Adjunct Superintendent Resolution on Prudential Supervision No. 015-2025-SMV/10

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence

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Adjunct Superintendent Resolution SMV
No. 015-2025-SMV/10
Lima, March 18, 2025

Subject: Autoplan Empresa Administradora de Fondos Colectivos S.A. is sanctioned with two (02) reprimands for having committed two (02) minor infractions typified in Annex XIII, section 3, clause 3.7 of the Sanctions Regulation for failing to comply with sending the associate the account statements and assembly calendars corresponding to the collective fund administration contracts subscribed in accordance with the applicable regulations.

Administered Entity: Autoplan Empresa Administradora de Fondos Colectivos S.A.
Subject: Sanctioning administrative procedure
File No.: 2024026930

The Adjunct Superintendent of Prudential Supervision

HAVING SEEN:
Administrative File No. 2024026930, and Report No. 1237-2024-SMV/10.3, issued by the General Superintendent of Prudential Compliance; and,

CONSIDERING:

1. In accordance with Article 1 of Law No. 29782, Law for the Strengthening of 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 referring to the SMV;

I. FACTS
2. On February 22, 2021, in accordance with information provided by Autoplan Empresa Administradora de Fondos Colectivos S.A. (hereinafter, AUTOPLAN EAFC), COMPLAINANT 1 subscribed with AUTOPLAN EAFC the “Collective Fund Administration Contract. Purchase Certificate Modality of the Autoplan-002 Program” No. 029441 for the allocation of a purchase certificate for US$ 11,000.00 (Eleven thousand and 00/100 US dollars) (hereinafter, CONTRACT 1), which was terminated at the request of the COMPLAINANT with the aim of readjusting the value of the purchase certificate through the subscription of a new contract;
3. On August 18, 2021, in accordance with information provided by AUTOPLAN EAFC, the COMPLAINANT subscribed with AUTOPLAN EAFC the “Collective Fund Administration Contract. Purchase Certificate Modality of the Autoplan-002 Program” No. 033149 for the allocation of a purchase certificate for US$ 14,000.00 (Fourteen thousand and 00/100 US dollars) (hereinafter, CONTRACT 2);
4. By the letter received on September 27, 2022, the COMPLAINANT (represented by the REPRESENTATIVE) filed a complaint before the Securities Market Superintendence (SMV) against AUTOPLAN EAFC, in which he states, among other things, that AUTOPLAN EAFC had failed to send him, up to the date of filing his complaint, his account statements and assembly calendars, which would violate what is established in Article 70 of the REGULATION, among others. The COMPLAINANT attaches as part of his complaint, among other things, the following documents:
a. Copy of the Payment Schedule as of February 23, 2022, corresponding to CONTRACT 1. b. Copy of the Payment Schedule as of February 23, 2022, corresponding to CONTRACT 2.
c. Copy of the cash deposit receipt, made on February 22, 2021 by the COMPLAINANT in favor of AUTOPLAN EAFC, for the amount of US$ 720.00.
d. Copy of the cash deposit receipt, made on February 23, 2021 by the COMPLAINANT in favor of AUTOPLAN EAFC, for the amount of US$ 20.00. e. Copy of the bank transfer receipt made on April 20, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 217.92. f. Copy of the bank transfer receipt made on May 20, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 217.92 (and US$ 2.70 in commission). g. Copy of the installment payment receipt made on June 20, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 215.04. h. Copy of the installment payment receipt in favor of AUTOPLAN EAFC, for the amount of US$ 217.92 (the complainant states that this corresponds to the July 2021 payment).
i. Copy of the installment payment receipt made on August 17, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 424.37.
j. Copy of the installment payment receipt made on September 19, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 282.77.

1 In the Annex attached to this resolution, the complete data of the natural persons to whom the designations used in this resolution belong is detailed, and likewise, if applicable, the email addresses. 2 File No. 2022038853.

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence

Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and authorship.

k. Copy of the installment payment receipt made on November 9, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 282.77.
l. Copy of the installment payment receipt made on December 7, 2021 in favor of AUTOPLAN EAFC, for the amount of US$ 282.77.
m. Copy of the installment payment receipt made on January 8, 2022 in favor of AUTOPLAN EAFC, for the amount of US$ 299.29. n. Copy of the installment payment receipt made on February 9, 2022 in favor of AUTOPLAN EAFC, for the amount of US$ 299.29. o. Copy of CONTRACT 1 subscribed by the COMPLAINANT. p. Document “Important Information” subscribed by the COMPLAINANT. q. Copy of the Associate’s Booklet. r. Copy of CONTRACT 2. s. Copy of the Application for admission document, corresponding to CONTRACT 2 subscribed by the COMPLAINANT on August 17, 2021;
5. By Letter No. 4925-2022-SMV/10.3, notified on September 28, 2022 (hereinafter, LETTER), the complaint filed by the COMPLAINANT was forwarded to AUTOPLAN EAFC so that it would send the corresponding comments and it was required, among other information, the following documentation and/or information:

“(…)
c. Copy of the notification receipt of the summons to the first (3) Assemblies in which the COMPLAINANT was required to participate, as well as the respective Assembly Calendar, in relation to its CONTRACTS.
d. Receipt of sending all account statements sent to the COMPLAINANT, since his admission, in relation to his CONTRACTS.
(…) f. Any other information and/or documentation that it considers pertinent to the case and that allows clarifying the facts complained of.”;
6. By the letter presented on October 6, 2022, AUTOPLAN EAFC requests an additional period for the presentation of the information required by the LETTER;
7. By Letter No. 5120-2022-SMV/10.3, notified on October 10, 2022, the extension of the period requested by AUTOPLAN EAFC was granted;
8. On October 19, 2022, AUTOPLAN EAFC sent part of the information required by the LETTER to the SMV. AUTOPLAN EAFC attaches, among other things, the following information and documents:
a. Copy of the Contract Receipt of Autoplan Contract, through which the delivery of CONTRACT 2, the Associate’s Booklet, the Calendar of the next 3 assemblies is recorded, which was subscribed by the COMPLAINANT on August 17, 2021.

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendence

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b. Copy of the Contract Receipt of Autoplan Contract, through which the delivery of CONTRACT 1, the Associate’s Booklet, the Calendar of the next 3 assemblies is recorded, which was subscribed by the COMPLAINANT on February 22, 2021.
c. Copy of the account statement of CONTRACT 2 as of June 13, 2022.
d. Copy of the payment schedule as of October 19, 2022 corresponding to CONTRACT 1. e. Copy of the payment schedule of CONTRACT 2 as of October 19, 2022 corresponding to CONTRACT 2. f. Copy of the document named “details of reconciled payments: Michael Ruben Morales Galvez”;
9. By Letter No. 5659-2022-SMV/10.3, notified on November 7, 2022, additional information relative to the complaint was requested from AUTOPLAN EAFC;
10. By Letter No. 6068-2022-SMV/10.3, notified on November 30, 2022, the granting of the additional period was made known to AUTOPLAN EAFC;
11. On March 29, 2023, in response to Letter No. 5659-2022-SMV/10.3, AUTOPLAN EAFC stated, among other things, that it had subscribed an Extrajudicial Transaction with the COMPLAINANT (hereinafter, TRANSACTION). According to the TRANSACTION, AUTOPLAN EAFC recognizes in favor of the COMPLAINANT the sum of US$ 3,480.00 (Three thousand four hundred eighty and 00/100 US dollars) for the concept of return of contributions corresponding to CONTRACT 1 and CONTRACT 2. On the other hand, the COMPLAINANT voluntarily and irrevocably recognizes that this commitment satisfies in its entirety any economic claim that he might have in the present or future with the administrator company;
12. Likewise, AUTOPLAN EAFC presents a copy of a letter dated December 1, 2022, through which the COMPLAINANT withdraws his claims and the procedure; and requests the archiving of the complaint 3. In this sense, AUTOPLAN EAFC presented the following documentation that is in the file:

☐ Copy of the TRANSACTION dated November 29, 2022 subscribed by the COMPLAINANT.
☐ Copy of a bank transfer receipt in favor of the COMPLAINANT for the amount of US$ 3,480.00 made on December 7, 2022.
☐ Copy of the withdrawal letter dated December 1, 2022, corresponding to the informative complaint presented against AUTOPLAN EAFC;
13. By Letter No. 2663-2024-SMV/10.3 notified on June 26, 2024 (hereinafter, LETTER OF CHARGES), a sanctioning administrative procedure was initiated against AUTOPLAN EAFC, imputing charges for some facts related to the COMPLAINANT’s complaint;
14. As of the date of this resolution, AUTOPLAN EAFC has not presented its defenses to the sanctioning administrative procedure initiated through the LETTER OF CHARGES;
15. The charges formulated have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 1237-2024-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
16. In observance of the Principle of Due Process contemplated both in Article IV, clause 1, section 1.2 of the Preliminary Title, as well as in Article 248°, section 2, of the Single Text of the General Administrative Procedure Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), by Letter No. 4198-2024-SMV/10, the administrative file to which this resolution refers was made available to AUTOPLAN EAFC for its review;

