PERU Ministry of Economy and Finance
SMV
Superintendency of the Stock Market of Securities

“Decade of Equality of Opportunities for Women and Men” "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

General Directorate of Supervision Resolution SMV No. 052-2024-SMV/11.1

Lima, 30 September 2024

The General Director of Supervision of Conducts

Seen:

File No. 2024039731, as well as Internal Report No. 1283-2024-SMV/11.1 of 30 September 2024, from the General Directorate of Supervision of Conducts of the Deputy Superintendency of Market Conduct Supervision.

Considering:

That, by means of documents submitted on 19 and 30 September 2024, Caja Municipal de Ahorro y Crédito de Arequipa S.A. requested the Superintendency of the Stock Market – SMV, the registration of the Second Framework Prospectus corresponding to the “First Negotiable Deposit Certificate Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.” in the Public Registry of the Stock Market – RPMV, three (03) years having elapsed since the validity of the registration of said program, which consolidates all the variations made to it, including the fundamental variation regarding the change of the risk rating company;

That, it has been verified that on 30 March 2021, within the framework of an expedited procedure and under an automatic approval procedure, the issuance program named “First Negotiable Deposit Certificate Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.” was registered, for up to a maximum amount in circulation of S/ 300’000,000.00 (Three Hundred Million and 00/100 Soles) or its equivalent in United States Dollars, and the corresponding Framework Prospectus was registered in the Public Registry of the Stock Market;

That, from the review of the documentation and information supporting the request to which this resolution refers, it is noted that the securities corresponding to the “First Negotiable Deposit Certificate Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.” are no longer rated by Moody´s Local PE Clasificadora de Riesgo S.A.; being Pacific Credit Rating S.A.C. and Apoyo y Asociados Internacionales S.A.C. Rating Agencies the rating companies in charge of the permanent rating of said securities;

That, in accordance with the provisions of Article 63 of the Single Ordered Text of the Stock Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, during the validity of the

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PERU Ministry of Economy and Finance
SMV
Superintendency of the Stock Market of Securities

“Decade of Equality of Opportunities for Women and Men” "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

placement of the public offering, the issuer or offeror is obliged to keep the information prospectus updated and any modification of the prospectus made must be submitted to the Superintendency of the Stock Market – SMV, prior to its delivery to investors;

That, regarding variations in the offering, Article 29 of the Regulation on Primary Public Offering and Sale of Securities, approved by CONASEV Resolution No. 141-1998-EF/94.10 and its amending rules, establishes that changes in the conditions of the offering or the program that may imply a variation in the risk level of the previously registered securities, such that they may modify the investment decision of a prudent investor, constitute fundamental variations;

That, in accordance with the provisions of Article 14, numeral 14.2.3, of the Regulation on Primary Public Offering and Sale of Securities, three (03) years having elapsed since the validity of the registration of the issuance program, the issuer must necessarily submit an updated framework prospectus that consolidates all the variations made to it, which must be forwarded to the SMV within the following thirty (30) calendar days. Likewise, the aforementioned article provides that the registration of said prospectus be carried out under an automatic approval procedure if submitted within said period and under a prior evaluation procedure subject to negative administrative silence if submitted outside of it;

That, from the information contained in the Public Registry of the Stock Market, it has been verified that Caja Municipal de Ahorro y Crédito de Arequipa S.A submitted its request to the Superintendency of the Stock Market outside the period of thirty (30) calendar days following the three (03) year period of validity of the registration of the “First Negotiable Deposit Certificate Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.”, corresponding to apply the prior evaluation procedure subject to negative administrative silence;

That, Caja Municipal de Ahorro y Crédito de Arequipa S.A has submitted the documentation and information required by the Single Ordered Text of the Stock Market Law, as well as by the Regulation on Primary Public Offering and Sale of Securities, for the registration procedure of the Second Framework Prospectus corresponding to the “First Negotiable Deposit Certificate Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.”, which consolidates all the variations made to it, including the fundamental variation regarding the change of the risk rating company;

Whereas, Article 7, item 6, of the Policy on the Dissemination of Regulatory Projects, General Legal Norms, Early Agenda and Other Administrative Acts of the SMV, approved by Resolution SMV N° 014-2014-SMV/01 and its amending rules, establishes that the decisions contained in administrative resolutions relating to the registration of securities and the registration of the corresponding informational prospectuses for issuance programs in the Public Registry of the Securities Market must be disseminated through the SMV Institutional Website on the Single Digital Platform of the Peruvian State for Citizen Guidance (www.gob.pe/smv); and,

In accordance with the provisions of Articles 58 et seq. of the Single Ordered Text of the Securities Market Law; Articles 14 and 29 of the Regulation on Primary Public Offering and Sale of Securities; as well as by

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Article 46, item 4, of the Regulation on the Organization and Functions of the Superintendency of the Securities Market, approved by Supreme Decree Nº 216-2011-EF and its amending rules, which empowers the General Directorate of Conduct Supervision to resolve requests submitted by regulated entities related to primary public offerings and to evaluate and/or resolve any procedure related to such offerings.

RESOLVES:

Article 1°.- To order the registration of the Second Framework Prospectus corresponding to the “First Negotiable Certificates of Deposit Program of Caja Municipal de Ahorro y Crédito de Arequipa S.A.” in the Public Registry of the Securities Market, having elapsed the three (03) years of validity of the registration of said program, which consolidates all the variations made to it, including the fundamental variation regarding the change of the risk rating agency, as established in Article 14, item 14.2.3, of the Regulation on Primary Public Offering and Sale of Securities.

Article 2°.- The registration referred to in the preceding article has not involved administrative verification activities, nor inspection, nor auditing of the information submitted, nor an examination of the issuer's economic and financial situation, in accordance with the provisions of Article 21 of the Single Ordered Text of the Securities Market Law.

Likewise, said registration does not imply that the Superintendency of the Securities Market – SMV recommends investment in the securities or gives a favorable opinion on the business prospects, the issuer being responsible for the veracity of the information submitted to the market, in accordance with the provisions of Articles 13 and 65 of the Single Ordered Text of the Securities Market Law.

Article 3°.- Disseminate this resolution on the SMV's Institutional Website on the State's Single Digital Platform for Citizen Guidance (www.gob.pe/smv).

Article 4°.- Transcribe this resolution to Caja Municipal de Ahorro y Crédito de Arequipa S.A., as issuer; to Banco BBVA Perú, as structuring entity; to BBVA Bolsa Sociedad Agente de Bolsa S.A., as placing agent; to the Bolsa de Valores de Lima S.A.; and to CAVALI S.A. I.C.L.V.

Register, communicate, and disseminate.

Alix Godos
General Superintendent
General Superintendent's Office of Conduct Supervision

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