R-CNMV-2026-09-MV — Approval of the Investor Protection Regulation — SIMV — DO

Securities Market Superintendence of the Dominican Republic CERTIFICATION

The undersigned, Mr. Ervin Novas Bello, manager of the Central Bank of the Dominican Republic (hereinafter "Central Bank"), on behalf of the Governor of the Central Bank, ex officio member and President of the National Securities Market Council (hereinafter "Council"); and Mrs. Fabel María Sandoval Ventura, Secretary of the Council,

CERTIFY that the text below constitutes a faithful and complete transcription, in accordance with the original, of the First Resolution, R-CNMV-2026-09-MV, adopted by the Council in the meeting held on the twenty-third (23rd) day of June in the year two thousand twenty-six (2026), which is kept in the archives of this Secretariat, namely:

"FIRST RESOLUTION OF THE NATIONAL SECURITIES MARKET COUNCIL DATED TWENTY-THIRD (23RD) OF JUNE OF THE YEAR TWO THOUSAND TWENTY-SIX (2026). R-CNMV-2026-09-MV

REFERENCE: Approval of the Investor Protection Regulation.

WHEREAS:

That by communication received on the third (3rd) day of June in the year two thousand twenty-six (2026), the Mr. Superintendent of the Securities Market (hereinafter, "Superintendent") submitted to the knowledge and consideration of the National Securities Market Council (hereinafter, "Council"), an application for the approval of the draft Investor Protection Regulation (hereinafter, "draft Regulation" or by its full name), with the aim of receiving final sanction.

That in accordance with the powers recognized by Law No. 249-17, of the Securities Market of the Dominican Republic, which repeals and substitutes Law No. 19-00 of the eighth (8th) day of May in the year two thousand (2000), promulgated on the nineteenth (19th) day of December in two thousand seventeen (2017), and its modification (hereinafter, "Law No. 249-17"), and the Internal Regulation of the Council; adopted by this collegiate body through the First Resolution, R-CNMV-2018-06-MV, issued on the twenty-ninth (29th) day of November in the year two thousand eighteen (2018) (hereinafter, "Internal Regulation of the Council"); the Council, meeting validly prior to summons accompanied by the corresponding supporting documentation, deems it appropriate to expose the following:

CONSIDERING:

That, in accordance with what is provided in article 7 of Law No. 249-17, the Securities Market Superintendence (hereinafter, "Superintendence") has as its objective to promote an orderly, efficient and transparent securities market, protect investors, ensure compliance with the aforementioned legal statute and mitigate systemic risk through the regulation and supervision of natural and legal persons operating in the securities market.
That, from the harmonious reading of articles 10 and 13 of the cited law, it is derived that the Superintendence is integrated by a collegiate body, the Council, with essentially normative, supervisory and control functions; and an executive official, the Superintendent, who has in his charge the direction, control and representation of the institution.
That article 13, numeral 4, of the aforementioned legal provision, establishes as an attribution of the Council to periodically review the regulatory framework of the securities market, adapting it to the trends and realities thereof; as well as to propose, on its own initiative or upon proposal of the Superintendent, the modifications that prove necessary.
That, likewise, article 25 of Law No. 249-17 provides that "[t]he Council is the competent body to establish regulations regarding the activities of the securities market indicated in this law."
That, likewise, paragraph I of the aforementioned article establishes that, "[i]n the exercise of regulatory power, the Council and the Superintendence will observe the principles of legality and the rules of public consultation, participation and transparency contained in the Constitution of the Republic and the laws in force."
That it is worth highlighting that article 2 of the aforementioned Law No. 249-17 reveals that the provisions contained in said legal statute apply to all natural and legal persons that carry out activities, operations and transactions in the securities market of the Dominican Republic, with public offer securities that are offered or traded in the national territory.
That, parallelly, in the paragraph of the mentioned article it is established that "[a]ll natural and legal persons that carry out any of the activities or services provided for in this law, will be subject to the regulation, supervision and inspection of the Securities Market Superintendence, with respect to the exercise of said mentioned activities or services."
That in accordance with article 3, numeral 33, of Law No. 249-17, securities market participant "[i]s the natural or legal person, registered in the Securities Market Registry and regulated by the Securities Market Superintendence."
That, with respect to this, article 36 of that same law establishes that "[t]he Superintendence will have a Registry available to the public, which may be electronic, and in it will be inscribed the natural and legal persons that participate in the securities market, as well as the public information regarding the securities inscribed in the Registry and of the participants of the securities market regulated by this law."
That, within the initiatives contemplated in the regulatory agenda or planning of the Superintendence, corresponding to the period comprised from March to September in the year two thousand twenty-five (2025), approved by the Council through the Second Resolution, R-CNMV-2025-02-SIMV, of the twenty-fifth (25th) day of February in two thousand twenty-five (2025): modified, in turn, by the First Resolution, R-CNMV-2025-14-SIMV, of date seven (7th) of May in two thousand twenty-five (2025), the draft Regulation for the Protection of the Public Investor was included.
That, likewise, said draft Regulation was included in the agenda or regulatory planning of the Superintendence, corresponding to the period comprised from September in two thousand twenty-five (2025), to March in two thousand twenty-six (2026), approved through the First Resolution, R-CNMV-2025-19-SIMV, of date twenty-one (21st) of October in two thousand twenty-five (2025), accrediting the continuity of the regulatory works oriented to its formulation and approval.
That on date nine (9th) of December in two thousand twenty-six (2026), through the Second Resolution, R-CNMV-2025-28-MV, the Council authorized the Mr. Superintendent to submit to public consultation of the market participants and other interested sectors the aforementioned draft Regulation, in compliance with Law No. 200-04, General Law on Free Access to Public Information, of date twenty-eight (28th) of July in the year two thousand four (2004), its implementing regulation approved through Decree No. 130-05, of date twenty-five (25th) of February in the year two thousand five (2005), and other applicable regulations.
That, subsequently, through communication received in the Council Secretariat on date three (3rd) of June in the year two thousand twenty-six (2026), the Mr. Superintendent submitted for final sanction of this collegiate body the draft Investor Protection Regulation.
That, in accordance with the content of the aforementioned letter, the object of this draft lies in establishing a comprehensive regulatory framework that safeguards the investor, consolidating principles, rights, obligations and mechanisms destined to guarantee the full exercise of their interests.
That, likewise, in the indicated communication it is indicated that the draft Regulation has as its purpose to define the rights of the investing public and the obligations of the securities market participants subject to its scope of application, as well as to regulate the procedures for the attention and management of claims, complaints, reports and inquiries.

Likewise, it incorporates provisions relative to essential matters for the protection of the investor, such as the contracting of services, the advertising and promotion of products and services, the internal governance of regulated entities, the management of conflicts of interest and the protection of personal data.

That, likewise, the letter of the Mr. Superintendent makes it known that said draft was submitted to public consultation from the thirty (30th) of December in two thousand twenty-five (2025) until Thursday (12th) of March in two thousand twenty-six (2026), inclusive, complying with the formalities provided for in the legal order for the participation of the interested parties and the due consideration of their observations.
That, together with the request for final sanction, documents prepared by the technical areas of the Superintendence were sent, among others, the draft regulation, a matrix of comments received in the public consultation process and a document containing a list of relevant data.
That, as part of the actions oriented to guarantee the adequate justification of the regulatory proposal, a regulatory report prepared by the Directorate of Regulation and Innovation was also incorporated into the administrative dossier, in which the scope, the relevant changes with respect to the consultation version and impacts of the regulatory proposal are analyzed.
That from the analysis of the documents that make up the file it is verified that during the public consultation process observations and comments were received from the Centralized Value Deposit, CEVALDOM (hereinafter, "CEVALDOM"), the Cibao Savings and Loans Association, the Association of Stock Exchange Posts of the Dominican Republic (hereinafter, "APB"), the Dominican Association of Investment Fund Management Companies, (hereinafter, "ADOSAF") and the BHD Financial Center, S.A.: which were duly weighed and evaluated by the competent technical areas of the Superintendence.
That, in the framework of said process, and in observance of the principles of transparency and participation, the list of relevant data accounts for the holding of a working table on date twenty-two (22nd) of May in two thousand twenty-six (2026), with the participation of the interested parties who submitted observations during the consultative process, with the purpose of deepening into the technical aspects of the proposal.
That, in accordance with what is exposed in the list of relevant data, the provisions of the draft Regulation result applicable to investment advisors; securities intermediaries, mutual or open-ended fund management companies. Notwithstanding, the guiding principles of the protection of the public investor established in article 4, as well as the provisions relative to advertising, will be applicable to all participants of the securities market, in attention to their nature and cross-cutting scope of the document.
That, for its part, the matrix of comments consolidates in a unified manner the observations formulated during the public consultation process and the technical considerations of the Superintendence that support their acceptance or rejection.
That, in accordance with the aforementioned regulatory report, as a result of the consultative process, the draft Regulation incorporated adjustments oriented to strengthen the proposal, among which the following stand out:

a. The scope of the draft is modified. b. The wording of the chapter on rights and duties of the investing public is modified, to detail which apply only to investors.
c. It is clarified to open-ended investment fund management companies that the required summary document, in case, corresponds to the summarized information brochure.
d. An article "Modification" is incorporated to provide that the period contained in article 83, paragraph IV, of the Regulation for Securities Intermediaries is extended to twenty-five (25) business days.

