Deputy Superintendent Resolution No. 062-2025-SMV/11 — SMV — PE

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Deputy Superintendent Resolution SMV No. 062-2025-SMV/11 Lima, September 26, 2025 Subject: To sanction FONDO MIVIVIENDA S.A. with a fine of 3,325 UIT and one (1) admonition for having committed two (2) minor infractions, typified in subsection 3.1, item 3 of
Annex I of the Sanctions Regulation.
Declare the non-existence of one (1) minor infraction, typified in subsection 3.1, item 3 of Annex I of the Sanctions Regulation.
Regulated Entity: FONDO MIVIVIENDA S.A.
Subject: Administrative Sanctioning Procedure of single administrative instance Main Type: Subsection 3.1 of item 3 of Annex I of the Sanctions Regulation MINOR INFRACTIONS File No.: 2025029709 The Deputy Superintendent of Market Conduct Supervision SEEN:
The administrative file No. 2025029709, containing the administrative sanctioning procedure (hereinafter, PAS) initiated by the General Superintendent of Conduct Compliance of the Securities Market Superintendence – SMV (hereinafter, the IGCC), against FONDO MIVIVIENDA S.A. (hereinafter, the Issuer); as well as Report No. 1166-2025-SMV/11.2 (hereinafter, the Report), issued by said IGCC; CONSIDERING:
I. FUNCTION AND COMPETENCE OF THE SASCM

That, the IGCC – the instructing body of the PAS referred to in this case – has brought to the attention of the Deputy Superintendent of Market Conduct Supervision of the SMV (hereinafter, SASCM), the PAS contained in administrative file No. 2025029709 with the aim that it issues a decision as the sanctioning body of single instance, according to the type of infraction

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship evaluated. In this way, the SASCM assumes competence in observance of the exercise of the supervision function and the sanctioning power of the SMV established through the Unified Concorded Text of its Organic Law, Law Decree No. 26126 (hereinafter, LOSMV), and the Unified Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF-11 (hereinafter, TUO of the LMV); as well as what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation); and, in articles 42 and 43 of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM, to impose sanctions in single administrative instance for the commission of infractions whose compliance control corresponds to the aforementioned Deputy Superintendence;
II. FACTS, CHARGES, DEFENSES AND ARGUMENTS
2.1. Facts
2. That, it was evaluated whether the Issuer complied with the obligation to communicate material facts in a timely manner to the SMV;
2.2. Charges
3. That, as a result of said evaluation, through Letter No. 3758-2025-SMV/11.2 of July 11, 2025 (hereinafter, Letter of Charges), the following charges were formulated against the Issuer:
Charge 1
Communicate in a late manner the material fact referred to to the update performed on the Credit Opinion issued by Moody’s Ratings on July 30, 2024, which grants a credit rating to the Issuer, which should have been communicated on the same day of its issuance; however, it was communicated on August 15, 2024. (File No. 2024035180).
Charge 2
Communicate in a late manner the material fact referred to the risk classification report issued by Fitch Ratings on September 06, 2024, which grants a credit rating to the entity, which should have been communicated on the same day of its issuance; however, it was communicated on September 09, 2024. (File No. 2024038210).
Charge 3
Communicate in a late manner the material fact referred to the resignation of Mr. Jesús Roddy Vidalón Orellana (hereinafter, Mr. Vidalón) from the position of director, an event that was known by his represented party on April 23, 2025, as stated by this same. Consequently, said fact should have been communicated on that same day it was known; however, it was communicated on April 25, 2025. (File No. 2025018382);
2.3. Defenses and arguments
4. That, through a document dated July 30, 2025, the Issuer presented its defenses, stating the following:
Charge 1