II. ISSUES TO BE DETERMINED
17. In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:
a. Whether AUTOPLAN EAFC incurred or not in an infraction provided for in Annex XIII, section 3, clause 3.7 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), for failing to comply with sending the COMPLAINANT the account statements corresponding to the collective fund administration contracts subscribed in accordance with what is established in clause 10, section 10.4, letter l) of the contracts and in Article 70 of the REGULATION; b. Whether AUTOPLAN EAFC incurred or not in an infraction provided for in Annex XIII, section 3, clause 3.7 of the SANCTIONS REGULATION, for failing to comply with sending the COMPLAINANT the assembly calendars corresponding to the collective fund administration contracts subscribed in accordance with what is established in Article 70 of the REGULATION;
c. Whether it corresponds or not to impose a sanction on AUTOPLAN EAFC;

III. ANALYSIS
3.1 Of the applicable regulations
18. Regarding CONTRACT 1 and CONTRACT 2, Article 21 of the Regulation of the Collective Fund System and its Administrator Companies, approved by SMV Resolution No. 020-2014-SMV-01 (hereinafter, REGULATION) provides:

“Article 21.- Contract
The Contract is of a private nature and has a collective character, it regulates the relations between the Associates and the Administrator, and in it the rights and obligations of both parties are established; its content is governed by what is established in Article 95 of the Regulation. (…)”. (Underline added);

A. ON THE SENDING OF ACCOUNT STATEMENTS AND ASSEMBLY CALENDARS CORRESPONDING TO THE CONTRACTS

PERU Ministry of Economy and Finance

SMV
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19. Clause 10, section 10.4, letter l) of CONTRACT 1 and CONTRACT 2, establishes that the following are the functions and obligations of AUTOPLAN EAFC:

“10.4 FUNCTIONS AND OBLIGATIONS OF AUTOPLAN:
The following are the functions and obligations of the Administrator:
(…) l) Others provided for in the Regulation.
(…)”;
20. 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 Assembly calendar. When applicable, it will send information on the price variation of goods under specific Goods Programs and other services they contract. Account statements must be sent at least in the periodicity in which the Assemblies are held. The Assembly calendar must be sent with a minimum periodicity of three (03) months. The price variation of goods under specific Goods Programs may be included in the account statement that the Administrator sends to the Associate. 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 able 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”. (Underline added);

3.2. Of the charges formulated
A. ON THE SENDING OF ACCOUNT STATEMENTS CORRESPONDING TO CONTRACT 1 AND CONTRACT 2
21. In accordance with what is established in the regulations exposed, 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 and in CONTRACT 2;
22. On this particular, it should be noted that in accordance with information provided by the administrator company, CONTRACT 1 (Autoplan-002 Program, Group 049) was subscribed on February 22, 2021; and, subsequently, it was terminated on August 18, 2021, in attention to a request from the associate with the aim of readjusting the value of the purchase certificate through the subscription of a new contract, which is also pointed out by the COMPLAINANT in his complaint. Likewise, the administrator company specifies that CONTRACT 2 (Autoplan-002 Program, Group 049) was subscribed on August 17, 2021 and was terminated for lack of payment of monthly installments on July 31, 2022;

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SMV
Securities Market Superintendence

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 authorship.

23. In this sense, AUTOPLAN EAFC had to send to the COMPLAINANT, in his capacity as associate of the Autoplan-002 Program, Group No. 49, his account statements during the validity of his contracts, 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;
24. Regarding this, the COMPLAINANT complained that AUTOPLAN EAFC had never delivered his monthly account statements. Thus, within the framework of the preliminary investigations carried out in attention to the complaint presented by the COMPLAINANT, through the LETTER, the administrator company was required to send the receipts of sending all account statements sent to the COMPLAINANT since his admission, corresponding to his contracts;
25. On this particular, AUTOPLAN EAFC presented a copy of the account statement as of June 13, 2022 regarding CONTRACT 2. However, it did not present the receipt of sending to the associate;
26. In this sense, AUTOPLAN EAFC has not complied with presenting the receipts of sending of the account statements that it had to send to the COMPLAINANT during the validity of CONTRACT 1 and CONTRACT 2. Therefore, AUTOPLAN EAFC would have failed to comply with what is established in clause 10, section 10.4, letter l) of CONTRACT 1 and CONTRACT 2 and Article 70, of the REGULATION, since it would not have complied with sending the monthly account statements to the COMPLAINANT, corresponding to the subscribed contracts;
27. In this sense, it was imputed to AUTOPLAN EAFC that it had incurred in one (1) infraction classified as minor, according to Annex XIII, section 3, clause 3.7 of the SANCTIONS REGULATION, according to which it constitutes an infraction: “Not to timely send to the associates information on the account statements or assembly calendar”;

