Deputy Superintendent of Prudential Supervision Resolution No. 026-2026-SMV/10

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Deputy Superintendent of SMV Resolution No. 026-2026-SMV/10 Lima, September 15, 2026 Subject: Sura Investments Sociedad Administradora de Fondos S.A.C. is sanctioned with a fine of 5,562 UIT, equivalent to S/ 25,801.50 (Twenty-five thousand eight hundred one and 50/100 Soles) for having committed six (6) minor infractions typecast in Annex I, numeral 3, clause 3.1 of the Sanctions Regulation, for not having complied with presenting occasional information within the deadline established by the applicable regulation. Administered by: Sura Investments Sociedad Administradora de Fondos S.A.C. Subject: Administrative sanctioning procedure File No.: 2026026226 The Deputy Superintendent of Prudential Supervision SEEN:
The administrative file No. 2026026226, and Report No. 1105-2026-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Sura Investments Sociedad Administradora de Fondos S.A.C.; and, CONSIDERING:

1. In accordance with Article 1 of Law No. 29782, Law on
   Strengthening the Supervision of the Securities Market, the name of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of the Securities Market Superintendence (SMV), so that any reference to CONASEV in legal norms shall be understood as referring to the SMV;
   I. FACTS
2. Within the supervisory functions assigned
   to the SMV, an evaluation was carried out regarding the timely compliance in the presentation of occasional and periodic information by Sura Investments Sociedad

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Administradora de Fondos S.A.C. 1 (hereinafter, SURA SAF) to the Public Registry of the Securities Market (hereinafter, RPMV);
3. As a result of said evaluation and under the authority of
what is provided in the Single Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 006-2026-JUS (hereinafter, TUO LPAG), through Office No. 2629-2026-SMV/10.3, notified on June 4, 2026 (hereinafter, OFFICE OF CHARGES), charges were filed against SURA SAF for infractions to the Regulation of Mutual Investment Funds and their Administrating Societies, approved by CONASEV Resolution No. 068-2010- EF/94.01.1 and its amendments (hereinafter, REGULATION) and the Regulation of Material Events and Confidential Information, approved by SMV Resolution No. 005-2014- SMV/01 and its amendments (hereinafter, RHI) in force at the time the events occurred, for not having timely presented the following:
a) The communication of the material event referred to the excess participation in the mutual investment fund named “Sura Short Term Dollars FMIV” occurred on September 28, 2022. Said event had to be communicated on September 29, 2022 2 ; however, it was communicated to the RPMV on October 3, 2022 3 . b) The communication of the material event referred to the excess participation in the mutual investment fund named “Sura Soles Income FMIV” occurred on September 27, 2022. Said event had to be communicated on September 28, 2022 4 ; however, it was communicated to the RPMV on October 3, 2022 5 . c) The communication of the material event referred to the excess investment in the mutual investment fund named “SURA Periodic Income 2 Dollars FMIV” occurred on September 20, 2022. Said event had to be communicated on September 21 of September 2022 6 ; however, it was communicated to the RPMV on October 3, 2022 7 . d) The communication of the material event referred to the excess investment in the mutual investment fund named “Sura Ultra Cash Dollars” occurred on October 18, 2022. Said event had to be communicated on October 19 of 2022 8 ; however, it was communicated to the RPMV on November 7, 2022 9 .

1 Through a material event of 03/07/2026 (File 2026030324), the administrator communicated that at the General Shareholders' Meeting held on the referenced date, the change of corporate name from Fondos SURA Sociedad Administradora de Fondos S.A.C. to SURA Investments Sociedad Administradora de Fondos S.A.C. was approved unanimously. 2 In accordance with what is established in numerals 2, literal b), 3.1 and 5.5 of the Technical Specifications of the Information to be sent by the Administrating Societies of Mutual Investment Funds in Securities, approved by Resolution General Management No. 058-2010-EF/94.01.2 (hereinafter, TECHNICAL SPECIFICATIONS) the valuation file with the detail of instruments of the investment portfolio of a fund is reported daily and the periodicity of sending information is no later than 20:00 hours of the next business day, so if the referred excess occurred on September 28 of 2022, SURA SAF took knowledge on Thursday, September 29, 2022. 3 File No. 2022039785. 4 Ibid. 1. 5 File No. 2022039784. 6 In accordance with what is established in numerals 2, literal b), 3.1 and 5.5 of the TECHNICAL SPECIFICATIONS the file of valuation with the detail of instruments of the investment portfolio of a fund is reported daily and the periodicity of sending information is no later than 20:00 hours of the next business day, so if the referred excess occurred on September 20, 2022, SURA SAF took knowledge on Wednesday, September 21, 2022. 7 File No. 2022039830. 8 Ibid. 5. 9 File No. 2022044814.