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Regarding this, the Issuer indicated that on July 30, 2024, the Market and Liquidity Risk Specialist of the Risk Management Department sent an email to the Lead Stockbroker, Mr. Javier Lavado, requesting that it be communicated to the SMV as a material fact the Credit Opinion issued by Moody’s on that same day. However, the stockbroker did not become aware of the email at the time of its sending nor in the following days, which is why the corresponding remittance was not made. In this line, the Issuer pointed out that: “On August 15, 2024, the undersigned became aware of the communication of July 30, 2024 that the Risk Management Department sent for publication. Having elapsed 15 calendar days since the email was received and becoming aware of the obligation that the FMV has to make the publication, the Lead Stockbroker proceeded to remit via MVNET to the SMV as a material fact the mentioned risk classification report (…)”. Faced with this situation, the Issuer alleged that it was not an act of negligence but an operational error, for which corrective measures were adopted. Among them, the incident was reported to the Finance Manager and registered in the Operational Risk Management System – SGRO. Likewise, the Issuer maintained that an action plan was designed and implemented that included the sending of an internal communication – via memorandum – to all departments and offices of the Issuer, specifying the guidelines and conditions for sending notices of material facts. With this, it sought to prevent the repetition of the event and mitigate possible reputational or sanctioning risks. Charge 2 On this particular matter, the Issuer explained that, on Friday, September 06, 2024, approval was granted to the draft of the rating report prepared by Fitch Ratings, which was sent by said rating agency on Saturday, September 07 at 09:09 a.m., outside working hours and on a non-working day. Being so, on Monday, September 09, at 09:12 a.m., the report was sent by the corresponding Department to the Stockbroker, who proceeded to communicate it as a material fact to the SMV at 10:17 a.m. of that same morning. The Issuer also maintained that the update of the rating of the Issuer’s instruments had already been communicated previously as a material fact on August 27, 2024, on which date Fitch Ratings issued the respective press release. On that same day, the Stockbroker entered the press note through MVNet, complying with the obligation on the same day of its public dissemination. Therefore, it was argued that the subsequent remittance of the formal rating report did not constitute a new material fact but a complementary document, which was sent on the first business day after its receipt, without violating the regulatory deadline. Charge 3 Regarding this, the Issuer
indicated that the initial knowledge of the resignation of director Jesús Vidalón occurred through an informal channel – the WhatsApp application – when Miss Vanessa Vela, secretary of the aforementioned director, shared the resignation letter with the Assistant of the Administration Department, Miss Geraldine Meza, on April 23, 2025. On April 24, this letter was forwarded to the Head of Human Resources and the corresponding team via institutional email, and on that same date, the Human Resources Department channeled the communication consulting about its formalization to the Board Secretariat.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship On April 25, 2024, the Board Secretary confirmed that the resignation was presented before the National Fund for the Financing of State Business Activity (hereinafter, FONAFE) on April 21, 2025, and included the Stockbroker in the response. On that same day, the Stockbroker informed that the publication of the material fact would proceed, which was done timely. However, upon noticing that the initial communication was made through an unofficial medium, the Issuer pointed out that internal actions were adopted to correct and strengthen the notification mechanisms related to the termination of directors, establishing clearer and safer processes that ensure a timely and diligent response to this type of event;
5. That, the Unified Text of the General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO of the LPAG) 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, item 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 gravity of the damage to the public interest and/or protected legal good, (d) The economic harm caused, (e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final, (f) The circumstances of the commission of the infraction; and, (g) The existence or non-existence of intent in the conduct of the offender;
6. That, the charges formulated, the defenses presented, and the criteria regarding the graduation of the sanction have been the subject of evaluation in the Report, which has been brought to the attention of the SASCM;
7. That, in observance of what is provided by item 5 of article 255 of the TUO of the LPAG, through Letter No. 4652-2025-SMV/11 of August 29, 2025, the Report was sent to the Issuer so that it may send its arguments within a period of five (5) business days of notification;
8. That, in relation to the Report, the Issuer presented its arguments on September 08, 2025. Below, some extracts of them are detailed, without this implying that the arguments presented will be evaluated partially, but in their entirety and integrity. These arguments are the following:
Charge 1
Regarding Charge 1, in its arguments, the Issuer reiterates the grounds exposed in its defenses and adds that it should not be sanctioned, since Charge 1 is subsumed in the fact regulated in letter f) of article 27 of the Sanctions Regulation for having remedied the infraction prior to the imputation of charges. However, the Issuer also points out that, in case a sanction of admonition is considered appropriate, the mitigating condition of responsibility for infractions should be taken into account, according to subsection b) of article 26 of the Sanctions Regulation, as it has contributed to the clarification of the infraction. Charge 2

