Adjunct Superintendent Resolution on Prudential Supervision No. 008-2025-SMV/10 — SMV — PE

PERU Ministry of Economy and Finance

SMV
Securities Market
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Electronically signed document under 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. 008-2025-SMV/10 Lima, January 31, 2025 Summary: Plan Rentable Perú S.A.C. Ex Collective Fund Administrator Company is sanctioned with a fine of two 2 UIT, for having committed three (3) minor infractions typefied in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, for failing to send to the associate, the account statements for the contracts signed. Likewise, the filing of the administrative sanctioning procedure against Plan Rentable Perú S.A.C. Ex Company Collective Fund Administrator is declared due to not having committed a (1) minor infraction typefied in Annex XIII, numeral 3, item
3.7 of the Sanctions Regulation, upon accreditation
that it sent part of the account statements of one of the contracts signed.
Administered by: Plan Rentable Perú S.A.C. Ex Collective Fund Administrator Company Subject: Administrative sanctioning procedure File No.: 2024040023 The Adjunct Superintendent of Prudential Supervision SEEN:
Administrative file No. 2024040023, and Report No. 1439-2024-SMV/10.3, issued by the General Superintendent of Prudential Compliance as well as the defenses of Plan Rentable Perú S.A.C. Ex Collective Fund Administrator Company 1 (hereinafter, PLAN RENTABLE); and,

1 By Superintendent Resolution No. 093-2023-SMV/02 dated November 6, 2023, the operating authorization of Plan Rentable SAC as a Collective Fund Administrator Company was revoked. By Superintendent Resolution No. 012-2024-SMV/02 of February 2, 2024, the reconsideration appeal filed by Plan Rentable Perú S.A.C. against Superintendent Resolution No. 093-2023- SMV/02 was declared unfounded.

PERU Ministry of Economy and Finance

In accordance with Article 1° of Law No. 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 Superintendence (SMV), so that any reference to
CONASEV in legal norms shall be understood as made to the SMV;
I. FACTS
On September 17, 2019, the COMPLAINANT 2
, represented by the REPRESENTATIVE, signed with PLAN RENTABLE the Collective Fund Administration Contract No. 002415, corresponding to the “Special Program Plan 60”, Group No. 6005, Associate No. 099, Vacancy 01, for the allocation of a purchase certificate of US$ 16,000.00 (Sixteen thousand and 00/100 US dollars) (hereinafter, CONTRACT 1);
On January 15, 2021, the COMPLAINANT signed
with PLAN RENTABLE the Collective Fund Administration Contract No. 004302, corresponding to the “Special Program Plan 60”, Group No. 6005, Associate No. 033, Vacancy 05, for the allocation of a purchase certificate of US$ 16,000.00 (Sixteen thousand and 00/100 US dollars) (hereinafter, CONTRACT 2);
On November 15, 2021, the COMPLAINANT
signed with PLAN RENTABLE the Collective Fund Administration Contract No.
004300, corresponding to the “Special Program Plan 60”, Group No. 6005, Associate No.
002, Vacancy 04, for the allocation of a purchase certificate of US$ 16,000.00 (Sixteen thousand and 00/100 US dollars) (hereinafter, CONTRACT 3);
By letter received on July 12, 2024, the
COMPLAINANT filed a complaint with the Securities Market Superintendence (SMV) against PLAN RENTABLE 3 , in which he refers, among others, that PLAN RENTABLE never sent him his account statements to his provided email;
With Letter No. 3247-2024-SMV/10.3, notified on
July 26, 2024 (hereinafter, LETTER), the complaint filed by the COMPLAINANT was transferred to PLAN RENTABLE, in order to send the corresponding comments and he was required, among other information, the following documentation and/or information:
“(...)
c. Copy of the account statements corresponding to the Contracts, since their signing, as well as their respective submission receipts to the Complainant.
(...)
”;
On August 9, 2024, PLAN RENTABLE sent to the
SMV its comments and part of the required information via the LETTER, however, it did not present the aforementioned documentation;

2 In the annex attached to this resolution, the complete data of the natural persons to whom the designations used in this resolution belong are detailed, and likewise, if applicable, the email addresses 3 File No. 2024030070.

