Resolution of the Assistant Superintendent of Prudential Supervision No. 057-2025-SMV/10

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Resolution of the Assistant Superintendent of SMV No. 057-2025-SMV/10 Lima, November 20, 2025 Subject: Scotia Sociedad Titulizadora S.A. is sanctioned with two (2) reprimands and a fine of 3.09 UIT equivalent to S/. 15,295.50 (Fifteen thousand two hundred ninety-five and 50/100 soles) for having committed three (3) minor infractions type in Annex I, number 3, item 3.1 of the Sanctions Regulation, by failing to present information eventual within the deadline established by the applicable regulation. Likewise, it is declared that it is not appropriate to sanction Scotia Sociedad Titulizadora S.A. for two (2) charges referred to infractions type in Annex I, number 3, item 3.1 of the Sanctions Regulation, for not communicating the eventual information in a timely manner. In consequence, the administrative sanctioning procedure is considered concluded in this regard. Administered: Scotia Sociedad Titulizadora S.A. Subject: Administrative sanctioning procedure File No.: 2025003022 The Assistant Superintendent of Prudential Supervision SEEN:
The administrative file No. 2025003022, and the Reports No. 1479 and 1604-2025-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Scotia Sociedad Titulizadora S.A., and CONSIDERING:

1. In accordance with article 1 of Law No. 29782, Law of
   Strengthening of the Supervision of the Securities Market, the denomination

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of Securities Market Superintendence (SMV), so that any reference to CONASEV in the legal norms shall be understood as made to the SMV;
I. FACTS
2. Within the supervisory functions assigned
to the SMV, an evaluation was carried out regarding the timely presentation of occasional and periodic information by Scotia Sociedad Titulizadora S.A. (hereinafter, SCOTIA ST) to the Public Registry of the Securities Market (hereinafter, RPMV);
3. As a result of said evaluation and under the auspices of
what is provided for in the Single Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Office No. 483-2025-SMV/10.3, notified on January 24, 2025 (hereinafter, OFFICE OF CHARGES), charges were filed against SCOTIA ST for infractions to the Regulation on Important Facts and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 and its amendment, in force at the date the facts occurred (hereinafter, RHI), in force at the time the facts occurred, for not having timely presented the following:
a. The important fact referred to the risk classification report carried out by Moody’s Local Pe Clasificadora de Riesgo S.A., corresponding to the “Patrimonio Fideicometido Scotiabank CC Atocongo and C.C. Los Jardines Open Plaza D.S. No. 093- 2002-EF-Title XI”. This fact had to be communicated to the RPMV on October 21, 2021 1 ; however, it was informed on October 24, 2021 2 ; b. The important fact referred to the designation of Caipo y Asociados S. Civil de R.L. as the auditing company of SCOTIA ST for the 2022 fiscal year, approved in the Board of Directors Session of May 23, 2022. This important fact had to be communicated on May 23, 2022; however, it was communicated on May 30, 2022 3 ;
c. The important fact referred to the designation or registration of Mr. Miguel
Ignacio Madueño Buse as a new member of the board of directors of SCOTIA ST, approved in the Board of Directors Session of May 18, 2022. This important fact had to be communicated on the day of its occurrence; however, it was communicated on May 27, 2022 4 ; d. The important fact referred to the payment of a waiver fee to the holders of the bonds corresponding to the First and Second issuance of the First Bond Program of Securitization – Plaza Norte. This important fact had to be communicated on the day of its occurrence, April 21, 2023; however, it was communicated to the SMV on May 23, 2023 5 ; e. The important fact referred to the risk classification report carried out by Apoyo y Asociados Internacionales S.A.C. Clasificadora De Riesgo, corresponding to the “Patrimonio Fideicometido, Supreme Decree No. 093-2022-EF, Title XI, Bonds of

1 With file No. 2021039648 of October 21, 2021 the rating company sent the indicated report risk classification to the SMV. In accordance with article 32, number 32.3 of the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032-2015-SMV-01, it is considered that the rating company sent on the date of the session the report to the SMV and the issuer, and published it on its website. 2 File No. 2021039884. 3 File No. 2022022929 and No. 2022022923. 4 File No. 2022021682. 5 File No. 2023023465 (in response to communication sent to Lima Stock Exchange).

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Securitization IPSA and Subsidiaries”. This fact had to be communicated to the RPMV on November 16, 2023 6 , however, it was informed on November 17, 2023 7 ;
4. The charges mentioned in the preceding
consideration are typified in Annex I, number 3, item 3.1, of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION) which prescribes as a minor infraction “Submit outside the established deadline, or do so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by
part of the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the
securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, important facts, and annual reports”;
5. In writing received on February 3, 2025, SCOTIA
ST presented the defenses to the observations made;
6. The charges filed, as well as the defenses
presented by SCOTIA ST have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 1479-2025-SMV/10.3, which has been submitted to the knowledge of this Assistant Superintendence;
7. In observance of the Principle of Due
Process contemplated both in article IV, item 1, number 1.2 of the Preliminary Title, as well as in article 248, number 2, of the TUO LPAG, through Office No.
5842-2025-SMV/10, the administrative file to which the present resolution is addressed was made available to SCOTIA ST for its review;
8. With Resolution of the Assistant Superintendent of SMV
No. 055-2025-SMV/10, notified on October 17, 2025, it was resolved to extend exceptionally for an additional period of three (03) months, the term for the resolution of the present administrative sanctioning procedure;
9. On November 3, 2025, an inspection visit was carried out to SCOTIA ST;
II. MATTERS TO BE DETERMINED
10. In the present administrative procedure, at
the discretion of this Assistant Superintendence, it corresponds to determine the following:
a. Whether SCOTIA ST incurred or not in an infraction for not presenting the important fact referred to the risk classification report carried out by Moody’s Local Pe Clasificadora de Riesgo S.A., corresponding to the “Patrimonio Fideicometido Scotiabank CC Atocongo and C.C. Los Jardines Open Plaza D.S. No. 093-2002-EF- Title XI”, within the deadline established in article 9, number 9.1 of the RHI; b. Whether SCOTIA ST incurred or not in an infraction for not presenting the important fact referred to the designation of Caipo y Asociados S. Civil de R.L. as auditing company of Scotia ST for the 2022 fiscal year, approved in the Session of