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship e) The communication of the material event referred to the excess investment in the mutual investment fund named “SURA Latam Debt Dollars FMIV” occurred on February 15, 2023. Said event had to be communicated on February 16 of 2023 10; however, it was communicated to the RPMV on February 20, 2023 11 . f) The communication of the material event referred to the excess participation in the mutual investment fund named “Fund of Funds SURA Private Debt Global FMIV” occurred on August 1, 2022. Said event had to be communicated on August 2, 2022 12; however, it was communicated to the RPMV on August 5 of 2022 13;
4. The charges mentioned in the preceding
consideration are typecast in Annex I, numeral 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 do 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. In writing received on June 15, 2026, SURA
SAF presented the defenses to the observations made;
6. The charges formulated, as well as the defenses
presented by SURA SAF have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 1105-2026-SMV/10.3, which has been submitted to the knowledge of this Deputy Superintendence;
7. In observance of the Principle of Due
Process contemplated both in Article IV, clause 1, numeral 1.2 of the Preliminary Title, as well as in Article 230, numeral 2, of the TUO LPAG, through Office No.
3430-2026-SMV/10, the administrative file to which this resolution refers was made available to SURA SAF for its review;
II. ISSUES TO DETERMINE
8. In the present administrative procedure, at
the discretion of this Deputy Superintendence, it corresponds to determine the following:
a) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess participation in the mutual investment fund named “Sura Short Term Dollars FMIV” occurred on September 28, 2022, within the deadline established in Article 9, numeral 9.1 of the RHI; b) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess participation in the mutual investment fund named “Sura Soles Income FMIV” occurred on September 27, 2022, in the deadline established in Article 9, numeral 9.1 of the RHI;

10 Ibid. 5.
11
File No. 2023008013.
12 Ibid. 1.
13 File No. 2022032845.

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship c) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess investment in the mutual investment fund named “SURA Periodic Income 2 Dollars FMIV” occurred on September 20 of 2022, in the deadline established in Article 9, numeral 9.1 of the RHI; d) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess investment in the mutual investment fund named “Sura Ultra Cash Dollars” occurred on October 18, 2022, in the deadline established in Article 9, numeral 9.1 of the RHI; e) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess investment in the mutual investment fund named “SURA Latam Debt Dollars FMIV” occurred on February 15 of 2023, in the deadline established in Article 9, numeral 9.1 of the RHI; f) Whether SURA SAF incurred or did not incur an infraction for not presenting the material event referred to the excess participation in the mutual investment fund named “Fund of Funds SURA Private Debt Global FMIV” occurred on August 1, 2022, in the deadline established in Article 9, numeral
9.1 of the RHI;
a. Whether it corresponds or not to impose a sanction on SURA SAF;
III. ANALYSIS
3.1. On the applicable regulation
9. Article 131, literal h) of the REGULATION provides
as follows:
“Article 131.- Material Events
The administering society is obligated to send all information regarding the mutual fund under its administration that qualifies as a material event for investors, in accordance with what is provided in the regulation on the matter, as well as by the provisions issued by the SMV. It must also be sent as a material event all information regarding the administering society itself that meets the scenario provided in the second paragraph of Article 28 of the Law for the participants and potential investors of the mutual fund under its administration. Additionally, the administering society is obligated to communicate as a material event, any information that could influence the behavior of the mutual fund, the share value, and, in general, any information that could influence the appreciation of an investor regarding the performance of the mutual fund. Qualify as Material Events, in addition to what is stated above, the following:
(...) h) Excesses of investments and participation.
(...)
”;
10. Regarding the timeliness of presentation of the
material events, Article 9, numeral 9.1 of the RHI establishes:
“Article 9.- Timeliness to inform material events
9.1. The Issuer must inform its material event as soon as such event occurs or the
Issuer takes knowledge of it, and in no case later than the day on which this has

PERU Ministry of Economy and Finance

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship occurred or has been known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when it corresponds to the Stock Exchange or to the entity administering the respective centralized negotiation mechanism. This, regardless of whether the information has been generated or not within the Issuer itself. (...) ”;
3.2. On the charges formulated
11. Through the OFFICE OF CHARGES, charges were filed
against SURA SAF for not communicating, within the deadline established by the regulation, the occasional information indicated in the third consideration of this resolution;
3.3. On the defenses presented
12. In response to the charges made, SURA SAF
recognizes that the communications of material events subject to charges were not made within the deadline established in the regulation. However, the administering society specifies that these non-compliances were due to specific operational situations, without there having been malice, gross negligence or intention to violate the current regulation;
13. In this sense, SURA SAF considers it relevant
to highlight that the observed events refer exclusively to delays in the submission of information, and not to the absolute omission of its communication. The administering society adds that all communications were finally made to the RPMV even though it was outside the established deadline;
14. On this matter, SURA SAF refers that in accordance with numeral 9.1 of Article 9 of the RHI the obligation consists of informing the material event as soon as it occurs or is taken knowledge of it. The administering society adds that although in the cases under analysis this submission did not occur within the required deadline, the information was made known to the market;
15. Likewise, the administering society considers
that it must be taken into account that all communications were made prior to the notification of the start of the present administrative sanctioning procedure, which, according to SURA SAF, would evidence a conduct oriented towards compliance, and constitutes a case of prior voluntary remediation that must be valued as a mitigating factor in accordance with Article 236-A of the General Administrative Procedure Law;
16. SURA SAF states that the delays in
communication did not generate any impact on the market, nor affected investors' interests. The administering society adds that it registered no complaints, contingencies, nor evidence that investment decisions were influenced by the lateness in the submission of this information, which it considers coherent with the nature of the imputed events;
17. SURA SAF affirms that it did not obtain economic benefit or undue advantage as a consequence of the delays in
communication. Regarding this, the administering society points out that, on the contrary, its actions would demonstrate that it remained within the market transparency standards, because it complied with informing the events, even if belatedly;

