Adjunct Superintendent Resolution No. 058-2025-SMV/11

That, the administrative file No. 2025017956
contains the documentation and information regarding a PAS, which has been brought to the knowledge of the SASCM in observance of the exercise of the supervision function and of the sanctioning power of the SMV established through the Unified Concordant Text of its Organic Law, Decree Law No. 26126 (hereinafter, TUO LOSMV), and in the Unified Ordered Text of the Securities Market Law, Legislative Decree

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO of the LMV) 1; 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 and its amendments (hereinafter, ROF of the SMV), in the sense that it is a specific function of the SASCM, to impose sanctions in first administrative instance for the commission of infractions whose compliance control corresponds to said Adjunct Superintendence;
2. That, regarding the charges subject of the present
PAS, for not presenting documentation or information upon request of the SMV, two (2) administrative instances correspond, in accordance with the first paragraph of article 14 of the Sanctions Regulation and numeral 13 of article 43 of the ROFSMV, which establish that, among others, it is a specific function of the Adjunct Superintendent of the SASCM, to impose sanctions in first administrative instance for the commission of infractions whose compliance control corresponds to the SASCM. Complementary to this, in accordance with article 15 of the Sanctions Regulation and numeral 26 of article 12 of the ROF-SMV, the Superintendent of the Securities Market resolves appeals against resolutions issued in first instance by the Adjunct Superintendent of the SASCM, with the exception of single-instance procedures;
II. FACT, CHARGE AND DEFENSES OF THE ADMINISTERED
2.1 Fact
3. That, it was evaluated whether LM Quispe complied with its
obligation to present documentation or information requested by the SMV;
2.2 Charge
4. That, as a result of said evaluation, through
Letter No. 2515-2025-SMV/11.2 dated April 30, 2025 (hereinafter, the Charge Letter), the charge detailed below was formulated:
“In the framework of supervision actions on the compliance with the International Auditing Standards (NIA), during the audit of the financial statements of the 2022 exercise of JCR, the IGSC through Letter No. 1085-2023-SMV/11.1, notified on March 14, 2023 (File No. 2023001278), requested SOA LM Quispe to send the information and documentation related to its audit work of its financial statements of the 2022 exercise, within the granted deadline, which expired on March 31 2023; however, said request was not attended within the established deadline, for which reason, through Letter No. 1408-2023-SMV/11.1, notified on April 10, 2023, the IGSC reiterated its request, granting a new deadline of five (5) business days for its compliance. Nevertheless, SOA LM Quispe did not respond to the request made. It should be indicated that Letters No. 1085-2023-SMV/11.1 and No. 1408-2023-SMV/11.1, along with their respective notification receipts, are attached to this letter as Annex No. 01 and No. 02, respectively.

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

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship Consequently, it is noted that SOA LM Quispe would not have complied with attending the information request made by the SMV through Letter No. 1085-2023- SMV/11.1”. (Underline added);
5. That, the presentation within the indicated deadline of the
documentation or information requested by the SMV, is typified in item
3.6 of numeral 3 of Annex I of the Sanctions Regulation;
2.3 Defenses and allegations
6. That, through a writing dated May 20, 2025, LM
Quispe requested an extended deadline to present its defenses to the Charge Letter;
7. That, in attention to this, through Letter No. 2963-
2025-SMV/11.2 dated May 23, 2025 (hereinafter, Extended Letter), an extended deadline of ten (10) days was granted to LM Quispe to present its defenses to the Charge Letter, which would expire inevitably on June 04, 2025;
8. That, despite having been validly notified
personally on May 23, 2025 with the Extended Letter, to date, LM Quispe has not sent its defenses regarding the infraction imputed in the Charge Letter;
9. That, through Supreme Decree No. 004-2019-JUS,
the Unified Ordered Text of the General Administrative Procedure Law, Law No. 27444 (hereinafter, TUO of the LPAG), was approved, which 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 severity of the damage to the public interest and/or protected legal good, (d) The economic harm caused, (e) Recidivism for the commission of the same infraction within the 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;
10. That, the charge formulated and the criteria regarding the
graduation of the sanction have been the subject of evaluation in the Report, which has been brought to the knowledge of the SASCM;
11. That, in observance of what is provided by numeral
5 of article 255 of the TUO of the LPAG, through Letter No. 3846-2025-SMV/11 dated July 16 2025, the Report was sent to LM Quispe so that it could formulate its allegations within the deadline of five (5) business days. It should be specified that said letter was validly notified personally on July 18, 2025. However, to date LM Quispe has not presented allegations to the Report;
III. Issues to determine
12. That, in the present PAS it corresponds to determine the following:
(i) Whether LM Quispe incurred or did not incur the infraction indicated in the Charge Letter and Report; (ii) Whether it corresponds or not to impose a sanction on LM Quispe;

