Assistant Superintendent of Prudential Supervision Resolution No. 048-2025-SMV/10

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Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship Assistant Superintendent of Prudential Supervision Resolution SMV No. 048-2025-SMV/10 Lima, September 12, 2025 Summary: Efic Partners S.A.C., former liquidator of the investment fund "Fondo Latam Peru in Liquidation", is sanctioned with a reprimand for having committed one (1) minor infraction defined in Annex I, item 3, clause 3.1 of the Sanctions Regulation, for failing to submit periodic information within the deadline established by the applicable regulations.

Administered by: Efic Partners S.A.C., former liquidator of the investment fund "Fondo Latam Peru in Liquidation" Subject: Administrative sanctioning procedure File No.: 2025030542

The Assistant Superintendent of Prudential Supervision

SEEN:
Administrative file No. 2025030542, and Report No. 1160-2025-SMV/10.3, issued by the General Superintendence of Prudential Compliance; as well as the defenses and arguments presented by Efic Partners S.A.C.; and,

CONSIDERING:

1. Pursuant to 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. Within the supervisory functions assigned to the SMV, an evaluation was carried out regarding the timely presentation of periodic information by the investment fund "Fondo Latam Peru in Liquidation"1
(below, the FUND);

1 The Latam Peru Fund is an investment fund established in May 2008 and administered by Efic Partners SAC since May 2015. The fund was excluded from the RPMV on April 18, 2022 (File No. 2022016300).

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3. As a result of said evaluation and under the authority of the Single Consolidated Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 3783-2025-SMV/10.3, notified on July 15, 2025 (hereinafter, CHARGES LETTER), a charge was filed against Efic Partners S.A.C. (hereinafter, EFIC PARTNERS), former liquidator of the FUND, for an infraction of the Regulation of Investment Funds and their Managing Companies, approved by SMV Resolution No. 029-2014-SMV/01 and its amendments (hereinafter, REGULATION) and the "Standards on preparation and presentation of financial statements and annual report by entities supervised by the Securities Market Superintendence",
approved by SMV Resolution No. 016-2015-SMV/01 (hereinafter, STANDARDS), in force at the time the facts occurred, for not having timely submitted the individual interim financial statements and their respective management report as of June 30, 2021 corresponding to the FUND, which were sent to the Public Registry of the Securities Market (RPMV) on August 16, 2021 2 ; outside the deadline for their presentation 3 ;
4. The aforementioned non-compliance is defined in Annex I, item 3, clause 3.1, of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION) which prescribes as a minor infraction "To present outside the established deadline, or to present it incompletely, or, without observing the technical specifications approved by the SMV or without communicating approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material events, and annual reports";
5. In writing received on July 24, 2025, EFIC PARTNERS presented defenses against the observations made;
6. The charges filed, as well as the defenses presented by EFIC PARTNERS, have been the subject of evaluation by the General Superintendence of Prudential Compliance in Report No. 1160-2025-SMV/10.3, which has been submitted to the knowledge of this Assistant Superintendence;
7. In observance of the Principle of Due Process contemplated in Article IV, clause 1, item 1.2 of the Preliminary Title, as well as in Article 248°, item 2, of the TUO LPAG, through Letter No. 4469-2025-SMV/10, the administrative file to which this resolution refers was made available to EFIC PARTNERS for its review;
8. On August 29, 2025, EFIC PARTNERS presented additional written arguments;

2 File No. 2021031690.
3 It should be specified that, in accordance with the provisions of the cited regulation, the deadline for the respective presentation of the individual interim financial statements and their respective management report of the investment funds as of June 30, 2021 was July 31 of the same year. However, it is noted that this date was an inactive day (Saturday), so the provisions of item 145.2 of Article 145 of the Single Consolidated Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS, were applicable. In this sense, since Saturday, July 31, 2021, was an inactive day, the deadline for the presentation of the interim financial statements and their respective management report was Monday, August 2, 2021.