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Regarding Charge 2, in its arguments, the Issuer reiterates the grounds exposed in its defenses, adding that the late communication by 1 hour and 50 minutes of the material fact did not cause an affectation to investors, or to the public in general, nor to the prices of the instruments issued by the FMV and traded in the local and international markets. However, the Issuer also points out that, in case a sanction of admonition is considered appropriate, the mitigating condition of responsibility for infractions should be taken into account, according to subsection b) of article 26 of the Sanctions Regulation, as it has contributed to the clarification of the infraction. Charge 3 Regarding Charge 3, in its arguments, the Issuer reiterates the grounds exposed in its defenses, adding that, although the resignation of Mr. Vidalón was presented before the Executive Directorate of FONAFE on April 21, 2025, it did not comply with its obligation to present its written resignation addressed in copy to the General Management of the Issuer, contravening what is established in article 63 of Supreme Decree No. 292-2024-EF, Supreme Decree that approves the Regulation of Legislative Decree No. 1693, Legislative Decree that orders, systematizes and optimizes the efficiency of state business activity and strengthens the structure and management of FONAFE, which explicitly indicates that “the resignation of the director takes legal effect from the date of its presentation before the Executive Directorate of FONAFE with copy to the General Management of the Company.” In this sense, the Issuer points out that it was not informed of the resignation of Mr. Vidalón in an immediate and formal manner, as established by the applicable norm. Therefore, it requests that the non-existence of infraction be declared, since it has been demonstrated that it acted diligently once the formalities required by the regulation were fulfilled;
III. ISSUES TO DETERMINE
9. That, in the present PAS it corresponds to determine the following:
(i) Whether the Issuer incurred or not in the infractions indicated in the Letter of Charges and Report.
(ii) Whether it corresponds or not to sanction the Issuer;
IV. ANALYSIS
4.1. Applicable Normativity
10. That, regarding the communication of material facts, article 30 of the TUO of the LMV establishes that: “The registration of a certain value or issuance program entails for its issuer the obligation to inform the SMV and, if applicable, to the respective stock exchange or entity responsible for the conduct of the centralized trading mechanism, of the material facts, including ongoing negotiations, about itself, the value and the offer made of it, as well as to disclose such facts in a truthful, sufficient and timely manner. (…)”;
11. That, likewise, article 3 of the Regulation of Material Facts and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 (hereinafter, Regulation of Material Facts) states that: “Material fact is any act, decision, agreement, fact, ongoing negotiation or information referred to the Issuer, to its values or to its businesses that have the capacity to significantly influence: 3.1. The decision of a sensible investor to buy, sell or keep a value; or, 3.2. The liquidity, price or quotation of the issued values. (…)”;
12. On its part, article 4 of the Regulation of Material Facts indicates the criteria to determine the capacity for significant influence of the information, the following: “To evaluate the capacity for significant influence of the information and its possible qualification as a material fact, the Issuer must consider the transcendence of the act, agreement, fact, ongoing negotiation, decision or set of circumstances in its activity, assets, results, financial situation or general business or commercial position; or in its values or in the offer of these; as well as in the price or negotiation of its values.”;
13. That, likewise, item 4 of Annex 1 of the Regulation of Material Facts, it is provided the following: “4. Appointment, termination and changes in the members of the board of directors and General Management and/or their equivalent bodies.”;
14. That, it would have contravened what is provided by item 9.1 of article 9 of the Regulation of Material Facts, which states that: “The Issuer must inform its material fact as soon as such fact occurs or the Issuer takes knowledge of it, and in no case beyond the day on which it has occurred or has been known (…)”;
15. That, in subsection 3.1 of item 3 of Annex I of the Sanctions Regulation, it has been provided that it constitutes a minor infraction: “Present outside the established deadline, or 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, the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material facts and, annual reports”. (Underline added);
16. That, according to article 35 of the Sanctions Regulation, minor infractions are sanctionable with admonition or a fine not less than one (1) UIT and up to twenty-five (25) UIT;
4.2. Evaluation of the case
17. That, in the administrative file No. 2025029709, which contains the documentation of the present PAS, it is appreciated that through Memorandum No. 4076-2024-SMV/11.1 of October 09, 2024 (File No. 2024041405), Memorandum No. 5406-2024-SMV/11.1 of December 30, 2024 (File No. 2024052002) and to Memorandum No. 2361-2025-SMV/11.1 of June 11, 2025 (File No. 2025025772), the General Superintendent of Conduct Supervision (hereinafter, IGSC) – the body of the SMV that has within its functions and powers, the supervision of compliance with the norms applicable to companies with values registered in the Public Registry of the Securities Market - RPMV, evaluating the indications of possible infractions, and remits, for its consideration, the reports of indications of infractions respective, to the IGCC—, remitted to the IGCC, the result of its evaluation, and specifically what refers to the present case;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document under the framework of Law No. 27269, Law on Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship
18. That, it must be kept in mind that the procedures and legal forms with which the IGSC conducts its inspection and/or supervision activity and upon concluding it with a report of indications of infractions, determine that its pronouncement or opinion on a specific supervision topic – which even can contain a decision, such as, for example, the adoption of corrective measures—, be an opinion on the merits of the matter; it must be specified that said opinion and the report of indications of infractions of the IGSC, is not binding for the IGCC, as established in the second paragraph of article 9 of the Sanctions Regulation;
19. That, in this way it is had that in the evaluation of the facts related to the present PAS have intervened and participated previously to the issuance of this Resolution, two (2) other administrative bodies of the SMV, functionally independent among themselves and from this Office; first the IGSC that on its occasion reported the indication of infraction and then the IGCC that, as a result of its evaluation, formulated the Charge Letter and the Report; and at this point of the PAS it corresponds to the Office of the SASCM to issue a pronouncement containing its decision regarding the mentioned charge, it being precise to indicate that by the nature of the same, as has been previously pointed out, it will be a decision of single administrative instance;
20. That, it is worth specifying that the Issuer, by maintaining values registered in the RPMV, is obliged to observe and comply with the regime of communication and revelation of information in strict, regarding the presentation of periodic and eventual information in a clear, truthful, sufficient and timely manner;
21. That, regarding the defense arguments presented by the Issuer, it corresponds to indicate the following:
Charge 1
22. That, in relation to Charge 1 referred to the communication of the material fact about the Credit Opinion issued by Moody’s Ratings on July 30, 2024, the Issuer maintained that the lateness in sending the information was due to the fact that the lead stockbroker did not become aware of the receipt of said document until sixteen (16) calendar days had elapsed, that is, on August 15, 2024;
23. That, on this particular matter, although the Issuer argued that it was an operational error and that internal corrective measures were adopted, this does not negate the responsibility of having complied in a late manner with the obligation provided in the Regulation of Material Facts, since the Issuer should have implemented internal mechanisms to guarantee the timely review and attention of communications that involve dissemination obligations before the regulator. Therefore, the non-compliance attributed in this charge is corroborated
24. That, the Issuer maintains that the late communication of the material fact did not provide any news regarding the risk classification issued by Moody’s International since February 2023 and that, in addition, no atypical variations were observed in the prices of its values; however, this does not imply that it did not incur in the infraction;
25. That, as has been pointed out, it is the obligation of the Issuers to communicate material facts in a truthful, sufficient and timely manner, according to this, the Regulation of Material Facts provides that the communication of material facts must be made in defined deadlines, and its late communication is not admissible