PERU Ministry of Economy and Finance

SMV
Securities Market
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Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship
8. By Letter No. 4274-2024-SMV/10.3 notified
on September 25, 2024 (hereinafter, LETTER OF CHARGES), an administrative sanctioning procedure was initiated against PLAN RENTABLE, imputing charges for some facts related to the complaint of the COMPLAINANT;
9. On October 4, 2024, PLAN RENTABLE presented
its defenses and additional information, in response to the LETTER OF CHARGES;
10. The charges formulated against PLAN RENTABLE have been
subject to evaluation by the General Superintendent of Prudential Compliance in the Report No. 1439-2024-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
11. In observance of the Principle of Due
Process contemplated in article IV, item 1, numeral 1.2 of the Preliminary Title, as well as in article 248°, numeral 2, of the Single Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, published on January 25, 2019 (hereinafter, TUO OF THE LPAG), by Letter No. 4915-2024-SMV/10, the administrative file to which this resolution refers was made available to PLAN RENTABLE for its review;
II. MATTERS TO DETERMINE
12. In the present administrative procedure, at
the discretion of this Adjunct Superintendence, it corresponds to determine the following:
a. Whether PLAN RENTABLE incurred or not in the infraction established in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by Resolution No. 035-2018- SMV/01 (hereinafter, SANCTIONS REGULATION), for failing to send the monthly account statements to the COMPLAINANT, corresponding to CONTRACT 1, during its validity; b. Whether PLAN RENTABLE incurred or not in the infraction established in Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, for failing to send the monthly account statements to the COMPLAINANT, corresponding to CONTRACT 2, during its validity;
c. Whether PLAN RENTABLE incurred or not in the infraction established in Annex XIII, numeral 3,
item 3.7 of the SANCTIONS REGULATION, for failing to send the monthly account statements to the COMPLAINANT, corresponding to CONTRACT 3, during its validity; d. Whether it corresponds or not to impose sanctions on PLAN RENTABLE;
III. ANALYSIS
3.1 Of the Applicable Normative
13. The seventh clause, numeral 7.1, letters f) and k) of
the contracts signed by the COMPLAINANT, establishes that they are obligations of PLAN RENTABLE, among others, the following:
“7.1 The following constitute obligations of Plan Rentable:
(...)

PERU Ministry of Economy and Finance

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Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship f) Notify the associates, via the modality chosen by the associate for the communications of this contract, the schedule of allocation assemblies as well as the account statement of their contract. (...) . (...) k) Send to the associate any communication referred to in the Regulation. (...) ”;
14. Regarding the obligation of collective fund administrator companies to provide account statements to associates,
article 70 of the REGULATION provides as follows:
“Article 70°.- Obligation to provide periodic information to Associates The administrator has the obligation to provide information to its associates about their account statements and the schedule of Assemblies. (...) Account statements must be sent at least in the periodicity in which the Assemblies are held. The schedule of Assemblies must be sent with a minimum periodicity of three (03) months. (...). The associate's account statement must contain as a minimum the information contained in Annex 8. The modality to be used to provide the aforementioned information must be agreed upon in the Contracts. Additionally, the Administrator may use different electronic communication means that allow the Associate to be in a position to take adequate and timely knowledge of the respective information. In the event that email is used, this means must guarantee non-repudiation and allow traceability of the communication.”;
3.2. Of the Charges Formulated
A. Regarding the submission of account statements corresponding to CONTRACT 1
15. In accordance with the normative established,
administrator companies have, among others, the obligation to provide information to their associates about their account statements, which must be sent at least in the same periodicity in which the assemblies are held and, through the modality established in CONTRACT 1;
16. In that sense, PLAN RENTABLE had to send to the
COMPLAINANT, in his capacity as associate of the “Special Program Plan 60”, Group No.
6005, corresponding to CONTRACT 1, his account statements during the validity of his contract, at least in the periodicity in which the assemblies are held, that is to say for the present case, they had to be sent monthly;
17. Regarding this, the COMPLAINANT complained that PLAN
RENTABLE never delivered his monthly account statements to the provided email. It is worth clarifying that CONTRACT 1 was signed on September 17, 2019, and was resolved on January 11 2021 4 , as stated in the account statement as of August 7, 2024, presented by PLAN RENTABLE. Likewise, it is worth noting that in CONTRACT 1

