Adjunct Superintendent Resolution on Prudential Supervision No. 013-2025-SMV/10

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship Adjunct Superintendent Resolution SMV No. 013-2025-SMV/10 Lima, March 10, 2025 Subject: Grupo Coril Bolsa Agent Society S.A. is sanctioned with a fine of 8 UIT, equivalent to S/ 39,600.00 (Thirty-nine thousand six hundred and 00/100 soles), for having committed one (1) very serious infringement typified in Annex I, numeral 1, clause 1.2 of the Sanctions Regulation, for carrying out operations or activities prohibited by regulations because resources from a trust received in custody in its intermediation account were used, with the authorization of this client, for a purpose that is not related to any of the operations on behalf of this client defined in Article 190 of the LMV. Administered: Grupo Coril Bolsa Agent Society S.A. Subject: Administrative sanctioning procedure File No.: 2024026014 The Adjunct Superintendent of Prudential Supervision SEEN:
The administrative file No. 2024026014, and Report No. 114-2025-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Grupo Coril Bolsa Agent Society S.A.; and, CONSIDERING:

1. In accordance with Article 1 of Law No. 29782, Law for the Strengthening of Securities Market Supervision, 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 referring to the SMV;
   I. FACTS
2. As a result of the supervision and control activities of the SMV, through Letter No. 2558-2024-SMV/10.3, notified on June 18, 2024 (hereinafter, CHARGES LETTER), an administrative sanctioning procedure was initiated against Grupo Coril Bolsa Agent Society S.A. (hereinafter, CORIL SAB), so that with a document presented on June 27, 2024, it presented the respective defenses;
3. The charges formulated have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 114-
   2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
4. In observance of the Principle of Due Process contemplated both in Article IV, clause 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 No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 0439-2025-
   SMV/10, the administrative file to which this resolution refers was made available to CORIL SAB for its review;
   II. MATTERS TO BE DETERMINED
5. In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:
   a. Whether CORIL SAB incurred or not in an infringement of what is established in Article 83 of the Regulation of Intermediary Agents, approved by SMV Resolution No. 034- 2015-SMV/01 and its amendments (hereinafter, RAI), for carrying out operations or activities prohibited by regulations; b. Whether it corresponds or not to impose a sanction on CORIL SAB;
   III. ANALYSIS
   OF THE APPLICABLE NORMS
6. Regarding this, it must be taken into account what is established by Article 190 of the Single Text of the Securities Market Law, Legislative Decree No. 861 and amendments, approved by Supreme Decree No. 020-2023-EF (hereinafter, LMV) 1:
   “Article 190.- OPERATIONS
   Bolsa agent societies are authorized to carry out the following operations:
   a) Buy and sell securities on behalf of third parties and also on their own account in centralized mechanisms or outside them; b) Provide advice on securities and stock market operations, as well as provide their clients with an information and data processing system; c) Place in the national or international market, securities with or without total or partial guarantee of their placement, within the deadlines and subject to the agreed conditions; d) Place in the country securities issued abroad; e) Temporarily subscribe to part or all of primary issuances of securities as well as temporarily acquire securities for their subsequent placement to the public; f) Promote the launch of public and private securities and facilitate their placement, being able to temporarily stabilize their prices or favor the liquidity conditions of such securities, provided there is prior agreement with the issuer or offeror and subject to the provisions issued by CONASEV;

