General Supervision of Entities Resolution No. 129-2025-SMV/10.2 — SMV — PE

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 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 the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml That, through Office No. 3678-2025-SMV/10.2, dated July 4 2025, the IGSE made new observations related to problems in the recording and valuation of investments and assets of the FUNDS. Furthermore, it was observed the existence of investments not foreseen in their respective investment policies and, whose investments, would not be permitted to mutual funds for investment in securities; That, considering the existing problems in the investment portfolios of the FUNDS, a possible merger and unification of their assets could cause negative effects on the portfolios, harming the participants of “Diviso Conservador Dólares FMIV” or “Diviso Conservador Soles FMIV”; That, on the other hand, in the present procedure, Diviso Fondos Sociedad Administradora de Fondos S.A. did not comply with remedying the following observations made to the documentation presented through Office No. 3118-2025-SMV/10.2: i) observation 1.1, as it failed to present a new version of the Annex to the Participation Regulation of “Diviso Conservador Soles FMIV” that included the changes made in the Simplified Prospectus of said fund; ii) observation 1.2, referring to the exchange factor, this being because the information sent contains inconsistencies between the formula, the result of this and the example included; iii) observation 1.3, referring to the correct valuation of the portfolios and the determination of the reliable share value; iv) observation 2.3, inasmuch as the merger notice contains information referring to the main characteristics of the FUNDS that is not precise and differs from the information registered in the Public Registry of the Securities Market; v) observation 2.5, inasmuch as the administrator society incorrectly states that participants could not make scheduled subscriptions, even though the Participation Regulation of “Diviso Conservador Dólares FMIV” indicates otherwise; and, vi) observation 2.7, through which it was requested to inform about the treatment of investment excesses that could occur in “Diviso Conservador Soles FMIV” and was not implemented; That, “Diviso Conservador Dólares FMIV” and “Diviso Conservador Soles FMIV” are in a situation of patrimonial deficit, as they do not have the minimum regulatory net worth required for mutual funds for investment in securities for the 2025 period, which amounts to S/ 962,531.00. This was communicated in Office No. 3505-2025-SMV/10.2; That, for the foregoing, considering that Diviso Fondos Sociedad Administradora de Fondos S.A. has not remedied the observations formulated through Office No. 3118-2025-SMV/10.2, it
is not possible to grant the authorization for the merger of the FUNDS; and, Being subject to what is provided by Article 1, letter b, of the Unified Text of the Organic Law of the Superintendency of the Securities Market, approved by Legislative Decree No. 26126; Article 38, numeral 5, item vii of the Regulation of Organization and Functions of the Superintendency of the Securities Market, approved by Supreme Decree No. 216-2011-EF;

PERU Ministry of Economy and Finance

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