PERU 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 communication with the argument that the information involved does not introduce relevant or differential changes;
26. That, on the other hand, regarding the Issuer's argument on the application of the exemption for voluntary remediation of the infringement prior to the filing of charges, contemplated in paragraph f) of article 27 of the Sanctions Regulation, it must be specified that paragraph c) of article 28 1 of the same Regulation expressly establishes that late submission of material facts are not subject to remediation, for the purposes of the provisions of the aforementioned paragraph f) of article 27;
27. That, therefore, what was invoked by the Issuer is not tenable, as its conduct is expressly excluded from the circumstances that enable the application of said exemption;
28. That, likewise, regarding the mitigating condition of liability for infractions provided for in paragraph b) of article 26 2 of the Sanctions Regulation, invoked by the Issuer in its statements in that it would have contributed to the clarification of the infringement by detailing what happened within its organization and by having taken preventive measures to avoid recidivism, it is necessary to point out that this circumstance will be taken into account when evaluating the applicable sanction and the corresponding sanctioning criteria;
29. That, consequently, the infringing conduct of the Issuer is proven by having communicated the material fact subject to Charge 1 late, with a delay of fifteen (15) days, thus constituting an infringement classified as minor in accordance with what is provided for in paragraph 3.1 of numeral 3 of the Sanctions Regulation;
Charge 2
30. That, regarding Charge 2 referred to the communication of the material fact on the risk classification report issued by Fitch Ratings on September 6, 2024, from the evidentiary means provided by the Issuer it is observed that the auditing society sent the final version of the mentioned report to the Issuer on September 7, 2024, which was a Saturday, i.e., a non-working day;
31. That, regarding this, in accordance with the second paragraph of numeral 9.1 3 of article 9 of the Material Facts Regulation,