4 Which is in concordance according to the information sent by PLAN RENTABLE via the Associates Status File (SIT). According to what is stated in the “Technical Specifications Manual for the submission to the SMV of information from collective fund administrator companies” approved by Superintendent Resolution No. 102-2016-SMV/02.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship it has been recorded as “chosen alternative to receive communications from Plan Rentable” the email address Correo1 and the home address DIRECCIÓN1;
18. Thus, in the framework of the preliminary investigations
effected in attention to the complaint filed by the COMPLAINANT, via the LETTER (letter c) the administrator company was required the submission receipts of all account statements sent to the COMPLAINANT since the signing of the contracts;
19. Nevertheless, PLAN RENTABLE has not complied with
presenting the submission receipts to the COMPLAINANT of any account statement corresponding to CONTRACT 1, nor any other evidentiary means that accredits the submission of the account statements of the referred contract. Therefore, it is observed that PLAN RENTABLE would have failed to comply with what is established in the seventh clause, numeral 7.1, letters f) and k) of CONTRACT 1 and article 70 of the REGULATION, in that it would not have complied with sending the monthly account statements to the COMPLAINANT, during the validity of CONTRACT 1;
20. In that sense, it was imputed to PLAN RENTABLE that
it would have incurred in one (1) infraction qualified as minor, according to Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes infraction: “Not to timely send to associates the information on the account statements or schedule of assemblies”; B. Regarding the submission of account statements corresponding to CONTRACT 2
21. In accordance with the normative established,
administrator companies have, among others, the obligation to provide information to their associates about their account statements, which must be sent at least in the same periodicity in which the assemblies are held and, through the modality established in CONTRACT 2;
22. In that sense, PLAN RENTABLE had to send to the
Complainant, in his capacity as associate of the “Special Program Plan 60”, Group No.
6005, corresponding to CONTRACT 2, his account statements during the validity of his contract, at least in the periodicity in which the assemblies are held, that is to say for the present case, they had to be sent monthly;
23. Regarding this, the COMPLAINANT complained that PLAN
RENTABLE never delivered his monthly account statements to the provided email. It is worth clarifying that CONTRACT 2 was signed on January 15, 2021, and was resolved on November 02 2021, as stated in the account statement as of August 7, 2024, presented by PLAN RENTABLE. Likewise, it is worth noting that in CONTRACT 2 it has been recorded as “chosen alternative to receive communications from Plan Rentable” the email address Correo1 and the home address DIRECCIÓN1;
24. Thus, in the framework of the preliminary investigations
effected in attention to the complaint filed by the COMPLAINANT, via the LETTER (letter c) the administrator company was required the submission receipts of all account statements sent to the COMPLAINANT since the signing of the contracts;
25. Nevertheless, PLAN RENTABLE has not complied with
presenting the submission receipts to the COMPLAINANT of any account statement

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship corresponding to CONTRACT 2, nor any other evidentiary means that accredits the submission of the account statements of the referred contract. Therefore, it is observed that PLAN RENTABLE would have failed to comply with what is established in the seventh clause, numeral 7.1, letters f) and k) of CONTRACT 2 and article 70 of the REGULATION, in that it would not have complied with sending the monthly account statements to the COMPLAINANT, during the validity of CONTRACT 2;
26. In that sense, it was imputed to PLAN RENTABLE that
it would have incurred in one (1) infraction qualified as minor, according to Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, according to which it constitutes infraction:
“Not to timely send to associates the information on the account statements or schedule of assemblies”;
C. REGARDING THE SUBMISSION OF THE ACCOUNT STATEMENTS CORRESPONDING TO CONTRACT 3
27. In accordance with the normative established,
administrator companies have, among others, the obligation to provide information to their associates about their account statements, which must be sent at least in the same periodicity in which the assemblies are held and, through the modality established in CONTRACT 3;
28. In that sense, PLAN RENTABLE had to send to the
COMPLAINANT, in his capacity as associate of the “Special Program Plan 60”, Group No.
6005, corresponding to CONTRACT 3, his account statements during the validity of his contract, at least in the periodicity in which the assemblies are held, that is to say for the present case, they had to be sent monthly;
29. Regarding this, the COMPLAINANT complained that PLAN
RENTABLE never delivered his monthly account statements to the provided email. It is worth clarifying that CONTRACT 3 was signed on November 15, 2021, and had validity until November 06, 2023 5 , date on which the authorization of operation of PLAN RENTABLE was revoked; and it was ordered, among others, the liquidation of the funds collective administered by PLAN RENTABLE;
30. Thus, in the framework of the preliminary investigations
effected in attention to the complaint filed by the COMPLAINANT, via the LETTER (letter c) the administrator company was required the submission receipts of all account statements sent to the COMPLAINANT since the signing of the contracts;
31. Nevertheless, PLAN RENTABLE has not complied with
presenting the submission receipts to the COMPLAINANT of any account statement corresponding to CONTRACT 3, nor any other evidentiary means that accredits the submission of the account statements of the referred contract. Therefore, it is observed that PLAN RENTABLE would have failed to comply with what is established in the seventh clause, numeral 7.1, letters f) and k) of CONTRACT 3 and article 70 of the REGULATION, in that it would not have complied with sending the monthly account statements to the COMPLAINANT, during the validity of CONTRACT 3;

5 By Superintendent Resolution No. 093-2023-SMV/02 dated November 6, 2023 and published in the newspaper “El Peruano” on November 9, 2023.

