Resolution of the Adjunct Superintendent of Prudential Supervision No. 012-2026-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
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Resolution of the Adjunct Superintendent of the Securities Market Superintendence No. 012-2026-SMV/10 Lima, February 13, 2026

Summary: Plan Rentable Perú S.A.C. ex EAFC is sanctioned with three (3) UIT for having committed one (1) serious offense typified in Annex XIII, numeral 2, subsection 2.16 of the Sanctions Regulation for failing to comply with the provisions of the collective fund administration contracts entered into with the associate, by failing to apply the purchase certificate in accordance with the conditions established in the Contract.

Administrator: Plan Rentable Perú S.A.C. ex EAFC Subject: Administrative sanctioning procedure File No.: 2025028964

The Adjunct Superintendent of Prudential Supervision

SEEING:

The administrative file No. 2025028964, and Report No. 1940-2025-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Plan Rentable Perú S.A.C. ex EAFC; and,

CONSIDERING:

In accordance with Article 1 of Law No. 29782, Law for the Strengthening of the Supervision of the Securities Market, the name of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of the Securities Market Superintendence (SMV); therefore, any reference to CONASEV in legal norms shall be understood as referring to the SMV;

I. FACTS

On December 17, 2021, the COMPLAINANT1 signed with Plan Rentable Perú S.A.C. ex EAFC (hereinafter, PLAN RENTABLE) the Collective Fund Administration Contract No. 001130, corresponding to the “Special Plan 36 Program”, Group No. 3605, for the allocation of a purchase certificate for US$ 12,000.00 (Twelve thousand and 00/100 US dollars), signed on December 17, 2021 (hereinafter, CONTRACT);

1 In an annex attached to this resolution, the complete data of the natural persons to whom the designations used in this resolution belong is detailed, and likewise, if applicable, their email addresses.

Digitally Signed by:
GUTIERREZ
OCHOA Omar
Dario FAU
20131016396 soft
Date: 13/02/2026
15:03:22

PERÚ Ministry of Economy and Finance

purchase of US$ 12,000.00 (Twelve thousand and 00/100 US dollars), signed on December 17, 2021 (hereinafter, CONTRACT);

By letter presented on December 18, 2023, the COMPLAINANT filed a complaint with the Securities Market Superintendence (SMV) against PLAN RENTABLE2, in which, among other things, it states that PLAN RENTABLE indicated that they would deliver the money awarded in the draw in April 2022 for the sum of US$ 12,000.00 with any of the following options i) The purchase of a new vehicle, ii) House renovation; and, iii) Purchase of a second-hand vehicle. In response to what was offered by PLAN RENTABLE, the COMPLAINANT states that she opted for the purchase of the second-hand vehicle, because PLAN RENTABLE misled her and breached the CONTRACT by making her buy a used vehicle3, when according to this only new vehicles are acquired;
By Office No. 4967-2023-SMV/10.3 notified on November 6, 2023 (hereinafter, OFFICE 4967) and with Office No. 3490-2024-SMV/10.3 notified on August 14, 2024 (hereinafter, OFFICE 3490), the complaint filed by the COMPLAINANT was forwarded to PLAN RENTABLE, as well as the expansions of the complaint presented by the COMPLAINANT on May 28 and August 1, 2024;
By Office No. 4762-2024-SMV/10.3 notified on November 6, 2023 (hereinafter, OFFICE 4762) and with Office No. 1360-2024-
SMV/10.3 notified on August 14, 2024 (hereinafter, OFFICE 1360), the expansions of the complaint presented by the COMPLAINANT on October 21, 2024 and February 4, 2025 were forwarded to PLAN RENTABLE;
With the letter presented on December 18, 2023 and in attention to OFFICE 4967, PLAN RENTABLE sent its comments regarding the complaint and presented various documentation:

a. Copy of the CONTRACT.