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18. The administering society points out that the events
subject to charges correspond to specific situations occurring between 2022 and 2023, not evidencing a systematic or repeated conduct that denotes a policy of non-compliance;
19. SURA SAF indicates that in most cases the
communication would have been made at the first possible opportunity after noticing the delay, which would evidence a diligent conduct oriented to mitigate any potential damage;
20. In attention to what is exposed, and in application of the principle of reasonableness provided in numeral 3 of Article 230 of the General Administrative Procedure Law, as well as the criteria applicable to
administrative sanctioning procedures, SURA SAF requests that the circumstances described be valued in their entirety, particularly the prior remediation, the absence of damage and the non-existence of undue benefit for the purpose of determining a proportional sanction within the range applicable to minor infractions;
21. Without prejudice to the foregoing, SURA SAF refers that
it has implemented and is reinforcing corrective measures regarding the communication of investment excesses and participation excesses 14;
3.4 Evaluation of the defenses
22. On this matter, it must be noted that SURA SAF
has expressly recognized its responsibility in the commission of the infraction imputed in the OFFICE OF CHARGES, which will be considered when determining the sanction to be imposed;
23. Without prejudice to the foregoing, it is necessary to indicate
that SURA SAF is a company supervised by the SMV, with authorization of operation granted by CONASEV Resolution No. 007-2005-EF/94.10, dated February 9, 2005, and has knowledge of the applicable regulation for the presentation of periodic and occasional information, so it has the obligation to act diligently in the communication of said information. However, this did not occur, which led SURA SAF to incur in the six (6) infractions subject to charges; submitting the information up to 19 days late with respect to the deadline;
24. In this sense, regarding the infractions
under analysis, it is necessary to mention that the administering societies of funds are obligated to present, among others, all information regarding the funds

14 “Regarding investment excesses:

• Communication protocols between the involved areas were adjusted, in order to ensure adequate and timely
  transmission of relevant information, avoiding that similar situations may occur again.
• Adjustments were made to the tools used for the identification and management of relevant events,
  strengthening their reliability and timeliness in supporting reporting processes.
  Regarding participation excesses:
• An additional control was implemented on the robot used for report generation, incorporating a double validation
  regarding the existence or non-existence of participation excesses, which increases the robustness of the process and reduces the risk of omissions or delays.
  In both cases, SURA SAF:
• Conducted training directed at the areas involved in the identification, evaluation and communication of material
  events, reinforcing the criteria to determine reportable events, the applicable regulatory deadlines, as well as the procedure, channels and responsible parties for their timely communication to the SMV.
• Likewise, periodic communications were incorporated within the awareness plan oriented to reinforce the
  importance of timely compliance with the applicable regulatory deadlines for the communication of material events.”

PERU Ministry of Economy and Finance

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Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship mutual funds under their administration that qualify as material events. However, it is noted that SURA SAF presented the communications regarding excesses of participation and investment outside the deadline established in the RHI;
25. In attention to what is exposed, it is concluded that SURA
SAF presented the occasional information described in literals a), b), c), d), e) and f) of the third consideration of this resolution outside the deadline indicated in the applicable regulation, as can be appreciated below:
Literals (numeral
2 of Section II) Submission Date Submission Deadline Delay (calendar days) a) 03/10/2022 29/09/2022 4 b) 03/10/2022 28/09/2022 5 c) 03/10/2022 21/09/2022 12 d) 07/11/2022 19/10/2022 19 e) 20/02/2023 16/02/2023 4 f) 05/08/2022 02/08/2022 3
26. Consequently, taking into account the
considerations indicated, it is noted that SURA SAF has incurred in six (6) infractions qualified as minor, typecast in Annex I, numeral 3, clause 3.1, of the SANCTIONS REGULATION, according to which it constitutes an infraction: “To present outside the established deadline, or to do 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
27. In accordance with what is established in Article 35
of the SANCTIONS REGULATION, the commission of a minor nature infraction is subject to a sanction corresponding to a reprimand or fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);
28. Regarding this, taking into account that in the present
sanctioning procedure infractions typecast as minor regarding the non-compliance with the presentation deadline of periodic information are evaluated, it must be considered that clause 1 of the “Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with Regulations Regulating the Submission of Periodic or Occasional Information”, approved by SMV Resolution No. 006-2012-SMV/01 and its amendment 15 (hereinafter,

15
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 clause 4.1, the numerals (ii), (iv), (v) (vi) and (vii) of clause 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with the regulations regulating the submission of periodic or occasional information, approved by SMV Resolution No. 006-2012- SMV/01.

