V. DETERMINATION OF THE SANCTION
27. That, for the purpose of determining the possible sanction, in accordance with what is provided in paragraph 3.1 of numeral 3 of Annex I of the Sanctions Regulation, the infringement regarding late communication of material facts constitutes a minor infringement: “Present 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 negotiation mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated interim financial statements, management report, special audit report, material facts, and annual reports.” (Underline added);
28. That, in accordance with what is established in article 35 of the Sanctions Regulation, it corresponds that these infringements be sanctioned with a reprimand or a fine not less than one (01) UIT and up to the limit of twenty-five (25) UIT;
5.1 Sanctioning Criteria
29. That, having determined the commission of the imputed infringement, it corresponds to evaluate the applicable sanction in conformity with article 25 of the Sanctions Regulation, concordant with numeral 3) of article 248 of the TUO of the LPAG and article 344 of the TUO of the LMV, which develop the criteria for sanction graduation: (i) the sanctioning antecedents of the issuer, (ii) recidivism, (iii) the circumstances of the commission of the infringement, (iv) the economic damage caused and its repercussion on the market, (v) the illicit benefit resulting from the commission of the infringement, (vi) the probability of detection of the infringement, (vii) the gravity of the damage to the public interest and/or protected legal good and (viii) the existence or non-existence of intent in the conduct of the offender;
30. That, in addition to the previously cited norms, for the purpose of determining the sanction to be imposed on the Issuer for the non-compliance referred to the late communication of material fact, the Special Sanction Criteria must be taken into account;

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronic document digitally signed 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
31. That, it must be indicated that article 4 of the New Gradual Sanction Regime disposed its validity starting from January 01, 2024; and in article 2 of the referred Resolution, the Special Sanction Criteria are repealed;
32. That, in attention to the above and considering that the regulation has been modified during the processing of this administrative sanctioning procedure, it corresponds to analyze if in the present case the provisions of the New Gradual Sanction Regime must be applied by virtue of the Principle of Favorable Retroactivity, established in numeral 5) of article 248 of the TUO of the LPAG, which states that: “(…) sanctioning provisions in force at the moment the administrator incurs in the conduct to be sanctioned are applicable, unless the subsequent ones are more favorable to him”;
33. That, in accordance with what was previously mentioned, regarding the sanctioning criteria, it proceeds to analyze: (i) the sanctioning antecedents of the issuer, (ii) recidivism, (iii) the circumstances of the commission of the infringement, (iv) the economic damage caused and its repercussion on the market, (v) the illicit benefit resulting from the commission of the infringement, (vi) the probability of detection of the infringement, (vii) the gravity of the damage to the public interest and/or protected legal good and (viii) the existence or non-existence of intent in the conduct of the offender;
34. That, regarding the gravity of the damage to the public interest and/or protected legal good, the presentation of eventual information (material facts) in a timely manner has the purpose of allowing investors to adopt adequately informed investment decisions. In this way, investors are protected and asymmetry in access to information is reduced, therefore, the protected legal good is the transparency of the securities market, which, when transgressed, affects the public interest;
35. That, regarding the sanctioning antecedents, article 25 of the Sanctions Regulation establishes that the antecedents of the offender are the sanctions imposed on him by the SMV that became final within the four (4) years prior to the moment of the commission of the infringement to be sanctioned. Likewise, the commission of the same infringement in the year prior to the infringement to be sanctioned is not considered an antecedent, since this commission would be qualified as recidivism. In application of this criterion, it has been verified that the Issuer has no sanctioning antecedents;
36. That, regarding the recidivism of the offender, letter b) of article 25 of the Sanctions Regulation establishes that the final sanction imposed by the SMV within the period of one (1) year prior to the commission of the infringement to be sanctioned is taken into account. In this regard, it has been verified that the Issuer does not have the quality of recidivist;
37. That, with respect to the circumstances of the commission of the infringement, it has been verified that the Issuer presented its material fact referred to the General Shareholders' Meeting of June 19, 2023, in which the distribution of profits and the establishment of the registration and delivery dates were agreed upon. These agreements had to be communicated on the same day they were adopted; nevertheless, they were communicated late on June 20, 2023, that is, with a one calendar day delay. Also, as the Issuer indicates in its