That, in accordance with the analysis report, the regulatory proposal entails direct and indirect economic implications for the Superintendence, derived mainly from the strengthening of its supervision and control powers, which implies the consolidation of monitoring processes linked to the protection of the public investor, particularly those related to the duties of information, the management of conflicts of interest and the verification of regulatory compliance by securities intermediaries and other market participants.
That, likewise, the aforementioned report indicates that, from the perspective of the securities market participants, the implementation of the draft Regulation implies an increase in economic and operational burdens associated with regulatory compliance, especially with respect to the strengthening of internal controls, the adaptation of processes and the management of regulatory and legal risks.
That, notwithstanding the foregoing, the report concludes that the costs associated with the execution of the proposal are reasonably compensated by the expected benefits for the securities market, among which stand out, the strengthening of the public investor protection framework, the increase in levels of transparency, the mitigation of fraud and misconduct risks, as well as the strengthening of investor confidence in the financial system. Likewise, it is highlighted that the establishment of more robust regulatory standards will contribute to reinforcing the stability, credibility and efficiency of the securities market, favoring its growth and deepening in the medium and long term.
That, during the session, the technical team of the Superintendence —composed by the heads of the Directorate of Regulation and Innovation, and the Department of Education and Investor Protection— orally exposed the essential aspects of the proposal, highlighting that this responds to the institutional commitment to strengthen the protection of the public investor, promote higher levels of transparency and strengthen confidence in the securities market, thus contributing to the consolidation of a safer, fairer and more competitive financial environment.
That, in that sense, it was highlighted that the regulation in question constitutes a significant advance for the institutional and regulatory development of the Dominican securities market, by incorporating an approach centered on the protection of the investing person, elevating the conduct standards required of market participants and harmonizing the national regulatory framework with the principles promoted by the International Organization of Securities Commissions (IOSCO, by its acronym in English) and international best practices.
That, consequently, it was highlighted that its implementation will contribute to the strengthening of public confidence, to the development of a more inclusive, transparent and competitive market, and to the consolidation of a financial ecosystem that incentivizes savings and long-term investment.
That, parallelly, it was underscored that the good practices for the protection of the financial consumer promoted by the World Bank recognize the need to have a comprehensive regulatory framework that guarantees fair treatment, transparency, adequate disclosure of information, protection of personal data and the existence of accessible and effective mechanisms for the attention of inquiries, complaints and claims.
That, in addition, it was highlighted that, in accordance with international principles on investor protection promoted by the Organisation for Economic Co-operation and Development (OECD) and the International Organization of Securities Commissions (IOSCO, by its acronym in English), investor protection requires evolving from an approach focused exclusively on information disclosure towards an integral model of market conduct, oriented to promote the effective understanding of products and services, responsible marketing, the adequate management of conflicts of interest and the strengthening of confidence.
That, additionally, the technical body of the Superintendence brought to light that, in the face of the accelerated digitalization of markets, the use of electronic channels for the contracting of investment services and the growing influence of third parties on investors' decisions, reference is taken from the roadmap and recommendations issued by the International Organization of Securities Commissions (IOSCO, by its acronym in English), in matters of retail investor security in digital environments, financial influencers and other forms of digital promotion; strengthening through the present regulatory framework the rules applicable to advertising, the transparency of promotional messages, the revelation of risks and conflicts of interest, and the supervision of these new practices.
That, in accordance with what is provided by article 138 of the Constitution of the Dominican Republic, "[t]he Public Administration is subject in its action to the principles of effectiveness, hierarchy, objectivity, equality, transparency, economy, publicity and coordination, with full submission to the legal order of the State."
That, attending to the principle of legality enshrined in article 3, numeral 1, of Law No. 107-13, on the Rights of Persons in their Relations with the Administration and Administrative Procedure, promulgated on the sixth (6th) of the month of August in two thousand thirteen (2013) (hereinafter "Law No. 107-13"), every administrative act must be fully subject to the legal order of the State.
That, likewise, the principle of rationality provided for in said Law No. 107-13 demands that the Administration act through good decisions that objectively value all interests at stake in accordance with democratic good governance.
That, in the same line, the principle of proportionality, established in the aforementioned article 3, numeral 9, of Law No. 107-13, imposes the obligation to adopt measures that are suitable, necessary, and balanced in relation to the pursued ends.
That these legal principles entail an express mandate, inasmuch as this Council must observe the established norms and guarantee legal certainty and consequent predictability, confidence and predetermination of its action, in guarantee of due administrative process.
That, it is important to highlight that the preamble of Law No. 247-19, as an expression of the values and principles that support said statute and endowed with legal relevance, establishes in its Third Consideration that the regulation of the securities market has as its objective the protection of investors, the promotion of fair, efficient and transparent markets, and the reduction of systemic risk.
That, in attention to said objective, the Fourth and Fifth Considerations of the aforementioned law, recognize to the regulatory body a wide normative power to issue the necessary provisions in the different scopes of the market, allowing its timely adaptation to the dynamic nature thereof.

Superintendencia del Mercado de Valores de la República Dominicana

That, this Council recognizes that the protection of the public investing public constitutes one of the essential purposes enshrined in Law No. 249-17, a mission that imposes the adoption of measures aimed at guaranteeing fair, efficient, and transparent markets, as well as establishing appropriate mechanisms for the prevention of risks, the correction of information asymmetries, and the safeguarding of the rights of investing persons; for which reason, the construction of a specialized regulatory framework in this matter stands as an indispensable element for the effective fulfillment of the legal mandate.
That, in this context, this collegiate body reaffirms the considerations developed in the aforementioned Second Resolution, R-CNMV-2025-28-MV, through which the public consultation of this project was authorized, understanding that its issuance—even though it does not appear within the regulations expressly provided for in the Third Transitory Provision of Law No. 249-17, as instruments of mandatory normative development—finds full justification in its technical necessity, institutional relevance, and close link with the fundamental objectives of the legal regime of the securities market.
That, in effect, the regulation under analysis constitutes a necessary normative act to strengthen the framework for the protection of the public investing public, close regulatory gaps, harmonize conduct standards, and consolidate an integral system of safeguards applicable to market participants, in consonance with the principles that inspire Law No. 249-17 and with the best internationally recognized practices in the matter.
That the aforementioned motivations acquire special relevance in a context characterized by the growing sophistication of financial markets, the diversification of investment instruments, and the expansion of channels for access to the securities market, circumstances that increase the need to establish clear rules of conduct, transparency, and risk management, aimed at strengthening the protection of investors and preserving the integrity and stability of the financial system.
That, in that sense, this Council considers that the approval of the draft Regulation represents a necessary and timely regulatory measure to strengthen information duties, perfect conflict of interest management mechanisms, promote responsible marketing practices, and reinforce the conduct standards required of market participants, thereby favoring more informed and conscious investment decision-making.
That, likewise, this collegiate body estimates that the implementation of this regulation will contribute to consolidating a culture of compliance among market participants and to optimizing the supervision and monitoring tools of the Superintendence, fostering higher levels of transparency, responsibility, and diligence in regulated activities, for the benefit of public confidence and the effective protection of investors.
That, additionally, this Council appreciates that the adoption of an integral normative framework in matters of protection of the public investing public favors the convergence of the national legal order with the principles and standards promoted by specialized international organizations, contributing to strengthening the institutional credibility of the Dominican market and to the consolidation of a more inclusive, transparent, and competitive environment for long-term savings and investment.
That, consequently, this Council concludes that the regulatory, institutional, and social benefits derived from the implementation of the Investor Protection Regulation reasonably exceed the burdens associated with its compliance, so that its approval is compatible with the public interest objectives that guide the legal and regulatory framework of the securities market of the Dominican Republic.
That, in attention to what has been previously expressed and having valued the information and documents that form part of the file, this collegiate body estimates it appropriate to favorably receive the draft regulation submitted for consideration.

SEEN:

a) The Constitution of the Dominican Republic, voted and proclaimed by the National Assembly on date (27) of October two thousand twenty-four (2024).

b) Law No. 249-17, on the Securities Market of the Dominican Republic, which repeals and substitutes Law No. 19-00, of May 8, two thousand (2000), of date December 19, two thousand seventeen (2017), and its modification.

c) Law No. 107-13, on the Rights of Persons in their Relations with the Administration and of Administrative Procedure, of date August 6, two thousand thirteen (2013).

d) Law No. 200-04, General on Free Access to Public Information, of date July 28, two thousand four (2004).

e) Law No. 167-21, on Regulatory Improvement and Simplification of Procedures, of date August 12, two thousand twenty-one (2021).

f) The Regulation of the General Law on Free Access to Public Information, approved through Decree No. 130-05, of date February 25, two thousand five (2005).

g) Decree No. 486-22, of date August 24, two thousand twenty-two (2022), which approves the Implementation Regulation of Law No. 167-21 on Regulatory Improvement and Simplification of Procedures.

h) The Internal Regulation of the National Securities Market Council, dictated through the First Resolution, R-CNMV-2018-06-MV, of date November 29, two thousand eighteen (2018).

i) The Second Resolution, R-CNMV-2025-02-SIMV, of February 25, two thousand twenty-five (2025), modified by the First Resolution, R-CNMV-2025-14-SIMV, of date May 7, two thousand twenty-five (2025).

j) The First Resolution, R-CNMV-2025-19-SIMV, of October 21, two thousand twenty-five (2025).

k) The Second Resolution, R-CNMV-2025-28-MV, of December 9, two thousand twenty-six (2026).

l) The communication of date June 3, two thousand twenty-six (2026), signed by the Superintendent, and its annexes.

m) The other documents that integrate the file.

THEREFORE:

After having studied and deliberated on the matter, the National Securities Market Council, in the exercise of the powers conferred upon it by Law No. 249-17, by unanimous vote of its members, attending to the motives exposed,

RESOLVES:

FIRST: APPROVE the definitive version of the draft Investor Protection Regulation; whose text is transcribed below, according to the document submitted by the Superintendence:

"INVESTOR PROTECTION REGULATION

TITLE I
GENERAL PROVISIONS

CHAPTER I
OBJECT AND SCOPE

Article 1. Object. This Regulation has as its object to establish the principles, criteria, and procedures necessary to effectively protect the rights and interests of the Investing Public, in accordance with what is provided in Law No. 249-17, of December 19, 2017, on the Securities Market of the Dominican Republic, which repeals and substitutes Law No. 19-00, of May 8, 2000 (hereinafter, the "Law").

Article 2. Scope. The following Securities Market Participants are subject to the provisions of this Regulation:

Investment Advisors;
Securities Intermediaries; and,
Mutual or open-ended investment fund management companies.

Paragraph I. Without prejudice to the foregoing, the guiding principles for the protection of the Investing Public established in Article 4 (Guiding Principles for the Protection of the Investing Public) will be applicable to all Securities Market Participants regarding the direct or indirect services they offer to the Investing Public, constituting criteria of interpretation and conduct standards, without this implying the application of the operational obligations provided in this Regulation for entities that are not expressly indicated in the main part of this article.

Paragraph II. By virtue of what is indicated in the previous Paragraph, for exclusive purposes of the application of this Regulation, direct or indirect services to the Investing Public will not be considered those linked to issuers of securities, price provision, external auditing, and risk rating, which will be governed by the specific normative applicable to each activity.

Paragraph III. Likewise, the provisions regarding advertising in the securities market, established in Title VIII of this Regulation, apply to all Securities Market Participants and to third parties who disseminate, promote, or advertise securities of public offering, products, or services of the securities market.

Paragraph IV. This Regulation applies to the Investing Public with respect to their duties and rights, as well as for the filing of Complaints, Claims, and requests for information, regardless of the type of Securities Market Participant before which they are processed, and also for the presentation of Reports and Inquiries before the Securities Market Superintendence (hereinafter, the "Superintendence").

Paragraph V. Securities Market Participants other than those cited in the main part of this article must establish the rules and procedures applicable for the routing and processing of Claims and Complaints that arise from their activities executed in the securities market and that are presented through Primary and Direct Service Providers.