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II. MATTERS TO BE DETERMINED
9. In the present administrative procedure, in the opinion of this Assistant Superintendence, it corresponds to determine the following:
a. Whether EFIC PARTNERS committed or did not commit an infraction for not having presented the individual interim financial statements and their respective management report as of June 30, 2021, corresponding to the FUND, subject of charges, within the deadline established in Article 85, letter c) of the REGULATION and Article 5 of the STANDARDS; b. Whether it corresponds or does not correspond to impose a sanction on EFIC PARTNERS;

III. ANALYSIS
3.1. Of the applicable regulation
10. Article 85, letter c) of the REGULATION, provides as follows:
"Article 85 Information of the Funds
The Managing Companies, once the Fund's activities have begun, must send to the Registry the following information for each Fund:
(...) c) Interim or unaudited financial statements and the management report, prepared and presented in accordance with applicable accounting standards, for the first three quarters, by April 30, July 31, and October 31 of each year, respectively; and those corresponding to the fourth quarter, by February 15 of each year";
11. Additionally, Articles 2 and 5 of the STANDARDS establish as follows:
"Article 2°.- Obligation to present financial information and annual report Issuing companies with securities registered in the RPMV, legal entities registered in the RPMV, companies administering collective funds, and Investment Funds, are obliged to present to the SMV their annual individual or separate financial statements and interim individual or separate and annual report. (...)."; "Article 5.- Deadlines for presentation of individual or separate and consolidated interim financial statements Issuing companies with securities registered in the RPMV, legal entities registered in the RPMV and companies administering collective funds must present the individual or separate interim financial statements and consolidated interim statements, as applicable, to the SMV and, if applicable, to the entities responsible for the operation of centralized trading mechanisms, on the day they were approved by the corresponding body. These entities have as the deadline for the respective approval of the individual or separate interim financial statements for the first three quarters April 30, July 31, and October 31 of each year, respectively; and for the consolidated interim financial statements for the first three quarters May 15, August 15, and November 15 of each year, respectively. For the fourth quarter, the deadline for the approval of the individual or separate interim financial statements is February 15 of each year and for the consolidated interim financial statements, March 1 of each year.";

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3.2. Of the charge filed
12. Through the CHARGES LETTER, a charge was filed against EFIC PARTNERS, upon observing that the individual interim financial statements and their respective management report as of June 30, 2021 corresponding to the FUND were sent to the RPMV on August 16, 2021 4
; however, the deadline for their presentation was August 2, 2021 5 ;
13. Regarding this matter, it should be noted that according to Article 117 6 of the REGULATION, liquidators –from their appointment– assume the responsibilities and functions established, among others, in the aforementioned regulation; therefore, EFIC PARTNERS would have failed to comply with the provisions of Article 85, letter c) of the REGULATION and Article 5 of the STANDARDS by not presenting the interim financial information and its respective management report as of June 30, 2021, corresponding to the FUND, within the established deadline;
14. In this sense, regarding the aforementioned non-compliance, EFIC PARTNERS would have committed one (1) infraction classified as minor in Annex I, item 3, clause 3.1 of the SANCTIONS REGULATION;
3.3. Of the defenses presented
15. In response to the charges made, EFIC PARTNERS states that the documentation of the financial statements as of June 30, 2021 corresponding to the FUND was delivered by letter on July 30, 2021, for which it attaches a copy of the receipt of said letter;
3.4 Evaluation of the defenses
16. Regarding this, it must be indicated that what was stated by EFIC PARTNERS in its defenses does not adjust to the reality of the facts, in that what it sent to the SMV on July 30, 2021, through file 2021029279, was a material event in which it communicated that the financial statements of the second quarter of the FUND had been approved in the fund's participants' assembly on July 30, 2021, the information subject of the charge was not attached;
17. Likewise, through file 2021030082 of August 3, 2021, the FUND sent the same material event referred to in the preceding consideration;
18. Without prejudice to the above, it must be indicated that on July 30, 2021, through file No. 2021029375, the FUND sent, among other
documents, the management report corresponding to the second quarter of 2021, as well as its financial information as of June 30, 2021 and the declaration of responsibility. It should be specified that in the presentation letter sent in the aforementioned file, it indicates that a text file generated by the template on a CD (structured information) is also attached; however, the file only contains the mentioned information in unstructured free format; the file does not include the referred .txt file. Likewise, it must be indicated that the information of said file was presented as general requests and not as financial information;
19. With regard to what was stated, in its additional written arguments, EFIC PARTNERS indicates that as a result of the presentation of its information on July 30, 2021 through file No. 2021029375, it received a communication in which it was communicated that the text file information could not be opened, so on August 4, 2021, it sent a new CD which again contained the text file generated by the template. It should be indicated that through file No. 2021030240 of August 4, 2021, it is verified that EFIC PARTNERS presented a letter indicating that it was sending the mentioned text file; nevertheless, the structured information is not part of the file despite what was stated in the letter;
20. It must be mentioned that the communication to which EFIC PARTNERS refers in its arguments refers to an email that the SMV sent it on August 3, 2021, through which it indicated that on July 30, 2021, it had presented intermediate financial information of the FUND corresponding to the second quarter of 2021, and that it had been detected that the structured file presented corresponded to first quarter information, so it was requested that it regularize said information as soon as possible;
21. From the above, it must be taken into account that Article 86 of the REGULATION provides as follows:
"Article 86.- Submission of information
The audited annual financial statements, the interim financial statements and other information, for them to be considered presented to the Registry, must comply with the submission standards established by the SMV";
22. In the same sense, the second paragraph of Article 3 of the STANDARDS states:
"Article 3.- Requirements that must be met for sending information to the SMV (...)
The information that is sent must jointly comply with the following conditions:
(i) Presented in a complete manner; ii) Sent within the established deadlines; iii) Observe the technical specifications approved by the SMV; and, (iv) Have been approved by the respective corporate body, leaving a record of this in the letter accompanying the information." (Underlining ours);
23. According to the above, regarding compliance with the technical specifications approved by the SMV, item 2.4 of Title III of the "Technical Specifications of the Registration and Supervision Information System - SIRYS", approved by Superintendent Resolution No. 080-2014-SMV/02 (hereinafter, TECHNICAL SPECIFICATIONS) states:
"2.4.4 Financial Information for Investment Funds

