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Superintendency Adjunct Resolution SMV No. 039-2024-SMV/11

Lima, 08 de julio de 2024

Summary: To sanction Azzaro Trading S.A. with a total fine of 3.57 UIT for having incurred in two (2) minor infractions typified in numeral 3.1, subsection 3 of Annex I of the Sanctions Regulations

Administered : AZZARO TRADING S.A.
Asunto
:
Single-instance Administrative Sanctioning Procedure Main Type : Numeral 3.1 of subsection 3 of Annex I of the Regulations of Sanciones INFRACCIÓN LEVE File No. : 2023048817

VISTOS:

Deputy Superintendent (e) of Market Conduct Supervision

Administrative File No. 2023048817 of the administrative sanctioning procedure initiated by the General Directorate of Conduct Compliance of the Securities Market Superintendency – SMV (hereinafter, the IGCC), against Azzaro Trading S.A. (hereinafter, the Issuer); as well as Report No. 646-2024-SMV/11.2 (hereinafter, the Report), issued by the IGCC;

CONSIDERANDO:

I. Function and competence of the SASCM

1. That the IGCC —the investigating body of the administrative sanctioning procedures (hereinafter, the PAS) referred to in this case— has brought the PAS of Administrative File No. 2023048817 to the attention of the Deputy Superintendency of Market Conduct Supervision of the SMV (hereinafter, SASCM) in order for it to issue a decision as the single-instance sanctioning body in the case of the infringements regarding the timeliness of the submission of periodic and ad hoc information. In this manner, the SASCM assumes competence in observance of the exercise of the supervisory function and the power

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sancionadora de la Superintendencia del Mercado de Valores – SMV, established by the Texto Único Concordado de su Ley Orgánica, Decreto Ley Nº 26126 (hereinafter, LOSMV), and the Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Legislativo N° 861, approved by Decreto Supremo N° 020-2023-EF-1 1 (hereinafter, TUO LMV); as well as by the provisions of the Reglamento de Sanciones, approved by Resolución SMV N° 035-2018-SMV/01 (hereinafter, Reglamento de Sanciones); and, in articles 42 and 43 of the Reglamento de Organización y Funciones de la Superintendencia del Mercado de Valores – SMV, approved by Decreto Supremo Nº 216-2011-EF (hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM to impose sanctions in a single administrative instance for the commission of infractions whose compliance control corresponds to the aforementioned Superintendencia Adjunta. Likewise, the SASCM has the powers to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;

II. Facts, charges and defenses of the Administrado

2.1 Hechos

2. That, it was determined that the Emisor did not comply with timely submitting its financial information and annual report, both corresponding to fiscal year 2022, in accordance with the provisions of the current regulations of the Superintendencia del Mercado de Valores – SMV;

2.2 Cargos

3. That, as a result of said evaluation, by means of Oficio N° 812-2024-SMV/11.2 of 13 March 2024 (hereinafter, Oficio de Cargos), two (2) charges were formulated, being the following:

Submit extemporaneously its Individual Annual Audited Financial Statements for fiscal year 2022, which should have been submitted no later than 31 March 2023; however, they were submitted on 12 April 2023. (Expediente Nº 2023016333)
Submit extemporaneously its Annual Report for fiscal year 2022, which should have been submitted no later than 31 March 2023; however, it was submitted on 12 April 2023. (Expediente Nº 2023016333);

4. That, these non-compliances are typified in numeral 3.1 of inciso 3 of Anexo I of the Reglamento de Sanciones;

2.3 Descargos

5. That, by means of a written submission presented on 26 March 2024, the Emisor presented its defenses regarding the imputation formulated against it;

6. That, in the defenses presented, the Emisor expressly and unconditionally acknowledged its responsibility for the imputed charges and requested that, in the application of the respective fines, the provisions of literal a) of article 26 of the Reglamento de Sanciones be taken into consideration

[1] By means of Decreto Supremo N° 020-2023-EF, published on 10 February 2023 in the Diario Oficial El Peruano, the Texto Único Ordenado de la Ley del Mercado de Valores, Decreto Legislativo N° 861, was approved.