Paragraph VI. Entities subject to this Regulation will be responsible before investors and other third parties for the actions, omissions, or non-compliance of natural or legal persons who act on their behalf or on their account, including, among others, securities brokers and investment promoters.

CHAPTER II
DEFINITIONS AND GUIDING PRINCIPLES

Article 3. Definitions. In addition to the definitions established in Article 3 of the Law and in accordance with its complementary normative, for the purposes of the application of this Regulation, the terms indicated below, in singular or plural, have the following meanings:

Abusive Clauses: Are contractual provisions that imply the limitation, violation, or waiver of the Investor's rights or release the Securities Market Participant from responsibility for the non-compliance of obligations, having as a significant imbalance between the parties to the detriment of the Investor.
Conflicts of Interest: Is any situation as a consequence of which a natural or legal person can obtain advantages or benefits for itself or for third parties, and that affects its independence in the exercise of its functions at the time of decision-making.
Inquiries: Service through which the Investing Public requests guidance from the Superintendence, provided that it does not have technical or regulatory connotation.
Adhesion Contract: Are brokerage account contracts and the master subscription agreement for quotas, as well as any contract that, according to its nature and the criteria provided in the regulation, is presumed to be established unilaterally by Securities Market Participants, without the Investor, upon signing it, being able to modify its content.
Personal Data: Any numerical, alphabetic, graphic, photographic, acoustic, or any other type of information concerning identified or identifiable natural persons.
Report: Action by which any person alerts the Superintendence about certain facts or well-founded suspicions that may constitute an infraction or violation of the current applicable normative.
Reporter: Is the natural or legal person who presents a Report before the Superintendence.
Relevant Event: Is the fact or event regarding a Securities Market Participant or its financial group that can positively or negatively affect its legal, economic, or financial position or the price of securities in the market.
Inside Information: Is information referred to one or more Securities Market Participants, their businesses, their public offering securities, or the market that can affect their legal, economic, or financial position when it is not public domain.
Investor: Any natural or legal person who, with own resources or on behalf of third parties, acquires public offering securities or contracts the products or services of Securities Market Participants, which entails the existence of a formal commercial relationship between the parties.
Securities Market Participant: Is the natural or legal person registered in the Securities Market Registry (hereinafter, the "Registry") and regulated by the Superintendence.
Primary and Direct Service Providers: Are securities intermediaries and open-ended investment fund management companies, that advertise or offer services directly to the Investing Public and as such constitute the point of contact between them and the securities market.
Abusive Practice: Is the action or omission, repeated or not, of a Securities Market Participant that violates or may violate, affects or may affect the rights of the Investing Public or modifies their will.
Misleading Advertising: Is the information disseminated by Securities Market Participants or by third parties that induces or may induce error in the Investing Public, either by omission or any maneuver, with the aim of promoting certain public offering securities, or the contracting of products or provision of services.
Investing Public: Any natural or legal person who uses, has used, or intends to use, products or services offered, directly or indirectly, by any Securities Market Participant, even when there is no contractual relationship or investment made.
Complaint: Action through which the Investing Public brings to the knowledge of the Securities Market Participant or the Superintendence, according to the process established in this Regulation, any action or omission by the Securities Market Participant that requires improvement or correction on the requested or offered service, directly or indirectly.
Claim: Action through which the Investor formally manifests before the Securities Market Participant, or its duly authorized representative, who provides them with a certain service or before the Superintendence, according to the process established in this Regulation, their dissatisfaction or disagreement regarding actions or omissions of the Securities Market Participant derived from a contractual relationship or legitimate interest, which result or may result in losses, economic damages, or injury to the rights of the one who formulates it, with the pretension of obtaining the restitution of a right or a legitimate interest.
Claimant: Is the natural or legal person who files, on their own or on behalf of a third party, a Claim before a specific Securities Market Participant or the Superintendence, as appropriate.

Article 4. Guiding Principles of the protection of the Investing Public. This Regulation is applied and interpreted in adherence to the following guiding principles, which, in turn, govern the relationship between the Investing Public and all Securities Market Participants and must be interpreted and graded according to the nature of said services and the functions legally authorized to the type of Participant in question, namely:

Access: The policies and procedures of Securities Market Participants must guarantee to the Investing Public the provision of services and the supply of documentation and information in an adequate manner. Likewise, they must guarantee to elderly persons or persons with disabilities the necessary tools to access services, including their physical spaces.

Good Faith: The Investing Public, Securities Market Participants, and the Superintendence presume the legal and ethical good behavior of one another in the exercise of their competencies, rights, and duties.

Conflicts of Interest: Securities Market Participants must establish effective policies and procedures to identify, manage, prevent, mitigate, and disclose Conflicts of Interest that may influence their action towards the Investor and, at all times, must prioritize the interests of their Investors over their own interests or those of their related or linked third parties. In cases where it is not possible to eliminate said conflict, they must reveal it to Investors in a clear, timely, and understandable manner, allowing them to make informed decisions. Such mechanisms must be documented and reviewed periodically.

Fair Contracting: Contracting, when appropriate, for the provision of investment services and products linked to the securities market is carried out seeking the greatest balance of the interests of the parties and in compliance with the current applicable normative.

Due Process: Administrative actions will be carried out in accordance with the procedural and competence norms established in the Constitution of the Dominican Republic and the laws, with full guarantee of the rights of representation, defense, and contradiction.

Right of Defense: The Superintendence and Securities Market Participants must ensure the protection of the rights of the Investing Public at all times, as well as establish the necessary channels to initiate internal procedures that guarantee the defense of their rights.

Proportionality and clarity of costs: The costs, expenses, fees, and commissions of public offering securities, products, and services offered by Securities Market Participants must be established in a responsible and non-discriminatory manner, taking into account the needs of the Investing Public, the competitiveness of the market, and their proportionality with the expenses incurred in their contracting or maintenance.

Favorability (In Dubio Pro Consumitore): In case of doubt, the regulation and the clauses of service and product contracts linked to the securities market must be interpreted in the most favorable manner for the Investor with respect to the case in question.

Equal Treatment: Except for the distinctions established by the Law and its complementary normative, every person must receive equal and non-discriminatory treatment by the Superintendence and Securities Market Participants, regardless of any factor or condition that might distinguish them from one another. In this sense, access to public information regarding public offering securities, products, and services, as well as to the physical and digital spaces of the Superintendence and Securities Market Participants, must be provided in a non-discriminatory manner to every person, regardless of their gender, age, race, sexual orientation, religion, or political ideology, socioeconomic condition, or that they are persons with disabilities, except for the exceptions that could result from policies based on risk reasons.

Privacy and Information Protection: The treatment and transfer of data are only carried out with the consent of the Investing Public, and Securities Market Participants must make legitimate use of the information, as well as protect and safeguard the confidentiality of data through the use of adequate measures and technologies that mitigate the risks and impact of any destruction, unauthorized access, alteration, or use.

improper. Such consent will not be necessary for information requests made by competent authorities pursuant to their legal powers.

Reasonableness: The concerns expressed and procedures initiated by the Investing Public are addressed under reasonable criteria regarding the decision, processing and response timeframes, as well as respect for due process and the provisions of this Regulation.
Transparency: In the framework of service provision, regardless of the channel used, the information supplied by Participants of the Securities Market to the Investing Public must be complete, adequate, timely, correct and clear, with the aim of ensuring their understanding of the functioning of the securities market, the transaction to be carried out, the associated costs, expenses, fees and commissions, the public offering values involved and services or products to be contracted, as well as the associated risks, as applicable. Likewise, the information must be provided taking into consideration the different profiles of the persons to whom it is directed and presented in accessible formats, easy to use and appropriate language that allows for its comprehension and understanding.
Fair Treatment: All persons must be attended to in an equitable, honest, diligent, transparent and respectful manner at all stages of their relationship with the securities market. This includes the duty to avoid discriminatory, abusive, unfair practices or those that generate information asymmetries, ensuring proportional conditions to the particular characteristics and needs of each person.

TITLE XI
RIGHTS, DUTIES AND OBLIGATIONS
CHAPTER I
RIGHTS AND DUTIES OF THE INVESTING PUBLIC

Article 5. Rights of the Investing Public. In addition to the rights contemplated in current regulations, the Investing Public holds the following rights, which have an enumerative and non-limiting character, vis-à-vis Participants of the Securities Market subject to the scope of this Regulation. In this sense, every person has the right to:

Receive fair, honest, responsible and respectful treatment.
Access the securities market regardless of gender, age, race, sexual orientation, religion or political ideology, socioeconomic condition, or if they are persons with disabilities.
Receive advice and complete, adequate and correct information, with the aim of ensuring their understanding of the functioning of the securities market, the transaction to be carried out, the costs, expenses, fees and commissions associated, the public offering values involved and services or products to be contracted, as well as the risks involved, according to their risk profile.
Decide freely on the contracting of investment services, through the corresponding Participant of the Securities Market of their choice, and acquire the products and public offering values of interest, with the only limitations established contractually by the respective financial instrument and in accordance with current regulations and their Investor profile.
Access the Securities Market Register (hereinafter, the "Register") for the purpose of investigating, verifying and understanding public information of interest regarding the securities market, such as investment alternatives, associated risks, Relevant Events, among others.
Access personal information held about them in the files of Participants of the Securities Market or in the Superintendency, with the limitations established within the current legal framework.
Request, through accessible mechanisms and simplified procedures, rectification via update or suppression, of inaccurate or illegitimately collected information that remains in the records of Participants of the Securities Market.
Receive confidential and secure treatment and custody of their personal and financial information, in accordance with what is provided in the Law, its regulations and the regulations on Personal Data protection, ensuring that it is used only for the purposes authorized and provided for in current regulations.
Be informed about the recipients and the purpose of the transfer of their data, when the information of which they are holders may be shared, under their prior and express consent, excepting those cases of information supply made to competent authorities in accordance with current legislation.
Apply corrective measures in their favor when they suffer damages as a consequence of actions by Participants of the Securities Market that are harmful, following the corresponding procedure and without prejudice to the administrative, civil and penal actions applicable.

Paragraph I. In addition to those previously indicated, Investors will have the following rights:
a) Receive transaction proposals in accordance with their Investor profile. b) Receive quality and diligence services in the handling of their requests, orders or instructions. c) Be informed promptly by agreed means about any variation of pre-established contractual conditions or any modification of documents inherent to public offering values, product or service contracted, throughout the commercial relationship and in accordance with what is provided in current regulation. d) Receive services inherent to the securities market in the form and conditions established contractually and in current regulations. e) File Claims and Complaints before Participants of the Securities Market or the Superintendency, as applicable, in accordance with this Regulation, through a simple and free procedure, without prejudice to judicial actions applicable in each case. f) Receive a response regarding Claims and information requests submitted to a Participant of the Securities Market and be notified of decisions affecting them, within the corresponding timeframe and through any reliable medium. g) Receive the remediation of the fact that gave rise to a Claim when the result of the decision is favorable to them, in accordance with the provisions of this Regulation. h) Participate in assemblies in accordance with the rights corresponding to them, according to the nature of their ownership.