1 Article 194 of the Securities Market Law, Legislative Decree No. 861.

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship g) Act as representative of bondholders; h) Place in the market the obligations they issue, applying the resources thus obtained to the activities that are their own; i) Provide portfolio management services; j) Manage mutual funds and investment funds; k) Provide securities custody services; l) Keep the accounting record of securities of their principals subject to what is established in Articles 212, 219 and 220; m) Grant credits, with their own resources, only with the object of facilitating the acquisition of securities by their principals, whether or not listed on the stock exchange and with the guarantee of such securities; n) Receive credits from companies of the financial system for the realization of the activities that are their own; o) Carry out foreign currency buy and sell operations in accordance with exchange regulations and the general provisions issued by the SMV. (*) p) Carry out operations in the international market with external public debt instruments of the country on their own account or on behalf of their principals; q) Carry out securities lending and repo operations in accordance with the general provisions issued by CONASEV; r) Act as trustee in securitization trusts; s) Carry out futures, options and other derivative operations, in accordance with the general provisions issued by CONASEV; and, t) Carry out all other operations and services that are compatible with the activity of intermediation in the securities market and product market, provided that Conasev authorizes them previously. u) Represent their clients, at their sole order, for the exercise of the right of preferential subscription as well as for the receipt of benefits”;
7. Likewise, articles 82 and 83 of the RAI, on the custody service, provide as follows:
“Article 82.- Definition
Custody is a service to the Agent's clients consisting of the care, conservation or deposit of Financial Instruments or resources; whether physical or represented by account entries under its administration, as appropriate The Agent provides this service free of charge or for a fee, or may, under its responsibility, hire a third party duly authorized to perform this service. In the case of account entries, the custody service is governed by the special norms of the matter The receipt, by the Agent, of any resource or Financial Instrument belonging to its clients, is part of the custody service The percentages referred to in the third paragraph of Article 250° of the Law are those detailed in ANNEX K of the Regulation.” “Article 83.- Basic rules The assets mentioned in the preceding article, which have been delivered in custody to the Agent, cannot be used for a different purpose, unless there is express authorization from the client and always that such purpose is related to any of the operations defined in articles 194 or 207 of the Law. (…).; OF THE OCCURRED FACTS
8. As part of its supervision actions, the
SMV carried out the evaluation of the intermediation activity in the over-the-counter market carried out by CORIL SAB; therefore, it requested CORIL SAB, among others, information on the investors who acquired the bonds issued by FONPRIV Investment Home Loans I- Private Investment Fund; the account statements, from March 1, 2023 to May 31, 2023, of said investors; the support for the origin of some money movements recorded in the account statements (See
Table 1); and the instructions of the principals;
Table 1: Money movements recorded in the account statements of
CORIL SAB clients
Internal Client Code Date Description Credit
(Soles)
32594 26/04/2023 PREPAY. AMORT. ACP-RTC E276 300,000.00 32594 26/04/2023 PREPAY. AMORT. ACP-RTC E350 200,000.00 32561 05/05/2023 PREPAY.AMORT.CUP.ACP E95 SER.D 40,074.78 32612 05/05/2023 PREPAY.AMORT.CUP.ACP-RTC E18 35,081.27 32637 11/05/2023 PREPAY.AMORT.CUP.ACP-RTCE99 SD 40,162.21 32708 18/05/2023 PREPAY AMORT.CUP.ACP-RTC 256 100,635.46 32740 26/05/2023 PREPAY.AMORT.ACP E102 SERIES C 50,000.00 32741 26/05/2023 PREPAY.AMORT.ACP E273 100,954.79 31082 29/05/2023 PAY AMORT ISSUE 97 ACP-RTC 902,520.00 TOTAL 1,769,428.51
9. In response to the request regarding the support for the
money movements described, CORIL SAB presented the instruction letters from Grupo Coril Securitization Society S.A., on behalf of the Patrimony in Trust ACP RTC (hereinafter, TRUST), to carry out money transfers from the resources of the TRUST held in CORIL SAB, to the accounts of the investors who, subsequently, acquired the bonds issued by FONPRIV Investment Home Loans I- Private Investment Fund;
10. In view of this, through Letter No. 4168-2023-
SMV/10.2 dated September 11, 2023, it was requested to CORIL SAB, to specify and documentarily prove, the service provided by CORIL SAB to the TRUST and explain the money movements detailed in the previous table; likewise, it was requested to send the account statement of the TRUST from March 1, 2023 to August 31 2023;
11. CORIL SAB responded to what was required in the letter
indicating the following:
“In our capacity as a bolsa agent society, Coril SAB has provided the Trust with the Custody service, a faculty permitted and established in Article 194, clause k) of the Single Text of the Securities Market Law, approved by Supreme Decree No. 20- 2023 and its amending norms, and Article 82 of the Regulation of Intermediary Agents, approved by SMV Resolution No. 034-2015-SMV/01 and its amending norms (hereinafter, RAI). Attached as Annex II is the aforementioned Custody Contract.

