Adjunct Superintendent Resolution No. 023-2025-SMV/11

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Adjunct Superintendent Resolution SMV No. 023-2025-SMV/11 Lima, March 19, 2025 Subject: Declares INADMISSIBLE due to being out of time the reconsideration appeal filed by MINERA IRL LIMITED against the Adjunct Superintendent Resolution SMV No. 011-2025-SMV/11 Administered: MINERA IRL LIMITED Subject: Reconsideration Appeal filed against the Adjunct Superintendent Resolution No. 011-2025- SMV/11 File No.: 2024040025 The Adjunct Superintendent of Market Conduct Supervision SEEN:
The administrative file No. 2024040025 and Report No. 370-2025-SMV/11.2 (hereinafter, the Report) issued by the General Superintendent of Conduct Compliance (hereinafter, IGCC) of the Adjunct Superintendent of Market Conduct Supervision (hereinafter, SASCM); CONSIDERING:
I. FUNCTION AND COMPETENCE OF THE SASCM

1. That, the administrative file No. 2024040025
   contains the documentation and information regarding an administrative sanctioning procedure (hereinafter, PAS), which has been brought to the knowledge of the SASCM in observance of the exercise of the supervision function and the sanctioning power of the Securities Market Superintendence - SMV established through the Concorded Single Text of its Organic Law, Decree Law No. 26126 (hereinafter, LOSMV), and in the Single Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF-1 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), in force at the date the facts occurred and in articles 42 and 43 of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter,

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

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml ROF-SMV), in the sense that it is a specific function of the SASCM to resolve reconsideration appeals against the resolutions it issues;
II. FACTS
2. That, through Adjunct Superintendent Resolution SMV No. 011-2025-SMV/11 of January 31, 2025 (hereinafter, the
Resolution), it was decided to sanction Minera IRL Limited (hereinafter, Issuer) with a total of 43.05 UIT for having committed eight (8) infractions of a minor nature specified in subsection 3.1 of section 3 of Annex I of the Sanctions Regulation, which are detailed below: (i) communicating late the material fact regarding the approval of its consolidated interim financial statements as of June 30, 2023 (Charge No. 1); (ii) submitting late the consolidated interim financial statements as of June 30, 2023 (Charge No. 2); (iii) submitting late the audited annual individual financial statements for the 2022 fiscal year (Charge No. 3); (iv) submitting late the annual report for the 2022 fiscal year (Charge No. 4); (v) submitting late the audited annual consolidated financial statements for the 2022 fiscal year (Charge No. 5); (vi) submitting late the audited annual individual financial statements for the 2023 fiscal year (Charge No. 6); (vii) submitting late the annual report for the 2023 fiscal year (Charge No. 7); and, (viii) submitting late the audited annual consolidated financial statements for the 2023 fiscal year (Charge No. 8);
3. That, through a document presented on March 12, 2025,
the Issuer filed an appeal;
4. That, the formalities that appeals must comply with
have been the subject of evaluation in the Report, which has been submitted to the knowledge of the SASCM;
5. That, from the review of the appeal filed
by the Issuer, it must be noted that it was filed against the Resolution;
6. That, article 120 of the Single Ordered Text of the
General Administrative Procedure Law - Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO of the LPAG), collects the faculty of administrative contradiction, whereby the administered parties can challenge in the administrative route, acts that violate, disregard or infringe a right or legitimate interest; observing the parameters provided in article 217 of the TUO of the LPAG;
7. That, regarding appeal resources, subsection
217.2 of article 217 of the TUO of the LPAG establishes that only
definitive acts that end the instance and procedural acts that determine the impossibility of continuing the procedure or produce defenselessness are appealable;
8. That, pursuant to article 14 of the Sanctions
Regulation, regarding infractions for non-compliance with norms on timeliness for the submission of periodic or eventual information, only the filing of a reconsideration appeal by the administered parties is allowed; considering the nature of the infractions in the present case, the appealable reconsideration appeal corresponds;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml
9. That, subsection 207.2 of article 207 of the TUO of the
LPAG establishes the following:
"Article 207. Administrative Resources
(...)
207.2 The term for filing appeals is fifteen (15) peremptory days,
and they must be resolved within thirty (30) days, with the exception of the reconsideration appeal which is resolved within fifteen (15) days. Exceptionally, in administrative procedures of single instance under the competence of the directive councils of regulatory bodies, the reconsideration appeal is resolved within thirty (30) days." (Underline added);
10. That, likewise, regarding the reconsideration
appeal, article 219 of the TUO of the LPAG provides the following:
"Article 219.- Reconsideration Appeal
The reconsideration appeal shall be filed before the same body that issued the first act that is the subject of the challenge and must be supported by new evidence. In cases of administrative acts issued by bodies that constitute a single instance no new evidence is required. This appeal is optional and its non-filing does not prevent the exercise of the appeal of review."
11. That, with regard to the computation of the term for
determining the admissibility of the appeal, subsection
144.1 of article 144 of the TUO of the LPAG states the following:
"Article 144.- Start of Computation
142.1 The term expressed in days is counted from the next business day after the one on
which the notification or publication of the act is carried out, unless it specifies a later date, or if successive publications are necessary, in which case the counting starts from the last. (...);
12. That, likewise, article 5 of Law No. 31736, Law
that regulates administrative notification through electronic mailbox, provides:
"Article 5.- Procedures for validity and efficacy of notification through electronic mailbox (...)
5.6. The notification procedure through electronic mailbox begins with the
deposit of the administrative act or administrative action in the electronic mailbox of the administered party by the entity of the public administration, which, automatically, generates the electronic notification record and the acknowledgment of receipt which will contain the confirmation of receipt of the notification by the administered party; likewise, the communication is sent to the email and cell phone of the administered party with the data of the validly made notification. The administered party must effect the confirmation of receipt through the acknowledgment of receipt during the first five (5) next business days following the validly made notification. (...);"
13. That, on the other hand, article 25 of the Regulation of the
MVNet and SMV Virtual System, approved through SMV Resolution No. 004-2024- SMV/01 (hereinafter, MVNet Regulation), states the following:

