Deputy Superintendency of Prudential Supervision Resolution N° 028-2026-SMV/10

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
Electronic document digitally signed under Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship Deputy Superintendency Resolution SMV N° 028-2026-SMV/10 Lima, September 17, 2026 Summary: BBVA Sociedad Titulizadora S.A. is sanctioned with a fine of 1.751 UIT equivalent to S/. 8,667.45 (Eight thousand six hundred sixty-seven and 45/100 Soles) for having incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, by failing to submit, within the established deadline by the applicable regulations, the audited annual financial statements of the trust patrimony called “Trust Patrimony – D. Leg. Nº 861, Title XI – Securitization Trust for Investment in Real Estate Income – FIBRA PRIME”, along with its external audit opinion, corresponding to the 2022 fiscal year. Administered Entity: BBVA Sociedad Titulizadora S.A. Subject: Administrative sanctioning procedure File N°: 2025056269 The Deputy Superintendent of Prudential Supervision HAVING SEEN:
Administrative file N° 2025056269, and Report N° 803-2026-SMV/10.3, issued by the General Intendency of Prudential Compliance; as well as the defenses presented by BBVA Sociedad Titulizadora S.A., and, WHEREAS:

1. In accordance with Article 1 of Law N° 29782, Law for the Strengthening of Securities Market Supervision, the name Comisión Nacional Supervisora de Empresas y Valores (CONASEV) is replaced by Superintendencia del Mercado de Valores (SMV), so all references 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 submission of periodic information by BBVA Sociedad Titulizadora S.A. (hereinafter, BBVA ST) to the Public Registry of the Securities Market (hereinafter, RPMV);

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
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3. As a result of said evaluation and under the provisions of the Consolidated Text of Law N° 27444 – General Administrative Procedure Law, approved by Supreme Decree N° 006-2026-JUS (hereinafter, TUO LPAG), by means of Official Letter N° 7533-2025-SMV/10.3, notified on December 31, 2025 (hereinafter, STATEMENT OF CHARGES), an administrative sanctioning procedure was initiated against BBVA ST, having verified that it failed to submit within the deadline established by the applicable regulations, the audited annual financial statements of the trust patrimony called “Trust Patrimony – D. Leg. Nº 861, Title XI – Securitization Trust for Investment in Real Estate Income – FIBRA PRIME” (hereinafter, FIBRA PRIME), along with the external audit opinion, corresponding to the 2022 fiscal year;
4. The charge mentioned in the preceding WHEREAS clause is typified as a minor infraction, in accordance with the provisions of Annex I, numeral 3, subsection 3.1, of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), according to which it constitutes an infraction: “Submitting outside the established deadline, or doing so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation 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. By means of a document submitted on January 12, 2026, BBVA ST presented its defenses to the observations made;
6. The charge formulated, as well as the defenses presented by BBVA ST, have been subject to evaluation by the General Intendency of Prudential Compliance in Report N° 803-2026-SMV/10.3, which has been submitted to the knowledge of this Deputy Superintendency;
7. In observance of the Principle of Due Process contemplated in both Article IV, subsection 1, numeral 1.2 of the Preliminary Title, as well as in Article 230, numeral 2, of the TUO LPAG, by means of Official Letter N° 2472-2026-SMV/10, the administrative file to which this resolution refers was made available to BBVA ST for its review;
II. ISSUES TO BE DETERMINED
8. In the present administrative procedure, in the opinion of this Deputy Superintendency, the following must be determined:
a. Whether or not BBVA ST incurred an infraction by failing to submit, within the deadline established by the applicable regulations, the audited annual financial statements of FIBRA PRIME, along with its external audit opinion, corresponding to the 2022 fiscal year. b. Whether or not a sanction should be imposed on BBVA ST;
III. ANALYSIS
3.1 Of the applicable regulations
9. Article 53 and the Second Final Provision of the Regulation on Asset Securitization Processes, approved by CONASEV Resolution Nº 001-97-EF-94.10 and its amendments (hereinafter, SECURITIZATION REGULATION) establish the following:
“Article 53.- Information related to securitization trusts.
Without prejudice to the obligation to report material events referred to in Article 28 of the Law, the registration of a security backed by a trust patrimony in the Registry generates the obligation to submit the following information to it:
a) Interim and annual financial statements, the latter audited, of the trust patrimony; (…).”
"FINAL PROVISIONS
(…)
SECOND.- Financial Information.- The financial information referred to in the provisions of this regulation must be submitted, where pertinent, in the manner and within the deadlines established by the norms issued by CONASEV for persons subject to its supervision and control and in accordance with the provisions of the Accounting Standards. Likewise, said information, where applicable, must be audited by a duly registered audit firm."