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Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship (...) Financial Information File File name to send: EFRRRRRRccccaaaap.txt Where:
RRRRRR = RPJ of the company cccc = Code of the Fund aaaa = Year. p = Period of the Information 1, 2, 3, 4 for quarterly information and A for annual information."
(Emphasis added by own);
24. In this sense, the interim financial statements of the FUND, for them to be considered presented to the RPMV must comply with the information submission standards established by the SMV, among which is the obligation to present the financial information through a structured file with the txt extension; which is not observed for the case of the information sent by EFIC PARTNERS through file No. 2021029375, on July 30, 2021; nor in file No. 2021030240 of August 4, 2021;
25. Regarding this, it must be indicated that when the financial information is sent in the form and channels provided for, which occurred on August 16, 2021 through file No. 2021031690, in addition to being disseminated immediately on the SMV Portal, the dissemination is carried out in a structured manner and in a specific section of the same, which allows the market and investors in general to deepen the economic-financial analysis, not only of a particular manager, but of the entire industry, being able to perform horizontal and vertical financial comparative analyses between managers and funds as required; among others, as well as not affecting the SMV in its supervision and control tasks; which did not occur for the case of the information sent on July 30, 2021 and August 4, 2021;
26. For its part, regarding the management report, it must be indicated that, in accordance with what is established in Article 35 7 of the "Financial Information Regulation and Manual for the Presentation of Financial Information" approved by CONASEV Resolution No. 103-99-EF-94.10 and what is established in the third section 8 of the Manual for the Preparation of Financial Information approved by the

"Chapter VIII
Management Report
Article 35.- Preparation
The report presented by management shows the financial evaluation and explains the main characteristics of the financial situation, financial performance and the main uncertainties facing the company. This Report comprises:

1. Declaration of Responsibility; and,
2. Management Analysis and Discussion.
   For the preparation of this Report, the provisions of the Third Section of the Manual must be followed".
   "10.000. Management Report
   (...)
   10.002. Management Analysis and Discussion
   The analysis and discussion is based on the interim financial statements, describes and explains the main characteristics of the company's financial situation, its financial performance and the main risks and uncertainties it faces. It consists of an analytical comment by management, regarding the result of operations and the economic-financial situation of the company, whose purpose is to facilitate the analysis and understanding of the important changes that have occurred corresponding to the last period and its variation with respect to the same period corresponding to the year