B. ON THE SENDING OF ASSEMBLY CALENDARS CORRESPONDING TO CONTRACT 1 AND CONTRACT 2
28. In accordance with what is established in the regulations exposed, administrators have, among others, the obligation to provide information to their associates about the assembly calendar. Likewise, it is specified that the assembly calendars must be sent with a minimum periodicity of three (3) months, through the modality established in CONTRACT 1 and in CONTRACT 2;
29. In this sense, AUTOPLAN EAFC had to send to the COMPLAINANT, in his capacity as associate of the “Autoplan-002” Program, Group No. 49, his assembly calendars during the validity of CONTRACT 1 and CONTRACT 2, with a minimum periodicity of three (3) months;
30. Regarding this, the COMPLAINANT has stated that AUTOPLAN EAFC did not comply with sending him his assembly calendar, so through the LETTER the sending of the notification receipt of the summons to the three (3) first assemblies in which the COMPLAINANT was required to participate was requested, as well as the respective Assembly Calendar of Associates for the CONTRACT;
31. In response to the requirement made, AUTOPLAN EAFC presented the “Contract Receipt of Autoplan Contract” through which it is recorded, among other things, that the COMPLAINANT received on February 22, 2021 (date of subscription of CONTRACT 1 as indicated by AUTOPLAN EAFC) the calendar of the

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three first assemblies in which the complainant was entitled to participate, held on March 12, April 21, and May 21, 2021, signed by the COMPLAINANT on February 22, 2021 together with CONTRACT 1;

32. However, AUTOPLAN EAFC has not complied with
    presenting the notification charges for the other assembly calendars corresponding to CONTRACT 1, for the assemblies held from June 2021 until the date of resolution of CONTRACT 1, August 18, 2021, in accordance with the information provided by AUTOPLAN EAFC in the “Member Status File (SIT)”4;

33. Likewise, regarding CONTRACT 2, AUTOPLAN
    EAFC presented the “Contract Receipt Charge Autoplan” through which it is recorded, among other things, that the COMPLAINANT received on August 17, 2021 (date of signing of CONTRACT 2 as indicated by AUTOPLAN EAFC) the calendar of the three first assemblies in which the complainant was entitled to participate. No However, it is observed that the assembly calendar sent to the complainant corresponds to Group 058, and not to Group 049, to which CONTRACT 2 belongs;

34. In this sense, AUTOPLAN EAFC has not complied
    with presenting the delivery charges to the member of the assembly calendars corresponding to CONTRACT 2, for the assemblies held from August 2021 to July 2022, taking into account that CONTRACT 2 presents the situation of “Resolved” in the “Member Status File (SIT)” with a withdrawal date of July 31, 2022, according to the information provided by AUTOPLAN EAFC;

35. It should be noted that through Office No. 5659-2022-
    MSV/10.3, a copy of the receipt of the summonses was requested from AUTOPLAN EAFC from the fourth assembly and subsequent ones 5 , that is, the sending of the calendars of assemblies corresponding to the fourth assembly and subsequent ones in which he was entitled to participate by the COMPLAINANT regarding CONTRACT 1 and CONTRACT 2. On this matter, the administrator company in its writing dated March 29, 2023, affirmed that it does not have the requested information. However, it states that it informed the COMPLAINANT about its assemblies in accordance with what is indicated in section 2.4 of the TRANSACTION;

36. In this regard, it should be noted that although in section
    2.4 of the TRANSACTION, the complainant indicated that he had received, among other things, the notification
    of the summonses to the assemblies in which he was entitled to participate by the COMPLAINANT, and that due to failures in his email he would not have been able to take knowledge of this information, among other documents; AUTOPLAN EAFC has not presented the evidentiary means that prove that it has complied with delivering the assembly calendars corresponding to CONTRACT 1, for the assemblies held from June 2021 and the assembly calendars, corresponding to CONTRACT 2, for the assemblies held from August 2021 to July 2022;

37. In this sense, it is noted that AUTOPLAN EAFC
    would have failed to comply with article 70 of the REGULATION, by not having complied with sending to the

4 In accordance with 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. 5 “a. Copy of the receipt of the summonses from the fourth assembly and subsequent ones in which it corresponded to participate by MR. MORALES, before the dates of resolution of the collective fund administration contracts No. 29441 and No. 33149”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
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COMPLAINANT the assembly calendars, corresponding to CONTRACT 1, for the assemblies held from June 2021 and the assembly calendars, corresponding to CONTRACT 2, for the assemblies held from August 2021 to July 2022;