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
Electronic document digitally signed under Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship
10. Likewise, Article 6 of the “Rules on the preparation and presentation of financial statements and annual report by entities supervised by the Superintendency of the Securities Market”, approved by SMV Resolution Nº 016-2015-SMV/01 (hereinafter, RULES), states the following:
“Article 6.- Deadline for the approval of annual financial information Issuing companies with securities registered in the RPMV, legal entities registered in the RPMV, as well as collective fund management companies must submit to the SMV and, if applicable, to the entities responsible for the operation of centralized negotiation mechanisms, their individual or separate audited annual financial information, on the day it has been approved by the corresponding body, with the deadline for its respective approval being March 31 of each year.(…).”
3.2. Of the charge formulated
11. BBVA ST failed to submit within the deadline established by the applicable regulations the audited annual financial statements of FIBRA PRIME, along with its external audit opinion, corresponding to the 2022 fiscal year, which were approved on April 3, 2023. Said information should have been submitted on the day of its approval, with the deadline for this being March 31, 2023; however, it was sent to the RPMV on April 4, 2023. In this regard, BBVA ST was charged with having incurred one (1) infraction typified as a minor infraction, in accordance with the provisions of Annex I, numeral 3, subsection 3.1 of the SANCTIONS REGULATION;
3.3. Of the defenses presented
12. BBVA ST states that, having evaluated the imputed facts and within the framework of what is established in Article 26, literal a), of the SANCTIONS REGULATION, it acknowledges the commission of the imputed infraction;
3.4 Evaluation of the defenses
13. In this regard, it should be noted that BBVA ST has expressly acknowledged its responsibility in the commission of the infraction imputed in the STATEMENT OF CHARGES, which will be considered when determining the sanction to be imposed;

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
Electronic document digitally signed under Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship
14. Notwithstanding the foregoing, it is necessary to indicate that BBVA ST is a company supervised by the SMV, with operating authorization granted by CONASEV Resolution N° 028-99 EF/94.10 of February 26, 1999, and is aware of the applicable regulations for the submission of financial information of the trust patrimonies under its administration, and therefore has the obligation to comply with what is established in said regulations and consequently act diligently in the timely submission of the aforementioned information. However, this did not occur, inasmuch as BBVA ST incurred one (1) infraction, subject of the present administrative sanctioning procedure, submitting the information subject to the charge with a 4-day delay with respect to the deadline;
15. In this regard, it should be clarified that the subsequent submission of the information does not invalidate the imputed non-compliance, since the obligation provided in the applicable regulations is not exhausted by the mere submission of the information, but rather requires that it be submitted within the established deadline;
16. On the other hand, regarding the mitigating factor of responsibility alleged by BBVA ST, it should be indicated that this aspect will be subject to evaluation at the time of determining the sanction to be imposed;
17. Regarding the norms applicable to the infraction subject of the present administrative sanctioning procedure, it should be clarified that these will be the provisions in force at the time the administered entity incurred in the conduct to be sanctioned, unless subsequent ones are more favorable to it; these aspects will be subject to evaluation at the time of determining the sanction to be imposed;
18. Consequently, BBVA ST incurred one (1) infraction classified as minor, typified in Annex I, numeral 3, subsection 3.1, of the SANCTIONS REGULATION, in force on the date of the commission of the facts, according to which it constitutes an infraction: “Submitting outside the established deadline, or doing so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation 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
19. In accordance with the provisions of Article 35 of the SANCTIONS REGULATION, the commission of a minor infraction is subject to a sanction corresponding to a warning or a fine of no less than one (1) and up to twenty-five (25) Tax Units (UIT);
20. In this regard, considering that in the present sanctioning procedure a minor infraction typified as referring to the non-compliance with the deadline for submitting annual audited financial information and the external audit opinion of a trust patrimony is being evaluated, it should be considered that subsection 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with the Norms regulating the Submission of Periodic or Eventual Information”, approved by SMV Resolution N° 006-2012-SMV/01 (hereinafter, SANCTION CRITERIA), states that the purpose of said criteria is “to establish the