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of the SMV and, consequently, the fines be reduced by fifty percent (50%) each;

7. That, by means of Decreto Supremo N° 004-2019-JUS, the Texto Único Ordenado de la Ley del Procedimiento Administrativo General – Ley N° 27444 (hereinafter, TUO de la LPAG) was approved, which contains common rules for the actions of the administrative function of the State and regulates all administrative procedures developed in the entities, including special procedures. Likewise, numeral 3) of article 248 of the TUO of the LPAG indicates the criteria regarding the graduation of the sanction: (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 protected legal right, (d) The economic harm caused, (e) Recidivism, for the commission of the same infraction within the term 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 intentionality in the conduct of the offender;

8. That, the charges formulated and the criteria regarding the graduation of the sanction have been subject to evaluation in the Report, which has been brought to the attention of the SASCM;

9. That, in observance of the provisions of numeral 5 of article 255 of the TUO of the LPAG, by means of Official Letter No. 2410-2024-SMV/11.2 of 04 June 2024, the Report was sent to the Issuer, so that it may submit its arguments within the term of five (05) business days from notification; which were presented on 12 June 2024 and reiterate its arguments presented in its defenses;

III. Issues to be determined

10. That, in the present PAS it corresponds to determine the following:

(i) Whether or not the Issuer incurred in the infractions indicated in the Charge Letter and Report.

(ii) Whether or not it corresponds to impose a sanction on the Issuer;

IV. ANALYSIS

4.1 Applicable Regulations

11. That, article 31 of the TUO of the LMV states: “The provisions of the previous article do not relieve the issuer from the timely delivery to the SMV and, where applicable, to the respective stock exchange or entity responsible for the conduct of the centralized mechanism, of the information that either may require from it and, necessarily, that which is indicated below:

a) Its financial statements and indicators, with the minimum information that the SMV generally indicates, with a frequency no greater than quarterly;

b) Its annual report, with the minimum information that the SMV generally establishes (…)” (Underline added);

12. That, in relation to the term for the approval and

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presentation of annual individual audited financial statements, article 6 of the Norms on 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, in force at the date of the commission of the facts (hereinafter, Norms on Preparation and Presentation of EEFF) establishes that issuers with securities registered in the RPMV must present their annual audited individual financial information on the day it has been approved by the corresponding body, with the deadline for these purposes being until 31 March of each year;

13. That, on the other hand, article 12 of the Norms on Preparation and Presentation of EEFF, in force at the date of the commission of the facts, establishes that the annual report must be presented on the day it has been approved by the corresponding body, with the deadline for these purposes being until 31 March of each year;

14. That, it should be noted that on 10 December 2023, the Norms on Preparation, Presentation and Dissemination of Financial Statements and Annual Report and Management Report applicable to entities supervised by the SMV were published, approved by Superintendency Resolution No. 013-2023-SMV/01 and in force as of 11 December 2023 (hereinafter, New Norms on Preparation, Presentation and Dissemination of EEFF);

15. That, in this regard, it is necessary to indicate that according to articles 132 and 203 of the New Norms on Preparation, Presentation and Dissemination of EEFF, the same terms are maintained regarding the presentation of annual individual audited financial statements and annual report contained in the Norms on Preparation and Presentation of EEFF, in force at the time of the commission of the infractions;

16. That, these infractions are typified in subsection 3.1 numeral 3 of Annex I of the Sanctions Regulation, which states that the following constitute minor infractions: “3.1 Present outside the established term, or do so

[2] “Article 13.- Approval and term of presentation of annual individual or separate financial statements 13.1 Annual individual or separate audited financial statements have as closing date 31 December. 13.2 The annual individual or separate financial statements and the corresponding audit report must be approved by the general shareholders' meeting or equivalent body of the obligated subject or that is empowered in accordance with the legislation applicable to it. 13.3 In the case of issuers, the annual individual or separate financial statements with their corresponding audit report must be presented before the SMV on the date of their approval for their respective dissemination. 13.4 31 March of each year is the expiration date of the term for the presentation and dissemination of the annual individual or separate financial statements with their corresponding audit report. In the case of collective fund management companies, the expiration date of said term is 30 April of each year.”

[3] “Article 20.- Approval and term of presentation 20.1 The annual report must be approved by the general shareholders' meeting or equivalent body of the obligated subject or that is empowered, in accordance with the legislation applicable to it. 20.2 In the case of issuers, the annual report must be presented and disseminated before the SMV on the date of its approval. 20.3 The expiration date of the deadline for the submission and dissemination of the annual report is 31 March of each year. In the case of collective fund management companies, the expiration date of said deadline is 30 April of each year.”