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27. It should be noted that according to Articles 14, 15 and 21 9 of the "Standards on Preparation, Presentation and Dissemination of Financial Statements and Annual Report and Management Report applicable to entities supervised by the SMV", approved by SMV Resolution No. 013-2023-SMV/01, which are in force from December 11, 2023 (hereinafter, NEW STANDARDS), the obligations and deadlines regarding the presentation of Individual Interim Financial Statements together with their respective Management Report are maintained, obligations that are evaluated in the present administrative sanctioning procedure;
28. Without prejudice to the above, it should be noted that the financial information sent on July 30, 2021 through file No.
2021029375, is the same as that sent in a structured manner on August 16, 2021 through file No. 2021031690, so it is reasonable to conclude that the information required to prepare the management report was available at the end of July 2021, which is reflected in the fact that the management reports sent in both files are the same;
29. From the above, it follows that although the financial information as of June 30, 2021 was not sent timely by not having been presented observing the technical specifications, the respective management report was presented timely;
30. Consequently, EFIC PARTNERS presented the financial statements of the FUND for the second quarter of 2021, on August 16, 2021, that is, outside the deadline established in Article 85, letter c) of the REGULATION and Article 5 of the STANDARDS;
31. As stated, it is noted that EFIC PARTNERS has committed one (1) infraction classified as minor, defined in Annex I, item 3, clause 3.1, of the SANCTIONS REGULATION, according to which it constitutes an infraction: "To present outside the established deadline, or to present it incompletely, or, without observing the technical specifications approved by the SMV or without communicating approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material events, and annual reports";
IV. EVALUATION OF THE SANCTION

precedent and, if relevant, regarding the closing of the previous period (...)." (Underlining added).

“Article 21.- Management Report
21.1. Issuers and legal entities registered in the RPMV, whose special regulation requires it, must prepare the Management Report, which must be submitted together with the individual or separate interim financial statements (...)”

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32. In accordance with what is established in article 35
    of the SANCTIONS REGULATION, the commission of a minor nature infringement is subject to a sanction corresponding to a reprimand or a fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);

33. Regarding this, taking into account that in the present
    sanctioning procedure, infringements typified as minor related to the timeliness of submission of periodic information are evaluated, it must be considered that subsection 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with the Norms that Regulate the Submission of Periodic or Occasional Information”, approved by SMV Resolution No. 006-2012-SMV/01 and its amendment 10 (hereinafter, SANCTIONS CRITERIA), in force at the date the facts occurred, provides that the purpose of these criteria is “to establish the sanctioning parameters that within the framework of the General Administrative Procedure Law, the Securities Market Law and the Decree Law on Collective Fund Administrators allow applying sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the Registries under the charge of the SMV, and other persons obliged to submit periodic or occasional information for non-compliance in the timely submission of such information that are typified as a minor infringement in the annexes of the Sanctions Regulation, approved by CONASEV Resolution Nº 055-2001-EF-94.10. The criteria that follow are developed apply exclusively to non-compliance with the norms that regulate the submission of periodic or occasional information and do not apply extensively to other cases investigated by this Superintendency”;

34. Therefore, to evaluate the sanction that must
    be imposed on EFIC PARTNERS for the non-compliance in the presentation of periodic information described in this resolution, it is necessary to apply the SANCTIONS CRITERIA;

35. It is worth highlighting that the application of the SANCTIONS
    CRITERIA observes the principle of proportionality established in the TUO LPAG, since it allows determining in a predictable manner for the administrative subject, the sanctions to be imposed on securities issuers and on persons registered in the RPMV for non-compliance with the deadlines for submitting information to which they are obligated by the norms and for omission in the submission of that information that is required by the SMV;

36. For the purpose of determining the sanction that
    corresponds to the infringements under analysis, and in accordance with what is established in subsection 3.2 of the SANCTIONS CRITERIA, the evaluation criteria disposed in article 348° of the LMV, in article 248°, numeral 3, of the TUO LPAG 11, in article 25 of the SANCTIONS REGULATION, as well as in subsection 4.1 of the SANCTIONS CRITERIA, whose observance is mandatory, must be taken into account. Within this framework, the evaluation of the sanction must consider: a) The gravity of the damage to the public interest and/or protected legal good; b) The economic harm caused and the repercussion in the market;

Modified by article 3 of SMV Resolution No. 010-2014-SMV/01 of May 22, 2014, in force from May 25, 2014.
The aforementioned resolution modified, the first paragraph of the Fourth Criterion of subsection 4.1, the numerals (ii), (iv), (v) (vi) and (vii) of subsection 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with the norms that regulate the submission of periodic or occasional information, approved by SMV Resolution No. 006-2012- SMV/01. 11 Article 230, numeral 3 of Law No. 27444, General Administrative Procedure Law (hereinafter, LPAG).