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship In that scenario we had the obligation to develop the instructions of the client due to the fact that we had custodied resources in the internal SAB account, so we proceeded in accordance with its instructions to generate the transfer according to the client's instructions. Not executing the instructions validly in accordance with our Client Policy, the RAI and the Norms for the Prevention of Money Laundering and Financing of Terrorism, approved by Conasev Resolution No. 033-2011- EF/94.01.1 and its amending norms, would imply not providing the service properly which contravenes the norms applicable to Intermediary Agents”;
12. As a result of the evaluation of the information
provided by CORIL SAB, through Letter No. 4483-2023-SMV/10.2 dated October 2, 2023 (hereinafter, LETTER 4483), it was indicated to the bolsa agent society that: i) from the beginning of the commercial relationship with the TRUST 2, no operation performed by the TRUST had been communicated to the SMV through daily files 3; ii) the TRUST did not maintain financial instruments in custody as evidenced in the TRUST's account statements, where only money movements are registered; iii) the credits received by the TRUST would have their origin in deposits of the same TRUST, under the concept of “investor deposit”; and iv) the debits or withdrawals recorded in the TRUST's account statements have their origin in the money transfers made to investors for the acquisition, by these, of bonds issued by FONPRIV Investment Home Loans I- Private Investment Fund;
13. Likewise, through LETTER 4483, it was indicated that
the Custody Contract of January 5, 2023, signed between CORIL SAB and the TRUST, establishes as its object that CORIL SAB provides the securities custody service, in accordance with the terms established in the contract, as well as the provisions of the SMV and other applicable norms; and that the securities to be custodied by CORIL SAB are those issued by the TRUST;
14. Without prejudice to the fact that the Custody Contract of January 5
2023, signed between CORIL SAB and the TRUST, establishes as its object that CORIL SAB provides the securities custody service, but not the resource custody service, it is worth adding that, in LETTER 4483, it was specified that, although Article 82 of the RAI defines the custody service as consisting of the care, conservation or deposit of financial instruments or client resources; Article 83 of the REGULATION establishes that these assets, which had been delivered in custody to CORIL SAB, cannot be used for a different purpose, unless there is express authorization from the client and always that such purpose is related to any of the operations defined in Article 190 of the LMV;
15. In that sense, it was indicated to CORIL SAB that the
TRUST only records money transfers, without all these income and cash out operations having their origin or being related to operations permitted by the LMV, carried out through CORIL SAB;
16. It should be noted that, LETTER 4483 specified that the
nature of this observation was reiterative in that it had already been

2 Occurred on December 10, 2020, according to client information sent by CORIL SAB through daily files, according to the Manual of Technical Specifications, approved by SMV Resolution No. 026-2012-SMV/01 and its amendments.
3 According to the information of policies sent by CORIL SAB through the daily files..

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship communicated previously to CORIL SAB through Letter No. 1835-2022-SMV/10.2 of date April 22, 2022. In response to said letter, CORIL SAB indicated that it would take the pertinent measures in order to correct said situation;
17. Therefore, it was exhorted to CORIL SAB to limit its
activities to those that are permitted for a bolsa agent society and adopt the pertinent control measures in compliance with what is established in the LMV and the RAI;
18. In response to LETTER 4483, with a document of October 9
2023, CORIL SAB manifested the following:
“In attention to it, we must specify that, as was pointed out in the previous response sent to the SMV, Coril SAB, as an intermediation agent, provided the Patrimony in Trust ACP RTC (hereinafter, “Trust”) with the Custody service, a faculty permitted and established in the LMV and in the RAI. Initially, that service had as priority to enter the values that the trust issued in accordance with Clause Third of the contract:
(…)
However, in the previous clause mention is made to the “applicable norms”, among which Article 82 of the RAI must be considered which defines the custody service:
(…)
In that sense, Coril SAB received financial resources belonging to the trust, custodied them and, by express authorization of this (instruction), they were transferred to third parties. Understand by financial resources, the money deposited by the client to the intermediation accounts of Coril SAB. It is worth highlighting that the instructions were in accordance with our Client Policy, the RAI and the Norms for the Prevention of Money Laundering and Financing of Terrorism, approved by Conasev Resolution No. 033-2011-EF/94.01.1 and its amendments. Insofar, the transfer of the financial resources of the Trust to other clients was backed by the instruction of this before the custody service that it received from Coril SAB. For the aforementioned, from the perspective of Coril SAB, the custody service that gave rise to the operations subject of observation and that were generated by instruction of the Trust are permitted by the RAI and the LMV. (…)”;
19. Regarding this, it is worth reiterating that, in accordance with
articles 82 and 83 of the RAI, the assets delivered in custody to the bolsa agent society cannot be used for a different purpose, unless there is express authorization from the client and always that such purpose is related to any of the operations defined in Article 190 of the LMV. In this case, although the money movements custodied in the intermediation account of CORIL SAB have the authorization of the client (The TRUST), as the bolsa agent society points out, these money movements are not related to operations of the TRUST permitted by the LMV such as the purchase or sale of securities, repo operations, among others, but the money credited by the client (the TRUST) maintained in custody in the intermediation account of CORIL SAB was transferred in favor of investors (other clients of CORIL SAB) so that they can fulfill the payment of bond purchase operations. That is, the intermediation bank account was used as a bank account of a