38. Therefore, it was attributed to AUTOPLAN EAFC THAT
    it would have committed one (1) minor infraction typified in Annex XIII, numeral 3, item
    3.7 of the SANCTIONS REGULATION, according to which it constitutes an infraction: “Not to remit
    timely to the members the information on the account statements or calendar of assemblies”;

3.3. Of the defenses

39. In this regard, it must be noted that AUTOPLAN EAFC
    until the date of issuance of this resolution, has not presented defenses to the charges formulated through the OFFICE OF CHARGES;

3.4. Evaluation of the charges

40. Without prejudice to the above, it is necessary
    to point out that AUTOPLAN EAFC is a company supervised by the SMV, with authorization of operation granted by Superintendent Resolution No. 024-2015- SMV/02 of February 17, 2015 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 administers, which is why it has the obligation to act diligently as a collective fund administrator company; however, this did not happen, since the administrator company committed the commission of two infractions subject to charges;

41. What is stated in the previous paragraph impacts the
    fulfillment of its functions and obligations as a collective fund administrator company;

42. Additionally, AUTOPLAN EAFC has the
    obligation to comply with the contract signed with its members, which establishes the rights and obligations of the members and the administrator company and whose model is authorized by the SMV, at the request of the administrator company;

A. ON THE REMISSION OF THE ACCOUNT STATEMENTS CORRESPONDING TO THE CONTRACTS

43. In effect, in the present case, according to the
    documents in the file, it is observed that AUTOPLAN EAFC did not comply with sending the account statements to the COMPLAINANT during the validity of CONTRACT 1 and the CONTRACT 2, that is, from February 22 to August 18, 2021; and, from August 17 2021 to July 31, 2022, respectively, since the administrator company has not presented the receipts of remittance of the referred account statements to the member;

44. Consequently, it is noted that AUTOPLAN EAFC
    has committed one (1) infraction classified as minor, according to Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes an infraction: “Not to remit timely to the members the information on the account statements or calendar of assemblies”;

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
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B. ON THE REMISSION OF THE ASSEMBLY CALENDARS CORRESPONDING TO THE CONTRACTS

45. Likewise, it is observed that AUTOPLAN EAFC has not
    complied with sending the assembly calendars to the COMPLAINANT, corresponding to the CONTRACT 1, for the assemblies held from June 2021 to August 2021 and the assembly calendars, corresponding to CONTRACT 2, for the assemblies held from August 2021 to July 2022, since it has not presented the receipts of remittance to the member of said assembly calendars. In consequence, it is observed that AUTOPLAN EAFC has failed to comply with what is established in
    article 70 of the REGULATION;

46. In this sense, it is noted that AUTOPLAN EAFC
    has committed one (1) minor infraction typified in Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, according to which it constitutes an infraction: “Not to remit timely to the members the information on the account statements or calendar of assemblies”;

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, numeral 3 6 of the TUO LPAG and article 257 7 of the aforementioned normative body; the administrative sanctions that are imposed must take into account the criteria established by Decree Law No. 21907, the SANCTIONS REGULATION and the TUO LPAG;

6
“Article 248.- Principles of the administrative sanctioning power The sanctioning power of all entities is additionally governed by the following special principles:
(...)
3. Reasonableness.- The authorities must foresee that the commission of the sanctionable conduct does not result 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 non-compliance classified as an infraction, observing the following criteria that are indicated for the purposes of their graduation:
a) The illicit benefit resulting from the commission of the infraction; b) The probability of detection of the infraction; c) The severity of the damage to the public interest and/or legal good protected; d) The economic damage caused; e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution that sanctioned the first infraction became final. f) The circumstances of the commission of the infraction; and g) The existence or not of intent in the conduct of the offender”.

7
“Article 257°.- Exemptions and mitigating factors of responsibility for infractions 1.- The following constitute conditions exempting responsibility for infractions:
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 aptitude to understand the infraction. d) Mandatory order of 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 possible sanctioned of the act or omission imputed as constitutive of administrative infraction, prior to the notification of the imputation of charges referred to in item 3) of
article 255.
2.- The following constitute mitigating conditions of responsibility for infractions:
a) If an administrative sanctioning procedure has been initiated, the offender recognizes his 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 that are established by special norm”.