Paragraph II. The rights set forth in numerals 6, 7, 8 and 9 of this article and, in general, those related to access, use, rectification, update, suppression, treatment and custody of the Investor's Personal Data shall be exercised in accordance with what is provided in Law No. 172-13, Law No. 4-23, as well as any applicable regulation in matters of Personal Data protection and citizen identification.

Article 6. Inalienability of the Rights of the Investing Public. The rights of the Investing Public are inalienable and cannot be undermined or restricted by Participants of the Securities Market nor the Superintendency.

Article 7. Duties of the Investing Public. Without prejudice to the duties derived from compliance with the current legal framework and contracts signed, the Investing Public has the following duties:
Provide complete, truthful and timely information as required by Participants of the Securities Market or the Superintendency, under the terms provided at the contractual level and in current regulations, as well as keeping contact data updated.
Read carefully the contracts and other documentation provided by Participants of the Securities Market, subject to the scope of this Regulation, before being signed.
Verify that the Participants of the Securities Market with whom they wish to contract are authorized by the Superintendency.
Comply with securities market rules regarding the use of Privileged Information and market manipulation.
Report to the Superintendency any activity or fact that may constitute an infringement or violation of current securities market regulations or that may harm the interests of the Investing Public, or affect the proper functioning of the market.
Appear before the Superintendency or the corresponding authority, when so required, to present a statement regarding any relevant information or data of which they have knowledge or access, direct or indirect, relating to the securities market.
Inform themselves about their rights and duties, as well as the method and timeframes for processing their requests.

Paragraph. In addition to the duties previously enumerated, Investors are subject to the following:
a) Comply promptly and in the agreed manner with obligations assumed in contracts. b) Preserve, by any means, the receipts or documents, physical or digital, delivered to them at the time of contracting or arranging any transaction. c) Require from Participants of the Securities Market, subject to the scope of this Regulation, all necessary information and detailed guidance regarding public offering values related to the transaction to be carried out and the products, services and costs contracted. d) Review Relevant Events that are published, regarding their investments. e) Understand their Investor profile.

CHAPTER II
OBLIGATIONS OF PARTICIPANTS OF THE SECURITIES MARKET

Article 8. Obligations of the Participant of the Securities Market. In addition to the obligations provided in current regulations, in the framework of service provision or transaction execution, Participants of the Securities Market, subject to the scope of this Regulation and in accordance with their corporate object, must:

Establish mechanisms for attention and protection of the Investing Public, fostering an organizational culture and governance that guarantees conduct aligned with the provisions of this Regulation, promoting fair, honest and responsible treatment towards the Investing Public, through the use of adequate resources and tools, both internal and external, and with knowledge and capacity to provide experiences consistent with their needs.
Prioritize the interests of Investors over those of the Participant of the Securities Market.
Have defined mechanisms, manuals and processes to process Claims, Complaints and information requests presented to them, in accordance with what is provided in the current legal framework and this Regulation.
Respond clearly and promptly to information requests submitted by Investors regarding public offering values, their products and services.
Communicate to the Investing Public their rights and duties within the framework of investment services.
Inform about the convocation of bondholder or shareholder assemblies to Investors under their custody, as well as their Relevant Events.
Provide exact, complete, precise, detailed and timely information to the Investing Public regarding the products, services and operations on which they show interest.
Prepare and keep permanently and prominently published on their website or another channel available to the Participant of the Securities Market, educational material about their products and services, with general indication of the risk profile, functioning, characteristics and cost structure associated. In the case of investment fund management companies that manage open-ended funds, this obligation refers to the summarized informative brochure. Train staff who work in contact with the Investing Public, based on the complexity of public offering values, products and services offered. Train and sensitize staff who work in contact with the Investing Public on the correct way to guide and advise, including specialized training focused on the treatment of elderly persons, persons with disabilities or in vulnerable conditions. Establish control and registration systems for Claims and Complaints received. Give response to requests formulated by the Superintendency within the framework of actions provided for the protection of the Investing Public, within the timeframe indicated in this Regulation. Comply with decisions of the Superintendency regarding Claims filed, in accordance with what is provided in this Regulation. Inform Investors clearly, precisely and by reliable means about the amounts and percentages corresponding to fees, tariffs, commissions, ancillary expenses, costs and general taxes applicable related to their investment, without considering the particular situation of each Investor. Keep available to the Investor their personal, financial information and documentation inherent to public offering values, transactions, services or products contracted. Supply to the Investor copies or original exemplars of documents signed by them, as applicable, as well as transactional documents provided for in current regulations. Send to the Investor account statements of their investments, in the form provided by current regulations. Respect terms, timeframes, modalities, reservations and other conditions as offered, advertised or contracted. Protect the personal and financial information of the Investing Public, attending to what is provided in the Law, its complementary regulations and the regulation regarding the obligation of confidentiality and Personal Data protection, so that this information is used only for the purposes authorized and provided for in current regulations. Refrain from engaging in Abusive Practices or including Abusive Clauses in their Standard Form Contracts. Be responsible for actions or omissions, both of their representatives and of third parties they hire to act on their name or representation, regardless of the medium or channel used and whether they interact or not with the Investing Public. Likewise, they must implement supervision, control and monitoring mechanisms that are necessary to guarantee that such actions respect at all times the rights of the Investing Public and comply with applicable regulatory
provisions. Incorporate mechanisms that allow them to obtain information about the needs and experiences of the Investing Public with the purpose of improving their business processes and the development of their products and services.

TITLE III
CONTRACTING
CHAPTER 1
STANDARD FORM CONTRACTS

Article 9. Provisions for contracting. Regardless of the channel used, contracting must be effected through written agreements and the action of the parties must adhere to the terms stipulated therein.
Paragraph. Contracting may be effected through presencial, non-presencial or digital channels, provided that the minimum formal and substantive aspects required by current regulations are met, especially those relating to validation of the identity of the contractor and registration of consent.

Article 10. Standard Form Contracts. Without prejudice to what is established in the Law, its regulations and other applicable norms, Standard Form Contracts, their annexes and modifications must be submitted to the Superintendency for prior approval before implementation. The Superintendency has a period of twenty-five (25) business days to review Standard Form Contracts.

Paragraph I. Without prejudice to the above, the Superintendency has the faculty to review ex officio, at any time, the contracts, their annexes or complementary documents and operations of Participants of the Securities Market, with the aim of identifying the use of agreements distinct from those authorized, as well as the existence of Abusive Clauses or Practices, being able to demand their elimination or modification, without prejudice to additional applicable measures. If the Superintendency identifies any of the aforementioned irregularities, the participant must incorporate the observations within the timeframe established by the Superintendency.

Paragraph II. The declarations that the parties make in Standard Form Contracts must, in any case, account for the legal capacity of the parties to contract, the legality of the operations intended to be carried out and the lawful origin of the assets used in the transactions.

Paragraph III. Participants of the Securities Market, subject to the scope of this Regulation, may modify contracts considering legal, regulatory or market changes. Such changes do not take effect against the Investor from the moment they have been notified, through the reliable means agreed upon, in accordance with the notification provisions established in said general contracting rules.

Article 11. Language and drafting. Standard Form Contracts must be drafted in Spanish, in clear, understandable and common terms for the Investing Public, with the font type "Times New Roman" and a minimum font size of 12 points.
Paragraph. Participants of the Securities Market, subject to the scope of this Regulation, must incorporate on all pages of Standard Form Contract models and their annexes the following inscription: "Contract approved by the Superintendency of the Securities Market on [Date] by letter number [Number]".

Article 12. General contracting rules. In the elaboration of Standard Form Contracts, Participants of the Securities Market, subject to the scope of this Regulation, under penalty of nullity, must refrain from contemplating clauses that:

Imply the limitation, violation or waiver of rights recognized by current regulations in favor of the Investor.
Exonerate the responsibility of the Participant of the Securities Market when, due to their imprudence, negligence or misconduct, they cause damage or detriment to the Investor for the services or products contracted.
Exonerate, attenuate, or limit the responsibility of the Participant of the Securities Market for problems or non-compliance in transactions carried out or products or services contracted, which may cause damage or detriment to the Investor.
Impose the mandatory use of conciliation, arbitration or another equivalent procedure or of similar effects, or exclude the use of the jurisdictional route or the exercise of the Claim recourse in any of the corresponding instances.
Any provision that allows the Participant of the Securities Market to modify the terms and conditions of the contract without due notification to the Investor.
Invert the burden of proof to the detriment of the Investor.
Refer to documents that have not been supplied or explained to the Investor prior to the contracting of the product, service or public offering value or at the moment of signing the contract.

Article 13. Supply and archiving of Standard Form Contracts. Participants of the Securities Market, subject to the scope of this Regulation, must deliver to the Investor an original of the contract signed with them and their corresponding annexes, once formalities for legalization or registration have been exhausted, if applicable, which must be done within fifteen (15) business days following the signing of the contract.
Paragraph. Participants of the Securities Market, subject to the scope of this Regulation, must keep a physical or digital copy of these agreements in the client file, available to the Superintendency and the Investor.