“Article 28.- CIRCUMSTANCES IN WHICH REMEDIATION DOES NOT APPLY AS AN EXEMPTION FROM LIABILITY (…) Not subject to remediation for the purposes of the provisions of paragraph f) of article 27:
(…) c) The late or incomplete submission, or non-submission of material facts, financial information and annual reports. (…)” “Article 26.- MITIGATING CONDITIONS OF LIABILITY FOR INFRACTIONS The following constitute mitigating conditions of liability for infractions:
(…) b) Contribution of the offender to the clarification of the infringement. (…)” “Article 9.- Opportunity to report material facts

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship when the material fact occurs or is known on a non-working day, the issuer must communicate it no later than the next working day before the start of the trading session of the centralized negotiation mechanism in which its securities are listed 4 ; however, although the Issuer communicated the material fact under analysis on the next working day —Monday, September 9, 2024—, the sending is late, as it was made after the start of the trading session, at 10:17 a.m.;
32. That, on the other hand, regarding the Issuer's argument on the application of the exemption for voluntary remediation of the infringement prior to the filing of charges, contemplated in paragraph f) of article 27 of the Sanctions Regulation, it must be reiterated what was indicated previously, regarding that paragraph c) of article 28 of the same Regulation expressly establishes that late submission of material facts are not subject to remediation, for the purposes of the provisions of the aforementioned paragraph f) of article 27;
33. That, therefore, what was invoked by the Issuer is not tenable, as its conduct is expressly excluded from the circumstances that enable the application of said exemption;
34. That, likewise, regarding the mitigating condition of liability for infractions provided for in paragraph b) of article 26 5 of the Sanctions Regulation, invoked by the Issuer in its statements in that it would have contributed to the clarification of the infringement by detailing what happened within its organization and by having taken preventive measures to avoid recidivism, it is necessary to point out that this circumstance will be taken into account when evaluating the applicable sanction and the corresponding sanctioning criteria
35. That, consequently, the infringing conduct of the Issuer is proven by having communicated the material fact subject to Charge 2 late, thus constituting an infringement classified as minor in accordance with what is provided for in paragraph 3.1 of numeral 3 of the Sanctions Regulation;
Charge 3