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronic document digitally signed 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 written acknowledgment of responsibility, it has disposed of adopting the necessary measures to avoid that future non-compliances of the same nature happen again;
38. That, regarding the economic damage and its repercussion on the market, it has not been evidenced that the non-compliance has produced a quantifiable damage, understood as an economic damage occasioned to one or several investors. Nevertheless, we must point out that there is indeed a damage that affects the market because, not disseminating relevant information as a material fact in a timely manner, produces an affectation to the transparency of the securities market, which is considered a protected legal good;
39. That, with respect to the illegally obtained benefit, it must be pointed out that in the present case, there are not sufficient elements to indicate that the Issuer obtained an illegal benefit as a consequence of the commission of the infringement under evaluation;
40. That, regarding the probability of detection of the committed infringement, it is high, due to the fact that this type of non-compliances are corroborated by the SMV itself through periodic control actions;
41. That, regarding the existence or non-existence of intent in the conduct of the offender, it can be pointed out that there are not sufficient elements to indicate that the Issuer acted with intent in the commission of the infringement, so this criterion would not have been configured. However, it is necessary to indicate that despite there being no indications to point out that the Issuer acted with intent, it can be affirmed that the conduct of the Issuer was negligent, by not acting with the diligence required before obligations already known by the Issuer;
5.2 Evaluation of the Principle of Favorable Retroactivity
42. That, consequently, as has been indicated above, considering that the New Gradual Sanction Regime entered into force on January 01, 2024 and the present PAS was in process (instruction phase), it corresponds to analyze if this new regulation is more beneficial or not for the determination of the sanction to be imposed, by virtue of the Principle of Favorable Retroactivity, established in numeral 5 of article 248 of the TUO of the LPAG, by which it is possible to apply subsequent sanctioning norms to the commission of the offense as long as they benefit the administrator, it will proceed to grade the corresponding sanction taking into account the Special Sanction Criteria and also the New Gradual Sanction Regime;
43. That, numeral (iv) of the GUIDELINES FOR THE APPLICATION OF THE CRITERIA of the Special Sanction Criteria states that “Regarding non-compliance in the communication of eventual information, such as material facts: Based on one (1) UIT, the following amounts will be added in the cases indicated below: For each calendar day of delay, five percent (5%) of one (1) UIT will be added up to a maximum of one (1) UIT. (…)”;
44. That, numeral 6.2.3 of the CONSIDERATIONS FOR THE APPLICATION OF THE FINE SANCTION of the New Regime of Graduality states that “6.2.3 Regarding non-compliances in the communication

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronic document digitally signed 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 of material facts: Based on two (2) UIT, for each calendar day of delay, ten percent (10%) of one (1) UIT will be added up to forty (40) days equivalent to four (4) additional UITs to the base, additional percentage that is counted from the second day of delay, without prejudice to the fact that said amount could be higher if there are aggravating circumstances”;
45. That, in this sense, from the review of the Special Sanction Criteria and the New Gradual Sanction Regime, as detailed in the Report, it is observed that for the infringement subject of charge, the graduation of the Special Sanction Criteria, in force at the moment of the commission of the infringement, is more favorable, so it corresponds to impose on the Issuer a fine amounting to 0.30 UIT 6, equivalent to S/ 1,485.00 (One Thousand Four Hundred Eighty-Five and 00/100 Soles);
5.2 Acknowledgment of Responsibility
46. That, as has been indicated, the Issuer acknowledged responsibility regarding the infringement within the deadline to present defenses; therefore, numeral 1 of letter a) of article 26 of the Sanctions Regulation is applicable, which provides that, in the case the recognition is presented during the deadline granted for the presentation of defenses, the reduction amount will be fifty percent (50%);
47. That, finally, after having analyzed each of the Special Sanction Criteria contained in the Report, as well as the analysis carried out by this Assistant Superintendency, and of the acknowledgment of the offender as a mitigating circumstance of responsibility, it proceeds to reduce the sanction by fifty percent (50%); consequently, a total fine of 0.15 UIT equivalent to S/ 742.50 (Seven Hundred Forty-Two and 50/100 Soles) is imposed on the Issuer as a sanction; and,
Being in accordance with what is provided in numerals 13 and 36 of
article 43 of the Regulation of Organization and Functions of the SMV, approved by
Supreme Decree No. 216-2011-EF;
RESOLVES:
Article 1º.- Declare that CONSORCIO CEMENTERO DEL SUR S.A. has incurred one (1) infringement of a minor nature, typified in paragraph 3.1 of numeral 3 of Annex I of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, for the late presentation of the material fact referred to the General Shareholders' Meeting of June 19, 2023.
Article 2º.- Sanction CONSORCIO CEMENTERO DEL SUR S.A. with a total fine of 0.15 UIT equivalent to S/ 742.50 (Seven Hundred Forty-Two and 50/100 Soles), for what is provided in article 1° of this Resolution.
Article 3º.- This Resolution does not exhaust the administrative route, this one being able to be challenged before this Assistant Superintendency of Market Conduct Supervision by filing the reconsideration appeal, administrative appeal recognized in article 218 of the Single

6 Value of the UIT (2023): S/ 4 950 (Supreme Decree No. 309-2022-EF).

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronic document digitally signed 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 Ordered of the General Administrative Procedure Law – Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, within the deadline of fifteen (15) business days, counted from the day following its notification for being a procedure of single administrative instance. In case this Resolution is not challenged, it may avail itself of the regime of reduction of the corresponding sanction.
Article 4º.- In case this Resolution is not subject to challenge, it must be published on the “Institutional Page of the SMV on the Unique Digital Platform of the Peruvian State for Citizen Orientation (www.gob.pe/smv)”, in observance of what is provided in numeral 1 of article 7 of the “Policy on diffusion of normative projects, norms of general character, early agenda and other administrative acts of the SMV”, approved by Resolution SMV No. 014-2014-SMV/01, and by what is provided in the last paragraph of article 14 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01.
Article 5º.- Transcribe this Resolution to
CONSORCIO CEMENTERO DEL SUR S.A.
Register, communicate and publish,
Carlos Rivero Zevallos
Assistant Superintendent
Assistant Superintendency of Market Conduct Supervision

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