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c) Previous sanctions; d) Recidivism; e) The circumstances of the commission of the infringement; e) The illicit benefit resulting from the commission of the infringement; g) The existence or lack of intent in the infringer's conduct; and, h) The probability of detection of the infringement;

37. Regarding the gravity of the damage to the public interest
    and/or protected legal good, it must be taken into consideration that regarding the submission of periodic or occasional information, any non-compliance with the regulations on its timely presentation, that is, the non-observance of the deadlines established for presenting such information, affects the transparency of the securities market, as this safeguards the right of investors (actual and potential) and the general public to access such information in a timely manner in order to adopt investment decisions or carry out a specific evaluation; likewise, it affects the SMV in the implementation of its supervision and control activities that seek to protect the integrity of the market;

38. Therefore, it can be affirmed that EFIC PARTNERS
    has affected the protected legal good which is market transparency, given that it submitted the interim financial statements of the FUND tardy, corresponding to the second quarter of 2021;

39. Regarding the economic harm caused and the
    repercussion in the market, it has not been evidenced that the infringement in which EFIC PARTNERS has incurred has produced a concrete quantifiable harm in the market, that is, it has not been determined that there has been concrete harm or caused an economic damage to one or more investors, so it has not been evidenced that there has been repercussion in the market;

40. Likewise, regarding previous sanctions,
    it must be noted that in accordance with the SANCTIONS CRITERIA and with article 25°, literal a) of the SANCTIONS REGULATION, previous sanctions constitute final sanctions imposed by the SMV within a period of four (4) years prior to the commission of the infringements to be sanctioned, and the commission of the same infringement in the year prior to the infringement to be sanctioned is not considered a previous sanction;

41. In this sense, in accordance with what has been stated and from the
    review carried out in said period, it has been verified that EFIC PARTNERS does not present previous sanctions;

42. 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. Within this framework, it must be stated that EFIC PARTNERS does not present sanctions within the period mentioned above, for the commission of the same infringement under analysis, in the present administrative sanctioning procedure, so recidivism is not configured;

43. Regarding the circumstances of the commission of the
    infringements, it must be mentioned that EFIC PARTNERS, in its then status as a supervised liquidating company by the SMV, knew the norms that regulate the securities market, and in that sense, the norms that obligate it to submit to the SMV periodic information within the deadlines established in them. However, EFIC PARTNERS submitted the FUND's financial statements tardy, corresponding to the second quarter of 2021, subject of evaluation in the present sanctioning procedure, with fourteen (14) days of delay from the deadline for submission;

44. Regarding the illicit benefit resulting from
    the commission of the infringements, it must be noted that it has not been proven that EFIC PARTNERS has obtained a benefit that is directly related to the infringement under analysis in the present administrative sanctioning procedure;

45. Regarding the existence or lack of intent in
    the infringer's conduct, it has not been evidenced that EFIC PARTNERS has acted with intent in the commission of the infringement under evaluation;

46. Regarding the probability of detection of
    the infringements, it must be indicated that in the present case the infringement in which EFIC PARTNERS has incurred was evidenced as a result of the activities of supervision and control that the SMV carries out regarding the compliance with the timely submission of periodic and occasional information, in accordance with what is established in the applicable regulations; so the probability of detection was high;

47. Continuing with the analysis, it is necessary to determine
    the sanction to be imposed on EFIC PARTNERS for the infringement under analysis. In that sense, the SANCTIONS CRITERIA establish that a reprimand sanction may be imposed when the following guidelines established in subsection 4.2, numeral (ii) of the aforementioned criteria are met concurrently: (i) the impact on market transparency is minimal; (ii) the infringement committed has not caused concrete harm to investors or partners; (iii) the infringing subject does not have previous sanctions or, if it does, they are infringements typified as minor offenses imposed in the four (4) years prior to the commission of the infringement being evaluated; (iv) the infringing subject has not obtained a benefit from its illegal conduct; and, (v) it has not been proven that the infringer acted with intent in the commission of the infringement;

48. On this matter, as can be appreciated from the
    evaluation carried out, it has been verified that EFIC PARTNERS does not register previous sanctions in the four (4) years prior to the commission of the infringement being evaluated.
    Likewise, it has not been proven that the infringement committed has caused concrete harm to investors; it has not been evidenced that a benefit was obtained from its illegal conduct, nor that it has been proven that it acted with intent in the commission of the infringement;