Article 14. Summary document. Participants of the Securities Market, subject to the scope of this Regulation, must keep available to the Investor a summary document, in simple and understandable language, with an extension of two (2) to five (5) pages, containing

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Superintendencia del Mercado de Valores de la República Dominicana the main terms and conditions of contracting, including the description of the products or services to which they can access. This document must be available before, during and after contracting.
Paragraph. The summary document must be submitted to the Superintendency beforehand for authorization, along with the associated Adhesion Contract. In the case of management companies that manage open-ended funds, this document refers to the summarized information brochure.
Article 15. Contracting through electronic channels. Securities Market Participants, subject to the scope of this Regulation, may employ semi-automated or automated mechanisms for the digital linking (onboarding) process of new clients, contracting of products or services, receipt, processing of orders and instructions, and their confirmation, among other management and interactions with the Investor Public inherent to their business model, in accordance with what is established in the Law, its regulations and other applicable norms.
Paragraph I. In the event that Securities Market Participants implement digital linking (onboarding) or the provision of services through digital means and non-presential channels, they must guarantee the contracting party the accessibility of information, at minimum, allowing permanent access or download and possibility of storage. Likewise, they must deliver the signed contracts and their accessory documents through means that allow their download and storage, as well as the identification of the signature and the date of subscription. Paragraph II. The Superintendent of the Securities Market (hereinafter, the "Superintendent") may specify the aspects that Securities Market Participants must observe when offering the contracting, modification or cancellation of services and products through electronic channels. These electronic channels must provide for the generation of messages, notices or other means of confirmation of the result of the service provided to the Investor Public or transaction carried out with them, as well as allow consulting the history of transactions made in their favor, in accordance with what is established in the Resolution on digital linking (Onboarding), use of digital means and non-presential channels in the market, as well as any other applicable regulation. Q 8( Av. César Nicolá Telephone: 809.2:
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Article 16. Contractual termination. In the event that Securities Market Participants, subject to the scope of this Regulation, decide unilaterally to end an Adhesion Contract, they must notify the contracting party within a period of no less than fifteen (15) business days prior to such termination. The aforementioned period does not apply in cases where high-risk elements are identified in accordance with their policies, for which they must notify the contracting party within five (5) days following the termination, unless such notification is restricted by legal or regulatory provisions on anti-money laundering, terrorist financing or requirements of a competent authority.
CHAPTER II
ABUSIVE PRACTICES AND CLAUSES
Article 17. Abusive Practices. Securities Market Participants, subject to the scope of this Regulation, must abstain from engaging in conduct that operates to the detriment of the Investor, that constitute excesses, contractual abuses or agree on clauses that give rise to abuse of dominant contractual position.
Paragraph I. Securities Market Participants must abstain from incorporating stipulations or Abusive Clauses in Adhesion Contracts and documents that they use in the framework of the provision of their services or transactions they carry out with the Investor.
Paragraph II. Securities Market Participants must abstain from any practice, action or omission that violates or affects the rights of the Investor Public or is intended to use misleading, inaccurate or incomplete information to modify their will, including untruthful, incomplete or inaccurate communication regarding commissions, fees, expenses and other costs associated with negotiations or operations or with the services offered or contracted.
Article 18. Scenarios of Abusive Practices. For the purposes of this Regulation, in an enumerative but not exhaustive manner, the following are considered Abusive Practices:

Make Misleading Advertising about public offering securities, products or services offered, with the purpose of inducing investment decisions. (
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Discriminate the Investor Public for reasons of gender, sexual orientation, race, religion, age, disability, economic, social or political condition.
Unilaterally rescind a contract without timely notification, except for the exceptions contemplated in this Regulation.
The communication of contractual conditions in an ambiguous or confusing manner, which prevents the Investor from fully understanding their rights and obligations.
Include blank spaces in the Adhesion Contract and its annexes, which have not been filled in before the contract is signed, with the exception of those forms whose format is included in an informative manner and which do not generate obligations for the parties other than establishing their future use.
Deliberately omit relevant information about risks, costs, commissions or conditions of public offering securities, products or services offered.
Execute Investor orders without their consent or without adherence to their instructions.
Prioritize own interests or those of third parties to the detriment of Investors' interests.
Use Privileged Information to obtain undue advantages in the securities market. . Charge commissions, fees or charges not previously informed or not authorized by the Investor.

Induce Investors to carry out operations inappropriate for their risk profile or without a prior assessment of their suitability.
TITLE IV
INTERNAL ORGANIZATION FOR THE ATTENTION OF THE INVESTOR PUBLIC
CHAPTER I
STRUCTURE AND GOVERNANCE
Article 19. Conduct of Entities. Securities Market Participants, subject to the scope of this Regulation, must conduct their business in a manner that promotes fair treatment of the Investor Public, improves and supports the efficiency and integrity of the securities market and generates confidence in the financial sector. This implies that they must:

Conduct their business responsibly and effectively with integrity, honestly, fairly, transparently, and with due knowledge, care and diligence.
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2. Identify and promote a corporate culture that takes into account ethics and ensures fair treatment of the Investor Public and fair market practices.
3. Mitigate Conflicts of Interest.
Article 20. Obligations of senior management. The senior management of Securities Market Participants, subject to the scope of this Regulation, is responsible for compliance with its provisions and is obliged to incorporate into the organizational culture, if applicable, the care and adequate protection of the Investor Public as a corporate value of the entity.
Paragraph. The board of directors of Securities Market Participants, subject to the scope of this Regulation, is responsible for establishing a corporate culture that guarantees that all its representatives, administrators and employees know the mission, vision and values of the entity. Likewise, it must ensure that all personnel have the necessary knowledge, skills and resources to carry them out.
Article 21. Personnel for Investor Protection tasks. Securities Market Participants, subject to the scope of this Regulation, must have qualified and sufficient personnel for the attention and resolution of Complaints, Grievances and information requests presented by the Investor Public. Likewise, they must designate contact personnel with the Superintendency for interactions specific to investor protection matters.
Paragraph. Securities Market Participants must transparent to the Superintendency, through their corresponding internal manuals, the organizational structure established for the attention of Complaints, Grievances and information requests presented by the Investor Public, which must contemplate as minimum, the designated personnel and the flowchart of the process for the attention and response to Complaints, Grievances and information requests formulated.
CHAPTER II
ATTENTION TO THE INVESTOR PUBLIC
Article 22. Channels for the presentation of requests. Securities Market Participants, subject to the scope of this Regulation, must enable free, in-person and electronic channels so that the Investor Public can present their Complaints, Grievances and information requests. To this end, these channels must allow the reading, printing, conservation and tracking of information and documents. The Investor Public may opt for the channel of their preference to process their request.
Paragraph. Securities Market Participants must provide the Investor Public with informational guides and orientation on the process for presenting Complaints, Grievances and information requests, which must be available on the website and their social networks. Likewise, they must enable a physical and digital form that allows them to standardize requests and provide a tool for the Investor Public to present their requests clearly, simply and promptly, without complexities, and that, once the request is received, allows generating a record that must be delivered to the applicant together with the copy of the request made.
Article 23. Registry. Securities Market Participants, subject to the scope of this Regulation, must have a registration and control system for the Complaints and Grievances received that allows correct treatment and safeguarding of the documents derived from the request, which must be available to the Superintendency if required.
Paragraph. The auditable trail of the treatment of the processed Complaint or Grievance and the data of the applicant must be recorded in the Investor's file.
Article 24. Report. Securities Market Participants, subject to this Regulation, must submit to the Superintendency a report on the Complaints and Grievances received, which must contain as minimum, the following information:
Registration number assigned to the request by the Securities Market Participant.
Date of filing of the Complaint or Grievance.
Date of issuance of the response to the Complaint or Grievance.
Reasons and issues raised in the Complaints or Grievances.
Type of product or service, activity and transaction linked to the Complaint or Grievance. ) — EN Av. César Nicolás Penson No. 66, Gascue, Santo Domingo, Dominican Republic Telephone: 809.221.4433 « http://wwwsimv.gob.do | info@simv.gob.do | RNC: 4-01-51572-5

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6. Summary of decisions issued with indication of whether the result was favorable or not for the Claimant or of the corrective actions implemented in the case of Grievances.
7. Date on which the response was informed or notified to the interested party.
8. Channel of presentation (physical or digital) of the Complaint or Grievance.
9. Status of the Complaint or Grievance in case it is not concluded.
10. Information on the status of the execution of the decisions adopted in the case of Complaints or of the corrective actions in the case of the Grievance.
Paragraph I. Securities Market Participants must analyze the data on the Complaints and Grievances attended with the purpose of assessing and identifying possible aspects of improvement that may give rise to the repeated occurrence of the same. Annually, they must send to the Superintendency a report approved by their board of directors, indicating the identified improvement opportunities and the measures adopted or that will be implemented to remedy them. Such submission must be made, at the latest, on the last business day of the month of February of each year. Paragraph II. Through technical or operational norm, the Superintendent will establish the format, periodicity and deadline for submission of the report indicated in the main part of this article, possibly expanding the required data. TITLE V COMPLAINTS, GRIEVANCES AND DENUNCIATIONS
CHAPTER I
PROCEDURE FOR THE PRESENTATION OF COMPLAINTS AND GRIEVANCES BEFORE SECURITIES MARKET PARTICIPANTS
Article 25. Presentation of Complaints or Grievances. The Investor Public must present their Complaints or Grievances to the Securities Market Participant to whom they request or who offers them the corresponding investment service or product, prior to raising any request of this nature before the Superintendency. eS
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Superintendencia del Mercado de Valores de la Repúhlica Dominicana Paragraph I. The Investor Public may present their request to the corresponding Securities Market Participant directly or through an authorized representative, who must present the granted power of attorney and documents accrediting their status, as appropriate.
Paragraph II. The decisions issued by Securities Market Participants regarding Complaints or Grievances presented to them must be duly motivated and expressly mention the faculty that assists the Investor Public to go to the Superintendency in the cases provided for in this Regulation, without prejudice to the judicial actions that may apply in each case. Paragraph III. As part of the operating requirements, Securities Market Participants must publish in a special section, accessible from the main page of their website, or other channels available to the participant, the procedure, requirements and corresponding documentation for the attention of Complaints and Grievances presented by the Investor Public, which must be easily accessible and visible. Paragraph IV. Additionally, it is mandatory for the Securities Market Participant to publish on their website, or other channels available to the participant, the following:

The existence of an Investor Public attention channel with indication of its electronic address.
The obligation, by the entity, to attend and resolve the Complaints and Grievances presented, within the period established by this Regulation.
The need to exhaust previously the channel of the service of attention of the Securities Market Participant in order to formulate Complaints and Grievances before the Superintendency.
The manual of procedures for the attention of Complaints, Grievances and information requests processed.
S5. References to investor protection regulation and to the attention channels enabled for such purposes by the Superintendency.
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Article 26. Complaints or Grievances in whose facts several entities intervene. In the event that the Complaint or Grievance has as origin a fact or situation in which several Securities Market Participants intervene, the Investor Public must present their request
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Superintendencia del Mercado de Valores de la República Dominicana before the company that directly offered them services inherent to the securities market, which, in turn, must notify within a maximum period of twenty-four (24) business hours to any indirect service provider from which it requires information to attend the request.
Paragraph I. Unless otherwise indicated in the communication through which the Complaint or Grievance is made, the Securities Market Participant that supplied the service indirectly has a period of up to twelve (12) business days to give a motivated response, providing the corresponding evidence in each case.
Paragraph II. Securities Market Participants that maintain a direct relationship with the Investor must ensure that any guidance, information or explanation they provide regarding processes, deadlines, services or actions of other Participants is duly supported by the current legal and regulatory provisions, by the policies and procedures formally established by said Participants and, when it is a particular case, in the specific response issued by the corresponding participant regarding said situation. Paragraph III. In no case may imprecise, incomplete or unverified information be issued that could mislead the Investor or affect the adequate understanding of the functioning of the market. Paragraph IV. The issuance of inaccurate or unsupported information that generates confusion, affects Investor rights or undermines confidence in the market may constitute non-compliance with the duties of diligence and loyalty proper to Securities Market Participants.
Article 27. Withdrawal. The Investor Public may voluntarily withdraw from the Complaints or Grievances at any time. The withdrawal must be in writing and expressly, through the means established for such purposes by the Securities Market Participant, indicating the lack of interest in continuing the procedure initiated in the Superintendency.
Paragraph I. The withdrawal will not affect judicial actions nor the right of action that correspond to the Investor. In the event that the withdrawal is presented by a representative, they must have sufficient power.
Paragraph II. Such withdrawal gives rise to the immediate termination of the procedure, insofar as the interest of the Investor Public is concerned. Nevertheless, the Superintendency may continue the administrative procedures in place within the framework of its function as a supervisory body, which may relate to the object of the Grievances or Complaints presented, but whose treatment is independent of these.
Article 28. Form, content and place of presentation of Complaints and Grievances. The Investor Public, in applicable cases, may present their Complaints or Grievances to Securities Market Participants, in person or through electronic means enabled for this purpose.
Paragraph I. It is at the option of the Investor Public the channel used to process their request.
Paragraph IL. The Securities Market Participant must acknowledge receipt within a period not greater than one (1) business day and record the date of presentation of the Complaint or Grievance, for the purposes of computing deadlines, by immediate delivery of a record, in accordance with what is established in article 23 (Registry) of this Regulation, in physical or digital format, of the Complaint or Grievance presented, regardless of the channel used for its filing. Likewise, it must deliver a copy to the applicant of the filed Complaint or Grievance. Paragraph IIL. Through the document formalizing the Complaint or Grievance, the Securities Market Participant must provide the applicant, as minimum, the following information:
L Number of Complaint or Grievance assigned by the Securities Market Participant to the request.
2 Date of receipt of the request.
3. Maximum deadline to respond.
4. Data of the Securities Market Participant involved in the request and of the contact personnel. o
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Data identifying the Claimant or Applicant, such as name and surname, identification document number, address or email address for notification purposes, corporate name and National Taxpayer Registry, name of the representative in the case of a legal entity, and data of the attorney-in-fact, as applicable.
Reasons and evidence supporting the Claim or Complaint of the Applicant, as well as information and documents regarding the product, transaction, or service linked to the request.
Petition or claim of the person filing the Claim or Complaint.

Paragraph IV. The Securities Market Participant shall have a period of up to twenty (20) business days, counted from the date of receipt of the Claim or Complaint, to analyze it, investigate it, and issue a reasoned decision, using clear language that does not induce confusion or error.

Paragraph VI. In cases considered complex when their processing requires procedures before third parties, the response deadline may be extended by up to ten (10) additional business days, for which the Securities Market Participants must notify the Claimant regarding the status of their Claim or Complaint and the new response deadline, by any of the reliable means agreed upon.

Article 29. Finalization and Notification. The Securities Market Participant must record in writing its reasoned decision or response regarding the processed Claim or Complaint, which must transparently show clear conclusions on the request made, based on laws, general regulations, contractual clauses, and verifiable facts, including investor protection regulations and the guiding principles set forth in this Regulation.

Paragraph I. Decisions must be duly notified to the Claimant or Applicant by reliable physical or electronic means, according to the agreed terms.

Paragraph II. Favorable decisions for the Claimant must be executed by the Securities Market Participant within a period not exceeding three (3) business days, counted from the notification of the response to the Claimant or in the shortest possible time according to the nature of the action.

Paragraph III. Under no circumstances may the Securities Market Participant place the Claimant or Applicant in a less favorable situation than the one they were in before filing the Claim or Complaint, nor offer them unfavorable treatment for having exercised this right.

Article 30. Deadline to File the Claim or Complaint. The Investor Public has a period not exceeding two (2) years to file their Claims or Complaints with any Securities Market Participant. This period is calculated from the moment the event generating the Claim or Complaint occurs, without prejudice to the different terms established for certain securities, transactions, products, or services.

Paragraph. For cases where the generating event has not been revealed or brought to the knowledge of the Claimant or Applicant, the calculation of the period shall begin from the moment they became aware of it or when, reasonably, they should have become aware of the event.

CHAPTER II
PROCEDURE FOR THE PRESENTATION AND ATTENTION OF CLAIMS, COMPLAINTS, AND REPORTS TO THE SUPERINTENDENCY

Article 31. Investor Protection and Education Area. The Superintendency shall have an area responsible for providing guidance and attention services to the Investor Public regarding the presentation of Claims, Complaints, Reports, and Inquiries. Likewise, the area will attend to requirements derived from succession processes and may serve as a conciliator between the Investor Public and the Securities Market Participants, in the cases that correspond.

Paragraph I. The Superintendent, in the exercise of their internal self-organization power, in accordance with what is provided by Article 25 of the Law, will develop the specific functions and other aspects inherent to this area. Likewise, through a technical or operational norm, they will establish the process for the centralization, processing, attention, and response to requirements made by the Investor Public derived from succession processes.

Paragraph II. Likewise, through a technical or operational norm, the Superintendent will establish the process and rules for administrative conciliation.

Section I
Claims

Article 32. Admission of Claims. Any Investor may present Claims to the Superintendency through the channels enabled for these purposes, provided that at least one of the following conditions is verified:

There is an unmet legitimate interest not satisfied with the decision adopted by the Securities Market Participant, or disagreement with the decision adopted by the entity, evidenced by the presentation of the response granted.
The response period established in this Regulation has elapsed without obtaining a response from the Securities Market Participant.
When the Securities Market Participant issues a response in favor of the Claimant but does not comply with what is established within the period set in Paragraph II of Article 29 (Finalization and Notification) of this Regulation.

Paragraph I. Likewise, natural or legal persons who are legitimized to act on behalf of or in representation of holders or owners of publicly offered securities may present Claims, either individually or on behalf of the mass of holders, within the framework of obligations established in current regulations.

Paragraph II. For cases where the Claimant is represented by another person, they must present the power of attorney and documents accrediting their status, as applicable.

Article 33. Inadmissibility of Claims. The Superintendency will not admit Claims when any of the following situations occur:

The Claimant does not present evidence that the request was previously raised with the corresponding Securities Market Participant, or that the response periods stipulated in this Regulation have not expired.
The Claimant has filed a prior judicial action based on the same claims, which is pending or has concluded with a ruling on the merits.
The Claims are not made by the Investor with a legitimate interest, or by their legal representative, duly authorized.
Essential data correctable but required for the processing of the Claim are omitted or not delivered, or the period established to complete the file has elapsed.
When the Claim does not relate to activities or services inherent to the securities market.
When facts different from those initially presented in the Claim are alleged.
When Claims already presented and resolved are filed.
When the Claimant's action is time-barred.

Article 34. Presentation of Claims. After exhausting the applicable process with the Securities Market Participant, the Claimant may present their Claim to the Superintendency, orally or in writing, in person, or through digital means or non-presential channels enabled for such purposes, together with applicable documents that may support their request.

Paragraph I. The Superintendent may define or develop, through a technical or operational norm, additional formalities for the presentation of Claims by Investors.

Paragraph II. Superintendency staff, in the exercise of their functions, and in the face of manifest impossibility that it can be done directly by the Claimant, may assist the interested party in formalizing their Claim, by drawing up an act that faithfully and precisely records the allegations exposed by the Claimant. In this process, Superintendency staff may ask questions to the Claimant with the purpose of confirming, clarifying, and specifying details relative to the Claim presented.

Paragraph III. The assistance provided by Superintendency staff has a strictly neutral character, limited to the registration and understanding of the information provided, without this implying that such staff is taking a position favorable to the Claimant or the Securities Market Participant being complained against. The intervention of the staff does not prejudge the veracity of the narrated facts nor the responsibility of the parties involved, corresponding exclusively to the subsequent regulatory process to determine what is pertinent.

Paragraph IV. Once the drawing up of the act is concluded, Superintendency staff validates the information recorded with the Claimant, who will sign or validate it through a verifiable means as a show of granting their consent that the content of the act corresponds faithfully and reliably to what was alleged and argued by them, and Superintendency staff must deliver a copy of the act as proof of the request.

Article 35. Accumulation of Files. The Superintendency may agree to the accumulation of files for joint processing when, during the proceedings, a substantial connection between the facts, the parties, or the legal grounds is identified. This accumulation will be carried out without prejudice to the right of Claimants to be heard individually when circumstances justify it.

Paragraph. The accumulation of files for joint processing may be agreed upon in the following cases:

When they are Claims presented by different Claimants regarding the same Securities Market Participant, and there is a substantial identity or relevant connection between the facts or problems manifested.
When the same Claimant presents multiple Claims regarding facts or grounds substantially related, provided they do not constitute a simple repetition of previous Claims.

Article 36. Deadline for Presentation of the Claim. Claimants have a period of up to sixty (60) business days to present their Claim to the Superintendency, counted from the date of notification of the response by the Securities Market Participants, or from the business day following the expiration of the response periods provided for in this Regulation.

Paragraph. Upon receipt of the Claim request, and provided it complies with all formalities provided for in this Regulation, the Superintendency will request the file linked to the request from the involved Securities Market Participant. The entity must remit the required information within a period of ten (10) business days, counted from the date of notification. If this period elapses without a response from the Securities Market Participant, the Superintendency is authorized to continue with the evaluation of the file.

Article 37. Decision. The Superintendency has a period of up to forty (40) business days to respond to the Claim. This period may be extended by a period of up to fifteen (15) additional business days, in cases where the file is declared complex by the Superintendency or its processing requires evidence depending on third parties, which the Superintendency will notify the Securities Market Participant before the expiration of the initial period.

Paragraph. The Superintendent, through a technical or operational norm, in accordance with what is established in Paragraph II of Article 31 (Investor Protection and Education Area) of this Regulation, will establish the method of calculation of the aforementioned period, in the case where the Claimant opts for a conciliation process, including provisions regarding the suspension of this and when it may be resumed.

Article 38. Withdrawal or Declaration of Inadmissibility by the Court. If, during the course of a judicial process, the withdrawal of the action occurs or if the court does not rule on the merits of the matter, the Claimant may present their Claim to the Superintendency, provided no other cause of inadmissibility indicated in Article 33 (Inadmissibility of Claims) of this Regulation is observed.

Article 39. Effects of the Superintendency's Decision. Decisions issued by the Superintendency, within the framework of a Claim, have binding effects regarding the involved parties, and may be appealed by them if the requirements for acts susceptible to appeal are met in accordance with what is provided by the Law and Law No. 107-13, on the Rights of Persons in their Relations with the Administration and Administrative Procedure, as well as by any other applicable regulation. To this end, the process and periods established by the Regulation on Sanctioning Administrative Procedure apply.