b. Copy of the emails of January 27 and 30, 2023 sent by CORREO1, OPERATIONS ASSISTANT OF PLAN RENTABLE to the COMPLAINANT, through which PLAN RENTABLE requests the characteristics of the operation to be carried out.

c. Copy of the email of February 1, 2023, sent by the OPERATIONS ASSISTANT OF PLAN RENTABLE to the COMPLAINANT, through which she requests completing the missing documents regarding the purchase of the used vehicle.

d. Copy of the Letter dated May 5, 2023 (hereinafter, LETTER 1), through which the COMPLAINANT requests PLAN RENTABLE to deduct the amount of US$ 2,169.90 (Two thousand one hundred sixty-nine and 90/100 US dollars) from her awarded purchase certificate corresponding to the CONTRACT, so that six (6) pending installments are cancelled. This letter has a receipt charge from PLAN RENTABLE dated May 8, 2023. This letter was also sent to the SMV by PLAN RENTABLE through a letter presented on March 1, 2024.

2 File No. 2023043953.

3 Regarding this, by letter presented on May 28, 2024, the COMPLAINANT attached the contract titled "Payment agreement for purchase sale of motor vehicle" signed between the COMPLAINANT and the seller of the vehicle, through which the vehicle with license plate AXI-558 (year 2017) is sold. This contract was signed on June 8, 2023.

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e. Copy of the bank transfer capture dated June 6, 2023, in which a "Amount to transfer" of US$ 2,169.90 (Two thousand one hundred sixty-nine and 90/100 US dollars) is shown, displaying the account number CUENTABANCARIA1 and the account number CUENTABANCARIA2, both owned by PLAN RENTABLE, with the reference disbursement contract 3605.008.02. This copy has the signature of the general manager of PLAN RENTABLE.

f. Copy of the letter sent by the COMPLAINANT to PLAN RENTABLE dated June 19, 2023 (hereinafter, LETTER 2), through which she requests to cancel her CONTRACT and that the difference of the purchase certificate be used to buy a vehicle unit. She also requests to transfer the difference of the certificate to the bank account of the VEHICLE SELLER, seller of said vehicle unit. This letter has a receipt charge from PLAN RENTABLE dated June 22, 2023. This letter was also presented to the SMV by PLAN RENTABLE through a letter sent on March 1, 2024.

g. Copy of an email dated June 22, 2023, which corresponds to a communication between PLAN RENTABLE officials, in which the deposit record of June 22, 2023 regarding the CONTRACT, for the amount of US$ 821.58 (Eight hundred twenty-one and 58/100 US dollars), between bank accounts owned by PLAN RENTABLE, can be observed.

h. Copy of an email dated June 23, 2023, sent by the OPERATIONS ASSISTANT OF PLAN RENTABLE to the COMPLAINANT with the subject "Allocation 3605-008-02 (...)", through which she forwards an email of June 23, 2023 (between PLAN RENTABLE staff), in which the bank transfer record made on June 23, 2023 to the account of the VEHICLE SELLER, according to the letter of June 19, 2023, for the amount of US$ 9,008.52 (Nine thousand eight and 52/100 US dollars) can be visualized. This email was also sent by PLAN RENTABLE on March 1, 2024, (hereinafter, BANK TRANSFER RECORD OF JUNE 23, 2023).

i. Copy of the Vehicle Registry Certificate of the vehicle with license plate AXI558, issued on February 13, 2023 by the SUNARP of the Lima Registry Office - Registry of Movable Property - Vehicle Property Registry (hereinafter, VEHICLE REGISTRY CERTIFICATE).

