General Supervision of Entities Resolution No. 157-2025-SMV/10.2

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" Electronically signed document within the framework of Law No. 27269, Law on 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 Supervision of Entities Intendancy Resolution No. 157-2025-SMV/10.2 Lima, August 29, 2025 The General Intendant of Supervision of Entities HAVING SEEN:
File No. 2025028686, referring to the request for authorization to organize an investment fund administrator society to be denominated “Asunción Capital Investment S.A. de la Sociedad Administradora de Fondos de Inversión S.A.”, as well as Report No. 1179- 2025-SMV/10.2 of August 29 2025; CONSIDERING:
That, through writings presented on July 1, 2025, complemented on July 10, 2025, the gentlemen Kirk Edilberto Sánchez Ríos (hereinafter, MR. SÁNCHEZ) and Carlos Valles Vela (hereinafter, MR. VALLES; together, the ORGANIZERS), requested authorization for the organization of an investment fund administrator society to be named “Asunción Capital Investment S.A. de la Sociedad Administradora de Fondos de Inversión S.A.”, (hereinafter, ASUNCIÓN CAPITAL SAFI); That, articles 5 and 6 of the Common Rules for Entities that require Authorization for Organization and Operation of the SMV, approved by SMV Resolution No. 039-2016-SMV/01 and its amendments (hereinafter, COMMON RULES), establish the requirements to obtain the authorization for the organization of a stockbroker society; That, in accordance with article 4 of the COMMON RULES, the organizers must have, at all times, recognized economic and moral solvency to the satisfaction of the Securities Market Superintendence - SMV, which comprises, among others, presenting a track record of compliance with ethical principles and good commercial and corporate practices; That, article 6 of the COMMON RULES establishes that within three (3) days following the presentation of the application referred to in article 5 of said rules, the organizers must publish a notice in a prominent form in one (1) newspaper of national circulation communicating the presentation of said application and must send a copy of the notice to the SMV on the same day of its publication;

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" Electronically signed document within the framework of Law No. 27269, Law on 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, regarding this matter, the ORGANIZERS have not complied with sending a copy of the publication referred to in article 6 of the COMMON RULES; That, additionally, as part of the evaluation of the economic solvency of the organizers of entities that require authorization for operation from the SMV, the general patrimonial backing and also their liquid assets or assets easily convertible into liquidity are considered as parameters. This, in order to determine that they have the capacity to make the necessary capital contribution so that ASUNCIÓN CAPITAL SAFI reaches the minimum capital required by regulations, equivalent to S/ 1,804,746.00 (one million eight hundred four thousand seven hundred forty-six and 00/100 soles) for 2025 or the minimum capital established in the bylaws, if this were greater than the former; That, likewise, the organizers must be in a position to make successive capital increases in order to cover losses during the first years of their operations, so that these do not put the continuity of the entity at risk and with the purpose of avoiding the risk of suspension or revocation of their authorization for operation; That, according to the draft bylaws of ASUNCIÓN CAPITAL SAFI, its social capital amounts to S/ 2,000,000.00 (two million and 00/100 soles) of which 90% of participation corresponds to MR. SÁNCHEZ; while 10% of participation corresponds to MR. VALLES; That, in the sworn statements of patrimonial assets, presented in accordance with what is established in article 5, section A) number 1, point i.5 of the COMMON RULES, the ORGANIZERS declared that they do not possess patrimonial assets or debts; That, in the sworn statements of the origin of funds, presented in accordance with what is established in article 5, section A) number 4 of the COMMON RULES, the ORGANIZERS declared that the resources to be destined for the constitution of ASUNCIÓN CAPITAL SAFI would come from a loan; That, as a consequence of the foregoing, the monetary resources available to the ORGANIZERS would be entirely supported by a loan. This situation reflects that the ORGANIZERS would have a deficit patrimonial position, since they do not have their own assets to meet the obligations assumed with a third party. Therefore, the ORGANIZERS do not have sufficient economic solvency, to the satisfaction of the SMV, for: i) the constitution of the social capital of ASUNCIÓN CAPITAL SAFI and, in turn, ii) the eventual contributions to meet capital increases to cover operational costs during the first years of operations; That, as a consequence of the aforementioned,
since these are substantial aspects affecting the ongoing procedure, it is not possible to continue with the evaluation of the organization request for ASUNCIÓN CAPITAL SAFI; That, for the reasons mentioned above, in the present procedure all the requirements to obtain the authorization for organization in accordance with the COMMON RULES have not been met, as developed in Report No. 1179-2025-SMV/10.2 of the General Supervision of Entities Intendancy;

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" Electronically signed document within the framework of Law No. 27269, Law on 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, consequently, it is not possible to grant the authorization for organization of an investment fund administrator society to be named “Asunción Capital Investment S.A. de la Sociedad Administradora de Fondos de Inversión S.A.” requested by the ORGANIZERS; Being in accordance with what is provided by article 1, item b), of the Organic Law of the Securities Market Superintendence, approved by Legislative Decree No. 26126 and its modifying norms; as well as article 38, number 5, letter i), of the Organization and Functions Regulation of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF and its amendment. RESOLVES:
Article 1st.- Deny the request for authorization for organization of an investment fund administrator society to be named “Asunción Capital Investment S.A. de la Sociedad Administradora de Fondos de Inversión S.A.”, presented by the gentlemen Kirk Edilberto Sánchez Ríos and Carlos Valles Vela.
Article 2nd.- Order the dissemination of this resolution on the Securities Market Portal of the Securities Market Superintendence (www.gob.pe/smv).
Article 3rd.- Transcribe this resolution to the gentlemen Kirk Edilberto Sánchez Ríos and Carlos Valles Vela.
Register, communicate and publish.
Armando Manco Manco
General Intendant
General Supervision of Entities Intendancy