Paragraph. The Securities Market Participant must comply with any instruction or mandate proposed by the Superintendency, in the terms established in the decision notified to them in accordance with current regulations.

Section II
Complaints

Article 40. Admission of Complaints. Any person or their duly authorized representative may present Complaints to the Superintendency.

Paragraph. For cases where an interested party is represented by another person, they must present the power of attorney and/or documents accrediting their status, duly legalized, as applicable.

Article 41. Inadmissibility of Complaints. The Superintendency will not admit Complaints when any of the following situations occur:

The interested party does not present evidence that the request was previously raised with the corresponding Securities Market Participant or that the response periods stipulated in this Regulation have not expired.
When the Complaint does not relate to activities or services inherent to the securities market.
When Complaints already presented by the same person and resolved are filed, or facts or events different from those presented in the initial Complaint are alleged.
When the period for presenting the Complaint has expired in accordance with what is established in this Regulation.

Article 42. Presentation of Complaints. After exhausting the applicable process with the Securities Market Participant, the Investor Public may present their Complaints to the Superintendency, orally or in writing, in person or through digital means or non-presential channels enabled for this purpose.

Paragraph I. The Superintendent may define or develop, through a technical or operational norm, additional formalities for the presentation of Complaints by the Investor Public.

Paragraph II. Superintendency staff, in the exercise of their functions, and in the face of manifest impossibility that it can be done directly by the interested party, may assist them in formalizing their Complaint by drawing up an act that faithfully and precisely records the allegations exposed. In this process, staff may ask questions to the interested party with the purpose of confirming, clarifying, and specifying details relative to the Complaint presented.

Paragraph III. The assistance provided by Superintendency staff has a strictly neutral character, limited to the registration and understanding of the information provided, without this implying that such staff takes a position favorable or against the interested party. The intervention of the staff does not prejudge the veracity of the narrated facts nor the responsibility of the parties involved, corresponding exclusively to the subsequent regulatory process to determine what is pertinent.

Paragraph IV. Once the drawing up of the act is concluded, Superintendency staff validates the information recorded with the interested party or their authorized representative, who will sign or validate it through a verifiable means as a show of granting their consent that the content of the act corresponds faithfully and reliably to what was alleged and argued by them, and Superintendency staff must deliver a copy of the act as proof of the request.

Article 43. Deadline for Presentation of the Complaint. The Investor Public has a period of up to sixty (60) business days to present their Complaint to the Superintendency, counted from the date of presentation to the Securities Market Participants.

Paragraph. Upon receipt of the Complaint, complying with all formalities provided for in this Regulation, the Superintendency will require the Securities Market Participant involved in the Complaint presented to remit the file linked to the request. The entity must remit the required information within a period of ten (10) business days, counted from the notification. If this period elapses without a response from the Securities Market Participant, the Superintendency is authorized to continue with the evaluation of the file.

Article 44. Decision. The Superintendency will respond to the Complaints presented within the period established by the Superintendent through a technical or operational norm.

Section III
Reports

Article 45. Presentation of Reports. Any person may present Reports to the Superintendency regarding activities related to the securities market, reserving their identity if they deem it appropriate.

Paragraph I. Reports may be presented in person at the Superintendency through the Investor Protection and Education Area, or via email, the institutional website, or any other channel enabled for this purpose, indicating at minimum: detailed description of the fact giving rise to the Report, the identity of the persons or entities involved, as well as the date on which the fact presumably took place and any element of proof, clues, or evidence provided by the Reporter.

Paragraph II. The Superintendent may define or develop, through a technical or operational norm, additional formalities for the presentation of Reports.

Paragraph III. The Superintendency evaluates the Report presented in accordance with what is provided in the current legal framework and proceeds as determined on a case-by-case basis, which may include the execution of investigations, the imposition of administrative sanctions, the requirement of corrective measures, among others deemed appropriate, after exhausting the corresponding administrative due process.

Paragraph IV. The Superintendence reserves the authority to respond to Complaints filed. Therefore, the Superintendence is not obligated to provide information regarding the handling, investigation, or actions taken in relation to the Complaint filed.

TITLE VI
PUBLIC INVESTOR INQUIRIES

SINGLE CHAPTER
ORIENTATION AND INFORMATION CONSULTATION SERVICES

Article 46. Submission of Inquiries. The Superintendence will provide responses to inquiries of an orientative, clarifying, or informational nature made by the Public Investor, as well as in the following cases:

When they require orientative information or clarifications on procedures or regulations inherent to the securities market, without this implying an analysis or interpretation of the regulation.
When they require information of a public nature available in the Registry regarding securities offered to the public, products or services inherent to the Dominican securities market, as well as securities market participants, without this implying an analysis or interpretation thereof.
When they refer to their duties or rights and the channels to exercise them.

Paragraph I. The Inquiries referred to in this article may be made directly by the interested party or through their duly authorized representative, through documents that accredit their status, as applicable. Inquiries whose underlying objective corresponds to a Claim, Grievance, or Complaint will not be admitted, nor will those that entail a technical analysis by the Superintendence. In the latter case, the Investor Protection and Education Area must guide the interested party on how to process the matter before the Superintendence.

Paragraph II. Requests for public information must be processed before the Office of Access to Public Information of the Superintendence, pursuant to Law No. 200-04 on Free Access to Public Information, dated July 28, 2004, and its complementary regulations.

Article 47. Submission of General Information Inquiries. The Public Investor may submit their Information Inquiries to the Superintendence through the in-person or digital channels enabled for such purposes, including email, in-person channels, telephone, or the website, accompanied by the document validating their identity. The request must specify:

Data of the applicant.
Data of the entity from which the information is requested, where applicable.
Clear and precise description of the type of information and documents required.

Paragraph. The Superintendent may formally delimit additional formalities for the submission of Inquiries to the Superintendence, through technical or operational norms.

Article 48. Response Timeframe. The Superintendence has a response timeframe of fifteen (15) business days, counted from the date the request is complete. If the Superintendence deems it necessary, it may notify an extension for the response to the inquiry, which shall never be greater than ten (10) business days and must be communicated to the applicant within the ordinary response timeframe.

Paragraph. Responses are notified by the Superintendence through the same channel used by the applicant to process the inquiry request. However, due to the nature of the inquiry, the Superintendence may opt to notify through reliable means it deems pertinent.

Article 49. Effect of Responses. Responses issued to requests for Inquiries of a clarifying or orientative nature do not have binding effects on the Superintendence or the applicant, as their main objective is to instruct the Public Investor on their rights, duties, and obligations, as well as to guide them on the applicable processes to access the securities market.

TITLE VII
EDUCATION ON THE SECURITIES MARKET

SINGLE CHAPTER
EDUCATION PROGRAMS

Article 50. Education on the Securities Market. The Superintendence will coordinate education programs with the objective of fostering knowledge about the securities market.

Paragraph. Securities Market Participants may provide programs, campaigns, and educational material for the public. This information must be available to the Superintendence in order to review and homologate the educational content.

TITLE VIII
ADVERTISING

SINGLE CHAPTER
RULES RELATING TO ADVERTISING

Article 51. Advertising. In addition to what is provided in the applicable current regulations, with the object of protecting the Public Investor, all advertising or dissemination of information for the promotion of investments in securities offered to the public, products or services of the securities market that is carried out by Securities Market Participants and third parties must comply with the rules provided in this Regulation.

Paragraph. The provisions of this title will be applicable to advertising carried out regarding autonomous assets registered in the Registry.

Article 52. Advertising Requirements. Advertising carried out on securities offered to the public, products or services of the securities market must comply with the following minimum characteristics:

Truthfulness: The institutional image or the legal, economic, or financial characteristics of the securities, products, or services advertised must be true and correspond to the financial, legal, or technical reality of the Securities Market Participant or the security, product, or service advertised. In this sense, advertising must be clear, balanced, impartial, and not misleading. To this end, simple and easy-to-understand language must be used, and the omission of relevant information or the inclusion of ambiguous, biased, incomplete, or contradictory information that could induce confusion must be avoided. Advertised information will not hide, cover up, or minimize any aspect, statement, or warning relevant to the Public Investor.
Accuracy: The figures used must be accurate and the period to which they correspond must be clearly identified. When the publication relies on financial indicators to evidence a specific situation, volume of operations, assets, equity, or profitability, the entity and the document that served as the source must be cited.
Precision: Advertising must contain precise information so as not to induce the Investor to confusion or interpretation errors. To this effect, advertising may not weigh the merits or characteristics of a security, product, or service that lack real support, nor use statements that allow deducing as definitive situations that respond to conjunctural, transitory, or variable phenomena in the securities market; it may not confuse the public by claiming to be a member of a financial or economic group when it is not, nor commit any other act that in any way generates or may generate confusion, misinformation, or interpretation error by the public.
Information: In advertising on specific securities offered to the public, reference must be made, where applicable, to the existence of mandatory legal information documents and indicate the place or medium where they can be obtained. Likewise, expressions that could induce consideration that the legal documentation has less importance than any other information used as advertising for these products, or that the advertising material constitutes an alternative to legally required information, must be avoided.

Paragraph I. The following shall be considered as cases of Misleading Advertising: those that affirm or suggest that an investment is free of risks, is safe, or that guarantee future returns.

Paragraph II. In the event that the advertising provides information on the cost or profitability of a security offered to the public, product, or service, it must contain clear, accurate, sufficient, and updated information, appropriate to its nature and complexity, the characteristics of the dissemination media used, and the target audience to which it is directed.

Paragraph III. The advertising and its presentation format must allow for adequate understanding of the advertising piece, taking into account the target audience to which the security, product, or service is directed, and in particular, must avoid creating disproportionate or false impressions or expectations that operate as an incentive for the acquisition or contracting of the security, product, or service, or a different appearance from reality regarding the characteristics or duration of the announced offer.

Article 53. Minimum Content of Advertising. Advertising must contain as a minimum:

Commercial name or brand of the Securities Market Participant that produces it.
Indication of the type of activity of the Securities Market Participant.
Currency of the security, if applicable.
Period during which the securities, products, or services will be marketed, clearly establishing the date range, when such period is defined in advance.
In addition to what is established in Article 55 (Use of legible font) of this Regulation, in the case of advertising on securities offered to the public, include the following legends clearly and visibly, in letters equivalent to size 12 of the Times New Roman style, italics, without giving rise to confusion:
a) "The registration in the Securities Market Registry and the authorization of the participant or the securities does not imply certification on the quality of these, nor any responsibility, on the part of the Securities Market Superintendence, regarding the convenience of the security, the solvency of the issuer, nor regarding the truthfulness of the information supplied by the issuer and other market participants." b) "The Investor must have access to the issuance documents before making any investment."
Indication of the security, service, or product offered.
In the case of advertising on products or services carried out by securities intermediaries, pursuant to what is provided by Article 77 (Information on financial products) of the Regulation for Securities Intermediaries, these entities must provide a detailed description of the nature and risks of the financial products, taking into account the target audience to which the offered product or service is directed.
When the validity or access to the advertised offer is conditioned to any other variable (for example, reaching a certain volume), it must be mentioned in the body of the main message, with the appropriate relevance.
If the advertising message refers to the advantages of a certain tax treatment, it must be clarified whether it is of a general nature or depends on the personal situation of the Public Investor.
In the case of securities offered to the public, when there is any link with the issuer or placer, or any element that could compromise the impartiality of the Securities Market Participant, it must be expressly revealed.
When it concerns investments in foreign currency, a warning about possible affectation of the return based on price fluctuations of the instrument's currency must be included.