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forward, SANCTIONING CRITERIA), in force at the date the events occurred, provides that the purpose of said criteria is "to establish sanctioning parameters within the framework of the General Administrative Procedure Law, the Securities Market Law and the Decree Law on Collective Fund Administrating Companies that allow applying 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 present periodic or eventual information for non-compliance in the timely submission of said information that are classified as minor infractions in the annexes of the Sanctioning Regulations, approved by CONASEV Resolution No. 055-2001-EF-94.10. The criteria developed below apply exclusively for non-compliance with the norms regulating the submission of periodic or eventual information and are not applied extensively to other cases investigated by this Superintendence";

29. Likewise, the provisions of Article 1 of the Gradual Regime for 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 (hereinafter, GRADUAL REGIME), effective from January 1, 2024, must be taken into account, which indicates that the purpose of this regulatory body is "to establish parameters 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 present individual or annual audited financial information, interim or consolidated financial statements, annual report and material events; for the late submission of said information, classified as minor infractions in the Sanctioning Regulations";

30. Although the GRADUAL REGIME has a validity date subsequent to the events analyzed in this resolution, it could be applied insofar as it proves more beneficial for the administrative party pursuant to the principle of non-retroactivity in accordance with Article 248, numeral 5 of the TUO LPAG;

31. In that sense, it corresponds to analyze the provisions of the SANCTIONING CRITERIA, as well as the GRADUAL REGIME, in order to evaluate the sanction that must be imposed on SURA SAF;

32. It should be noted that the application of the SANCTIONING CRITERIA and the GRADUAL REGIME observe the principle of proportionality established in the TUO LPAG, since it allows determining in a predictable manner for the administrative party, 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 that information that is required by the SMV;

33. In this sense, it must be indicated that the regulatory framework and the evaluation of the sanction that considers the SANCTIONING CRITERIA and the GRADUAL REGIME applied in the present case, guarantee the development of a reasonable and fair procedure, insofar as the sanction is based on an objective cause, guaranteeing the exercise of the right of defense and the use of proportionality criteria for the graduation and establishment of the sanction; it must also be indicated that the SANCTIONING CRITERIA and the GRADUAL REGIME apply only to cases of infractions against the norms of timeliness. Likewise, numeral 4 of the SANCTIONING CRITERIA states that the objective of the same is to establish the

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parameters that must be applied by the competent bodies of the SMV in order to avoid that it does not turn out to be more advantageous for the offender to commit the sanctionable conduct and assume the sanction, than to comply with the infringed norms; specifying said numeral and Article 4 of the GRADUAL REGIME that the evaluation must be carried out with respect to each sanctionable infraction;

34. For the purpose of determining the sanction corresponding to the infractions described in the letters of the third recital of this resolution, and according to what is established in subsection 3.2 of the SANCTIONING CRITERIA, the evaluation criteria established in Article 344 of the Single Text of the Securities Market Law, in Article 230, numeral 3, of the TUO LPAG, in Article 25 of the SANCTIONING REGULATIONS, as well as in subsection 4.1 of the SANCTIONING CRITERIA, whose observance is mandatory, must be taken into account;

35. 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; c) Sanctioning antecedents; 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 non-existence of intent in the offender's conduct; and, h) The probability of detection of the infraction;

36. Regarding the gravity of the damage to the public interest and/or protected legal good, it must be pointed out that, regardless of the recognition of the infractions under evaluation, regarding the submission of periodic or eventual information, any non-compliance with the regulations on its timely presentation, that is, the non-observance of the deadlines established to present said information, affects the transparency of the securities market, insofar as this safeguards the right of investors (actual and potential) and the general public to access said information in a timely manner in order to adopt investment decisions or carry out a certain evaluation; likewise, it affects the SMV in the implementation of its supervision and control activities that seek to protect the integrity of the market;

37. Therefore, it can be affirmed that SURA SAF has affected the protected legal good which is market transparency, since it presented outside the established deadline six (6) material events regarding investment excesses and participation excesses occurring in funds under its administration;

38. With regard to the economic harm caused and the repercussion in the market, it has not been evidenced that the infractions in which SURA SAF has incurred have produced a concrete quantifiable harm in the market, that is, it has not been determined that there has been concrete affectation or caused economic damage to one or more investors, so it has not been evidenced that there was repercussion in the market;

