Resolution of the Assistant Superintendent of Conduct Supervision No. 070-2025-SMV/11

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” "Año de la recuperación y consolidación de la economía peruana" 1 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml Resolution of the Assistant Superintendent of Conduct Supervision SMV No. 070-2025-SMV/11 Lima, October 21, 2025 The Assistant Superintendent of Market Conduct Supervision SEEN:
The File No. 2025029709, which contains, among others, the reconsideration appeal filed by FONDO MIVIVIENDA S.A. against the Resolution of the Assistant Superintendent of Conduct Supervision SMV No. 062-2025-SMV/11; CONSIDERING:

1. That, Article 3 of Legislative Decree No. 1683, Legislative Decree that establishes the deadlines for the processing of administrative appeals presented in high-complexity administrative sanctioning procedures of the Securities Market Superintendence (hereinafter, DLEG No. 1683), establishes that, within a maximum period of forty-five (45) business days, the Securities Market Superintendence - SMV must resolve the reconsideration appeals filed in high-complexity administrative sanctioning procedures;
2. That, Article 5 of DLEG No. 1683, provides that the determination of the high complexity of the administrative sanctioning procedure is carried out within three (3) business days of the administrative appeal being filed, through a reasoned and unappealable resolution in the administrative sphere, issued by the body responsible for resolving the same; and that, said period is part of the maximum period for the resolution of the administrative appeal;
3. That, through Resolution SMV No. 013-2024-SMV/01, it was established that the administrative authority that resolves the reconsideration appeal may declare the high complexity of the administrative sanctioning procedure when it verifies that any of the following criteria are met: (i) There is a plurality of sanctioned parties; (ii) There is a plurality of administrative infractions; (iii) The administrative infraction is classified as serious or very serious in the current Sanctions Regulation; or, (iv) Specialized technical support in accounting or financial matters is required to resolve a reconsideration appeal, from officials of the line organs of the SMV;
4. That, through the Resolution of the Assistant Superintendent of Conduct Supervision SMV No. 062-2025-SMV/11, it was decided to sanction FONDO MIVIVIENDA S.A. with a fine of 3,325 Tax Units (UIT) equivalent to S/ 17,123.75 (Seventeen Thousand One Hundred Twenty-Three and 75/100 Soles) and one (1) reprimand, for

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” "Año de la recuperación y consolidación de la economía peruana" 2 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml having committed two (2) infractions of a minor nature classified in subsection 3.1, numeral 3 of Annex I of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, for the following charges:
Charge 1
Communicate in a belated manner the material fact referred to the update made to the Credit Opinion issued by Moody’s Ratings on July 30, 2024, which grants a credit rating to the Issuer, which should have been communicated on the same day of its issuance; however, it was communicated on August 15, 2024. (File No. 2024035180) Charge 2 Communicate in a belated manner the material fact referred to the risk classification report issued by Fitch Ratings on September 6, 2024, which grants a credit rating to the entity, which should have been communicated on the same day of its issuance; however, it was communicated on September 9, 2024. (File No. 2024038210);
5. That, through a letter dated October 20, 2025, FONDO MIVIVIENDA S.A. filed a reconsideration appeal against the aforementioned resolution;
6. That, from the review of the sanctioning resolution and the reconsideration appeal presented, it is verified that the two (2) administrative infractions referred to in the preceding consideration are classified as minor in the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01;
7. That, in accordance with the aforementioned legal framework, and taking into consideration that there is a plurality of infractions, the present administrative sanctioning procedure qualifies as high complexity, so the period to resolve the reconsideration appeal filed is up to forty-five (45) business days; and,
Being in accordance with the provisions of Articles 3 and 5 of Legislative Decree No. 1683, Legislative Decree that establishes the deadlines for the processing of administrative appeals presented in high-complexity administrative sanctioning procedures of the Securities Market Superintendence, Article 1 of Resolution SMV No. 013-2024-SMV/01 and numeral 22 of Article 43 of the Organization and Functions Regulation of the Securities Market Superintendence, approved by Supreme Decree No. 216-2011-EF; RESOLVES:
Article 1º.- Classify the present administrative sanctioning procedure as high complexity, according to numeral 3 of Article 1 of Resolution SMV No. 013-2024-SMV/01.
Article 2º.- This Resolution is unappealable in the administrative sphere, in accordance with what is established by Article 5 of Legislative Decree No. 1683, Legislative Decree that establishes the deadlines for the processing of administrative appeals presented in high-complexity administrative sanctioning procedures of the Securities Market Superintendence.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” "Año de la recuperación y consolidación de la economía peruana" 3 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml
Article 3º.- Notify this Resolution to FONDO MIVIVIENDA S.A.
Register, communicate and publish.
Carlos Rivero Zevallos
Assistant Superintendent
Assistant Superintendence of Market Conduct Supervision