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in an incomplete manner, 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 Exchange, to the entity in charge of the centralized negotiation mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated interim financial statements, management report, special audit report, material events and annual reports.” (Subrayado agregado);

17. That, in accordance with article 35 of the Sanctions Regulation, these infractions are punishable with a warning or a fine of no less than one (1) UIT and up to twenty-five (25) UIT;

4.2 Evaluación del caso

18. That, the Issuer expressly and in writing acknowledged its responsibility for the commission of the infractions related to the late submission of its Annual Audited Individual Financial Statements and its Annual Report, both corresponding to fiscal year 2022, by virtue of literal a) of numeral 2 of article 257 of the TUO of the LPAG and literal a) of article 26 of the Sanctions Regulation;

19. That, in accordance with the foregoing, having verified that the Issuer has incurred in two (2) conducts constituting infractions, by not having timely submitted its Annual Audited Individual Financial Statements and its Annual Report, both corresponding to fiscal year 2022; the applicable sanction shall be determined, for which purpose the principle of reasonableness and the sanction criteria contained in article 344 of the TUO of the LMV, in article 25 of the Sanctions Regulation and the provisions of numeral 3 of article 248 of the TUO of the LPAG shall be taken into consideration, which will be developed in the following section;

V. Determination of the Sanction

20. That, on the matter, the failure to timely submit periodic information is typified in numeral 3.1 of subsection 3 of Annex I of the Sanctions Regulation, which states that it constitutes a minor infraction: “Submit outside the established deadline, or do so in an incomplete manner, 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 Exchange, to the entity in charge of the centralized negotiation mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated interim financial statements, management report, special audit report, material events and annual reports.” (Subrayado agregado);

21. That, in relation to the sanction, in accordance with article 35 of the Sanctions Regulation, a minor infraction is punishable with a warning or a fine of no less than one (1) UIT and up to twenty-five (25) UIT;

22. That, for the purposes of analyzing the corresponding sanction for these types of non-compliance, the Criteria applicable to the administrative sanctioning procedure for non-compliance with the rules regulating the submission of periodic or occasional information, approved by Resolution SMV No. 006-2012-SMV/01 (hereinafter, Special Sanction Criteria), must be taken into account,

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in force at the time of the commission of the infractions subject of this PAS;

23. That, it should be noted that, on 08 September 2023, the New Regime of Gradualness of Sanctions for late submission of financial information, annual report and material events, approved by Resolution SMV No. 007-2023-SMV/01 (hereinafter, New Regime of Gradualness of Sanctions), was published, whose article 2 repealed the Special Sanction Criteria and article 4 provided for its entry into force as of 01 January 2024;

24. That, in view of the foregoing, it is appropriate to analyze whether in the present case the provisions of the New Regime of Gradualness of Sanctions should be applied by virtue of the Principle of Favorable Retroactivity, established in numeral 5 of article 248 of the TUO of the LPAG, which states: “(…) the sanctioning provisions in force at the time the administered party incurs the conduct to be sanctioned are applicable, unless subsequent ones are more favorable to it”;

5.1 Special Sanction Criteria

25. That, in that sense, the aforementioned rules are consistent with the provisions of numeral 3) of article 248 of the TUO of the LPAG and article 344 of the TUO of the LMV, which develop the criteria for grading sanctions: (i) the issuer's sanction history, (ii) recidivism, (iii) the circumstances of the commission of the infraction, (iv) the economic harm caused and its impact on the market, (v) the illicit benefit resulting from the commission of the infraction, (vi) the probability of detection of the infraction, (vii) the severity of the damage to the public interest and/or protected legal interest and (viii) the existence or not of intent in the conduct of the offender;

26. That, in relation to the severity of the damage to the public interest and/or protected legal right, it must be indicated that the timely submission of periodic or occasional information is intended to allow investors to make investment decisions on an adequately informed basis. In this way, investors are protected and the asymmetry in access to information is reduced; therefore, the protected legal right is the transparency of the securities market, which, when transgressed, affects the public interest;

27. That, with respect to the sanction history, subsection (a) of Article 25 of the Sanctions Regulation establishes that these are the final sanctions imposed by the Superintendency of the Securities Market – SMV within a period of four (4) years prior to the commission of the infraction to be sanctioned; and specifies that the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered as a history;

28. That, in application of said criterion, it has been verified that the Issuer has a sanction history, according to the SMV Sanctions Query, as detailed below:

(i) By means of Deputy Superintendency Resolution SMV No. 089-2019-SMV/11 of 06 August 20174, Azzaro was sanctioned for having incurred a minor infraction classified in subsection 3.1, paragraph 3 of Annex I of the Sanctions Regulation, for not timely submitting its Information

[4] File 2019000283. Notified on 06 August 2019.