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence
Digitally signed electronic document under Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship financial entity that allows credits and withdrawals to a client, denaturing the purpose of this intermediation bank account, which must be destined exclusively for its intermediation activities; OF THE CHARGES ATTRIBUTED
20. In accordance with the above, CORIL SAB would have
carried out operations or activities prohibited by regulations, because the CLIENT'S resources received in custody in its intermediation account were used, with the client's authorization, for a purpose that is not related to any of the operations defined in Article 190 of the LMV;
21. Consequently, it was attributed to CORIL SAB that
it would have failed to comply with what is established in Article 83 of the RAI; therefore, it would have committed an infringement classified as very serious, according to Annex I, numeral 1, clause 1.2 of the SANCTIONS REGULATION, according to which it constitutes an infringement: “Carry out operations or activities prohibited by the regulations that are applicable to them, as appropriate, or carry out operations or activities unrelated to their corporate object, or activities that help or are complementary to their corporate object, without having obtained prior authorization from the SMV”; DEFENSES PRESENTED
22. CORIL SAB refers that in accordance with what was stated in the
CHARGES LETTER, it received financial resources from the TRUST to safeguard them in its custody and, under its own express instruction, it transferred them. In that sense, it reiterates that, from its perspective, the operations subject of observation were authorized by the client in the instructions that the TRUST sent to CORIL SAB within the framework of the custody service of securities and resources, which are permitted always that:
i) clause k) of Article 109 of the LMV authorizes bolsa agent societies to carry out the custody service of securities and financial resources, ii) Article 82 of the RAI provides that the custody service consists of the care, conservation or deposit of financial instruments or financial resources;
23. On the other hand, the bolsa agent society adds
that under the premise of the joint reading of articles 82 and 83 of the RAI, that is, that the assets delivered in custody to the bolsa agent society cannot be used for a different purpose, unless there is express authorization from the client and always that such purpose is related to any of the operations defined in articles 190 of the LMV, it is determined in the CHARGES LETTER that although the movements of financial monetary resources custodied in the intermediation account of CORIL SAB have the authorization of the TRUST (client) these money movements are not related to operations permitted by the LMV, so the purpose of the intermediation account would have been denatured.
24. Regarding this, CORIL SAB points out that based on the
same premise, it must be highlighted that these transfers were made to third investors who used the transferred funds with the objective of buying bonds part of an issuance of obligations of the trust, which supposes, from the perspective of CORIL SAB, that what is established in the regulations has been fulfilled. It adds that it has a commitment to compliance with its regulatory obligations, as well as in attention to the requests and instructions of its clients;
25. Likewise, CORIL SAB indicates that Article 83 of the
RAI establishes two conditions or requirements so that from the custody service

PERU Ministry of Economy and Finance

SMV
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may give a different purpose to the custodied assets: i) that there is express authorization from the client and ii) that such purpose refers to any of the operations defined in article 190 of the LMV;

26. Adds that in the NOTICE OF CHARGES, it is evident that there is a consensus that CORIL SAB executed the instructions of the TRUST in which it gave its express authorization to carry out the movement of funds, for which it considers that the first condition has been met. However, as pointed out in the previous point, the brokerage firm states that the SMV considers that the purpose of these movements is not permitted by the LMV. In this regard, it highlights that article 190 of the LMV authorizes various operations, including the purchase and sale of securities (bonds, commercial paper, etc.);

27. CORIL SAB indicates that the transfer of funds so that other investors can pay for bonds is considered, by the brokerage firm, as an operation by which the client's instruction is fulfilled, in order to facilitate their instructions, and even part of the operational process itself, for the purchase of securities, which is allowed within the framework of intermediation activities. Therefore, CORIL SAB concludes that the second and last condition for providing a different purpose to the custodied resources would have been met;

28. CORIL SAB firmly considers that the interpretation of article 83 of the RAI should not be strict, as the possibility of granting a different purpose to the assets (securities and financial resources) in custody by a brokerage firm refers exclusively to a purpose of the holder of said assets, which are securities, in this case, of the TRUST. It states that limiting this faculty established in the regulations implies ignoring the object of the same, which is to allow operations provided for in article 190 of the LMV. On the contrary, the brokerage firm considers that the regulations should be interpreted in a way that does not unnecessarily restrict legitimate intermediation operations;

29. It adds that if the client, in this case the TRUST, has explicitly authorized the movements and these are oriented towards carrying out market operations (purchase of securities), then one is acting within the spirit of the LMV. Therefore, the intermediation account has not been desnaturalized in any way and has acted in accordance with the provisions of the regulations, under the client's instructions based on the good administration of the custody of securities and financial resources;

EVALUATION OF DEFENSES

30. On this matter, CORIL SAB reiterates that, from its perspective, the operations observed in the NOTICE OF CHARGES were authorized by its client in the instructions that the TRUST sent to CORIL SAB, within the framework of the securities and resources custody service, which is allowed by what is established in letter k) of article 109 of the LMV and article 82 of the RAI;