By letter of March 1, 2024, PLAN RENTABLE stated that the allocation of the purchase certificate to which the COMPLAINANT was subject was finalized and that the good chosen by her was the acquisition of a vehicle. Likewise, it states that the purchase price of the vehicle was for the amount of US$ 9,008.52 (nine thousand eight with 52/100 US dollars) and that it proceeded to make the payment to the supplier chosen by the COMPLAINANT. Likewise, it specifies that the good chosen was delivered to the COMPLAINANT, since in this case, the COMPLAINANT, prior to the cancellation of the vehicle unit, had already cancelled the CONTRACT;
By letter presented on March 18, 2025, PLAN RENTABLE in attention to OFFICE 1360 stated regarding the acquisition of a used vehicle that "the now complainant cancelled the Collective Contract in its entirety (...), then what the now complainant did with her allocation was to acquire a used vehicle, that is, it was her determination, (...) my representative was prohibited from inducing the acquisition of any particular good";

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By Office No. 3650-2025-SMV/10.3 notified on July 8, 2025 (hereinafter, OFFICE OF CHARGES), an administrative sanctioning procedure was initiated against PLAN RENTABLE, imputing charges for the aspect related to the breach of the contract in the application of the purchase certificate allocated to the COMPLAINANT;
On July 15, 2025, PLAN RENTABLE presented its defenses and additional information, in response to the OFFICE OF CHARGES;
The charges formulated have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 1940-2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
In observance of the Principle of Due Process contemplated in Article IV, subsection 1, numeral 1.2 of the Preliminary Title, as well as in Article 248°, numeral 2, of the Single Text of the General Administrative Procedure Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), by Office No. 008-2026-SMV/10, the administrative file to which this resolution refers was made available to PLAN RENTABLE for its review;

II. ISSUES TO BE DETERMINED

In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:

a. Whether PLAN RENTABLE incurred or not an offense provided for in Annex XIII, numeral 2, subsection 2.16 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), for failing to apply the purchase certificate in accordance with the conditions established in the CONTRACT;

b. Whether it corresponds or not to impose a sanction on PLAN RENTABLE;

III. ANALYSIS

Of the applicable regulations

Article 21 of the REGULATION provides as follows:

"Article 21.- Contract
The contract is of a private nature and has a collective character, it regulates the relationships between the Associates and the Administrator, and in it the rights and obligations of both parties are established; its content is governed by what is established in Article 95 of the Regulation. (...)."

On the other hand, Article 20 of the REGULATION establishes as follows:

"Article 20.- Program
The program must contain as a minimum the following characteristics:

(...)

c) Object: Contains the description of the goods and/or services that will be acquired for the Associates who make up the Groups that are formed under a Program.

(...)."

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Likewise, Articles 35 and 90 of the REGULATION establish as follows:

Article 35.- Functions and Obligations of the Administrator
"The following are the functions and obligations of the Administrator:

(...)

f) Adopt the necessary measures so that the Allocated Associate receives the good and/or service, in accordance with what is established in its Contracts, the Regulation and other current regulations.

(...)."

"Article 90.- Acquisition Modalities
The acquisition of the goods and/or services of a Program will be carried out through one of the following modalities:

(...)

b) Purchase certificate.- The object of this modality is to allocate the right to an amount that will be used exclusively to acquire the good and/or service subject of the Contract, with a supplier chosen by the Associate after being allocated." (Underline added).

Additionally, it should be noted that the Resolution of the General Superintendent of Entity Supervision No. 099-2015-SMV/10.2 dated October 12, 2015, authorized the "Special Plan 36 Program" (hereinafter, PROGRAM), as well as its respective contract model corresponding to the present case. This PROGRAM has as a characteristic, among others, the following:

Object: Acquisition of goods:

a) New vehicles: Cars, trucks, vans and buses.

(...)."

Likewise, clause 1, numeral 1.0 and clause 7, numeral 7.1, subsection e) of the CONTRACT establish as follows:

"1. Object
1.0 (...) The acquisition modality will be by purchase certificate, which will be destined indistinctly to the acquisition of the following goods and/or services:
New vehicles: cars, trucks, vans and buses.

(...)

"7. Obligations and Rights
7.1. The following are obligations of Plan Rentable:

(...)

e) Apply the purchase certificate as decided by the associate, within the term and conditions established in the contract.

(...)."