PERU Ministry of Economy and Finance

SMV
Securities Market
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Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship
32. In that sense, it was imputed to PLAN RENTABLE that
it would have incurred in one (1) infraction qualified as minor, according to Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes infraction: “Not to timely send to associates the information on the account statements or schedule of assemblies”;
3.3. Of the defenses
33. In attention to the LETTER OF CHARGES, PLAN RENTABLE
in its letter presented to the SMV on October 4, 2024, indicates that by involuntary error, it could not attach to the previous request (effected via the LETTER), the communications to the COMPLAINANT that motivated the present administrative sanctioning file, this with respect to the account statements. It adds that in order for the SMV to reevaluate its position with respect to the sanction to impose, PLAN RENTABLE requests that the emails attached to its letter be considered;
34. PLAN RENTABLE attached to its letter the following
documents: (i) Copy of the email sent by EMPLOYEE1, Head of the Collections Dept of PLAN RENTABLE (EMAIL2), to EMAIL1 (email recorded by the COMPLAINANT to receive communications from PLAN RENTABLE) dated May 24, 2022, via which PLAN RENTABLE sends to the COMPLAINANT his updated account statement as of the close of May 2022 6 , corresponding to CONTRACT 3; ii) Copy of the email sent by EMPLOYEE1, Head of the Collections Dept of PLAN RENTABLE (EMAIL2) to EMAIL1 dated August 24, 2022, via which PLAN RENTABLE sends to the COMPLAINANT his updated account statement as of the close of August 2022 7 , corresponding to CONTRACT 3; iii) Copy of the email sent by EMPLOYEE1, Head of Collections of PLAN RENTABLE (EMAIL2) to EMAIL1 dated November 24 2022, via which PLAN RENTABLE sends to the COMPLAINANT his updated account statement as of the close of November 2022 8 , corresponding to the CONTRACT 3; iv) Copy of the email sent by EMPLOYEE1, Head of Collections of PLAN RENTABLE (EMAIL2) to EMAIL1 dated August 23, 2023, via which PLAN RENTABLE sends to the COMPLAINANT his account statement of the month of August 2023 9 , corresponding to CONTRACT 3;
3.4 Evaluation of the defenses
35. It is worth noting that from the letter presented by PLAN
RENTABLE on October 4, 2024, it can be observed that PLAN RENTABLE sent the delivery receipts to the COMPLAINANT of the account statements corresponding to CONTRACT 3 for the months of May, August and November 2022, as well as, the account statement of the month of August 2023 via email to the COMPLAINANT. It is worth noting that EMAIL1 was recorded by the complainant as one of the “chosen alternatives to receive communications from Plan Rentable”, as observed on the first page of CONTRACT 3. In that sense, the submission of the

6 In the email it is observed that a PDF file named “CASARIEGO AGUILAR, BORIS SANTIAGO_6005-002-04.pdf” was attached 7 In the email it is observed that a PDF file named “CASARIEGO AGUILAR, BORIS SANTIAGO_6005-002-04.pdf” was attached 8 In the email it is observed that a PDF file named “CASARIEGO AGUILAR, BORIS SANTIAGO_6005-002-04.pdf” was attached 9 In the email it is observed that a PDF file named “CASARIEGO AGUILAR, BORIS SANTIAGO_6005-002-04.pdf” was attached