31. On this point, the brokerage firm refers to the fact that article 83 of the RAI establishes two conditions for a different purpose to be given to the custodied assets starting from the custody service: i) that there is express authorization from the client and ii) that such purpose refers to any of the operations collected in article 190 of the LMV;

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
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32. On this matter, it must be reiterated to CORIL SAB that although the money movements custodied in the intermediation account have the authorization of the TRUST, these money movements are not directly related to operations of the TRUST permitted by the LMV, but rather the money paid by the TRUST, kept in custody in CORIL SAB's intermediation account, was transferred in favor of investors (other clients of CORIL SAB) so that they can supposedly comply with the payment of bond purchase operations;

33. In this sense, it is warned that the intermediation bank account was used as a bank account of a financial entity that allows deposits and withdrawals to a client, desnaturalizing the purpose of this intermediation bank account, which must be destined exclusively for intermediation activities proper;

34. Without prejudice to the above, and as indicated in the NOTICE OF CHARGES, through OFFICE 4483 it was specified that the nature of this observation was reiterative in that it had already been communicated previously to CORIL SAB, through Office No. 1835-2022-SMV/10.2 dated April 22, 2022. In response to said office, CORIL SAB indicated that it would take the appropriate measures to correct said situation. Therefore, it is observed that the brokerage firm has already been exhorted to limit its activities to those permitted for a brokerage firm and to adopt the appropriate control measures in compliance with what is established in the LMV and the RAI;

35. On the other hand, the brokerage firm considers that the interpretation of article 83 of the RAI should not be strict, as the possibility of granting a different purpose to the assets in custody to a brokerage firm refers exclusively to a purpose of the holder of said assets, in the present case, of the TRUST. Therefore, it points out that limiting this faculty established in the regulations implies ignoring the object of the same, which is to allow operations provided for in article 190 of the LMV;

36. Therefore, CORIL SAB states that the regulations should be interpreted in a way that does not unnecessarily restrict legitimate intermediation operations. It adds that if the client (TRUST) has explicitly authorized the movements, and these are oriented towards supposedly carrying out market operations (purchase of securities), one is acting within what is established in the LMV; therefore, intermediation would not be desnaturalized in any way by acting in accordance with what is established in the regulations and the client's instructions;

37. On this point, it is appropriate to point out that what is established in article 83 of the RAI aims to prevent the purpose of intermediation accounts (for activities proper to intermediation) from being desnaturalized so that it is not used for other types of purposes, such as a bank account of a financial entity, as observed in the present case. This is because the funds belonging to the TRUST are not used for operations in its name but for operations carried out by other clients, so the TRUST's account would operate as a third-party account;

38. In accordance with the above, CORIL SAB carried out operations or activities prohibited by the regulations, because the resources of the TRUST received in custody in its intermediation account were used, with

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
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the client's authorization, for a purpose that is not referred to any of the operations on behalf of the client defined in article 190 of the LMV;

39. It should be added that both the regulation established in the LMV and the RAI regarding the securities intermediation activity ensure that the brokerage firm has control over the identification of the resources and financial instruments belonging to each client in the process of settling an operation, so as not to incur in non-compliance with the operations with the counterparties of the operations;

40. Thus, article 191 of the LMV prohibits brokerage firms from executing and/or registering operations without verifying the existence of the resources and of the financial instruments or securities to which they relate, with the exception of the cases established by general provisions of the SMV;

41. In this regard, article 55 of the RAI states that the intermediation agent, prior to transmitting an order to the respective market, must verify the existence of the financial instruments or resources that allow the fulfillment of the obligations that arise, and exempts from this obligation, among others, when the resources or financial instruments are in custody by an entity authorized to perform this labor, different from the intermediation agent;

42. In this way, the prior verification of the resources belonging to clients before carrying out the purchase operation is made effective with the identification of the resources that are the property of each client and that are channeled through the intermediation account, but not with resources that are also channeled through the intermediation account, but belong to other clients;

43. In this same line, letter 2.1. Conditions to be a Client, of section 2 Registration and Client Identification, of CORIL SAB's Client Policy, approved on November 28, 2022, in force at the time the facts occurred, states that, "for the Client to carry out its intermediation operations, it is recommended that they maintain a checking, savings or similar account in their name in the Financial System, which must be indicated in their Registration Form. It is made clear that any payment by the Client to Grupo Coril SAB S.A., resulting from its intermediation operations, must be channeled through the accounts that the Society maintains for this purpose in the financial system and in no case by delivery of cash; likewise, any payment made by Grupo Coril SAB S.A. to the Client will be made through checks or transfers in the name of the Client.";