39. Likewise, as for the sanctioning antecedents, it must be pointed out that according to the SANCTIONING CRITERIA and with Article 25, letter a) of the SANCTIONING REGULATIONS, antecedents constitute the firm sanctions imposed by the SMV within the period of four (4) years prior to the commission of the infractions to be sanctioned, and the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered as antecedents;

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40. In this sense, in accordance with the foregoing and from the review carried out in said period, it has been verified that SURA SAF presents the following sanctioning antecedents in the four (4) years prior to the commission of the infractions under analysis, and the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered as antecedents:

No. Resolution Resolved Firmness Antecedent
(*) i
Supervisory Superintendent Resolution
SMV No. 049-
2018-SMV/10 16
SURA SAF is sanctioned with two (02) reprimands and a fine of 1.9776 UIT, equivalent to S/ 7,811.52 (Seven Thousand Eight Hundred Eleven and 52/100 Soles), for having incurred in three (03) infractions of minor nature classified in Annex I, numeral 3, subsection 3.1 of the Sanctioning Regulations, approved by CONASEV Resolution No. 055-2001- EF/94.10 and its modifications (hereinafter, PREVIOUS SANCTIONING REGULATIONS), for not having complied with presenting eventual information within the deadline established in the regulations. 30/12/2021 e) ii Supervisory Superintendent Resolution SMV No. 004- 2019-SMV/10 17 SURA SAF is sanctioned with a fine of 3 UIT equivalent to S/ 11,850.00 (Eleven thousand eight hundred fifty and 00/100 Soles) for having incurred in one (1) infraction of a serious nature classified in
Annex VII numeral 2, subsection 2.13 of the PREVIOUS
SANCTIONING REGULATIONS and in one (1) infraction of minor nature classified in Annex VII numeral 3, subsection 3.6 of the PREVIOUS SANCTIONING REGULATIONS for not remitting the account statements to the participant and for not communicating to the participant within the deadline provided in the regulations an excess of participation. 15/03/2019 a), b), c), d) e) and f) iii Supervisory Superintendent Resolution SMV No. 014- 2021-SMV/10 18 SURA SAF is sanctioned with two (2) reprimands and a fine of 6.6435 UIT, equivalent to S/ 27,122.48 (Twenty-seven thousand one hundred twenty-two and 48/100 Soles), for having incurred in nine (9) infractions of minor nature classified in Annex I, numeral 3, subsection 3.1 of the PREVIOUS SANCTIONING REGULATIONS, for not having complied with presenting eventual and periodic information within the deadline established by the applicable regulations. 22/04/2021 a), b), c), d) e) and f) iv Supervisory Superintendent Resolution SMV No. 045- 2021-SMV/10 19 SURA SAF is sanctioned with a fine of 8 UIT, equivalent to S/ 32,400.00 (Thirty-two thousand four hundred and 00/100 Soles), for having incurred in three (03) serious infractions: one (01) classified in
Annex I, numeral 2, subsection 2.10; and two (02) classified
in Annex XIX, numeral 2, subsection 2.3 of the PREVIOUS SANCTIONING REGULATIONS, insofar as it did not keep or did not keep updated, in the manner required by the regulations, the books, records and files corresponding; for not having accredited the 24/11/2021 a), b), c), d) e) and f)

16 By Supervisory Superintendent Resolution SMV No. 072-2021 of December 30, 2021, the reconsideration appeal filed against one of the extremes of Supervisory Superintendent Resolution SMV No. 049-2018-SMV/10 was declared well-founded, leaving the fine imposed in Article 5 of the aforementioned resolution without effect. 17 Notified on February 8, 2019. 18 Notified on March 29, 2021. 19 Notified on November 1, 2021.

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No. Resolution Resolved Firmness Antecedent
() information and documentation that supports the procedures for due diligence of client knowledge; and for not having accredited the update required for clients to whom the intensified due diligence procedure of client knowledge is applied; respectively. () letters of the third recital of this resolution.

41. With regard to recidivism for the commission of the same infraction, the firm sanction imposed by the SMV within the period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account.

42. On this particular point, from the review carried out in said period, it must be stated that for letters a), b), c), d) and f) of the third recital of this resolution, SURA SAF presents as recidivism Supervisory Superintendent Resolution SMV No. 004-2019-SMV/10;

43. As for the circumstances of the commission of the infractions, in its defenses, SURA SAF refers that the non-compliance subject to charges owed to specific operational situations, without there having been malice, gross negligence or intention to violate the current regulations. In this sense, it refers that the observed facts refer exclusively to delays in the submission of information, and not to the absolute omission of its communication;

44. Regarding this, it must be mentioned that SURA SAF, in its capacity as a company supervised by the SMV, knows the regulations that regulate the securities market and, in that sense, the regulations that oblige it to present to the SMV eventual information within the deadlines established in them. However, the administrator company did not act diligently since it did not present the information detailed in the third recital of this resolution, subject to the evaluation of the present administrative sanctioning procedure;