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
Electronic document digitally signed under Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship sanction parameters that, within the framework of the General Administrative Procedure Law, the Securities Market Law, and the Decree Law on Collective Fund Management Companies, allow for the application of sanctions to issuers with securities 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 eventual information for non-compliance in the timely submission of said information that are typified as minor infractions in the annexes of the Sanctions Regulation, approved by CONASEV Resolution Nº 055-2001-EF-94.10. The criteria developed below apply exclusively to non-compliance with the norms regulating the submission of periodic or eventual information and do not apply extensively to other cases investigated by this Superintendency”.
21. Therefore, to evaluate the sanction that must be imposed on BBVA ST for the non-compliance with the deadline for submitting annual audited financial information and the external audit opinion of a trust patrimony, described in this report, it is appropriate to apply the SANCTION CRITERIA 1;
22. It should be noted that the application of the SANCTION CRITERIA observes the principle of proportionality established in the Consolidated Text of Law N° 27444 – General Administrative Procedure Law, approved by Supreme Decree N° 006-2026-JUS (hereinafter, TUO LPAG), since it allows for the predictable determination for the administered entity of the sanctions to be imposed on securities issuers and persons registered in the RPMV for non-compliance with the deadlines for submitting information to which they are obliged by the norms and for omission in the submission of information required by the SMV;
23. For the purpose of determining the sanction corresponding to the infraction under analysis, and in accordance with the provisions of subsection 3.2 of the SANCTION CRITERIA, the evaluation criteria set forth in Article 344 of the Consolidated Text of the Securities Market Law, in Article 230, numeral 3, of the TUO LPAG, in Article 25 of the SANCTIONS REGULATION, as well as in subsection 4.1 of the SANCTION CRITERIA, whose observance is mandatory, must be taken into account. Within this framework, the evaluation of the sanction must consider: a) The seriousness of the harm to public interest and/or protected legal asset; b) The economic damage caused and the repercussion in the market; c) Sanction history; d) Recidivism; e) The circumstances of the commission of the infraction; f) The illicit benefit resulting from the commission of the infraction; g) The existence or not of intentionality in the conduct of the infractor; and, h) The probability of detection of the infraction;
24. Regarding the seriousness of the harm to public interest and/or protected legal asset, it should be taken into consideration that in the case of the submission of audited annual financial statements and the external audit opinion, any non-compliance with the regulations regarding their timely submission, that is, the non-observance of the established deadlines for submitting said information, affects the transparency of the securities market, inasmuch as it safeguards the right of investors (real and potential) and the general public to access said information in a timely manner in order to make investment decisions or carry out a specific evaluation; likewise,

PERU Ministry of Economy and Finance

SMV Superintendency of Securities Market
Electronic document digitally signed under Law N° 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and authorship it affects the SMV in the implementation of its supervision and control activities that seek to protect market integrity;
25. Therefore, it can be affirmed that BBVA ST has affected the protected legal asset, which is market transparency, since it submitted the audited annual financial statements and the external audit opinion analyzed in this report extemporaneously;
26. With regard to the economic damage caused and the repercussion in the market, it has not been evidenced that the infraction incurred by BBVA ST has produced a concrete quantifiable damage in the market; that is, it has not been determined that one or more investors have been concretely affected or suffered economic damage, nor has it been evidenced that there has been a repercussion in the market;
27. Likewise, regarding sanction history, it should be noted that in accordance with the SANCTION CRITERIA and Article 25, literal a) of the SANCTIONS REGULATION, firm sanctions imposed by the SMV within four (4) years prior to the commission of the infractions to be sanctioned constitute history. In this sense, a review carried out during said period has verified that BBVA ST presents the following sanction history:

Resolution N°	Resolved	Firmness
i Deputy Superintendency Resolution SMV N° 001-2021-SMV/10 2	BBVA Sociedad Titulizadora S.A. is sanctioned with a fine of 7 UIT equivalent to S/ 29,400.00 (Twenty-nine thousand four hundred and 00/100 Soles) for having incurred one (1) very serious infraction typified in Annex I, numeral 1, subsection 1.3 of the Sanctions Regulation, by failing to comply with the duty of identity reservation.	08/02/2021
ii Deputy Superintendency Resolution SMV N° 020-2021-SMV/10 3	BBVA Sociedad Titulizadora S.A. is sanctioned with a fine of 13.362 UIT, equivalent to S/ 55,421.70 (Fifty-five thousand four hundred twenty-one and 70/100 Soles) for having incurred eight (8) minor infractions typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, by failing to submit eventual and periodic information within the deadline established by the applicable regulations.	29/04/2021