9.1. The Issuer must inform its material fact as soon as such fact occurs or the Issuer takes knowledge of it, and in no case later than the day on which it has 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 appropriate 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.
In the event that the material fact occurs or that the Issuer takes knowledge of it on a non-working day, it must communicate it no later than the next working day and before the start of the trading session of the centralized negotiation mechanism in which its securities are listed. (…)” 4 According to the Stock Exchange Operations Regulation, the start of the trading session from the second Sunday of March to the first Sunday of November is at 08:30 a.m. “Article 26.- MITIGATING CONDITIONS OF LIABILITY FOR INFRACTIONS The following constitute mitigating conditions of liability for infractions:
(…) b) Contribution of the offender to the clarification of the infringement. (…)”

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship
36. That, in relation to Charge 3, it is noted that Mr. Vidalón did not observe the formalities provided for in numeral 6.20 of the White Book of FONAFE, referred to the resignation of board members, which expressly establishes that: “The resignation from the position of Director is carried out through the presentation of a written communication addressed to the Executive Directorate of FONAFE, with a copy to the General Management of the Company, which takes effect immediately.”;
37. That, as it is observed, Mr. Vidalón presented his resignation only before the Executive Directorate of FONAFE, omitting to send the communication to the General Management of the Company, as required by the cited regulation. This omission prevented the Issuer from taking timely knowledge of the decision, having to wait for the resignation to be recanalized and formally confirmed on April 24, 2025 and April 25, 2025, after which its authenticity and effects were verified. Consequently, the Issuer presented the material fact on April 25, 2025, on which date the resignation was already confirmed;
38. That, for the reasons stated, the communication of the material fact of Mr. Vidalón's resignation from the position of director cannot be considered late since the delay was not attributable to the Issuer, but to the omission of the resigning director himself to comply with the procedure established in the FONAFE White Book, which frames the activity of the companies that make it up. In this framework, the Issuer, acting diligently and in accordance with the principle of truthfulness and transparency that governs the securities market, disseminated the material fact after the resignation had been recanalized and confirmed, thus observing the requirements of the applicable regulation;
39. That, consequently, it corresponds to archive the administrative sanctioning procedure in the aspect related to Charge 3, in accordance with paragraph e) of article 17 6 of the Sanctions Regulation, concordant with numeral 6 of article 255 7 of the TUO of the LPAG;
40. That, in accordance with everything expressed, having proven the conduct constitutive of infringement and determined administrative liability on the part of the Issuer regarding Charges 1 and 2, it corresponds to analyze the proposed applicable sanction, for which effect the

“Article 17.- SANCTIONING PHASE
(…) e) The final resolution must pronounce itself regarding the commission of the infringement, the application of a sanction or the decision to archive the procedure. It may also impose precautionary, provisional or corrective measures. The Deputy Superintendent may order the execution of the guarantees granted by the legal entities under the competence of the SMV.”
“Article 255.- Sanctioning procedure
Entities in the exercise of their sanctioning power adhere to the following provisions:
(…)
6. The resolution that applies the sanction or the decision to archive the procedure will be notified both to the administrator and to the body or entity that formulated the request or to whoever denounced the infringement, if applicable.”