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Audited Annual Individual Financial Statements and Annual Report, both corresponding to fiscal year 2017. This resolution became final on 28 August 2019.

(ii) By means of Deputy Superintendency Resolution SMV No. 003-2020-SMV/11 of 10 January 20205, Azzaro was sanctioned for having incurred a serious infraction classified in subsection 2.5, paragraph 2 of Annex I of the Sanctions Regulation, for not having timely complied with the dissemination of the minimum information required by the Rules for the Dissemination of Information to the Securities Market through the Corporate Web Page of Issuing Companies, approved by SMV Resolution No. 020-2016-SMV/01. This resolution became final on 10 February 2020.

(iii) By means of Deputy Superintendency Resolution SMV No. 052-2020-SMV/11 of 09 June 20206, Azzaro was sanctioned for having incurred a minor infraction classified in paragraph 3.1, subsection 3 of Annex I of the Sanctions Regulation, for the late communication of material events regarding: (i) the resignation of Mr. Marco Aurelio Peschiera Fernández from the position of director, the appointment of Mr. Gerardo Bacigalupo Landa and Ms. Alice Mirella Velásquez Castro as directors, and the appointment of Mr. Ian Bayly Aramburú, Francisco Storani, Diego Carrión Alvarez Calderón and Juan Luis Hernández Gazzo as alternate directors; events that occurred at the universal meeting of 28 December 2017; (ii) the resignation of Mr. Jaime Eduardo Espinoza Meier from the position of director, which occurred at the Board meeting of 28 February 2018; and (iii) the voluntary resignation of Mr. Francisco Storani from the position of alternate director, which occurred on 30 March 2018. This resolution became final on 02 July 2020.

(iv) By means of Deputy Superintendency Resolution SMV No. 125-2020-SMV/11 of 30 November 20207, Azzaro was sanctioned for having incurred a minor infraction classified in subsection 3.1, paragraph 3 of Annex I of the Sanctions Regulation, for not having timely communicated: (i) The material event regarding the approval of the Individual Audited Financial Statements as of 31 December 2018; (ii) The material event of the call for the General Shareholders' Meeting, approved by the board meeting held on 25 April 2019; (iii) The Individual Audited Financial Statements as of 31 December 2018; and, (iv) The Annual Report corresponding to fiscal year 2018. This resolution became final on 24 December 2020;

29. That, it should be noted that, because the Deputy Superintendency Resolution SMV No. 003-2020-SMV/11 of 10 January 2020 is presented as a history, for having incurred a serious infraction, classified in subsection 2.5, paragraph 2 of Annex I of the Sanctions Regulation; this Deputy Superintendency cannot impose the sanction of warning on the Issuer, since the Issuer does not meet the requirement of not having a history or, if it has one, that it consists of infractions classified as minor offenses imposed in the four (4) years prior to the commission of the infractions being evaluated;

30. That, this requirement is prescribed both in the

[5] File 2019021716. Notified on 17 January 2020.

[6] File 2019027182. Notified on 09 June 2020.

[7] File 2020024748. Notified on 01 December 2020. The day 08 December 2020 was a holiday.

subsection (ii)8 of paragraph 4.2 of the Special Sanction Criteria, as well as in paragraph 6.19 of Article 6 of the New Regime of Gradualness of Sanctions;

31. That, in relation to the background, subsection (v) of numeral 4.210 of the Special Sanction Criteria establishes that the fine "shall be increased by two percent (2%) if it is determined that the offending subject has a history of sanctions and by three percent (3%) if it has a history of the same conduct that is intended to be sanctioned". On the other hand, numeral 6.3.111 of subsection 6.3 of article 6 of the New Regime of Gradualness of Sanctions, states that: "The amount resulting from the application of the guidelines contemplated in numeral 6.2 may be increased up to five percent (5%) if it is proven that the offending subject has a history of sanctions (...)";

32. That, in order to apply the provisions of the New Regime of Gradualness of Sanctions, this Deputy Superintendence agrees to increase by one percent (1%) for each sanction resolution that constitutes a background up to a maximum of five percent (5%). In the present case, since four (04) backgrounds have been identified, four percent (4%) will be applied;

33. That, in relation to recidivism for the commission of the same infractions, literal b) of article 25 of the Sanctions Regulation establishes that the final sanction imposed by the Superintendence of the Securities Market – SMV within one (01) year prior to the commission of the infractions to be sanctioned is taken into account. In application of said criterion, it has been verified that there is no recidivism on the part of the Issuer in relation to the

[8] "4.2. GUIDELINES FOR THE APPLICATION OF THE CRITERIA (...) (ii) The sanction of admonition may be applied when the following is concurrently met: (i) the affectation to market transparency is minimal; ii) the infraction committed has not caused a concrete harm to investors or associates; (iii) the offending subject does not have a history or, having it, it is about infractions classified as minor offenses imposed in the four (4) years prior to the commission of the infraction 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 intent in the commission of the infraction."