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship
IV. Analysis
4.1 Applicable Normativity
13. That, article 1 of the TUO LOSMV, states that the
SMV has the function: “(…) supervise the compliance of the international auditing standards by audit societies enabled by a college of public accountants of Peru and contracted by natural or legal persons subject to the supervision of the SMV in compliance with the norms under their competence, for which it may issue general provisions concordant with the referred international auditing standards and request them any information or documentation to verify such compliance.(…)”. (Underline added);
14. That, likewise, the penultimate paragraph of numeral 7,
article 3 of the TUO LOSMV, establishes, among others, that: “(…). In the framework of
the celebration of agreements and/or for the fulfillment of its institutional purposes, the SMV as the securities market authority may, within or outside an investigation or inspection, request any audit society, the documentation related to the audit or review of financial statements that they had performed, including copies of any information or documentation related to this service, of any legal person or autonomous patrimony, even if they do not participate in the securities market. (…)”. (Underline added);
15. That, regarding said non-compliance, LM Quispe would have
incurred in an infraction that is typified in item 3.6 of numeral 3 of
Annex I of the Sanctions Regulation, which states that it constitutes a minor infraction:
“Present outside the established deadline, or not present, the documentation or information, different from that indicated in the preceding numeral 3.1 to which they are obligated by the regulation or by request of the SMV or not send it according to the technical specifications, when applicable, or send it in an incomplete manner”. (Underline added);
16. That, according to article 35 of the Sanctions
Regulation, minor infractions are sanctionable with reprimand or fine not less than one (1) UIT and up to twenty-five (25) UIT;
4.2 Evaluation of the case
17. That, in the administrative file
No. 2025017956 which contains the documentation of the present PAS, it is appreciated that through Report No. 243-2025-SMV/11.1 dated February 17, 2025 (File No. 2023001278), the General Superintendent of Conduct Supervision (hereinafter, IGSC) —organ of the SMV that has within its functions and powers, the supervision of the compliance of the norms applicable to audit societies contracted by the companies with securities registered in the Public Registry of the Securities Market – RPMV, evaluating the indications of possible infractions, and sends, for its consideration, the reports of indications of infraction respective, to the IGCC—, sent to the IGCC, the result of its evaluation, and specifically what refers to the present case;
18. That, it must be kept in mind that the procedures
and legal forms with which the IGSC conducts its activity of fiscalization and/or supervision and upon concluding it with a report of indications of infraction, determine that its pronouncement or opinion on a specific topic of supervision —which even can contain a decision, such as for example, the adoption of measures

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship corrective—, 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, according to what is established in the second paragraph of article 9 of the Sanctions Regulation 23;
19. 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 administrative organs of the SMV, functionally independent from each other and from this Office; first the IGSC which at its time 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 corresponds to the Office of the SASCM to issue a pronouncement containing its decision regarding the mentioned charge, it being precise to indicate that by the nature of the same, as has been indicated previously, it will be a decision of first instance administrative;
20. That, at the date of elaboration of the Report, it has been
verified that LM Quispe has not sent the corresponding defenses to the charge formulated;
21. That, it has been verified in the receipt charge that
LM Quispe has not sent the corresponding allegations to the Report;
22. That, in that sense, according to what is provided in
numeral 4 of article 255 of the TUO of the LPAG and, what is indicated in item b) of
article 16 of the Sanctions Regulation, it proceeds with the evaluation of the charge
subject of the present PAS;
23. That, in the concrete case, the following
information has been verified:
(i) In the year 2023, the IGSC disposed the start of supervision actions oriented to evaluate the compliance of the NIA by LM Quispe in the audit performed to the Audited Annual Individual Financial Statements of the economic exercise 2022 of Latino America Risk Classifier Company S.A.; and, in use of the powers and attributes disposed in the ROF of the SMV, the IGSC requested LM Quispe information and documentation related to the audit work, through Letter No. 1085-2023-SMV/11.1 dated March 13, 2023. (ii) From the actions performed by the IGSC, it is adviced that the response deadline of the letter referenced in the previous paragraph, was notified on March 14, 2023 to LM Quispe, and expired on March 31, 2023; however, it was not attended by the audit society. (iii) Subsequently, having not obtained response to Letter No. 1085-2023-SMV/11.1 by LM Quispe, the IGSC reiterated the requests made through Letter No. 1408-2023-SMV/11.1, notified on April 10, 2023 to the audit society, granting it an additional deadline of five (5) business days computed from the next business day of its notification, for the purpose of sending to the SMV the documentation and information corresponding; however, both at the date of expiration of the additional deadline, and at the moment that the IGSC sent the indications to the IGCC, no response has been obtained from LM Quispe. (iv) The information request made by the IGSC comprised the following points:

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship “1.1. Send the records of current enablement granted by a College of Public Accountants of Peru of: (i) the audit society, (ii) of the partner in charge and, (iii) of the quality control reviewer.
1.2. Send the information indicated in Annex 01 of this letter.
1.3. Indicate in a punctual and specific manner the opportunity agreed for the
delivery of the respective audit report, which will be presented jointly with the audited annual financial statements of the exercise 2022 by the risk classifier company to the SMV; it must indicate in an express manner if the aforementioned is stipulated or not in the audit contract or another document signed by its represented and the risk classifier company.
1.4. Indicate, in the framework of the audit work plan, the actions or
actions contemplated by its represented in the event that limitations to the scope of the audit occur, due to lack of sufficient and adequate audit evidence, attributable to the risk classifier company, to conclude that the annual financial statements as a whole of the exercise 2022 are free of material misstatement, as well as to comply with the delivery of the respective audit report of the type modified opinion in the agreed deadline, in accordance with NIA 705 ‘Modified opinion in the audit report issued by an independent auditor’.
1.5. Indicate the internal control measures and/or strategies implemented by its
represented to face the current situation of social distancing and remote work due to the COVID-19 pandemic, for the purpose of obtaining audit evidence sufficient and adequate on the key issues of the audit, as well as for the audit report of the annual financial statements of the exercise 2022 to be issued and delivered within the deadline provided in the audit contract or another document signed by its represented and the risk classifier company.
1.6. Inform about the system, policies and procedures established by its
represented to comply with the elements of the quality control system applicable to the teams in charge, in accordance with the International Quality Control Standard – IQCS 1 and NIA 220, among which are the responsibilities of the partner in charge and of the quality control reviewer; compliance with ethical requirements and independence; procedures to accept and continue audit engagements; designation of team members with adequate competencies and capabilities; perform the audit and issue the respective reports in conformity with the NIA, professional norms and the legal and regulatory norms in force; as well as the follow-up and review of compliance and efficacy of the policies and procedures of the quality control systems of the firm”. (v) From the information requested to LM Quispe by the IGSC it is adviced two components essential in the supervision of the SMV in the securities market, which are: (i) supervise the compliance of the international auditing standards by the audit societies enabled by a college of public accountants of Peru and contracted by natural or legal persons subject to the supervision of the SMV; (ii) the power that the SMV as the securities market authority may, within or outside an investigation or inspection, request any

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship audit society, the documentation related to the audit or review of financial statements that they had performed.
24. That, from what is indicated above, it is found
duly accredited that LM Quispe, did not comply with delivering essential information to which it is obligated by having accepted being in charge of performing the audit to the Audited Annual Individual Financial Statements of the economic exercise 2022 of JCR Latino America Risk Classifier Company S.A., a risk classifier company registered in the RPMV, for which, in front of such refusal, the infraction of not presenting the documentation or information, to which it was obligated by request of the SMV, has been configured;
25. That, it is worth highlighting that, in the framework of the Sanctions
Regulation, it is established in its article 4, item q), that the participants of the securities market comprise both natural or legal persons that directly or indirectly intervene in said market 2 . Consequently, LM Quispe qualifies as an indirect participant of the securities market, by having performed the audit to the financial statements of supervised issuers, thus assuming responsibilities in front of the applicable regulatory norms;
26. That, therefore, it has been accredited the conduct
constitutive of the infraction contained in the Charge Letter and it determines the administrative responsibility of LM Quispe, by reason of which, it corresponds to analyze the proposal of sanction in attention to what is provided by the principle of reasonableness and to the sanction criteria, which will be evaluated in the following subsection;
V. Determination of the sanction
27. That, the non-compliance for not presenting the
documentation or information requested by the SMV, is typified in item
3.6 of numeral 3 of Annex I of the Sanctions Regulation, which states that
constitutes a minor infraction: “Present outside the established deadline, or not present, the documentation or information, different from that indicated in the preceding numeral 3.1 to which they are obligated by the regulation or by request of the SMV or not send it according to the technical specifications, when applicable, or send it in an incomplete manner”. (Underline added);
28. That, according to article 35 of the Sanctions
Regulation, minor infractions are sanctionable with reprimand or fine not less than one (1) UIT and up to twenty-five (25) UIT;
29. That, for the purpose of determining the sanction to be imposed
on the Issuer, the sanction criteria established in article 344 of the TUO of the LMV, numeral 3) of article 248 of the TUO of the LPAG and what is provided

“Article 4.- Terms and definitions
For the purposes of this Regulation, the following words have the scope indicated:
(…) q) Participant: Natural or legal person that directly or indirectly participates in the securities market or in the collective funds system. Includes, as applicable, the directors of: i) the legal persons of the entities to which the SMV grants authorization of operation and ii) the issuers of public offer securities. (…)”.