PERÚ Ministry of Economy and Finance

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48. Within that framework, the evaluation of the sanction
    must consider: a) Antecedents of the offender; b) Recidivism; c) Circumstances of the commission of the infraction; d) Economic damage caused and its repercussion on the market; e) Illicit benefit resulting from the commission of the infraction; f) Probability of detection of the infraction; g) Severity of the damage to the public interest and/or legal good protected; h) Existence or not of intent in the conduct of the offender;

49. In this sense, for the purpose of concord the criteria
    of the TUO LPAG, with those indicated in Decree Law No. 21907 and in the SANCTIONS REGULATION, and that these criteria are considered adequate for their valuation to observe the principle of reasonableness and that the sanction to be imposed adapts to these, it proceeds to analyze the following criteria;

50. Regarding the antecedents, in accordance with
    what is established by article 25°, literal a) of the SANCTIONS REGULATION, antecedents constitute the final sanctions imposed by the SMV within a period of four (4) years prior to the commission of the infraction to be sanctioned. The aforementioned article specifies that the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered antecedents;

51. In this sense, from the review carried out in said
    period, it has been verified that AUTOPLAN EAFC registers the following final sanctions:
    No. Resolution Resolved Finality i
    Resolution of the
    Adjunct Superintendent
    SMV No. 112-
    2017-SMV/10 8
    AUTOPLAN EAFC is sanctioned with a fine of two (02) UIT, for having committed one (01) infraction of a serious nature typified in Annex XIX, numeral 2, item 2.12 of the Sanctions Regulation approved by Resolution CONASEV No. 055-2001-EF/94.10 and its modifying norms (hereinafter PREVIOUS SANCTIONS REGULATION), for not having complied with presenting the First Semester Report of the Officer of Compliance of the 2015 exercise, within the period established in the Norms for the Prevention of Money Laundering and Financing of Terrorism. 12/12/2017 ii Resolution of the Adjunct Superintendent SMV No. 017- 2018-SMV/10 9 AUTOPLAN EAFC is sanctioned with six (06) warnings and fine of 15.48 UIT for having committed eleven (11) minor infractions typified in Annex XIV, numeral 3, item 3.1 of the PREVIOUS SANCTIONS REGULATION, for not having complied with presenting periodic information within the period established in the applicable regulation. Through Adjunct Superintendent Resolution SMV No. 070-2021-SMV/10 it was declared founded in part the reconsideration appeal filed by Autoplan EAFC and in consequence the amount of the fine imposed through article 17 of the Adjunct Superintendent Resolution SMV No. 017-2018-SMV/10 was graduated to 9.675 UIT. 30/12/2021 iii Resolution of the Adjunct Superintendent SMV No. 011- 2019-SMV/10 10 AUTOPLAN EAFC is sanctioned with two (02) warnings for having committed two (02) infractions of a serious nature typified in Annex XIV, numeral 2, item 2.21 and Annex XIV, numeral 2, item 2.41 of the PREVIOUS SANCTIONS REGULATION, for 11/04/2019

8 Notified on November 17, 2017.
9 Notified on May 11, 2018.
10 Notified on March 21, 2019.

PERÚ Ministry of Economy and Finance

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Superintendencia del Mercado de Valores
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No. Resolution Resolved Finality not having adequately determined the order of preference of the substitute assignees. iv Resolution of the Adjunct Superintendent SMV No. 004- 2020-SMV/10 11 AUTOPLAN EAFC is sanctioned with a fine of three (03) UIT for having committed two infractions: one (01) of a serious nature typified in Annex XIV, numeral 2, item 2.22 of the PREVIOUS SANCTIONS REGULATION, for not complying with the conditions established in the regulation for the calling or for the celebration of assemblies; and, one (01) of a nature light typified in Annex XIV, numeral 3, item 3.13 of the PREVIOUS SANCTIONS REGULATION, for not remitting timely to the member the information on the calendar of assemblies. Through RSUP No. 119-2020-SMV/02, it was declared founded in
part the appeal filed by AUTOPLAN EAFC and in
consequence the sanction imposed as a fine in article 3° of the Adjunct Superintendent Resolution SMV No. 004-2020-SMV/10 was modified, reducing it from three (3) UIT to two (2) UIT, valid at the time of effective payment of the fine; and, revoke the corrective measure established in article 4° of the mentioned Adjunct Superintendent Resolution. 01/12/2020 v Resolution of the Adjunct Superintendent SMV No. 013- 2021-SMV/10 12 AUTOPLAN EAFC is sanctioned with three (03) warnings and fine of 28.0045 UIT for having committed twenty (20) minor infractions typified in Annex XIV, numeral 3, item 3.1 of the PREVIOUS SANCTIONS REGULATION and in two (02) minor infractions typified in Annex I, numeral 3, item 3.1, of the SANCTIONS REGULATION, for not having complied with presenting periodic information within the period established by the applicable regulation referred to this information intermediate financial and management report. 21/04/2021 vi Resolution of the Adjunct Superintendent SMV No. 060- 2021-SMV/10 13 AUTOPLAN EAFC is sanctioned with a fine of 18.3345 UIT for having committed twelve (12) minor infractions typified in Annex I, numeral 3, item 3.1, of the SANCTIONS REGULATION, for not having complied with presenting information periodic within the period established by the regulation applicable. 19/01/2022 vi Resolution of the Adjunct Superintendent SMV No. 003- 2022-SMV/10 14 AUTOPLAN EAFC is sanctioned with four (04) UIT for having committed one (01) infraction of a serious nature typified in Annex XIV, numeral 2, item 2.6 of the PREVIOUS SANCTIONS REGULATION, for granting loans in favor of third parties exceeding the limit established by the regulation. 17/03/2022