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship referenced account statements to the COMPLAINANT will be taken into account when determining and qualifying the corresponding administrative offense;
36. Without prejudice to the foregoing, it is necessary to state that PLAN RENTABLE, at the date of the commission of the alleged offenses,
had a functioning authorization granted by Superintendent Resolution No. 057-2015-SMV/02 of June 3, 2015 10 , which authorization was revoked by Superintendent Resolution No. 093-2023-SMV/02 of November 6, 2023 (hereinafter, RESOLUTION) 11 , so it had and has knowledge of the regulations under which the collective fund system operates, as well as the rights and obligations established in the contracts it administered; consequently, it had the obligation to act diligently as a collective fund administrator, however this did not occur, since the former administrator committed the offenses subject to charges;
37. The aforementioned points affected the fulfillment of its functions and obligations as a Collective Fund Administrator;
likewise, PLAN RENTABLE had the obligation to comply with the contracts signed, which establish the rights and obligations of the members and the former administrator; and whose model was authorized by the SMV, at the request of PLAN RENTABLE;
38. Additionally, PLAN RENTABLE was required to review its procedures for the timely delivery of account statements, in accordance with the
contracts signed and the established norms, and thus avoid situations like the one observed in the present administrative sanctioning procedure; A. Regarding the submission of account statements corresponding to CONTRACT 1
39. For the above reasons, according to the documents in the file, it is observed that PLAN RENTABLE did not comply with sending
monthly account statements to the COMPLAINANT during the validity of CONTRACT 1, that is, from September 17, 2019 to January 11, 2021, violating clause seven, item 7.1, letters f) and k) of CONTRACT 1 and article 70 of the REGULATION, since the former administrator has not presented proof of submission of the referenced account statements to the member;
40. Consequently, it is noted that PLAN RENTABLE committed one (1) offense classified as
minor, according to Annex XIII, item 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes an offense: "Not to timely send members information on account statements or assembly calendars"; B. Regarding the submission of account statements corresponding to CONTRACT 2
41. Likewise, it is observed that PLAN RENTABLE has not
complied with sending monthly account statements to the COMPLAINANT, during the validity of CONTRACT 2, that is, from January 15, 2021 to November 2, 2021, since the former administrator has not presented proof of submission of the referenced account statements to the member. Therefore, PLAN RENTABLE has failed to comply with what is established in clause seven, item 7.1, letters f) and k) of CONTRACT 2 and article 70 of the REGULATION;
42. Consequently, PLAN RENTABLE committed one
(1) offense classified as minor, according to Annex XIII, item 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes an offense: "Not to timely send members information on account statements or assembly calendars";
C. Regarding the submission of account statements corresponding to CONTRACT 3
43. As mentioned above, the
COMPLAINANT signed CONTRACT 3 on November 15, 2021; therefore, from that date until November 6, 2023 (the date on which the functioning authorization of PLAN RENTABLE was revoked 12), PLAN RENTABLE had the obligation to send monthly account statements corresponding to the COMPLAINANT;
44. Regarding this, by letter of October 4,
2024, PLAN RENTABLE presented four (4) emails through which it has proved that it sent the COMPLAINANT the account statements for the months of May, August and November 2022, as well as for the month of August 2023, corresponding to CONTRACT 3. Therefore, it corresponds to order the archiving of the offense subject to charges in these aspects; that is, regarding the referenced periods;
45. However, PLAN RENTABLE has not presented proof
of submission to the member corresponding to the account statements for November and December 2021, January, February, March, April, June, July, September, October and December 2022, as well as for January, February, March, April, May, June, July, September and October 2023 (until before the revocation of the functioning authorization), violating what is established in clause seven, item 7.1, letters f) and k) of CONTRACT 2 and article 70 of the REGULATION;
46. Consequently, PLAN RENTABLE committed one
(1) offense classified as minor, according to Annex XIII, item 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes an offense: "Not to timely send members information on account statements or assembly calendars";
IV. EVALUATION OF THE SANCTION
47. According to article 7 of Decree Law No.
21907 on Collective Fund Companies and article 25 of the SANCTIONS REGULATION; in concordance with article 248, item 3 13 of the Single Text of the Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS, and article 257 14 of the aforementioned normative body; the administrative sanctions imposed must take into account the criteria disposed by Decree Law No. 21907, the SANCTIONS REGULATION and the SINGLE TEXT OF THE LGAP;
48. Within that framework, the evaluation of the sanction
must consider: a) Offender's antecedents; b) Recidivism; c) Circumstances of the commission of the offense; d) Economic damage caused and its repercussion on the market; e) Illicit benefit resulting from the commission of the offense; f) Probability of detection of the offense; g) Severity of the damage to the public interest and/or protected legal good; h) Existence or not of intent in the offender's conduct;
49. In this sense, in order to harmonize the criteria
of the SINGLE TEXT OF THE LGAP, with those indicated in Decree Law No. 21907 and in the SANCTIONS REGULATION, and for these criteria to be considered adequately so that their valuation observes the principle of reasonableness and that the sanction to be imposed adapts to these, it proceeds to analyze the following criteria;
50. With regard to sanction antecedents, in
conformity with what is established by article 25, letter a) of the SANCTIONS REGULATION, antecedents constitute the firm sanctions imposed by the SMV within the period of four (4) years prior to the commission of the offense to be sanctioned. The aforementioned
article specifies that the commission of the same offense in the year prior to the offense to be sanctioned is not considered an antecedent;
51. In this sense, from the review carried out in said
period, it has been verified that PLAN RENTABLE has the following firm sanctions:

b) The probability of detection of the offense; c) The severity 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 offense within a period of one (1) year from when the resolution sanctioning the first offense became firm. f) The circumstances of the commission of the offense; and g) The existence or not of intent in the offender's conduct". 14 "Article 257°.- Exemptions and mitigating factors for liability for offenses 1.- The following constitute conditions exempting liability for offenses:
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 offense. 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 potential sanctioned party of the act or omission imputed as constitutive of administrative offense, prior to the notification of the charge referred to in item 3) of
article 255.
2.- The following constitute mitigating conditions for liability for offenses:
a) If, once an administrative sanctioning procedure has begun, the offender 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 amount. b) Others established by special norm".

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship No. Resolution Resolved Firmness Antecedent (*) i Resolution of Deputy Superintendent SMV No. 105- 2017 15 PLAN RENTABLE is sanctioned with five (05) warnings and a fine of 6 UIT, for having committed seven (07) minor offenses typified in Annex XIV, item 3, item 3.1 of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001- EF/94.10 and its modifications (hereinafter, PREVIOUS SANCTIONS REGULATION), for failing to comply with presenting periodic information within the deadline established in the applicable regulation. Likewise, it is declared that PLAN RENTABLE has not committed a minor offense typified in Annex XIV, item 3, item 3.1 of the PREVIOUS SANCTIONS REGULATION; consequently, the administrative sanctioning procedure is concluded in this regard. 23/11/2017 A, B and C ii Resolution of Deputy Superintendent SMV No. 007- 2019 16 PLAN RENTABLE is sanctioned with a fine of 12 UIT, for having committed seven (07) offenses of a serious nature typified in Annex XIX, item 2, item 2.12 of the PREVIOUS SANCTIONS REGULATION, for failing to comply with presenting Annual Independent Compliance Reports, Semi-Annual Compliance Officer Reports and Annual Special Audit Plans within the deadlines established in the Norms for the Prevention of Money Laundering and Financing of Terrorism. Subsequently, by Superintendent Resolution No. 080-2020-SMV/02, the appeal filed by PLAN RENTABLE was partially founded, ordering that the articles 1°, 3°, 4° and 5° of the Resolution of Deputy Superintendent SMV No. 007-2019-SMV/10 be set aside and, in consequence, order the archiving of the offenses indicated in the cited articles. Likewise, the fine imposed was modified to 5.14 UIT and what was established in articles 2°, 6° and 7° of the Deputy Superintendent Resolution No. 007- 2019-SMV/10 was confirmed, that is, that PLAN RENTABLE committed the commission of three (3) serious offenses typified in
Annex XIX, item 2, item 2.12 of the
PREVIOUS SANCTIONS REGULATION for failing to comply with presenting the 2015 Annual Independent Compliance Report and the Annual Special Audit Plans of 2017 and 2018 within the deadlines established in the Norms for the Prevention of Money Laundering and Financing of Terrorism. 25/08/2020 A, B and C

15 Notified on October 31, 2017.
16 The resolution was subject to appeal by PLAN RENTABLE. Subsequently, by Superintendent Resolution No. 080-2020-SMV/02, the appeal was partially founded.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship No. Resolution Resolved Firmness Antecedent () iii Resolution of Deputy Superintendent SMV No. 048-2019- SMV/10 17 PLAN RENTABLE is sanctioned with 40 UIT for having committed two (02) very serious offenses typified in
Annex XIV, item 1, items 1.1 and 1.7 and
in one (01) serious offense typified in Annex XIV, item 2, item 2.28 of the PREVIOUS SANCTIONS REGULATION, for having made improper use of the resources of the collective fund by using money from the members for purposes other than those permitted, for not having complied with remedying within the granted deadline the patrimony deficit and for not having complied with having prior authorization to carry out a transfer of shares, respectively. 22/01/2020 A, B and C iv Resolution of Deputy Superintendent SMV No. 001-2022- SMV/10 18 PLAN RENTABLE is sanctioned with a fine of 4 UIT, for having committed two serious offenses: one (01) typified in item 2.4 and another in item 2.1 of item 2 of Annex XIV of the PREVIOUS SANCTIONS REGULATION; for not keeping the accounting of the collective funds separately from the accounting of the collective fund administrator company, and not preparing the financial statements in observance of International Financial Reporting Standards; and not complying with providing information required by the SMV, respectively. 31/08/2023 C () Letters of consideration 12;
52. With regard to recidivism for the commission of the
same offense, the firm sanction imposed by the SMV within a period of one (1) year prior to the commission of the offense to be sanctioned is taken into account. Within this framework, it must be stated that PLAN RENTABLE does not present sanctions within the period indicated above, for the commission of the same offenses subject to analysis, in the present administrative sanctioning procedure, so recidivism is not configured;
53. With regard to the circumstances of the commission of the
offenses, it must be mentioned that PLAN RENTABLE, at the date of commission of the offenses subject to charges, knew the regulations regulating the collective fund system and in that sense, of the regulations relating to the rights of the members, as well as the regulations obliging to send account statements to members in accordance with what is established in the REGULATION and in the contracts it administered;