28. With regard to recidivism for the commission of the same infraction, a firm sanction imposed by the SMV within one (1) year prior to the commission of the infraction to be sanctioned is taken into account. In this regard, a review carried out during said period has verified that BBVA ST does not present sanctions for the commission of the same infraction under analysis in the present sanctioning procedure;
29. As for the circumstances of the commission of the infraction, it should be noted that BBVA ST, in its capacity as a company supervised by the SMV, knows the norms that regulate the securities market and, in that sense, the norms that oblige it to submit to the SMV the audited annual financial statements and the external audit opinion of the trust patrimonies it administers, within the deadlines established therein. However, BBVA ST did not submit

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Superintendencia del Mercado de Valores
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information regarding the financial subject matter of the charge, sending the information with 04 days of delay with respect to the deadline;

30. In that sense, it is appropriate to indicate that BBVA ST,
    in attention to its duty of diligence as a supervised entity, should have adopted with sufficient advance notice the necessary measures that would allow it to comply timely with the submission of the audited annual financial statements and the external audit opinion within the deadlines established by the current regulations, in order to avoid its late submission;

31. Likewise, it is worth clarifying that the
    subsequent submission of the information does not eliminate the infringement for lack of timely submission, since the regulatory obligation is not exhausted by the submission of the information, but rather requires that such submission be carried out within the established deadline;

32. Regarding the illicit benefit resulting from
    the commission of the infringement, it must be noted that it has not been proven that BBVA ST obtained a benefit that is directly related to the infringement subject of analysis in the present administrative sanctioning procedure;

33. Regarding the existence or non-existence of intent in
    the conduct of the offender, it has not been evidenced that BBVA ST acted with intent in the commission of the infringement subject of analysis;

34. With regard to the probability of detection of the
    infringement, it must be indicated that in the present case the infringement in which BBVA ST has incurred was evidenced as a result of the supervision and control activities carried out by the SMV regarding the compliance with the timely submission of periodic and eventual information, in accordance with what is established in the applicable regulations; therefore, the probability of detection was high;

35. Continuing with the analysis, it is appropriate to determine
    the sanction to be imposed on BBVA ST. In that sense, the SANCTION CRITERIA establish that a warning sanction may be imposed when the following guidelines established in subsection 4.2, numeral (ii) of the referenced 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 offending subject does not have a record or, if it does, it concerns infringements classified as minor offenses imposed in the four (4) years prior to the commission of the infringement being evaluated; (iv) the offending subject has not obtained a benefit from its illegal conduct; and, (v) it has not been proven that the offender acted with dolus in the commission of the infringement;

36. Likewise, said SANCTION CRITERIA
    establish that if it is not appropriate to apply a warning sanction, a fine sanction must be imposed;

37. On this matter, it has been verified that BBVA ST
    has a record of sanction for an infringement classified as very serious, regarding which a sanction corresponding to minor offenses was applied; therefore, it is not appropriate to apply a warning sanction to the aforementioned infringement, as it does not meet the criterion established in subsection 4.2, numeral ii), item iii) of the SANCTION CRITERIA, referring to the fact that the offending subject does not have a record or, if it does, it concerns infringements classified as minor offenses imposed in the four (4) years prior to the commission of the infringement being evaluated;

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
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38. Now then, taking into account the principle of
    retroactivity contemplated in numeral 5 of article 230° of the TUO LPAG, this Assistant Superintendency also carried out the evaluation of the conditions for the application of a warning sanction established in the Regime of Gradual Sanctions for late submission of financial information, annual report and material events, approved by SMV Resolution No. 007-2023-SMV/01 of September 4, 2023 4 (hereinafter, REGIME OF GRADUAL SANCTIONS), effective from January 1, 2024, which establishes, in article 6, numeral 6.1, that the warning sanction may be applied when the following conditions are met concurrently: a) When the impact on market transparency is minimal. This statement is linked to the criterion of the gravity of the damage to the public interest and/or protected legal good; b) The infringement committed has not caused concrete harm to investors or partners; c) The offending subject does not have a record or, if it does, they are sanctions corresponding to minor infringements imposed by the SMV that had become final in the four (4) years prior to the commission of the infringement being evaluated; d) The offending subject is not a recidivist; e) The offender has not obtained benefits from his administrative infringement; and, f) It has not been proven that the offender acted with intent in the commission of the infringement;

