Circular 02-25 — Notification of Judicial Orders and Requests from Competent Authorities via the SIMV Virtual Office

SIMV Superintendencia del Mercado de Valores de la República Dominicana

CIRCULAR No. 02/25

TO: Securities Market Participants.

SUBJECT: Notification of judicial orders and requests from competent authorities through the Virtual Office of the Superintendencia del Mercado de Valores.

VIEWED:

a. Constitution of the Dominican Republic, proclaimed by the National Assembly on October twenty-seven (27), two thousand twenty-four (2024).

b. Law No. 249-17, on the Securities Market of the Dominican Republic, which repeals and replaces Law No. 19-00 of May eight (8), two thousand (2000), promulgated on December nineteen (19), two thousand seventeen (2017) (hereinafter, "Law No. 249-17").

c. Law No. 126-02, on Electronic Commerce, Documents and Digital Signatures, dated September four (4), two thousand two (2002).

d. Law No. 183-02, Monetary and Financial Law, dated November twenty-one (21), two thousand two (2002).

e. Law No. 53-07 on High-Technology Crimes and Offenses, dated April twenty-three (23), two thousand seven (2007).

f. Law No. 247-12, Organic Law of Public Administration, dated August nine (9), two thousand twelve (2012).

g. Law No. 107-13, on the Rights and Duties of Persons in Their Relations with the Administration and Administrative Procedure, dated August six (6), two thousand thirteen (2013).

h. Decree No. 335-03, which approves the Implementation Regulation of Law No. 126-02, on Electronic Commerce, Documents and Digital Signatures, dated April eight (8), two thousand three (2003).

i. Circular No. 07/23 dated July six (6), two thousand twenty-three (2023), on the Notification of communications through the Virtual Office of the Superintendencia del Mercado de Valores.

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SIMV Superintendencia del Mercado de Valores de la República Dominicana

CONSIDERING:

1. That Article 138 of the Dominican Constitution subjects the actions of Public Administration to "the principles of effectiveness, hierarchy, objectivity, equality, transparency, economy, publicity and coordination, with full submission to the legal order of the State (...)".

2. That the Superintendencia del Mercado de Valores, in its capacity as the regulatory body of the Securities Market and in accordance with Article 7 of Law No. 249-17, has as its "objective to promote an orderly, efficient and transparent securities market, protect investors, ensure compliance with this law and mitigate systemic risk, through the regulation and supervision of natural and legal persons operating in the securities market".

3. That Article 17 of Law No. 249-17 recognizes the Superintendent of the Securities Market as the highest executive authority of the Superintendencia del Mercado de Valores, placing under his charge the direction, control and representation of this institution.

4. That, specifically, item 14 of the aforementioned article grants the Superintendent the power to "issue the resolutions, circulars and instructions required for the development of this law and its regulations".

5. That, likewise, Article 25 of Law No. 249-17 establishes that it is the responsibility of the Superintendencia del Mercado de Valores to develop the technical or operational norms derived from said law, the applicable regulations and necessary norms.

6. That Article 362 of Law No. 249-17, which modifies item b of Article 56 of the Monetary and Financial Law, provides that financial intermediation entities and securities market participants have the legal obligation to maintain confidentiality regarding their clients' financial information, this "without prejudice to the information that must be provided to the Tax Administration, the Financial Analysis Unit, the Central Bank, the Banking Superintendency and the Securities Superintendency, within the scope of their respective competencies or by virtue of legal norms, international treaties or in compliance with information exchange agreements".

7. That, regarding procedural aspects, the aforementioned article refers that the institutions listed above "may request information directly, case by case, in aggregated or disaggregated form, without prior judicial authorization, or through the Banking or Securities Superintendency, and must be responded to within a period not exceeding ten (10) business days, by the regulated entity to which they are requested or within the period established by the requesting authority based on urgency, specificity, age and volume of the information requested".

8. That, likewise, the article in question expressly indicates that "courts may order the delivery, directly, of the banking or financial information that proves necessary in the

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SIMV Superintendencia del Mercado de Valores de la República Dominicana

knowledge of cases of any nature that they hear" and that "the Public Ministry, with prior judicial authorization, may request information directly from financial intermediation entities or securities market participants, through the Banking or Securities Superintendency, as appropriate".

9. That Law No. 247-12, in its Article 11, establishes that "entities and bodies of Public Administration will seek to use new technologies, such as electronic, computer and telematic means, which can be used to improve the efficiency, productivity and transparency of administrative processes and the provision of public services", with the purpose of "innovating and improving the management and processes of providing public services", "providing online services and streamlining administrative procedures and processes that provide timely responses to the demands of the population", among others.

10. That, regarding the application of the legal requirements of digital documents and data messages and, especially, the written record of information, Article 5 of Law No. 126-02 provides that "when any norm requires that information be in writing, this requirement will be satisfied with a digital document or data message, if the information it contains is accessible for subsequent consultation and if the digital document or data message meets the validity requirements established in this Law (...)".

11. That, in this same line, Article 6 of Law No. 126-02 establishes that "when any norm requires the presence of a signature or establishes certain consequences in its absence, this requirement will be deemed satisfied in relation to a digital document or data message, if it has been digitally signed and the digital signature meets the validity requirements established in this law".

12. That, through Circular 07-2023, dated July six (06), two thousand twenty-three (2023), on the notification of communications through the Virtual Office of the Superintendencia del Mercado de Valores, Securities Market Participants were informed "about the activation of the Virtual Office as an electronic mechanism for the sending and receiving of communications in digital form" by the institution.