Of the charges formulated

ON THE BREACH OF THE CONTRACT IN THE APPLICATION OF THE ALLOCATED PURCHASE CERTIFICATE

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In accordance with what is established in the regulations exposed, collective fund administration companies have, among others, the obligation to adopt the necessary measures so that the allocated associate receives the good and/or service in accordance with what is established in their contract and in the REGULATION;
In that sense, they have the obligation to apply the amount of the allocated Purchase Certificate, as decided by the associate, within the term, requirements and conditions established in their Contract and corresponding Program;
Being so, in the present case, the COMPLAINANT was allocated by draw with her purchase certificate of US$ 12,000.00, on April 18, 20224, being finally the good chosen, a motor vehicle;
Consequently, PLAN RENTABLE had to apply the amount of US$ 12,000.00 corresponding to the allocated purchase certificate of the COMPLAINANT, in accordance with what is established in the REGULATION, in the PROGRAM and in the CONTRACT, exclusively for the acquisition of the goods subject of the CONTRACT, that is, those established in clause 1, numeral 1.0 of the CONTRACT, that is, among others, goods referred to new vehicles and with a minimum value of US$ 12,000.00, according to the characteristics of the goods, indicated in the PROGRAM to which the CONTRACT belongs;
However, the COMPLAINANT stated that PLAN RENTABLE breached the CONTRACT by making her buy a used vehicle, when the CONTRACT states that only new vehicles are acquired;
In attention to this, PLAN RENTABLE was requested information related, among others, to the allocation, application of the purchase certificate and to the purchase of a used vehicle;
In that sense, within the documentation presented by PLAN RENTABLE, as well as by the COMPLAINANT, regarding the application of the purchase certificate allocated to the COMPLAINANT, the following actions by PLAN RENTABLE were observed;

a. Applied the amount of US$ 2,169.90, deducting it from the COMPLAINANT's Purchase Certificate to cancel six (6) pending installments of the COMPLAINANT5.

b. Applied the amount of US$ 821.58 deducting it from the COMPLAINANT's Purchase Certificate to cancel pending installments of the associate and cancel the CONTRACT.

c. On June 22, 20236, the CONTRACT was considered cancelled7.

4 As informed by PLAN RENTABLE in the Allocation Delivery File (ADJ), according to what is stated in the "Technical Specifications Manual for the submission to the SMV of information from Collective Fund Administration Companies" approved by Superintendent Resolution No. 102-2016-SMV/02 (hereinafter, MANUAL). 5 By letter presented on August 16, 2024, PLAN RENTABLE stated that this amount corresponds to the installments that the COMPLAINANT had to cancel upon entering an advanced group and attached the letter of December 16, 2021, through which the COMPLAINANT requests as an alternative to pay the pending installments at the time of allocation.

6 As informed by PLAN RENTABLE in the "Situation of associates and Allocations" File (SIT), according to the MANUAL. Likewise, with the complaint letter the COMPLAINANT presented a copy of a document titled "Cancellation Letter" without date, through which PLAN RENTABLE informs her that her contract has been cancelled in its entirety.

7 According to the MANUAL, a cancelled associate is one who has completed all their payments.

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d. On June 23, 2023, it made the payment of US$ 9,008.52 for the purchase of the Vehicle indicated by the COMPLAINANT with the following characteristics: license plate AXI-558, Nissan brand, Sentra model year 2017 (hereinafter, VEHICLE). This payment was supported by PLAN RENTABLE with the BANK TRANSFER RECORD OF JUNE 23, 2023.