49. Regarding the impact on market transparency being
    minimal, it must be warned in principle and as mentioned in the evaluation of the sanctioning criteria, that any non-compliance with the regulations regarding the deadlines established for submitting periodic or occasional information affects the transparency of the securities market, especially if these non-compliances persist over time, since such information is relevant not only to investors but also to the market in general;

50. Nevertheless, it must be taken into account that the
    information subject to charges in the present administrative sanctioning procedure refers to the FUND, which at the date of commission of the infringement was in liquidation. Likewise, according to the Annual Report of the FUND for the period 2021 12, the FUND was registered under the simplified regime and had

12 Exp. 2022009986.

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four participants, all of them institutional: three (3) AFPs and one investment fund. In that sense, it is observed that the financial information of the FUND was directed to legal entities and to an autonomous patrimony that adequately comprehend, manage and evaluate the risks associated with their investment decisions;

51. Consequently, it is observed that the
    circumstances exposed limit the impact generated on the protected legal good by the infringement evaluated in the present procedure. In that sense, these circumstances determine that the impact on transparency in the present case has been minimal;

52. Therefore, as a result of the evaluation
    carried out, it is observed that EFIC PARTNERS meets the conditions established in subsection 4.2, numeral (ii) of the SANCTIONS CRITERIA.

53. On the other hand, it is worth noting that in the present
    procedure, the existence of aggravating circumstances contemplated in subsection 4.2, numeral (vi) of the aforementioned SANCTIONS CRITERIA has not been determined;

54. In addition to the above, it is necessary to analyze the
    exempting and mitigating circumstances of liability established in article 257 of the TUO LPAG 13, as well as the mitigating and exempting conditions of liability established in articles 26 and 27 of the SANCTIONS REGULATION. Regarding this, it is not observed that in the present case any of the circumstances that constitute mitigating and exempting conditions of liability have been configured;

55. In accordance with what has been analyzed, it is not observed
    that in the present case any of the circumstances that constitute mitigating conditions of liability have been configured. Regarding the voluntary declaration of the commission of the infringements (article 257, numeral 2 of the TUO LPAG) and the contribution of the infringer to their clarification, established in article 26, literals a) and b) of the SANCTIONS REGULATION, it must be indicated that EFIC PARTNERS has not expressly recognized the commission of the infringement under analysis; nor has it contributed to the clarification of the facts;

56. In accordance with what is provided by article 32°, numeral
    17, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments, as well as the SANCTIONS CRITERIA and its amendment;

“Article 257.- Exempting and mitigating circumstances of liability for infringements 1.- The following constitute exempting conditions of liability for infringements:
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 infringement. d) Mandatory order from a competent authority, issued in the exercise of its functions. e) Error induced by the Administration or by confusing or illegal administrative provision. f) Voluntary remediation by the potential sanctioned party of the act or omission imputed as constitutive of administrative infringement, prior to the notification of the charges referred to in subsection 3) of
article 235.
2.- The following constitute mitigating conditions of liability for infringements:
a) If an administrative sanctioning procedure has been initiated and the infringer recognizes their responsibility in an express and written manner.
In cases where the applicable sanction is a fine, it is reduced to an amount not less than half of its amount. b) Others that are established by special regulation.”

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RESOLVES:
Article 1º.- Declare that Efic Partners S.A.C. has
incurred one (1) minor nature infringement typified in Annex I, numeral 3, subsection
3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-
SMV/01, for not having timely submitted the individual interim financial statements as of June 30, 2021 corresponding to the Fondo Latam Perú en Liquidación.

Article 2º.- Sanction Efic Partners S.A.C. with a
reprimand pursuant to article 1° of this resolution.

Article 3º.- This resolution does not exhaust the administrative
route, unless it is consented, and may be challenged before the Superintendency Adjunct of Prudential Supervision by filing a reconsideration appeal, presented before the same, within a period 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 a reconsideration appeal within a period of fifteen (15) business days of being notified and remains consented, it must be published on the SMV Institutional Website on the Peruvian State Digital Unified Platform, in observance of what is provided in numeral 1, article 7° of the Policy on dissemination of normative projects, general character legal norms, early agenda and other SMV administrative acts, 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 No. 035-2018-SMV/01.

Article 5º.- Transmit this resolution to Efic
Partners S.A.C.

Register, communicate and publish.

Omar Gutiérrez Ochoa
Superintendent Adjunct
Superintendency Adjunct of Prudential Supervision