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 4 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml "Article 25.- Moment and efficacy of Electronic Notifications (...)
25.2 Obligated Entities must access the message deposited in said Electronic
Mailbox during the five (05) first next business days following said deposit, with which it is understood that it confirms its receipt, generating the MVNET System automatically the Acknowledgment of Receipt Record. The Electronic Notification produces legal effects at the time it is recorded as having been received by the Obligated Entity, according to the date and time registered in the Acknowledgment of Receipt Record autogenerated by the MVNet System.
25.3 However, if the Obligated Entity does not access the message deposited in its Electronic
Mailbox within a period of five (5) business days from the Electronic Notification being made, it produces legal effects from the next business day after the expiration of this period. (...);"
14. That, pursuant to the norms cited above, it is necessary
to determine if the reconsideration appeal filed by the Issuer has been presented within the term established in the aforementioned regulation, according to the following facts:
(i) The Resolution issued on January 31, 2025, was deposited in the Electronic Mailbox of the Issuer through the MVNet System on February 06, 2025. (ii) As is evident from the Acknowledgment of Receipt Record of Electronic Notification, on February 13, 2025 at 12:01:25 am the MVNET System generated the aforementioned acknowledgment upon the expiration of the five (5) business days from the deposit of the Resolution in the Electronic Mailbox. (iii) From the review of the record contained in the MVNet System log it is verified that on February 13, 2025 at 09:29:56 a.m., the Issuer performed the first reading of the Resolution, it is also indicated that the reading of the Resolution was carried out by Mr. Jorge Franco Armas Rodríguez. (iv) From the file it is evident that on March 12, 2025, the Issuer filed the reconsideration appeal against the Resolution;
15. That, according to the foregoing, it corresponds to indicate
that notifications to issuers, through the MVNet System, produce legal effects at the time they are recorded as having been received by the Issuer, according to the date and time that is registered in the acknowledgment of receipt record autogenerated by the MVNet System. Likewise, the regulation provides that if the administered party does not access the message deposited in its Electronic Mailbox, as is the present case, it will produce legal effects from the next business day after the expiration of the five (5) business days period from the Electronic Notification being made;
16. That, in the present case, although the notification
record was generated on February 06, 2025, the Issuer by not having accessed the message deposited in the Electronic Mailbox within the term granted for it, the MVNet System generated the acknowledgment on the fifth business day according to what is provided in subsection
25.3 of article 25 of the MVNet System Regulation; that is, on February 13, 2025 at 12:01:25 am;
17. That, from the file it is evident that the Issuer has
presented its reconsideration appeal on March 12, 2025; that is, nineteen

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equality of Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 5 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml (19) business days after the Acknowledgment of Receipt of Notification, therefore this appeal is out of time, because the maximum term to present the said appeal expired on March 06, 2025, which is a peremptory term, according to subsection 207.2 of article 207 of the LPAG;
18. That, it should be specified that pursuant to what is provided by
article 222 of the TUO of the LPAG 2
, having expired the term to file the administrative appeal, the administered party lost its right to articulate said appeal, and the Resolution became final. Consequently, it corresponds to declare the appeal inadmissible, considering what is provided in subsection 227.1 of
article 227 of the TUO of the LPAG, which provides: "227.1 The resolution of the appeal will estimate
in whole or in part or dismiss the claims formulated in it or declare its inadmissibility. (...)" (Underline added); Being in accordance with what is provided in subsections 14 and 22 of
article 43 of the Regulation of Organization and Functions of the SMV, approved by
Supreme Decree No. 216-2011-EF;
RESOLVES:
Article 1st.- Declare INADMISSIBLE due to being out of time
the reconsideration appeal filed by MINERA IRL LIMITED against the Adjunct Superintendent Resolution No. 011-2025-SMV/11 of January 31, 2025.
Article 2nd.- Consider the administrative route exhausted.
Article 3rd.- Transcribe this Resolution to
MINERA IRL LIMITED.
Register, communicate and publish.
Carlos Rivero Zevallos
Adjunct Superintendent
Adjunct Superintendent of Market Conduct Supervision

2
"Article 222.- Final Act
Once the terms for filing administrative appeals have expired, the right to articulate them will be lost, leaving the act final." (Underline added)