45. On the other hand, it should be noted that Title II, Market Transparency, Article 10 of the Single Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO LMV) that the quality of the information made available to the market in general shall be: i) truthful, ii) sufficient and iii) timely; that is, the three referred conditions must be met to not affect the legal good of market transparency; therefore, what SURA SAF stated regarding the omission referring exclusively to delays lacks support. In its argumentation, the administrator omits a fundamental condition regarding market transparency, namely: The timeliness in the submission of information;

46. It should be noted that in the case of SURA SAF, if it had not complied with submitting the information subject to the charge, it would be facing a more serious situation, since this situation is considered as a serious infraction according to Annex I, numeral 2, subsection 2.10 of the SANCTIONING REGULATIONS, the fact that it presented the information late leads to the infractions being considered minor as explained previously;

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Document electronically signed digitally 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

47. For its part, it must be indicated that the securities market is a highly specialized market, so that those who participate in it adopt their decisions within a regulatory framework that predictively expects to be complied with, especially by the entities authorized by the SMV, thus, among these rules of behavior channeled by the regulation, we have the timely compliance with presentation deadlines of information that can influence the decision of a sensible investor to adopt investment decisions. This condition allows investors, potential investors and other interested parties to adopt decisions on equal terms, not complying with the presentation deadlines as required by the regulations affects what is stated and generates potential situations of information asymmetry, particularly if the delay in the presentation of the information prolongs over time; which is observed in the present case;

48. With regard to the illicit benefit resulting from the commission of the infractions, it must be noted that it has not been proven that SURA SAF has obtained a benefit that is directly related to the infractions under analysis in the present administrative sanctioning procedure;

49. Regarding the existence or non-existence of intent in the offender's conduct, it has not been evidenced that SURA SAF has acted with intent in the commission of the infractions subject to evaluation;

50. With regard to the probability of detection of the infractions, it must be indicated that in the present case the infractions in which SURA SAF has incurred were evidenced as a result of the supervision and control activities carried out by the SMV regarding the compliance with the timely presentation of periodic and eventual information, according to what is established in the applicable regulations; that is, these are infractions that have their origin in an objective cause, concretely identifiable; consequently, the probability of detection was high;

51. Continuing with the analysis, it corresponds to determine the sanction to be imposed on SURA SAF for the infraction subject to analysis. In that sense, the SANCTIONING CRITERIA establish that a sanction of reprimand may be imposed when the following guidelines established in subsection 4.2, numeral (ii) of the aforementioned criteria are met concurrently: (i) the affectation to transparency in the market is minimal; (ii) the infraction committed has not caused concrete harm to investors or associates; (iii) the offending subject does not have antecedents or having them, they are infractions classified as minor faults imposed in the four (4) years prior to the commission of the infraction being evaluated; (iv) the offending subject has not obtained a benefit for its illegal conduct; and, (v) it has not been proven that the offender acted with malice in the commission of the infraction;

52. Likewise, said SANCTIONING CRITERIA establish that if it does not correspond to apply a reprimand sanction, a fine sanction must be imposed;

53. With regard to the infractions described in the third recital of this resolution, it is observed that they register as a sanctioning antecedent infractions of a serious nature according to what was resolved by Supervisory Superintendent Resolution SMV No. 045-2021-SMV/10 and Supervisory Superintendent Resolution SMV No. 004-2019-SMV/10, therefore, said infractions do not meet the requirement established in subsection 4.2, numeral ii), letter iii) of the

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Document electronically signed digitally 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

SANCTIONING CRITERIA, referring to the fact that the offender does not have antecedents or having them, they are infractions classified as minor faults, therefore, it would correspond to impose a fine sanction;

54. As for the guidelines for the application of the reprimand sanction, Article 6, numeral 6.1, of the GRADUAL REGIME 20 prescribes that a reprimand sanction may be applied when the following circumstances are met concurrently: a. When the affectation to transparency in the market 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 infraction committed has not caused concrete harm to investors or associates; c. The offending subject does not have antecedents or having them, they are sanctions corresponding to minor infractions imposed by the SMV that had become firm 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 for his administrative infraction; and, f. It has not been proven that the offender acted with intent in the commission of the infraction;

55. On this particular point, it should be noted that the GRADUAL REGIME establishes as one of the conditions for the application of a reprimand sanction that the offending subject is not a recidivist; however, as explained previously, the infractions of letters a), b), c), d) and f) of the third recital of this resolution register recidivism, therefore, it would correspond to impose a fine sanction;

56. With regard to the infraction described in letter e) of the third recital of this resolution, regarding the condition referred to that the affectation to transparency in the market is 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 to present eventual information affects the transparency of the securities market, even more so if this non-compliance prolongs over time; inasmuch as this information is relevant not only for investors but also for the market in general. In that sense, it is the obligation of every administrator company to present the periodic and eventual information required by the regulations within the established deadlines, that is, in a timely manner;