44. As can be seen, just as any payment to the client is made through checks or transfers in the name of the client, any charge to the client for the settlement of an operation must come from funds belonging to this client or with their consent channeled through the intermediation account, but not with funds belonging to another client that are deposited in the intermediation account;

45. This is because the funds of each client deposited in the intermediation account must serve for the operations on behalf of the same client. Accepting the opposite would mean that any client with funds could authorize the use of their funds to settle third-party operations,

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
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desnaturalizing the purpose of the intermediation account, which is to serve as a means for the intermediation agent to receive funds from each client and make payments to each client, centralizing in said account the funds of all its clients;

46. It should be noted that article 58 of the RAI establishes that the intermediation accounts of brokerage firms must be destined exclusively for their intermediation activities and that these accounts must be used to concentrate the funds corresponding to client charges and payments, the own funds for the agent's operations, those that are centralized for the settlement of positions with other institutions, those coming from dividends or interests received, among others. It also specifies that the intermediary is prohibited from giving a different use to its intermediation accounts;

47. Consequently, it is warned that CORIL SAB failed to comply with what is established in article 83 of the RAI because the resources of the TRUST received in custody in its intermediation account were used, with the authorization of this client, for a purpose that is not referred to any of the operations on behalf of this client defined in article 190 of the LMV; therefore, it has incurred in a (1) infringement classified as very serious, according to Annex I, section 1, clause 1.2 of the SANCTIONS REGULATION, according to which it constitutes an infringement: "Carrying out operations or activities prohibited by the regulations applicable to them, as appropriate, or carrying out operations or activities foreign to their corporate object, or activities that help or are complementary to their corporate object, without having obtained prior authorization from the SMV";

IV. EVALUATION OF THE SANCTION

48. According to article 344 of the LMV and article 25 of the SANCTIONS REGULATION, in concordance with article 248, section 3 4, of the TUO LPAG, the administrative sanctions imposed must take into account the criteria established by the LMV, the SANCTIONS REGULATION and the TUO LPAG;

49. Within this framework, the evaluation of the sanction must consider: a) offender's background; b) recidivism; c) the circumstances of the commission of the infringement; d) the damage caused and the repercussion in the market; e) the illicit benefit resulting from the commission of the infringement; f) probability of detection of the infringement; g) gravity of the damage to the public interest and/or protected legal good; h) the existence or not of intent in the offender's conduct;

50. In this sense, in order to concord the criteria of the LMV, with those indicated in the SANCTIONS REGULATION and the TUO LPAG, and for these criteria to be considered adequately so that their valuation observes the

4
"Article 248°.- Principles of the administrative sanctioning power (...)
3. Reasonableness.- The authorities must foresee that the commission of the sanctionable conduct does not result in being more advantageous for the offender than complying with the infringed rules or assuming the sanction. However, the sanctions to be applied must be proportional to the infringement qualified as such, observing the following criteria that are indicated for their graduation:
a) The illicit benefit resulting from the commission of the infringement; b) The probability of detection of the infringement; 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 infringement within a period of one (1) year from when the resolution sanctioning the first infringement became final. f) The circumstances of the commission of the infringement; and g) The existence or not of intent in the offender's conduct".

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
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principle of reasonableness and that the sanction to be imposed adapts to these, it proceeds to analyze the following criteria;

51. Regarding the background, in accordance with what is established by article 25, letter a) of the SANCTIONS REGULATION, background consists of the final sanctions imposed by the SMV within a period of four (4) years prior to the commission of the infringement to be sanctioned. The aforementioned article specifies that the commission of the same infringement in the year prior to the infringement to be sanctioned is not considered background;

52. In this sense, from the review carried out in said period, it has been verified that CORIL SAB registers as background the following final sanctions:

No Resolution Resolved Finality i
Resolution of
Superintendency
Adjunct SMV No
030-2021-SMV/10 5
CORIL SAB is sanctioned with a fine of 1.5965 UIT equivalent to S/ 6 705,30 (Six thousand seven hundred five and 30/100 Soles), for having incurred in a (1) infringement of a light nature typified in the
Annex I, section 3, clause 3.1 of the Sanctions Regulation, for not
having complied with presenting periodic information within the period established by the applicable regulations linked to information audited financial.
19/07/2021 ii
Resolution of
Superintendency
Adjunct SMV No
056-2021-SMV/10 6
Coril SAB is sanctioned with a fine of two (02) UIT equivalent to S/ 8,300.00 (Eight thousand three hundred and 00/100 Soles) for having incurred in a (01) infringement of a very serious nature typified in the Annex I, section 1, clause 1.1 of the Sanctions Regulation, for having carried out operations for which it was not authorized. 18/01/2022 iii Resolution of Superintendency Adjunct SMV No 022-2022-SMV/10 7 CORIL SAB is sanctioned with a (01) reprimand, for having incurred in a (1) infringement of a light nature typified in the
Annex I, section 3, clause 3.1 of the Sanctions Regulation, for not
having complied with presenting periodic information within the period established by the applicable regulations linked to information audited financial.
02/11/2022