Paragraph I. All advertising on securities offered to the public must be coherent with the information established in the issuance documents, indicating the places where they will be available for consultation.

Paragraph II. Securities Market Participants must not carry out Misleading Advertising nor implement discriminatory practices to the detriment of the Public Investor. Likewise, they must abstain from including information that indicates or could induce thinking that the Superintendence or another authority backs or guarantees the offered products or services. The Superintendence may require the inclusion of legends or risk warnings it deems appropriate.

Paragraph III. When the advertising piece includes messages of a secondary nature or in a less prominent form, such messages may not contradict the content of the main message.

Paragraph IV. All relevant information or warnings about the security offered to the public, product, or service included in the advertising (regarding risks, conditions affecting cost or profitability, requirements or restrictions for marketing, or other aspects) will have a format and position that guarantee their relevance within the advertising piece, and must not be included as secondary information or in footnotes. In particular, the font size of this information will be at least equal to the predominant size in the advertising.

Paragraph V. When the communication medium or advertising format used imposes space or time limitations such that it is not possible to include all relevant information or warnings about the securities offered to the public, the service, or product in the initial advertising piece, it must refer to alternative information sources or be collected in a secondary advertising piece so that it is always possible to know in a fast and agile manner all relevant information or warnings about the securities, product, or service. When advertising emitted through digital media or social networks includes relevant information in images, videos, or other visual, auditory, or audiovisual resources to overcome space or time limitations, access by the recipient will be promoted by including explicit indications in the advertising message such as "click on the image to obtain more information" or similar formulas.

Paragraph VI. In audiovisual, radio, or any other media in which an advertising message is disseminated, the relevant information must be reproduced for a sufficient time to allow its adequate perception.

Paragraph VII. Likewise, in the content of the advertising, any mention of limitations or exclusions of legal, regulatory, or contractual responsibility by the Securities Market Participants must be avoided.

Article 54. Use of Data. All quantitative information on the past cost or profitability of the security, product, or service included in the advertising message must expressly indicate the time period to which it refers, when such period is defined in advance. When two or more time ranges are included, they must refer to the same time period. This type of information must in all cases comply with the specific regulation applicable depending on the security, product, or service in question.

Paragraph I. Historical results may not be the most prominent element of the advertising, nor is their presentation in a larger font size or highlighted acceptable. Furthermore, it must be prominently warned that past returns do not constitute a reliable indicator of future returns. Likewise, when the advertising includes expected returns, it will be indicated that such returns are not guaranteed nor do they have protection insurance from any public or private entity, understanding that advertising related to investment funds cannot refer to expected returns.

Paragraph II. When a reference is included to the maximum variation that a certain index or quotation has had in a certain time period, it must be completed with the data corresponding to the minimum variation in the same period.

Article 55. Use of Legible Font. Securities Market Participants must use in their advertising a font type that allows adequate legibility of figures, statistics, data, and any information in general that they publish.

Paragraph I. Regarding the visual quality of the information, formats must be employed that ensure clear, precise, and understandable reception for the Public Investor, so as not to generate distortions or make the information illegible due to, among other things, the colors and images used.

Paragraph II. If at any time, in the judgment of the Superintendence, an advertising or informational material contained false information or statements on facts of importance or omitted to disseminate information or statements on facts of importance that must be disseminated pursuant to current regulations, or that must be disseminated so that the statements made in said material are not tendentious or misleading in light of the circumstances in which they were made, the Superintendence may order the suspension of the use of said advertising or informational material until such time as it is modified or supplemented as required by the Superintendence.

Paragraph III. After the advertising has been disseminated, the Superintendence may stop the advertising, order its correction, and subsequent publication in case of any non-compliance with this Regulation or other current applicable regulations, without prejudice to the administrative sanctions that may correspond.

Article 56. Obligations. Securities Market Participants have the following obligations, without prejudice to other provisions applicable to them, and must:

Only advertise securities registered in the Registry or services or products of the securities market.
Abstain from including statements, allusions, names, corporate names, expressions, or descriptions that could induce error, misunderstanding, or confusion in the public regarding the nature, price, profitability, redemption, liquidity, guarantee, or any other characteristic of the negotiable securities or products offered.
Abstain from offering securities, services, or products of which they do not have availability.
Abstain from guaranteeing returns or results.
Abstain from weighing the merits or characteristics of a security, product, or service that lack real support.
Abstain from using language that could show preference or partiality toward a specific security, service, or product.
Maintain an internal record duly updated of the advertising activities they carry out. Said record must be available to the Superintendence for supervision purposes for a period of three (3) years counted from the date the advertising was carried out.

Article 57. Contracted Advertising. When Securities Market Participants hire or sponsor the services of third parties to disseminate information or carry out advertising on certain securities offered to the public, services, or products, such persons will be obligated, in an illustrative but not exhaustive manner, to:

Respect the rules established in Article 52 (Advertising Requirements), Article 54 (Use of Data), and Article 55 (Use of Legible Font) of this Regulation.
Clearly reveal that it is a paid or sponsored space or advertising.
Clearly reveal the Securities Market Participant that hired or sponsored the advertising.
Reveal Conflicts of Interest that could bias their impartiality.

S N
Superintendencia del Mercado de Valores de la República Dominicana
5. Reveal if it has investments or receives benefits from investments made in the determined public offering security, product or service, as well as clearly reveal if it is an employee of the Securities Market Participant that hired or sponsored the advertising.
6. Refrain from carrying out activities subject to prior authorization by the Superintendence without the required license.
Paragraph I. Securities Market Participants that hire or sponsor the services of third parties are responsible for supervising compliance with the provisions of this Regulation; the documentation supporting the hiring or sponsorship of advertising must be available to the Superintendence when it so requires.
Paragraph II. Hired third parties may not carry out activities legally reserved for Securities Market Participants.
TITLE IX
FINAL PROVISIONS
UNIQUE CHAPTER
OBLIGATORINESS AND ENTRY INTO FORCE
Article 58. Obligatoriness. The provisions established in this Regulation are mandatory in all their parts and, in case of non-compliance, the administrative sanctions provided for in the Law and its complementary regulations apply.
Article 59. Modification. This Regulation modifies Paragraph II of Article 83 (General contracting rules) of the Regulation for Securities Intermediaries, approved by the First Resolution of the National Securities Market Council, R-CNMV-2019-21-MV, dated thirteen (13) August two thousand nineteen (2019) and its modifications, so that henceforth it shall read as follows: “Paragraph I1. Securities intermediaries may make modifications to the agreement considering legal, regulatory or market changes. Such modifications shall not have effects on clients until the moment they have been notified to them through verifiable means, in accordance with the notification provisions established in these general contracting rules and in the applicable current regulations. ”
Paragraph. Likewise, this Regulation modifies the deadline established in Paragraph IV of the aforementioned Article 83, granting the Superintendence a period of twenty-five (25) business days to formulate observations or objections to the general contracting agreement model, as well as its modifications.
Article 60. Repeal. This Regulation, in accordance with the provisions of the Law, replaces and renders ineffective Chapter III of the Sole Resolution of the Superintendent of the Securities Market, R-NE-SIMV-2024-08-MV, dated nine (09) December two thousand twenty-four (2024), Procedure to make Inquiries before the Superintendent of the Securities Market.
Article 61. Entry into force. The provisions of this regulation shall enter into force on the first (1st) of January two thousand twenty-seven (2027).
Paragraph. The Processes of Claims, Complaints or Reports that have been filed and are pending at the time of entry into force of this Regulation, that is, have been formally initiated, will continue to comply with the rules and procedures applicable prior to the issuance of this Regulation.
Article 62. Adaptation Period. Securities Market Participants must be adapted to the requirements of this Regulation at the time of its entry into force. Prior to this deadline, they must submit to the Superintendence the internal processes required in this Regulation.
Paragraph. For the foregoing purposes, the Securities Market Participants indicated in the main part of Article 2 (Scope) of this Regulation must submit to the Superintendence, within thirty (30) business days following its publication, a gradual adaptation schedule that, in any case, must conclude within the period indicated in Article 61 (Entry into force). SECOND: INSTRUCT the Superintendent to publish this resolution in one or more newspapers of wide national circulation, as well as on the institutional portal, for the purposes of the principle of publicity contained in Article 138 of the Constitution of the Dominican Republic, in attention to the provisions of articles 3, numeral 7, and 31, numeral 8, of Law No. 107-13, on the Rights of Persons in their Relations with the Administration and Administrative Procedure; Article 3 of Law No. 200-04, General Law of Free Access to Public Information, and its implementing regulation. THIRD: INSTRUCT the Secretary of the Council to issue a certified copy of this resolution, in accordance with the provisions of Article 16, paragraph, of Law No. 249-17, for the corresponding purposes.” Approved and signed by the members of the Council, gentlemen: ERVIN NOVAS BELLO, manager of the Central Bank, representing the Governor of the Central Bank, ex officio member and President of the Council; MARÍA JOSÉ MARTINEZ DAUHAJRE, Vice Minister of Public Credit of the Ministry of Finance and Economy, representing the Minister of Finance and Economy, ex officio member, ERNESTO BOURNIGAL READ, Superintendent of the Securities Market, ex officio member, MARCOS IGLESIAS SÁNCHEZ, independent member, ABRAHAM SELMAN HASBÚN, independent member, MIGUEL NÚÑEZ HERRERA, independent member, and JAVIER LARA REINHOLD, independent member. This is issued for the corresponding purposes, in the city of Santo Domingo, National District, capital of the Dominican Republic, on the twentieth (20) day of the month of August of the year two thousand twenty-six (2026).

FABEL SANDOVAL VENTURA
Secretary of the National Council of
Securities Market of the
Dominican Republic, ex officio member and
President of the National Council of
Securities Market

Av. César Nicolás Penson No. 66, Gascue, Santo Domingo, Dominican Republic Telephone: 809.221.4433 « http://www.simv.gob.do | info@simv.gob.do | RNC: 4-01-51572-5

Lineage: In force