17 Notified on December 31, 2019. Subsequently, the resolution was subject to reconsideration by PLAN RENTABLE. However, by Deputy Superintendent Resolution No. 073-2023-SMV/02, the reconsideration request filed was declared inadmissible. 18 The resolution was subject to appeal by PLAN RENTABLE. Subsequently, by Superintendent Resolution No. 068-2023-SMV/02, the appeal was declared unfounded.

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SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship
54. However, in the present case it is observed that
PLAN RENTABLE did not comply with delivering the entirety of the account statements to the COMPLAINANT during the validity of CONTRACT 1, CONTRACT 2 and CONTRACT 3;
55. On this matter, it should be noted that PLAN
RENTABLE, in the development of its activities, was obliged to comply with the regulations regulating the exercise of its activities and its own internal procedures established in the corresponding manuals. Regarding this, the former administrator should have implemented the necessary procedures and controls for their proper observance. Likewise, it must be reiterated that PLAN RENTABLE had the obligation to comply with the contracts signed with its members, which establish the rights and obligations of the members and the former administrator and whose model was authorized by the SMV, at the request of PLAN RENTABLE;
56. Notwithstanding this, PLAN RENTABLE committed three
(3) offenses, since it has been proven that it did not comply with the monthly submission of account statements regarding CONTRACT 1, 2 AND 3; contracts that were valid for 17, 11 and 25 months; respectively, of which, PLAN RENTABLE only proved the sending of account statements for 4 months corresponding to CONTRACT 3; that is, it only complied with sending 7.5% of the cases;
57. With regard to the damage caused and the repercussion
on the market. In the present case, it has not been evidenced that the offenses in which PLAN RENTABLE has committed have produced a concrete quantifiable damage in the market; however, these facts affect the confidence of the members or potential members in the collective fund system;
58. Regarding the illicit benefit resulting from the
commission of the offenses. Regarding this, it should be noted that it has not been proved that PLAN RENTABLE has obtained a benefit that is directly related to the offenses subject to analysis in the present administrative procedure;
59. With regard to the probability of detection of the
offense. Regarding this, it must be indicated that the facts constitutive of the offense committed by PLAN RENTABLE were evidenced when verifying compliance with the applicable regulations for the development of its functions, based on the facts exposed by the COMPLAINANT in the complaint filed against the former administrator, so the probability of detection of the offense was low;
60. Regarding the severity of the damage to the public interest and/or
protected legal good. In the present case, it has not been possible to prove that the conduct of PLAN RENTABLE in the commission of the offenses subject to analysis in the present sanctioning procedure has caused damage to the public interest determinable;
61. However, a protected legal good has been affected,
consisting in the protection of the member, since PLAN RENTABLE has failed to comply with the obligation to provide periodic information to the member. The obligation unfulfilled aims to prevent the affectation of the interests of the members, particularly their confidence in the System, since the submission of account statements allows the former to verify the details of their contributions based on the fees paid, the administration fees charged by the administrator company and to carry out the control of their payments made on a monthly basis, as well as the other information established in Annex 8 of the 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