39. On this matter, it has been verified that BBVA ST
    has a record of sanction for an infringement classified as very serious, regarding which a sanction corresponding to minor offenses was applied;

40. On the other hand, it is appreciated that BBVA ST does not have
    recidivism for the commission of the same infringement subject of evaluation in the present resolution;

41. Likewise, it has not been proven that the infringement
    committed has caused concrete harm to investors, it has not been evidenced that the managing society has obtained a benefit from its illegal conduct, nor that it has been proven that it acted with dolus in the commission of the infringement;

42. Now then, with regard to the condition referred to
    that the impact on market transparency is minimal, it must be warned in principle and as mentioned in the evaluation of the sanction criteria, that any non-compliance with the regulations regarding the deadlines established to present periodic information affects the transparency of the securities market, even more so if this non-compliance persists over time. In that sense, it must be indicated that BBVA ST presented the audited financial statements of the 2022 fiscal year with four (04) days of delay;

43. From this perspective, it is appropriate to point out
    that due to the quality of the information, it generates high expectations among potential investors and clients, as well as for the regulator for supervision purposes, considering that the annual audited financial information of the fiduciary estates presents a predominant importance for the market, as it is a source of verified, complete and meticulous information of the referred estates, and whose opinion is the result of an exhaustive analysis carried out by an auditing firm. Likewise, this information stands out for its level of detail and verification, which

4 Published in the Official Newspaper “El Peruano” on September 8, 2023.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship

implies that the delay in its presentation can impact significantly on the perception of transparency and confidence in the market;

44. Thus, the delay in the presentation of the
    information of the individual annual audited financial statements can significantly increase the risk of misinformation, affect the transparency and confidence of investors, as well as also affect the supervision work of the SMV. Likewise, it must be considered that for each day that such information is not presented, the risk to the impact on the adoption of timely decisions and expectation of potential interested investors, clients and the general market regarding the economic-financial result of the management of a fiduciary estate, increases;

45. Furthermore, given its status as a fund managing society, it is necessary for BBVA ST to comply within the established deadlines with its obligations, since the greater the number of days that the administered entity remains in non-compliance with the regulations, the greater the proportion of impact on market transparency, so it is reasonable and proportional to conclude that the impact on market transparency has not been minimal; therefore, it is not appropriate to impose on BBVA ST a warning sanction for the infringements analyzed in accordance with what is established in the REGIME OF GRADUAL SANCTIONS;

46. In that sense, in accordance with the guidelines
    established in subsection 4.2, numeral (iv) and (v) of the SANCTION CRITERIA, regarding the non-compliance in the submission of annual audited financial information, it would be appropriate to apply to the infringement subject of evaluation a fine sanction amounting to 3,502 UIT equivalent to S/ 17,334.90 (Seventeen thousand three hundred thirty-four and 90/100 Soles);

47. On the other hand, we must point out that if the
    fine were applied according to the parameters established in the REGIME OF GRADUAL SANCTIONS the amount to be imposed would be higher than the result of applying the SANCTION CRITERIA;

48. In addition to the above, it is appropriate to analyze the
    exempting and mitigating circumstances of liability established in article 236- A 5 of the TUO LPAG and in articles 26 and 27 of the SANCTIONS REGULATION, respectively;

“Article 236-A.- Exempting and mitigating circumstances of liability for infringements

1.- The following constitute conditions exempting 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 charge referred to in subsection
3) of article 235.

2.- The following constitute conditions mitigating liability for infringements:
a) If an administrative sanctioning procedure has been initiated, the offender recognizes his responsibility in an express and written manner.
In cases where the applicable sanction is a fine, it is reduced to an amount no less than half of its amount. b) Others established by special regulation.”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
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49. Regarding this, in accordance with what is determined in
    article 236-A, numeral 1 of the TUO LPAG and in article 27 of the SANCTIONS REGULATION, no
    observation is made that in the present case any of the conditions that constitute exempting circumstances of liability have been configured;

50. Likewise, we must indicate that in accordance with
    article 28, literal c) 6 of the SANCTIONS REGULATION, the late submission of
    material events and financial information, among others, is not subject to remediation for the purposes of what is provided in literal f) of article 27 7 of said Regulation;