[9] "Article 6.- GUIDELINES FOR THE APPLICATION OF THE GRADUALNESS REGIME 6.1 CONSIDERATIONS FOR THE APPLICATION OF THE SANCTION OF ADMONITION The sanction of admonition may be applied when the following assumptions are concurrently met: a. When the affectation to market transparency is minimal. This statement is linked to the criterion of the severity of the damage to the public interest and/or protected legal interest; b. The infraction committed has not caused a concrete harm to investors or associates; c. The offending subject does not have a history or, having it, it is about sanctions corresponding to minor infractions imposed by the SMV that had become final in the four (4) years prior to the commission of the infraction being evaluated; d. The offending subject is not a recidivist; e. The offender has not obtained benefits from its administrative infraction; and, f. It has not been proven that the offender acted with intentionality in the commission of the infraction."

[10] "4.2. GUIDELINES FOR THE APPLICATION OF THE CRITERIA (...) (v) The amount resulting from the guidelines contemplated in the preceding numeral (iv) shall be increased by two percent (2%) if it is determined that the offending subject has a history of sanction of sanction and by three (3%) if it has a history of the same conduct that is intended to be sanctioned."

[11] “Article 6.- GUIDELINES FOR THE APPLICATION OF THE GRADUALITY REGIME 6.3. AGGRAVATING FACTORS 6.3.1. The amount resulting from the application of the guidelines contemplated in item 6.2 may be increased by up to five percent (5%) if it is proven that the infringing party has a record of sanctions and by up to ten percent (10%) if it is verified that the infringing party is a repeat offender”

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infractions relating to the late submission of individual audited annual financial statements and the annual report;

34. That, in relation to the circumstances of the infractions, it has been verified that the Issuer submitted its Individual Audited Annual Financial Statements and its Annual Report, both corresponding to the 2022 fiscal year, with a delay of twelve (12) calendar days;

35. That, regarding the existence of economic damage caused and impact on the market, it has not been evidenced that the non-compliance has produced quantifiable damage, understood as economic harm caused to one or more investors;

36. That, with respect to the illicit benefit resulting from the commission of the infractions, it must be pointed out that in the present PAS there are not sufficient elements to indicate that the Issuer, as a consequence of the infractions committed, has obtained or generated an illicit benefit;

37. That, regarding the criterion of probability of detection of the infraction, it must be pointed out that the failure to timely submit periodic information (financial information and annual report) or event-based information (material events) is verified through internal control systems, therefore the probability of detection is high;

38. That, with respect to the existence or not of intentionality in the conduct of the infringer, it is considered that the Issuer's actions were not intentional, but were negligent, for not having acted with the due diligence in complying with its obligation to timely submit its periodic information;

39. That, in addition to the above, it is appropriate to indicate that in the present PAS it has been verified that no exempting circumstances have been presented, but mitigating circumstances of liability established in article 257 of the TUO of the LPAG, in accordance with article 26 of the Sanctions Regulations, have;

[12] “Article 257°.- Exemptions and mitigating factors of liability for infractions 1.- The following constitute conditions exempting liability 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 it affects the ability to understand the infraction. d) The mandatory order of a competent authority, issued in the exercise of its functions. e) The error induced by the Administration or by a confusing or illegal administrative provision. f) The voluntary correction by the possible sanctioned party of the act or omission imputed as constituting an administrative infraction, prior to the notification of the imputation of charges referred to in paragraph 3) of article 235. 2.- The following constitute conditions mitigating liability for infractions: a) If, once an administrative sanctioning procedure has been initiated, the infringer expressly and in writing acknowledges their liability. In cases where the applicable sanction is a fine, it is reduced to an amount not less than half of its value. b) Others established by special regulation.”