57. Nevertheless, it must be indicated that the infraction under evaluation presents a delay of four (4) days, so the prolongation in the non-compliance with the deadline established in the regulations to present said information acquires greater relevance. Consequently, the greater delay in the presentation of

20
"Article 6.- GUIDELINES FOR THE APPLICATION OF THE GRADUAL REGIME
6.1 CONSIDERATIONS FOR THE APPLICATION OF THE REPRIMAND SANCTION
The reprimand sanction may be applied when the following circumstances are met concurrently:
a. When the affectation to transparency in the market 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 infraction committed has not caused concrete harm to investors or associates;
c. The offending subject does not have antecedents or having them, they are sanctions corresponding to minor infractions
imposed by the SMV that had become firm 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 for his administrative infraction; and, f. It has not been proven that the offender acted with intent in the commission of the infraction."

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría dicha información ha determinado el grado de afectación a la transparencia del mercado de valores, la cual no ha sido mínima;
58. In this sense, it is not appropriate to apply a reprimand sanction to the aforementioned infractions. As they do not meet the criteria established in subsection 4.2, numeral ii), literal i) and iii) of the PENALTY CRITERIA, nor the requirements of article 6, numeral 6.1, subsection a. and d. of the GRADUALITY REGIME, which refer to the impact on market transparency being minimal; therefore, a fine sanction must be imposed 21;
59. In this sense, according to the guidelines established in subsection 4.2, numeral (iv) and (v) of the PENALTY CRITERIA, regarding failures to remit occasional information, it would be appropriate to apply a fine sanction to the infractions under evaluation, which totals 11,124 UIT. Without prejudice to this, if the GRADUALITY REGIME were applied to the aforementioned infractions, the calculation of the fine would be more burdensome; From the foregoing, it follows that it is not appropriate to apply the GRADUALITY REGIME retroactively, because it is not more favorable for the infractions analyzed in this section, insofar as the fixed fine for this type of infraction is more burdensome;
60. According to what has been stated, regarding the infractions described in literals a), b), c), d), e) and f) of this resolution, it would be appropriate to impose on SURA SAF a fine sanction amounting to 11,124 UIT, equivalent to S/ 51,603.00 (Fifty-one thousand six hundred three and 00/100 Soles); considering that all the infractions subject to charges are classified as minor offenses; in which each, being independent, is evaluated separately, carrying out an assessment of the fine to be imposed for each infraction; thus in the present case, the fines have fluctuated from a minimum of 0.927 UIT to a maximum of 3,090 UIT, totaling the aforementioned 11,124 UIT for the 6 infractions combined.
61. On the other hand, it should be noted that in the present procedure, the existence of aggravating circumstances contemplated in subsection 4.2, numeral (vi) of the aforementioned PENALTY CRITERIA or of the aggravating circumstances contemplated in article 6, numeral 6.3, subsection 6.3.2, of the GRADUALITY REGIME 22 has not been determined;
EXEMPTING AND MITIGATING CIRCUMSTANCES OF LIABILITY
62. 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 23
, as well as the mitigating and exempting conditions of liability established in articles 26 and 27 of the SANCTIONS REGULATION, respectively;

21 It should be noted that, additionally, the scenarios for the application of the reprimand sanction established in the GRADUALITY REGIME, effective from January 01, 2024, were analyzed; however, it was verified that the infractions analyzed in this regard do not meet the requirement of minimal impact on the principle of transparency, so it is not appropriate to apply a reprimand sanction. 22 “6.3 AGGRAVATING CIRCUMSTANCES (…)
6.3.2 In the event that the existence of any of the following elements is proven: (i) serious impact on the protected legal interests; (ii) concrete harm to investors or associates; (iii) obtaining an undue benefit; (iv) intent in the commission of the infraction; the amounts resulting from the application of what is stated in the preceding points may be increased up to the maximum allowed by the corresponding law, taking into account the principles of reasonableness and proportionality and what is provided in article 4.”
23
“Article 257.- Exempting and mitigating circumstances of liability for infractions 1.- The following constitute exempting conditions of 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.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
63. Regarding this matter, SURA SAF alleges that it must be taken into account that they communicated the observed significant facts before the notification of the start of the administrative sanctioning procedure, which would constitute a scenario of voluntary remediation that must be valued as a mitigating factor,
conformity with article 236-A of the TUO LPAG;
64. With respect to this, we must indicate that according to article 28, literal c) 24 of the SANCTIONS REGULATION, the late submission of significant facts and financial information, among others, is not subject to remediation for the purposes of literal f) of article 27 25 of said regulation. In this sense, it is not observed that in the present case any of the scenarios that constitute exempting circumstances of liability have been configured;
65. With regard to the voluntary declaration of the commission of the infractions and the contribution of the offender to their clarification, established in article 257, numeral 2, subsection a) of the TUO LPAG and in articles 26, literals a) and b) of the SANCTIONS REGULATION, it must be pointed out that SURA SAF has recognized its responsibility for the infractions under evaluation, expressly and in writing, within the term granted for the presentation of defenses, and in a precise, concise, clear, express and unconditional manner, without ambiguous or contradictory expressions, as well as has contributed to their clarification; therefore, according to what is established in the aforementioned article 26 26, literal a), numeral 1 and fourth paragraph of the same article, it would be appropriate to reduce the amount of the fine applicable to the infractions under evaluation by fifty percent (50%);