53. Regarding recidivism for the commission of the same infringement, the final sanction imposed by the SMV within a period of one (1) year prior to the commission of the infringement to be sanctioned is taken into account;

54. Within this framework, it must be stated that CORIL SAB does not present sanctions within the period indicated above, for the commission of the same infringement subject of analysis in the present administrative sanctioning procedure, so recidivism is not configured;

55. Regarding the circumstances of the commission of the infringement, it must be indicated that, upon obtaining the operating authorization from the SMV, CORIL SAB, in its capacity as a company supervised by the SMV with more than 25 years of operation at the time of the commission of the infringement, knows the regulations that regulate the securities market and its mandatory compliance in relation to the case evaluated in the present administrative sanctioning procedure;

5 Notified on June 24, 2021.
6 Notified on December 21, 2021.
7 Notified on October 6, 2022.

PERÚ Ministerio de Economía y Finanzas

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

56. However, in the present case it is observed that CORIL SAB carried out operations or activities not permitted by the regulations, because the resources of the TRUST were used, with authorization of this client, for a purpose that is not referred to any of the operations on behalf of this client collected in article 190 of the LMV, thus transgressing the purpose and nature of the intermediation bank account;

57. In effect, between April and May 2023, charges or withdrawals registered in the statements of the TRUST were observed that have their origin in money transfers made to investors for the acquisition, by these, of bonds acquired in the over-the-counter market with the intermediation of CORIL SAB; that is, the intermediation bank account was used as a bank account of a financial entity that allows deposits and withdrawals to a client, desnaturalizing the purpose of this intermediation bank account, which must be destined exclusively for its intermediation activities; it must be specified that in this case the deposits amounted to a total of S/ 1,769.428.51;

58. It should be added that through Office No. 1835-2022-SMV/10.2 dated April 22, 2022, the SMV observed CORIL SAB for an act of a similar nature to the present case in which the intermediation bank account was being used as an account of the financial system making only deposits and withdrawals of the client without carrying out the client's operations. In response to said office, CORIL SAB indicated that it would take the appropriate measures to correct said situation; however, the reality of the facts implies that these measures were not adopted;

59. Regarding the economic damage caused and the repercussion in the market, in the present case, it has not been evidenced that the infringement under evaluation in the present administrative sanctioning procedure in which CORIL SAB has incurred has produced a concrete quantifiable damage in the market; that is, it has not been determined that there has been concrete affectation or caused economic damage to one or more investors, so it has not been evidenced that there has been repercussion in the market;

60. Regarding the illicit benefit resulting from the commission of the infringements, it must be pointed out that it has not been proven that CORIL SAB has obtained a benefit that is directly related to the infringement subject of analysis in the present sanctioning procedure;

61. Regarding the probability of detection of the infringement, it must be indicated that the infringement in which CORIL SAB has incurred was possible to detect as a result of supervision activities undertaken by the SMV, so from the information requirements and the extensions provided by CORIL SAB the infringement could be detected; therefore, it is considered that the probability of detection of the infringement was low;

62. Regarding the gravity of the damage to the public interest and/or protected legal good, it should be noted that it has not been possible to prove that CORIL SAB's act in the commission of said infringement has caused determinable damage to the public interest;

63. Nevertheless, with its act CORIL SAB has violated the legal good related to the integrity of the market, since the society

PERÚ Ministerio de Economía y Finanzas

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

agent has the obligation to manage its activity in an orderly and prudent manner, which includes carrying out operations for which it was authorized and not carrying out those corresponding to the financial system, such as the denaturation of the purpose of the intermediation bank account when it is used as a bank account of the financial system;

64. On the other hand, it must be indicated that the
    prudential requirements that intermediaries must comply with, such as minimum capital and equity, or prudential limits, establish their risk coverage based on the set of operations that stockbroker companies can carry out in accordance with what is established in Article 190 of the LMV, this with the objective that the intermediaries participating in the securities market have the necessary economic and financial solvency to fulfill their obligations to the market. In this sense, when an intermediary carries out an activity or operation not permitted, the set of mechanisms established by the regulator for the intermediaries to carry out their activities within a prudential framework seeking to comply with the mentioned objective, are affected, which in turn violates the integrity of the market and the protection of the investor;