[13] “Article 26.- MITIGATING FACTORS OF LIABILITY FOR INFRACTIONS The following constitute conditions mitigating liability for infractions: a) Express and written acknowledgment of liability by the infringer, once the administrative sanctioning procedure has been initiated. When the applicable sanction is a fine, it is reduced, taking into account the following: (…)

5.2. Assessment of the Principle of Favorable Retroactivity

40. That, as indicated above, since the New Regime of Graduality of Sanctions came into force on 1 January 2024, it is appropriate to analyze whether this new regulation is more beneficial or not for the determination of the sanction to be imposed, by virtue of the principle of favorable retroactivity, established in item 5 of article 248 of the TUO of the LPAG;

41. That, in this sense, in application of the principle of benign retroactivity, indicated in item 5 of article 248 of the TUO of the LPAG, by which it is possible to apply sanctioning rules subsequent to the commission of the unlawful act provided they benefit the administered party, the sanction corresponding will be graduated, taking into account the Special Criteria for Sanctions and the New Regime of Graduality of Sanctions. Once the fines have been calculated, a comparison will be made to determine which is more beneficial to the administered party, and that fine will be imposed;

42. That, from the review of the Special Criteria for Sanctions and the New Regime of Graduality of Sanctions, it is observed that for the infractions subject to charges, the graduation of the Special Criteria for Sanctions, in force at the time of the commission of the infractions, is more favorable, therefore a fine amounting to 7.14 UIT15 equivalent to 35,343.00 (Thirty-Five Thousand Three Hundred Forty-Three and 00/100 Soles) corresponds;

5.3. Application of the acknowledgment of liability

43. That, taking into account the express and written acknowledgment of liability, made by the Issuer within the period granted for the submission of defenses, and consistent with what is stated in item 1 of subsection a) of Article 26 of the Sanctions Regulations; this Deputy Superintendency is of the opinion of applying a reduction of the fine by up to 50%; and, therefore, it is appropriate to impose on the Issuer a total fine of 3.57 UIT equivalent to 17,671.50 (Seventeen Thousand Six Hundred Seventy-One and 50/100 Soles); and,

In accordance with the provisions of items 14 and 36 of Article 43 of the Regulations on the Organization and Functions of the Superintendency of the Securities Market, approved by Supreme Decree No. 216-2011-EF;

RESOLVES:

Article 1º.- To declare that Azzaro Trading S.A. has incurred in two (2) minor infractions typified in subsection 3.1 of item 3 of Annex I of the Sanctions Regulations, for the untimely communication of its Individual Audited Annual Financial Statements for the 2022 fiscal year, which

[1] If the acknowledgment of the infraction is submitted within the period granted for the submission of defenses, the amount of the reduction will be fifty percent (50%).

(…)

[14] "Article 248.- Principles of the administrative sanctioning power The sanctioning power of all entities is additionally governed by the following special principles: (…) 5. Non-retroactivity.- The sanctioning provisions in force at the time the administered party commits the conduct to be sanctioned are applicable, unless the subsequent ones are more favorable to them." (…)

[15] Value of the UIT (2023): S/ 4 950 (Supreme Decree No. 309-2022-EF).

should have been submitted no later than 31 March 2023, however, they were submitted on 12 April 2023; and, its Annual Report for the 2022 fiscal year, which should have been submitted no later than 31 March 2023; however, it was submitted on 12 April 2023.

Article 2º.- To sanction Azzaro Trading S.A. with a fine of 3.57 UIT equivalent to 17,671.50 (Seventeen Thousand Six Hundred Seventy-One and 50/100 Soles), for the provisions of Article 1° of this Resolution.

Article 3º.- This Resolution does not exhaust the administrative remedy, and it may be challenged before this Deputy Superintendency of Market Conduct Supervision by filing a motion for reconsideration, an administrative remedy recognized in Article 218 of the Single Ordered Text of the General Administrative Procedure Law – Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, within a period of fifteen (15) business days counted from the day following its notification. If this Resolution is not challenged, it may avail itself of the corresponding sanction reduction regime.

Article 4.- If this Resolution is not subject to challenge, it must be published on the “Institutional Page of the SMV on the Single Digital Platform of the Peruvian State for Citizen Guidance (www.gob.pe/smv)”, in observance of the provisions of numeral 1 of article 7 of the “Policy on the dissemination of regulatory projects, general legal norms, early agenda and other administrative acts of the SMV”, approved by SMV Resolution No. 014-2014-SMV/01, and by the provisions of the last paragraph of article 14 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01.

Article 5.- Transcribe this Resolution to Azzaro Trading S.A.

Signed by: MENESES CAMARGO Carlos

Signed by: RIVERO ZEVALLOS Carlos

Carlos Rivero Zevallos
Deputy Superintendent (e)
Deputy Superintendency for Supervision of Market Conduct

Deputy Superintendency Resolution SMV No. 039-2024-SMV/11