c) Mental incapacity duly proven by the competent authority, provided that this affects the ability to understand the infraction. d) Mandatory order of 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 an administrative infraction, prior to the notification of the charge imputation referred to in subsection 3) of article 235. 2.- The following constitute mitigating conditions of liability for infractions:
a) If an administrative sanctioning procedure has begun, the offender recognizes their 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 value. b) Others that are established by special norm.”
24
“Article 28.- Scenarios in which remediation does not apply as an exempting circumstance of liability (…) c) Late or incomplete submission, or non-submission of significant facts, financial information and annual reports.” 25 “Article 27.- Exempting circumstances of liability for infractions (…) f) Voluntary remediation by the potential sanctioned party of the act or omission imputed as constitutive of an administrative infraction, prior to the notification of the charge imputation referred to in the LPAG and always provided that no communication demanding compliance with the obligation had been issued.” 26 “Article 26.- MITIGATING CIRCUMSTANCES OF LIABILITY The following constitute mitigating conditions of liability for infractions:
a) Recognition of liability by the offender in an express and written manner, once the administrative sanctioning procedure has begun.
When the applicable sanction is a fine, it is reduced, taking into account the following:

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

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría
66. In such sense, considering what has been stated above, and that the present sanctioning procedure is related to infractions whose determination and proof is objective based on a deadline date by 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 compliance with the timely presentation of information mandated by the RHI; it would be appropriate to apply the 50% reduction in the fine to be imposed on SURA SAF, according to what is established in article 26, subsection a), numeral 1 and fourth paragraph of the same article of the SANCTIONS REGULATION, therefore the determined fine sanction of 11,124 UIT is reduced to 5,562 UIT, equivalent to S/ 25,801.50 (Twenty-five thousand eight hundred one and 50/100 Soles);
67. Being governed by what is provided in 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 PENALTY CRITERIA and its amendment;
RESOLVES:
Article 1º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess participation in the mutual fund for investment in securities named “Sura Corto Plazo Dólares FMIV” occurred on September 28, 2022.
Article 2º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess participation in the mutual fund for investment in securities named “Sura Renta Soles FMIV” occurred on September 27, 2022.
Article 3º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess investment in the mutual fund for investment in securities named “SURA Renta Periódica 2 Dólares FMIV” occurred on September 20, 2022.
Article 4º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess investment in the mutual fund for investment in securities named “Sura Ultra Cash Dólares” occurred on October 18, 2022.
Article 5º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess investment in the mutual fund for investment in securities named “SURA Deuda Latam Dólares FMIV” occurred on February 15, 2023.
Article 6º.- Declare that Sura Investments Sociedad Administradora de Fondos S.A.C. has incurred one (1) minor infraction typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01, for not having timely presented the communication of the significant fact referred to the excess participation in the mutual fund for investment in securities named “Fondo de Fondos SURA Deuda Privada Global FMIV” occurred on August 01, 2022.
Article 7º.- Sanction Sura Investments Sociedad Administradora de Fondos S.A.C. with a fine of 5,562 UIT, equivalent to S/ 25,801.50 (Twenty-five thousand eight hundred one and 50/100 Soles) pursuant to articles 1°, 2°, 3°, 4°, 5° and 6° of this resolution.
Article 8º.- This resolution does not exhaust the administrative route, unless it is consented, and may be challenged before the Adjunct Superintendent of Prudential Supervision by filing a reconsideration appeal, presented before the same, within the term of fifteen (15) business days counted from the day following its notification.
Article 9º.- In the event that this resolution is not subject to challenge through a reconsideration appeal within the term of fifteen (15) business days of being notified and remains consented, it must be published on the Institutional Website of the SMV in the Single Digital Platform of the Peruvian State, 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 administrative acts of the SMV, approved by SMV Resolution Nº 014-2014-SMV/01 and its amendment, and by what is provided in article 14° of the Sanctions Regulation, approved by SMV Resolution N° 035-2018-SMV/01.
Article 10º.- Transcribe this resolution to Sura Investments Sociedad Administradora de Fondos S.A.C.
Register, communicate and publish.
Omar Gutiérrez Ochoa
Adjunct Superintendent
Adjunct Superintendent of Prudential Supervision