65. When an investor or potential investor
    decides or evaluates channeling their investment decisions through a stockbroker company, they consider a series of factors and variables, which must be reflected in the financial information or prudential limits that are disseminated to the market; therefore, when a stockbroker company carries out prohibited activities, this situation may not be reflected or collected by these sources of information, which leads to the fact that the market in general, adopts decisions regarding said intermediary without having complete information, which would affect the evaluation of integral risks to which the intermediary is exposed, affecting the legal good of protection of the investor;

66. On the other hand, it must be indicated that the operational
    exposed in the present case limits authorities such as the National Superintendence of Customs and Tax Administration (SUNAT) or the Financial Intelligence Unit (UIF) from being able to use the Financial Transactions Tax (ITF) as a tool that allows detecting tax omissions by natural persons or suspicious operations, respectively, which affects confidence in the financial system in general and in the securities market in particular;

67. Regarding the existence or not of intent
    in the conduct of the offender, it must be specified that no intent has been verified in the conduct of CORIL SAB regarding the infringement subject of analysis in the present administrative sanctioning procedure;

68. In addition to the above, it corresponds to analyze the
    assumptions of exemption and mitigation of liability established in Article 257 of the TUO LPAG as well as the conditions of mitigation and exemption of liability established in Articles 26 and 27 of the SANCTIONS REGULATION;

69. In this regard, in accordance with what is determined in
    Article 257, paragraph 1 of the TUO LPAG and in Article 27 of the SANCTIONS REGULATION,
    it is not observed that in the present case any of the assumptions that constitute conditions of exemption or mitigation of liability have been configured;

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

70. In this sense, it corresponds to determine the sanction to
    impose on CORIL SAB for having committed one (1) infringement classified as very serious according to Annex I, paragraph 1, subsection 1.2 of the SANCTIONS REGULATION;

71. In accordance with what is established in Article 33
    of the SANCTIONS REGULATION, very serious infringements are punishable with a fine not less than fifty (50) and up to seven hundred (700) Tax Units (UIT), suspension of the operating authorization for a period not less than ten (10) days and up to forty-five (45) days, or revocation of the operating authorization;

72. However, considering what was exposed in the
    sanctioning criteria analyzed, and in application of the Principle of Reasonableness contemplated in Article 248°, paragraph 3 of the TUO LPAG, which states that the sanctions must be proportional to the non-compliance classified as an infringement, and considering the evaluated criteria, this Adjunct Superintendence considers that it is possible to impose on CORIL SAB a sanction corresponding to the lower classification than the provided for according to what is stated in the last paragraph of Article 25° of the SANCTIONS REGULATION;

73. Being subject to what is provided for in Article 32, paragraph
    16, of the Organization and Functions Regulation of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments;

RESOLVES:
Article 1º.- Declare that Grupo Coril Sociedad Agente
de Bolsa S.A. has committed one (1) infringement classified as very serious, typified in
Annex I, paragraph 1, subsection 1.2 of the Sanctions Regulation, approved by
SMV Resolution N° 035-2018-SMV/01, since it failed to comply with what is established in Article 83 of the RAI because the resources of the TRUST received in custody in its intermediation account were used, with the authorization of this client, for a purpose that is not related to any of the operations on behalf of this client defined in Article 190 of the LMV.

Article 2º.- Sanction El Grupo Coril Sociedad
Agente de Bolsa S.A. with a fine of 8 UIT, equivalent to S/ 39,600.00 (Thirty-nine thousand six hundred and 00/100 soles) for the commission of the infringement referred to in
Article 1° of this resolution.

Article 3º.- This resolution does not exhaust the administrative
channel, unless it is consented to, and may be challenged before the Adjunct Superintendent of Prudential Supervision by filing the reconsideration or appeal appeal before the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 4º.- 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 final, it must be published on the Institutional Page of the SMV in the Single Digital Platform of the Peruvian State, in observance of what is provided for in paragraph 1, Article 7° of the Policy on dissemination of normative projects, laws of general character, early agenda and other

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

administrative acts of the SMV, approved by SMV Resolution Nº 014-2014-SMV/01 and its amendment, and by what is provided for in Article 14° of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01.

Article 5º.- Transcribe this resolution to Grupo
Coril Sociedad Agente de Bolsa S.A., to the Lima Stock Exchange S.A. and to Cavali S.A.
ICLV.

Register, communicate and publish.

Omar Gutiérrez Ochoa
Adjunct Superintendent
Adjunct Superintendence of Prudential Supervision