General Superintendent Resolution No. 007-2025-SMV/11.1

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 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 the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml General Superintendent Resolution SMV No. 007-2025-SMV/11.1 Lima, February 25, 2025 The General Superintendent of Conduct Supervision Seen:
The file No. 2024039423, as well as the Internal Report No. 270-2025-SMV/11.1 of February 25, 2025, from the General Superintendent of Conduct Supervision of the Adjacent Superintendent of Conduct Supervision of Markets; Considering:
That, through writings presented on September 17 and 18 of 2024, Humphreys Risk Rating Limited, Mr. Luis Alejandro Sierra Mujica and Mr. Aldo Luis Reyes Diaz requested authorization from the Securities Market Superintendence – SMV for the organization of a risk rating company to be named "Humphreys Risk Rating Peru S.A.C."; That, upon review of the documentation and information presented as support for the request to which this resolution refers, it has been verified that Humphreys Risk Rating Limited, Mr. Luis Alejandro Sierra Mujica and Mr. Aldo Luis Reyes Diaz, will have a shareholding participation of 98%, 1% and 1%, respectively, in the company "Humphreys Risk Rating Peru S.A.C."; That, the organizers of "Humphreys Risk Rating Peru S.A.C." remedied the observations made by the General Superintendent of Conduct Supervision, meeting the requirements of documentation and information established in articles 5 and 6 of the Common Rules for entities that require organizational and operational authorization from the SMV, approved by SMV Resolution No. 039-2016-SMV/01 and its modifying norms, as well as with what is stated in the Single Text of Administrative Procedures of the Securities Market Superintendence, approved by Superintendent Resolution No. 023-2015- SMV/02; That, furthermore, as no objections were filed regarding the organization of the risk rating company named "Humphreys Risk Rating Peru S.A.C." or the persons organizing it, within the period established by article 6 of the Common Rules for entities that require organizational and operational authorization from the SMV, it corresponds to grant the requested organizational authorization;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 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 the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml That, article 9 of the Common Rules for entities that require organizational and operational authorization from the SMV provides that the organizational authorization of entities (among them, risk rating companies) expires within a period of one (1) year, counted from the date of its notification to the organizers, and that upon expiration of this period without the operational authorization procedure having been initiated, the organizational authorization shall become void ipso facto; That, therefore, the period established in the provision referred to in the preceding consideration must be taken into account to request the granting of the operational authorization, which is without prejudice to the duty of the organizers to observe the requirements established in the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032-2015-SMV/01, for which it must be accredited that both the risk rating company and its Members, in the development of the risk rating activity, as well as in their other activities, strictly observe the general principles of quality and integrity of the rating process, of independence, objectivity and conflicts of interest, of transparency and timely disclosure of the risk rating, of confidentiality and reserve of information, as well as of exclusive dedication to the development of the risk rating activity of debt securities representative of public offering carried out by the risk rating company, in accordance with what is provided by articles 4 and 5, subsection 5.2, of the aforementioned regulation; That, article 6, numeral 2, of the Policy on Dissemination of Normative Projects, General Legal Norms, Early Agenda and Other Administrative Acts of the SMV, approved by SMV Resolution No. 014-2014- SMV/01 and its modifying norms, establishes that the decisions contained in administrative resolutions that resolve to grant organizational authorizations, must be subject to dissemination through the official newspaper El Peruano and on the Institutional Page of the SMV on the Single Digital Platform of the Peruvian State for Citizen Orientation (www.gob.pe/smv); and, Being in accordance with what is provided by article 270 of the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF, as well as by article 46, numeral 3, subsection i), of the Regulation of Organization and Functions of the Securities Market Superintendence, approved by Supreme Decree No. 216- 2011-EF and its modifying norms, which empowers the General Superintendent of Conduct Supervision to
resolve requests made by regulated entities related to the granting of organizational authorizations to entities subject to its supervision, among which are risk rating companies. Resolves:
Article 1°.- Grant to Humphreys Risk Rating Limited, to Mr. Luis Alejandro Sierra Mujica and Mr. Aldo Luis Reyes Diaz,
the organizational authorization for a risk rating company that will be denominated "Humphreys Risk Rating Peru S.A.C.".
Article 2°.- The organizational authorization referred to in the preceding article shall have a non-extendable validity of one (01) year, a period
that will be calculated from the date of notification of this resolution to the organizers.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 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 the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Throughout the entire validity period of the organizational authorization, the organizers must maintain the conditions or requirements that gave merit to the granting of the authorization, having to inform of any modification in the documentation, information and/or condition presented to the Securities Market Superintendence – SMV, as well as when the organizers cease to comply with the established conditions, in accordance with what is provided in articles 10 and 11-A of the Common Rules for entities that require organizational and operational authorization from the SMV.
Article 3°.- Within the period of one (01) year, from the
entry into force of this resolution, the organizers must present to the Securities Market Superintendence – SMV, the request for operational authorization, otherwise the organizational authorization shall become void ipso facto, in accordance with what is provided by article 9 of the Common Rules for entities that require organizational and operational authorization from the SMV.
Article 4°.- This resolution does not authorize
"Humphreys Risk Rating Peru S.A.C." to commence activities as a risk rating company. For this, it must previously obtain the respective operational authorization from the Securities Market Superintendence – SMV and comply with the provisions established in the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032-2015- SMV/01 and its modifying norms, fundamentally those referred to the observance of the general principles of quality and integrity of the rating process, of independence, objectivity and conflicts of interest, of transparency and timely disclosure of the risk rating, of confidentiality and reserve of information, as well as of exclusive dedication in the development of the risk rating activity of debt securities representative of public offering carried out by the risk rating company, in accordance with what is provided by articles 4 and 5, subsection 5.2, of the aforementioned regulation.
Article 5°.- This resolution must be published by the organizers in the official newspaper El Peruano within a period no greater than thirty (30) business days.
Article 6°.- Disseminate this resolution on the Institutional Page of the SMV on the Single Digital Platform of the Peruvian State for Citizen Orientation (www.gob.pe/smv).
Article 7°.- Transcribe this resolution to Humphreys Risk Rating Limited, to Mr. Luis Alejandro Sierra Mujica and Mr. Aldo Luis Reyes Diaz.
Register, communicate and publish.
Alix Godos
General Superintendent
General Superintendent of Conduct Supervision