In this line, regarding the application made, by letters presented on March 1 and August 16, 2024, PLAN RENTABLE stated that the application of the purchase certificate was carried out in accordance with what was requested by the COMPLAINANT through LETTER 1 and LETTER 2. In this way, according to what was indicated by PLAN RENTABLE, the amounts applied to the purchase certificate, according to what was indicated above, result in the amount of US$ 12,000.00 (Twelve thousand and 00/100 US dollars) that corresponds to the total amount of the allocated purchase certificate of the COMPLAINANT, according to the following detail:

AMOUNT CONCEPT
$ 2,169.90 Applied to cancel (6) pending installments of the CONTRACT, based on LETTER 1 $ 821.58 Applied to cancel pending installments and cancel the CONTRACT based on LETTER 2 $ 9,008.52 Applied in the payment to the owner for the purchase-sale of the used VEHICLE8 based on LETTER 2. $12,000.00 Amount of the COMPLAINANT's purchase certificate

Regarding the above, by letter presented on January 28, 2025, PLAN RENTABLE stated that "The Complainant Mrs. has clearly stated that my representative has fulfilled paying her allocation certificate, monetary sum, which was obtained by subtracting her payments, by letter she authorized us to do so." (Underline added);
According to what has been exposed, although, according to what was stated by PLAN RENTABLE, it would have proceeded in accordance with what was requested by the COMPLAINANT, PLAN RENTABLE was obliged to proceed with the allocation and therefore with the application of the purchase certificate in accordance with what is established in the aforementioned regulations, that is, in accordance with the conditions established in the CONTRACT and its object. It is necessary to point out that, according to Article 90 of the REGULATION, the amount of the purchase certificate must be used exclusively to acquire the good and/or service subject of the contract. In such a way that, the aforementioned regulations do not contemplate the application made on the total amount of the purchase certificate to cancel installments to be paid;
Likewise, according to the object of the CONTRACT and PROGRAM, PLAN RENTABLE did not have authorization to direct the application of the purchase certificate to the acquisition of a used motor vehicle, since although the PROGRAM is a special program, it does not include within its characteristics the application of purchase certificates to the acquisition of used motor vehicles, according to Article 22 of the REGULATION;

8 Considering the VEHICLE REGISTRY CERTIFICATE.

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IV. RESOLUTION

In view of the foregoing, and in application of the powers conferred upon this Adjunct Superintendence by the Legal Framework of the Securities Market, it is resolved:

a. To declare that Plan Rentable Perú S.A.C. ex EAFC has committed a serious offense typified in Annex XIII, numeral 2, subsection 2.16 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, for failing to comply with the provisions of the collective fund administration contracts entered into with the associate, by failing to apply the purchase certificate in accordance with the conditions established in the Contract.

b. To impose on Plan Rentable Perú S.A.C. ex EAFC the sanction of three (3) UIT (Tax Unit), corresponding to the amount of S/ 5,100.00 (Five thousand one hundred Peruvian Soles), to be paid within the term of five (5) business days following the notification of this resolution.

c. To order Plan Rentable Perú S.A.C. ex EAFC to comply with the provisions of the collective fund administration contracts entered into with the associate, specifically with the application of the purchase certificate in accordance with the conditions established in the Contract.

d. To notify this resolution to Plan Rentable Perú S.A.C. ex EAFC and to publish it in the electronic platform of the Securities Market Superintendence.

Lima, February 13, 2026

Omar Dario Gutierrez Ochoa
Adjunct Superintendent of Prudential Supervision

PERÚ Ministry of Economy and Finance

Annex

Data of the natural persons to whom the designations used in this resolution belong:

COMPLAINANT:
Name: [Redacted]
ID Number: [Redacted]
Address: [Redacted]
Email: [Redacted]

VEHICLE SELLER:
Name: [Redacted]
ID Number: [Redacted]
Address: [Redacted]

CORREO1:
Name: [Redacted]
ID Number: [Redacted]
Address: [Redacted]

CUENTABANCARIA1:
Account Holder: Plan Rentable Perú S.A.C. ex EAFC Bank: [Redacted] Account Number: [Redacted]

CUENTABANCARIA2:
Account Holder: Plan Rentable Perú S.A.C. ex EAFC Bank: [Redacted] Account Number: [Redacted]

PERÚ Ministry of Economy and Finance

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