13. That the use of information technology in administrative processes gives them greater speed, efficiency, traceability and transparency. Likewise, it improves the experience of users of institutional services. Therefore, it is necessary to develop and encourage the electronic notification of communications inherent to procedures under the charge of the Superintendencia del Mercado de Valores.

14. That the Virtual Office is a system integrated into the Integrated Securities Market Registration System that facilitates the mechanisms through which Securities Market Participants can send and receive communications and other information required by the Superintendencia del Mercado de Valores.

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SIMV Superintendencia del Mercado de Valores de la República Dominicana

15. That the submission of communications through the Virtual Office fulfills the essential and legal objective of notifications in accordance with current regulations and, at the same time, reduces inconveniences related to contact with recipients and reduces risk levels and the operational cost associated with notifications by physical means.

16. That, by virtue of the expansion of the functionalities of the Virtual Office, it is necessary to inform Securities Market Participants and the public about the activation of the electronic mechanism for the notification of judicial orders or requests from other authorities such as the Public Ministry, the Financial Analysis Unit and other competent authorities through the Superintendencia del Mercado de Valores.

Therefore:

The Superintendent of the Securities Market, in the exercise of the powers granted to him by Article 17, item 14 of Law No. 249-17 on the Securities Market, promulgated on December nineteen (19), two thousand seventeen (2017), disposes the following:

I. Inform Securities Market Participants about the expansion of the functionalities of the Virtual Office of the Superintendencia del Mercado de Valores, so that – in addition to the functionalities provided for in Circular 07-2023, dated July six (06), two thousand twenty-three (2023) – it serves as an electronic mechanism for the notification of judicial orders and requests from competent authorities, such as the Public Ministry, the Financial Analysis Unit, the Tax Administration and other competent authorities, which require processing through this Superintendencia del Mercado de Valores, as well as for the provision to this regulatory body of the information inherent to these requests.

II. Inform Securities Market Participants that the activation of the Virtual Office for the aforementioned purpose will replace physical notifications of judicial orders and requests from competent authorities. Without prejudice to this, exceptionally, the Superintendency may use notifications to the social address recorded in the Securities Market Registry, in cases it deems necessary. In the event of duplicate notification, the first notification received will always be valid for legal deadline purposes.

III. Inform Securities Market Participants that, regarding information of a confidential nature, access to judicial orders and requests from other competent authorities referred to in this circular must be limited to specific users or collaborators duly authorized by Securities Market Participants. Therefore, it is the responsibility of each entity to develop the corresponding policies and procedures to

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SIMV Superintendencia del Mercado de Valores de la República Dominicana

manage these notifications and designate the personnel who will have access to these requests and their roles. Likewise, Securities Market Participants will be responsible for the actions performed by the user on the platform according to the granted role.

IV. Inform Securities Market Participants that they have a period of five (5) business days to designate in writing before this Superintendencia del Mercado de Valores, the users who will have access to the notifications referred to in this circular and their substitutes, in the absence of the designated persons. The communication of designation must indicate the following data:

a. Full name; b. Position in the company; c. Area in which they perform their functions; d. Contact number; and e. Email address.

V. Inform Securities Market Participants that communications sent electronically through the Virtual Office to the persons designated as indicated in this circular will be considered duly notified. The designation of personnel who will have access to these communications will also constitute acceptance of this channel as a valid mechanism for notification of any communication by the Superintendency.

VI. Inform Securities Market Participants that the certain date of the notifications referred to in this circular will be the moment when the Securities Market Participant has integral access to the notification, which is presumed to have occurred when the notification of the judicial order or request from the competent authority rests in at least one (1) of the mailboxes of the persons designated to receive the request via the Virtual Office, without the need for it to give receipt acknowledgment. In this sense, Securities Market Participants must ensure that their designated collaborators access the Virtual Office daily, for the purpose of taking timely knowledge.

VII. Inform Securities Market Participants that they will have a maximum period of ten (10) business days or the period established by the requesting authority in accordance with what is provided in Article 362 of Law No. 249-17, from the receipt of the communication, to supply the information required through judicial authorization and requests from competent authorities.

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SIMV Superintendencia del Mercado de Valores de la República Dominicana

VIII. Inform Securities Market Participants that the documents and information they supply to the Superintendencia del Mercado de Valores to attend to judicial or competent authority requests must be sent in physical format and with confidential character, when the persons subject to the request are registered in the entity's records. In the contrary case, the "negative declaration" or response communication may be sent in digital format via the Virtual Office.

IX. It will be assumed that the information received by the Superintendencia del Mercado de Valores through the Virtual Office, supplied by the users designated as provided in this circular, is correct, truthful and attends to the request formulated by the competent authority, as long as the work of the Superintendencia del Mercado de Valores is limited to channeling the information presented by the Securities Market Participant. Consequently, the sending and content of said documents are considered the exclusive responsibility of the Securities Market Participant.

X. Reiterate to Securities Market Participants that do not have access enabled to the Virtual Office, they may send the documents and information inherent to the requests covered by this circular, through the email address enabled by the Market Registration Department, namely: registrosimv@simv.gob.do.

XI. Inform Securities Market Participants that communications sent by the Virtual Office must comply with what is provided by Circular No. 07-23 and this circular.

XII. Inform Securities Market Participants that the provisions contained in this circular will enter into force on the next business day following its publication.

XIII. Instruct the Regulation and Innovation Directorate to publish this circular on the institution's website.

In the city of Santo Domingo, National District, capital of the Dominican Republic, on the eight (08) day of the month of July two thousand twenty-five (2025).

[Signature] Ernesto Bournigal Read Superintendent

EBR/ajsj/mdt/sr/rq/em/cp/rt/gl Regulation and Innovation Directorate

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