51. With regard to the voluntary declaration of
    the commission of the infringements and the contribution of the offender to their clarification, established in article 236°-A, numeral 2, subsection a) of the TUO LPAG and in article 26°, literals a) and b) of the SANCTIONS REGULATION, it must be noted that BBVA ST has acknowledged its responsibility for the infringements subject of evaluation, in an express and written manner, within the deadline granted for the presentation of defenses, and in a precise, concise, clear, and unconditional manner, without ambiguous or contradictory expressions, as well as has contributed to the clarification of the same; therefore, in accordance with what is established in the aforementioned article 26°8 , literal a), numeral 1 and fourth paragraph of the same article, it would be appropriate to reduce the amount of the applicable fine by fifty percent (50%);

52. In such sense, considering what has been stated
    above, and that the present sanctioning procedure is related to an infringement whose determination and proof is objective based on a deadline on which the information must be presented, in addition to the detection of the same being evidenced as a result of the supervision and control activities carried out by the SMV continuously regarding the compliance with the timely submission of financial information, it is appropriate to apply the 50% reduction in the fine to be imposed on BBVA ST, in accordance with what is established in article 26°, subsection a), numeral 1 of the SANCTIONS REGULATION, therefore the determined fine sanction of 3,502 UIT is reduced to 1,751 UIT, equivalent to S/ 8,667.45 (Eight thousand six hundred sixty-seven and 45/100 Soles);

“Article 28.- Circumstances in which remediation does not apply as an exempting circumstance of liability (...) c) The late or incomplete submission, or non-submission of material events, financial information and annual reports.”

“Article 27.- Exempting circumstances of liability for infringements (...) 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 charge referred to in the LPAG and provided that no communication demanding compliance with the obligation has been issued.”

“Article 26.- MITIGATING CIRCUMSTANCES OF LIABILITY The following constitute conditions mitigating liability for infringements:
a) Acknowledgment of liability by the offender in an express and written manner, once the administrative sanctioning procedure has been initiated.
When the applicable sanction is a fine, it is reduced, taking into account the following:

1. If the acknowledgment of the infringement is presented within the deadline granted for the presentation of defenses,
   the reduction amount will be fifty percent (50%).
   (...)
   The acknowledgment of liability regarding an infringement must be made in a precise, concise, clear, express and unconditional manner, and must not contain ambiguous or contradictory expressions; otherwise, it will not be understood as an acknowledgment. If defenses are presented, despite having made an acknowledgment of liability, it will be understood as a non-acknowledgment, and the authority will proceed to evaluate the defenses.”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and modifications. The integrity of the document and the authorship

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

RESOLVES:

Article 1º.- Declare that BBVA Sociedad Titulizadora
S.A. has incurred one (1) infringement of a minor nature 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 presented, within the deadline established by the applicable regulations, the audited annual financial statements of the fiduciary estate denominated “Patrimonio en Fideicomiso – D. Leg. Nº 861, Título XI – Fideicomiso de Titulización para Inversión en Renta de Bienes Raíces – FIBRA PRIME” , together with its external audit opinion, corresponding to the 2022 fiscal year.

Article 2º.- Sanction BBVA Sociedad Titulizadora
S.A. with a fine of 1,751 UIT equivalent to S/ 8,667.45 (Eight thousand six hundred sixty-seven and 45/100 Soles), pursuant to article 1° of the present Resolution.

Article 3º.- This resolution does not exhaust the administrative
path, unless it is consented, and may be challenged before the Assistant Superintendency of Prudential Supervision by filing the reconsideration appeal, presented before the same, within the deadline of fifteen (15) working days counted from the day following its notification.

Article 4º.- In the event that the present resolution is not
subject to challenge through a reconsideration appeal within the deadline of fifteen (15) working days of being notified and remains consented, it must be published on the Institutional Website of the SMV in the Unique Digital Platform of the Peruvian State, in observance of what is provided by numeral 1, article 7° of the Policy on dissemination of normative projects, legal norms of a general nature, early agenda and other administrative acts of the SMV, approved by SMV Resolution No. 014-2014-SMV/01 and its modification, and by what is provided in article 14° of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01.

Article 5º.- Transcribe this resolution to BBVA
Sociedad Titulizadora S.A.

Register, communicate and publish.

Omar Gutiérrez Ochoa
Assistant Superintendent
Assistant Superintendency of Prudential Supervision