In this way, taking into account that PLAN RENTABLE had the obligation to act in strict compliance with the regulations applicable to it, such as the provisions established in CONTRACT 1, CONTRACT 2, CONTRACT 3, and the REGULATIONS, in safeguarding the collective fund system, the transgression of said regulations affects the legal interest referred to as market integrity, that is, the collective fund system, and specifically affects the confidence of the members or potential members in the collective fund system;
Regarding the existence or non-existence of intent in the offender's conduct, it must be specified that intent has not been verified in the conduct of PLAN RENTABLE regarding the infractions under analysis;
In addition to the above, it corresponds to analyze the exemptions and mitigating circumstances of liability established in article 257 of the TUO DE LA LPAG, as well as the mitigating and exempting conditions of liability established in articles 26 and 27 of the SANCTIONS REGULATION;
Therefore, in accordance with what is determined in article 257, numeral 1 of the TUO DE LA LPAG and article 27 of the SANCTIONS REGULATION, it is not observed that in the present case any of the circumstances that constitute conditions exempting liability have been configured;
With regard to the voluntary declaration of the commission of the infraction and the contribution of the offender to its clarification, established in article 257°, numeral 2, item a) of the TUO of the LPAG and in article 26°, letters a) and b) of the SANCTIONS REGULATION, it must be indicated that PLAN RENTABLE did present defenses only regarding the infraction linked to CONTRACT 3. However, it has not expressly recognized the commission of the infractions under evaluation; and has contributed to the clarification of the facts only regarding one of the imputed infractions referred to CONTRACT 3;
From the foregoing, it is concluded that PLAN RENTABLE has committed three (3) infractions classified as minor in Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, regarding which it corresponds to impose on PLAN RENTABLE a sanction of reprimand or a fine not less than one (1) nor greater than twenty-five (25) Tax Units (UIT) in accordance with article 39 of the SANCTIONS REGULATION;
In this regard, considering the analyzed sanctioning criteria, and in application of the Principle of Reasonableness contemplated in article 248°, numeral 3 of the TUO DE LA LPAG which states that the sanctions to be applied shall be proportional to the non-compliance classified as an infraction, it must be considered that regarding the infractions subject to charges, it has not been evidenced that these have had repercussions in the market or have caused a quantifiable economic damage. Likewise, it has not been verified that the former administrator company has obtained any illicit benefit with the commission of the infractions subject to charges, nor that it has had intent in its actions regarding this. Likewise, it has been verified that PLAN RENTABLE is not a repeat offender regarding the infractions. It should be noted that PLAN RENTABLE has submitted part of the charges of remittance of the account statements corresponding to CONTRACT 3;

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Being in accordance with what is provided by article 32°, numeral 16, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its modifications;

RESOLVES:

Article 1º.- Declare that Plan Rentable Perú S.A.C Ex Collective Fund Administrator has committed one (01) infraction of a minor nature typified in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N°035-2018-SMV/01, for not having complied with sending the monthly account statements to the associated party, corresponding to CONTRACT 1, during its validity.

Article 2º.- Declare that Plan Rentable Perú S.A.C Ex Collective Fund Administrator has committed one (01) infraction of a minor nature typified in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N°035-2018-SMV/01, for not having complied with sending the monthly account statements to the associated party, corresponding to CONTRACT 2, during its validity.

Article 3º.- Declare that Plan Rentable Perú S.A.C Ex Collective Fund Administrator has committed one (01) infraction of a minor nature typified in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N°035-2018-SMV/01, for not having complied with sending the monthly account statements to the associated party, corresponding to the account statements of November and December 2021, January, February, March, April, June, July, September, October, and December 2022, as well as January, February, March, April, May, June, July, September, and October 2023 of CONTRACT 3.

Article 4º.- Declare that Plan Rentable Perú S.A.C Ex Collective Fund Administrator has not committed one (01) infraction of a minor nature typified in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N°035-2018-SMV/01, for having complied with sending the monthly account statements to the associated party, corresponding to the account statements of May, August, and November 2022, as well as August 2023, of CONTRACT 3; consequently, the administrative sanctioning procedure is concluded in this regard.

Article 5º.- Sanction Plan Rentable Perú S.A.C Ex Collective Fund Administrator with a fine of two (02) Tax Units (UIT), valid at the time of effective payment of the fine for the commission of the infractions referred to in articles 1°, 2°, and 3° of this resolution.

Article 6º.- This resolution does not exhaust the administrative route, unless it is consented, and may be challenged before the Superintendence Adjunct of Prudential Supervision by filing a

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reconsideration or appeal, filed before the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 7º.- In the event that this resolution is not subject to challenge through reconsideration or appeal within the term of fifteen (15) business days of being notified and becomes consented, it must be published on the Institutional Page of the SMV in the Unique Digital Platform of the Peruvian State, in observance of what is provided by numeral 1, article 7º 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 and by what is provided in article 14° of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01.

Article 8º.- Transcribe this resolution to Plan Rentable Perú S.A.C Ex Collective Fund Administrator and to the COMPLAINANT.

Omar Gutiérrez Ochoa
Superintendent Adjunct
Superintendence Adjunct of Prudential Supervision

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