52. With regard to recidivism for the commission of the
    same infraction, the final sanction imposed by the SMV within a period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account. Within this framework, it must be stated that AUTOPLAN EAFC does not present sanctions within the period indicated above, for the commission of the same infractions subject of analysis,

11 The resolution was subject to appeal by AUTOPLAN EAFC. Subsequently, through the Superintendent Resolution No. 119-2020-SMV/02 it was declared founded in part the appeal. 12 Notified on March 26, 2021. 13 Notified on December 29, 2021. 14 Notified on February 24, 2022.

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 the present administrative sanctioning procedure, so that no recidivism is configured;

53. With regard to the circumstances of the commission of the
    infractions, it must be mentioned that AUTOPLAN EAFC, in its capacity as a company supervised by the SMV, knows the regulations that regulate the system of collective funds and in that sense, the regulations relative to the rights of the members, as well as the regulations that oblige to remit the account statements and the assembly calendars to the members in accordance with what is established in the REGULATION and in the contracts it administers;

54. However, AUTOPLAN EAFC failed to comply with what is
    established in article 70° of the REGULATION and clause 10, numeral 10.4, literal l) of the CONTRACT, since it did not comply with sending to the COMPLAINANT the account statements and the assembly calendars;

55. Without prejudice to the above, it is worth adding that in the
    present case the administrator company has celebrated the extrajudicial transaction of November 29, 2022 with the COMPLAINANT through which AUTOPLAN EAFC committed to grant to the COMPLAINANT, for the only time, the fixed, total and invariable sum of US$ 3,480.00 (Three thousand four hundred and 00/100 American Dollars), sum equivalent to the total of contributions made by virtue of CONTRACT 1 and CONTRACT 2 without the application of penalties. Regarding this, AUTOPLAN EAFC has presented a copy of a bank transfer receipt for the amount of US$ 3,480.00 (Three thousand four hundred and 00/100 American dollars) made in favor of the COMPLAINANT on December 7, 2022, in accordance with what is established in Clause Second, numeral 2.1 of the TRANSACTION, which is in File No. 2022038853;

56. With regard to the damage caused and to the repercussion
    on the market, in the present case, it has not been evidenced that the infraction in which AUTOPLAN EAFC has committed has 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;

57. Regarding the illicit benefit resulting from the
    commission of the infractions, it must be noted that it has not been proven that AUTOPLAN EAFC has obtained a benefit that is directly related to the infraction subject of analysis in the present administrative procedure;

58. With regard to the probability of detection of the
    infractions, it must be indicated that the facts constitutive of the infraction committed by AUTOPLAN EAFC were evidenced when verifying the compliance with the regulation applicable to the development of its functions, based on the facts exposed by the COMPLAINANT in the complaint filed against the administrator company, so that the probability of detection of the infraction was low;

59. As for the severity of the damage to the public interest
    and/or legal good protected, in the present case it has not been possible to prove that the action of AUTOPLAN EAFC in the commission of the infraction subject of analysis in the present sanctioning procedure has caused damage to the public interest determinable;

60. However, a protected legal good has been affected,
    consisting in the protection of the member, since AUTOPLAN EAFC has

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendency
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship

failed to comply with the obligation to provide periodic information to the associate. The unfulfilled obligation aims to prevent harm to the interests of the associates, particularly their confidence in the collective fund system, as the sending of account statements allows them to verify the details of their contributions based on paid quotas, the administration fees charged by the company, and to control their monthly payments, as well as other information established in Annex 8 of the REGULATIONS;

61. Likewise, it must be noted that the fact that the COMPLAINANT was not informed about the assembly calendars did not allow them to know the date of the regular assemblies corresponding to CONTRACT 1 and CONTRACT 2 from June 2021 onwards, so they would not have been able to participate in them, nor exercise their contractually agreed rights, such as, for example, the right to propose auctions;

62. In this way, taking into account that collective fund management companies have the obligation to act in strict compliance with the applicable regulations, such as the provisions established in CONTRACT 1, CONTRACT 2 and the REGULATIONS, in safeguarding the collective fund system, the transgression of said regulations affects the legal good referred to as market integrity, that is, the collective fund system, and especially affects the confidence of the associates or potential associates in the collective fund system;