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship by article 25 of the Sanctions Regulation (hereinafter, Sanctioning Criteria); SANCTIONING CRITERIA
30. That, having determined the commission of the imputed infringement, it corresponds to evaluate the sanction in accordance 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 (hereinafter, Sanctioning Criteria);
31. That, in application of the aforementioned norms, the sanctioning criteria will be evaluated;
32. That, with respect to the gravity of the damage to the public interest and/or protected legal good, it must be indicated that the presentation of documentation or information required by the SMV constitutes a fundamental obligation in the transparency of the securities market, since with it it is sought to guarantee that market participants make their investment decisions of such or such value adequately informed. Likewise, the failure to pay attention to the requirements formulated by the SMV affects the SMV's supervisory work. Consequently, although no gravity of damage to the public interest is evidenced, the non-compliance with the obligation to inform the market within the deadline limits by participants affects the transparency of the market, which is considered a protected legal good;
33. That, with respect to the sanctioning antecedents, it has been verified that LM Quispe does not have sanctioning antecedents, in the terms referred to in literal a) of article 25 of the Sanctions Regulation, which establishes that the antecedents of the offender are the sanctions that have been imposed on it by the SMV and that became final within four (4) years prior to the moment of the commission of the infringement to be sanctioned, according to what was evaluated in the Report;
34. That, with respect to recidivism for the commission of the same infringement, it has been verified that there is no recidivism on the part of LM Quispe, in the terms referred to in literal b) of article 25 of the Sanctions Regulation, which provides that there is recidivism, for the commission of the same infringement within the term of one (1) year from when the resolution sanctioning the first infringement became final, according to what was evaluated in the Report;
35. That, in relation to the circumstances of the infringement, it is to be noted that, to date, LM Quispe has not complied with attending the information requirement formulated by the SMV through Letter No. 1085-2023-SMV/11.1;
36. That, with respect to the economic damage caused and its repercussion on the market, it has not been evidenced that the aforementioned non-compliance has produced a quantifiable damage, understood as an economic damage caused to one or several investors;
37. That, as for the illicit benefit resulting from the

PERU Ministry of Economy and Finance
SMV
Securities Market Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship commission of the infringement, it has not been accredited that the infringement incurred by LM Quispe has generated an illegal benefit;
38. That, on the other hand, with respect to the probability of detection of the infringement, it must be noted that the detection of non-compliance in the presentation of documentation or information required by the SMV is verified through internal control systems, therefore, for this type of non-compliance the probability of detection is high, such criterion does not modify the sanctions that are proposed;
39. That, with respect to the existence or non-existence of intent in the conduct of the offender, it has not been evidenced by this non-compliance that LM Quispe has acted intentionally or fraudulently;
40. That, in addition to the above, it corresponds to indicate that in the present PAS it has been verified that no exculpatory or mitigating circumstances of responsibility established in article 257 of the TUO of the LPAG, concordant with articles 26 and 27 of the Sanctions Regulation, have been presented;
41. That, in attention to the Sanctioning Criteria and the evaluation carried out by this Adjunct Superintendence, it corresponds to impose on LM Quispe as a sanction a (1) warning, advising that in the case that it issues audit reports to entities supervised or regulated by the SMV, it must subject itself to the norms that regulate this activity;
42. That, it corresponds to note that any auditing company that provides services to legal entities that participate in the securities market is subject to the obligations and duties indicated in the norms that regulate this market, therefore, any information requirement made by the competent bodies must be attended within the established deadlines, in order to ensure better transparency of the securities market, and;
Being in what is established 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 LM Quispe y Asociados Sociedad Civil has incurred a (1) minor infringement typified in inciso 3.6 of numeral 3 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having complied with attending the information requirements formulated by the SMV through Letter No. 1085-2023-SMV/11.1 and reiterated through Letter No. 1408-2023-SMV/11.1.
Article 2º.- Sanction LM Quispe y Asociados Sociedad Civil with a (1) warning, for what is stipulated in article 1° of this Resolution.
Article 3º.- This Resolution does not exhaust the administrative route, this being able to be challenged before this Adjunct Superintendence of Market Conduct Supervision through the filing of the reconsideration or appeal resource, administrative resource recognized in article 218 of the Single Text of the Law No. 27444, Law of the General Administrative Procedure, approved by Supreme Decree No. 004-2019-JUS, within the term of fifteen

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