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship principle of reasonableness and the sanctioning criteria, which will be developed in the following section;
V. DETERMINATION OF THE SANCTION
41. That, the late communication of material facts is typified in paragraph 3.1 of numeral 3 of Annex I of the Sanctions Regulation, which states that it constitutes a minor infringement: “To present outside the established deadline, or to 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 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 facts and, annual reports”. (Underlining added);
42. That, in accordance with what is established in article 35 of the Sanctions Regulation, these infractions are sanctionable with a reprimand or a fine not less than one (1) UIT and up to twenty-five (25) UIT;
43. That, for the purpose of determining the sanction to be imposed on the Issuer, the sanctioning criteria established in article 344 of the TUO of the LMV, numeral 3) of article 248 of the TUO of the LPAG and what is provided by article 25 of the Sanctions Regulation (hereinafter, Sanctioning Criteria) must be taken into account;
44. That, in addition to the previously cited norms, regarding late communication, the Regime of Gradual Sanctions for Late Submission of Financial Information, Annual Report and Material Facts, approved by article 1 of Resolution SMV No. 007-2023-SMV/01 of September 4, 2023 (hereinafter, Regime of Gradual Sanctions) must be taken into account, and whose article 4 provided for its validity from January 1, 2024;
Sanctioning criteria
45. That, having determined the commission of the imputed infractions, it corresponds to evaluate the sanction in accordance with article 25 of the Sanctions Regulation, concordant with numeral 3) of article 248 of the TUO of the LPAG and article 344 of the TUO of the LMV, which develop the sanctioning graduation criteria: (i) the Issuer's sanctioning antecedents, (ii) recidivism, (iii) the circumstances of the commission of the infringement, (iv) the economic damage caused and its repercussion on the market, (v) the illicit benefit resulting from the commission of the infringement, (vi) the probability of detection of the infringement, (vii) the gravity of the damage to the public interest and/or protected legal good and (viii) the existence or not of intent in the offender's conduct;
46. That, in application of the aforementioned norms, the sanctioning criteria will be evaluated;
47. That, regarding the gravity of the damage to the public interest and/or protected legal good, the timely presentation of material facts has the purpose of allowing investors to make adequately informed investment decisions. In this way, investors are protected and asymmetry in access to information is reduced, therefore, the protected legal good is the transparency of the securities market, which when transgressed affects the public interest. In this sense, the infringement incurred by the Issuer affects the transparency of the securities market;
48. That, regarding the antecedents of the offender, it has been verified that the Issuer does not have sanctioning antecedents as detailed in the Report, in the terms referred to in paragraph a) of article 25 of the Sanctions Regulation, which establishes that the antecedents of the offender are the sanctions that have been imposed on it by the SMV and that have become final within four (4) years prior to the moment of the commission of the infractions to be sanctioned;
49. That, regarding recidivism for the commission of the same infringement, it has been verified that there is no recidivism on the part of the Issuer, in the terms referred to in paragraph b) of article 25 of the Sanctions Regulation, which provides that there is recidivism, for the commission of the same infringement within a period of one (1) year from when the resolution sanctioning the first infringement became final;
50. That, regarding the circumstances of the commission of the infractions, the following has been verified:
(i) The Issuer has presented the material fact referred to the update carried out on the Credit Opinion issued by Moody’s Ratings on July 30, 2024, with sixteen (16) calendar days of delay.
(ii) The Issuer has presented the material fact referred to the risk classification report issued by Fitch Ratings on September 6, 2024, with one (1) calendar day of delay.
51. That, regarding the economic damage caused and the repercussion on the market, it has not been evidenced that the aforementioned non-compliances have produced a quantifiable damage, understood as an economic damage caused to one or more investors;
52. That, regarding the illegally obtained benefit, it has not been proven that the infringement incurred by the Issuer has generated an illegal benefit;
53. That, regarding the probability of detection of the infractions, we must indicate that the fact subject to charge is verified through the internal control systems of the SMV, so it is considered that for this type of non-compliance, the probability of detection is high and less complex, as it results from the SMV's supervision activities;
54. That, regarding the existence or not of intent in the offender's conduct, it has not been evidenced that the Issuer has acted intentionally or fraudulently when incurring the aforementioned infringement;
ON THE APPLICATION OF A REPRIMAND SANCTION
55. That, regarding this matter, numeral 6.1 of article 6 of the Regime of Gradual Sanctions provides: “The reprimand sanction may be applied when the following circumstances occur concurrently:

PERÚ Ministry of Economy and Finance

8 According to Supreme Decree No. 260-2023-EF, the value of the UIT for the 2024 exercise is S/ 5,150.00.

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronic document digitally signed within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its Regulations and amendments. The integrity of the document and the authorship ON THE APPLICATION OF THE MITIGATING FACTOR FOR CONTRIBUTION OF THE OFFENDER TO THE CLARIFICATION OF THE INFRACTION
59. That, in accordance with paragraph b) of article 26 of the Sanctions Regulation, the contribution of the offender to the clarification of the infringement constitutes a mitigating condition of liability for infractions;
60. That, as has been stated, the Issuer requested in its statement of allegations the application of this mitigating factor. In this sense, although this mitigating factor is not determined regarding the percentage of discount in case the applicable sanctions for these infractions are fines, in consideration of the principle of reasonableness, it is considered that the applicable sanctions for these infractions, if they are fines, must be reduced by 5%;
61. That, in accordance with what is indicated, in application of the mitigating factor for contribution of the offender to the clarification of the infringement; it corresponds to reduce by 5% the fine sanction to be imposed;
62. That, consequently, the fine sanction to be imposed on the Issuer for the non-compliance of Charge 1 amounts to 3.325 UIT equivalent to S/ 17,123.75 (Seventeen Thousand One Hundred Twenty-Three and 75/100 Soles), and;
Being in accordance with what is provided for in numerales 14 and 36 of
article 43 of the Organization and Functions Regulation of the SMV, approved by
Supreme Decree No. 216-2011-EF;
RESOLVES:
Article 1°.- Declare that FONDO MIVIVIENDA S.A.
has incurred one (1) minor infringement, typified in paragraph 3.1 of numeral 3 of Annex I of the Sanctions Regulation, approved by Resolution SMV No.
035-2018-SMV/01, for the late communication of the material fact referred to the update carried out on the Credit Opinion issued by Moody’s Ratings on July 30 2024 (Charge No. 1).
Article 2°.- Sanction FONDO MIVIVIENDA S.A.
with a fine of 3.325 UIT equivalent to S/ 17,123.75 (Seventeen Thousand One Hundred Twenty-Three and 75/100 Soles), for what is provided for in article 1° of this Resolution.
Article 3°.- Declare that FONDO MIVIVIENDA S.A.
has incurred one (1) minor infringement, typified in paragraph 3.1 of numeral 3 of Annex I of the Sanctions Regulation, approved by Resolution SMV No.
035-2018-SMV/01, for the late communication of the material fact referred to the risk classification report issued by Fitch Ratings on September 6, 2024 (Charge No. 2).
Article 4°.- Sanction FONDO MIVIVIENDA S.A.
with one (1) reprimand for what is provided for in article 3° of this Resolution.
Article 5°.- Declare the non-existence of infringement and
archive Charge No. 3 of the administrative sanctioning procedure initiated against FONDO MIVIVIENDA S.A. in accordance with numeral 6 of article 255 of the Unified Ordered Text of the General Administrative Procedure Law – Law No. 27444, approved by Supreme Decree No. 004-2019-JUS in concordance with paragraph e) of
article 17 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-

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 amendments. The integrity of the document and authorship SMV/01, for the late communication of the material fact referred to the resignation of Mr. Jesús Roddy Vidalón Orellana from the position of director.
Article 6.- This Resolution does not exhaust the administrative route, and it may be challenged before this Deputy Superintendent of Market Conduct Supervision by filing a reconsideration appeal, an administrative remedy recognized in Article 218 of the Single Text of the General Administrative Procedure Law – Law No. 7444, approved by Supreme Decree No. 004-2019-JUS, within a period of fifteen (15) business days, counted from the day following its notification, as it is a procedure of a single administrative instance.
Article 7.- In the event that this Resolution is not challenged, it must be published on the SMV's Institutional Website on the Peruvian State's Digital Single Platform for Citizen Orientation (www.gob.pe/smv), in observance of what is provided in numeral 1 of Article 7 of the "Policy on dissemination of normative projects, laws of general character, early agenda and other administrative acts of the SMV", approved by Resolution SMV No. 014-2014-SMV/01 and its amendments, and by what is provided in the last paragraph of Article 14 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01.
Article 8.- Transcribe this Resolution to
FONDO MIVIVIENDA S.A.
Register, communicate and publish.
Carlos Rivero Zevallos
Deputy Superintendent
Deputy Superintendent of Market Conduct Supervision

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