63. Regarding the existence or not of intent in the infringer's conduct, it must be specified that intent has not been verified in the conduct of AUTOPLAN EAFC regarding the infractions under analysis;

64. In addition to the above, it corresponds to analyze the exemptions and mitigating circumstances of liability established in article 257 of the TUO LPAG as well as the mitigating and exempting conditions of liability established in articles 26 and 27 of the SANCTIONS REGULATION;

65. To this effect, in accordance with what is determined in article 257, numeral 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 circumstances that constitute conditions exempting liability have been configured;

66. In accordance with the analysis carried out, in accordance with what is determined in article 257, numeral 1 of the TUO 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;

67. Likewise, it is not observed that in the present case any of the circumstances that constitute conditions mitigating liability have been configured;

68. With regard to the voluntary declaration of the commission of the infractions (article 257, numeral 2 of the TUO LPAG) and the contribution of the infringer to their clarification, established in article 26, letters a) and b) of the SANCTIONS REGULATION, it must be indicated that AUTOPLAN EAFC did not present defenses. Consequently, it has not expressly recognized the commission of the infractions under evaluation, nor has it contributed to the clarification of the facts imputed as charges;

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendency
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship

69. From the foregoing, it is concluded that AUTOPLAN EAFC has committed two (2) infractions classified as minor in Annex XIII, numeral 3, item 3.7 of the SANCTIONS REGULATION, regarding which it corresponds to impose on AUTOPLAN EAFC a sanction corresponding to the infractions classified as minor in accordance with article 39 of the SANCTIONS REGULATION;

70. However, taking into account the sanctioning criteria analyzed, and in application of the Principle of Reasonableness contemplated in article 248, numeral 3 of the TUO LPAG which states that sanctions to be applied must 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 they have caused economic harm or that they have had repercussions in the market. Likewise, it has not been verified that the management company has obtained any illicit benefit from the commission of the infractions subject to charges, nor that it has had intent in its actions regarding this matter. Similarly, it has been verified that AUTOPLAN EAFC is not a repeat offender regarding the infractions;

71. Likewise, the agreements adopted by AUTOPLAN EAFC and the COMPLAINANT through the celebration of the TRANSACTION described as part of the circumstances of the commission of the infraction must be taken into account. In this sense, it must be reiterated that AUTOPLAN EAFC reached a TRANSACTION with the complainant and returned their contributions to the COMPLAINANT, through a bank transfer for the amount of US$ 3,480.00 dated December 7, 2022, whose transfer receipt was presented as support for the total return made in favor of the COMPLAINANT;

72. In that sense, considering the analysis carried out, this Adjunct Superintendency considers that it corresponds to impose on AUTOPLAN EAFC a sanction corresponding to the minor infractions, in accordance with what is established in article 39 of the SANCTIONS REGULATION;

73. Being in accordance with what is provided by article 32°, numeral 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 Autoplan Empresa Administradora de Fondos Colectivos S.A has committed one (1) infraction classified as minor as established in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, since it would not have complied with sending the monthly account statements to the associate, corresponding to the contracts signed, during their validity.

Article 2º.- Declare that Autoplan Empresa Administradora de Fondos Colectivos S.A has committed one (1) infraction classified as minor as established in Annex XIII, numeral 3, item 3.7 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not sending the associate the assembly calendars, corresponding to CONTRACT 1, for the assemblies held from June 2021 to August 2021 and the assembly calendars, corresponding to CONTRACT 2, for the assemblies held from August 2021 to July 2022.

PERU Ministry of Economy and Finance

SMV
Securities Market Superintendency
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship

Article 3º.- Sanction Autoplan Empresa Administradora de Fondos Colectivos S.A with two (02) reprimands for the commission of the infractions referred to in articles 1° and 2° of this resolution.

Article 4º.- This resolution does not exhaust the administrative route, unless it is consented, and may be challenged before the Adjunct Superintendency for Prudential Supervision by filing a reconsideration or appeal appeal before the same, within the term of fifteen (15) business days counted from the day following its notification.

Article 5º.- In the event that this resolution is not subject to challenge through a reconsideration or appeal 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 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, laws of general character, early agenda and other administrative acts of the SMV, approved by SMV Resolution Nº 014-2014-SMV/01 and its amendment, and by what is provided in article 14° of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01.

Article 6º.- Transcribe this resolution to Autoplan Empresa Administradora de Fondos Colectivos S.A.
Register, communicate and publish.
Omar Gutiérrez Ochoa
Adjunct Superintendent
Adjunct Superintendency for Prudential Supervision