6 With file No. 2023048363 of November 16, 2023 the rating company sent the indicated risk classification report to the SMV. In accordance with article 32, number 32.3 of the Regulation of Risk Rating Companies, approved by SMV Resolution No. 032-2015-SMV-01, it is considered that the rating company sent on the date of the session the report to the SMV and the issuer, and published it on its website. 7 File No. 2023048495.

PERÚ Ministry of Economy and Finance

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Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship Board of Directors of May 23, 2022, within the deadline established in article 9, number
9.1 of the RHI;
c. Whether SCOTIA ST incurred or not in an infraction for not presenting the important fact
referred to the designation or registration of Mr. Miguel Ignacio Madueño Buse as a new member of the board of directors of SCOTIA ST, within the deadline established in
article 9, number 9.1 of the RHI;
d. Whether SCOTIA ST incurred or not in an infraction for not presenting the important fact referred to the payment of a waiver fee to the holders of the bonds corresponding to the First and Second issuance of the First Bond Program of Securitization – Plaza Norte, within the deadline established in article 9, number 9.1 of the RHI; e. Whether SCOTIA ST incurred or not in an infraction for not presenting the important fact referred to the risk classification report carried out by Apoyo y Asociados Internacionales S.A.C. Clasificadora De Riesgo, corresponding to the “Patrimonio Fideicometido, Supreme Decree No. 093-2022-EF, Title XI, Bonds of Securitization IPSA and Subsidiaries”, within the deadline established in article 9, number 9.1 of the RHI; f. Whether it is appropriate or not to impose a sanction on SCOTIA ST;
III. ANALYSIS
3.1. Of the applicable regulation
11. Article 30 of the Single Text of the Law
of the Securities Market, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023 (hereinafter, TUO LMV) establishes the following:
“Article 30.- Important Facts
The registration of a certain security or issuance program entails for its issuer the obligation to inform the SMV and, if applicable, to the respective stock exchange or entity responsible for the conduct of the centralized mechanism, of the important facts, including the negotiations in progress, about itself, the security and the offer made thereof, as well as the duty to disclose such facts in a truthful, sufficient and timely manner. The information must be provided to said institutions and disclosed as soon as the fact occurs or the issuer takes knowledge of it, as the case may be. The importance of a fact is measured by the influence it may exercise on a reasonable investor to modify their decision to invest or not in the security.”;
12. With regard to the above, article 5 of the RHI,
disposes the following:
“Article 5.- Information that by its nature may qualify as an important fact
5.1. In the Annex that forms part of this Regulation, an enumerative list of
facts, acts, agreements and decisions is included, which has the purpose of facilitating the Issuer the identification, qualification and classification of the information that could qualify as an important fact.
5.2. The scenarios in the Annex must be communicated as important facts when
they have the capacity to influence significantly as defined in articles 3 and 4. If any act, decision, agreement, fact or negotiation in progress is not listed in said Annex it does not necessarily imply that it does not qualify as an important fact, and must be communicated as such if it complies with what is stated in the cited articles.

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship What is stated in this number does not apply to the specific scenarios contained in the current regulation approved by the SMV that qualifies certain scenarios as important facts.
5.3. In all cases the Issuer must act diligently to communicate its important facts, and in case of doubt about whether information qualifies as an important fact,
it must opt to reveal it as such.
Any reference to Annex in this article shall be understood as referring to Annex 1”;
13. In addition to the above, Annex 1 of the RHI provides:
“Annex 1
(...)
4. Designation, dismissal and changes in the members of the board of directors and General Management and/or their
equivalent bodies 8
.
(...)
11. Designation and resolution of contract with its auditing company.
(...)
22. Risk classification reports of the Issuer's securities, as well as their changes,
updates or challenges, attaching a copy of the respective classification report.”;
14. Furthermore, article 7, numbers 7.2 and 7.3 of the RHI
and article 9, numbers 9.1 and 9.2 of the RHI (regarding the opportunity for presentation of the important facts), dispose the following:
“Article 7°.- Obligation to Inform
(...)
7.2. Important facts must be sent complying with the technical specifications
approved by the SMV. The Issuer must ensure that in the sending of the information there is coherence between the content of the same and the classification or typology existing in the MVNet.
7.3. The obligation to inform an important fact will only be considered fulfilled if the
Issuer has observed the requirements established in this Regulation and in the technical specifications corresponding that establish the SMV.
(...).”
“Article 9.- Opportunity to inform important facts
9.1. The Issuer must inform its important fact as soon as such fact occurs or the
Issuer takes knowledge of it, and in no case later than the day on which it has occurred or has been known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when it corresponds to the Stock Exchange or to the entity administering the respective centralized trading mechanism. This, regardless of whether the information has been generated or not in the Issuer itself.
9.2. It is presumed that an Issuer has knowledge of an important fact referred to him
when said fact originates in its own organization or controlling shareholder; when it is

8 Number modified by Article 4 of SMV Resolution No. 019-2021-SMV/01, published on October 30, 2021, whose text is the following:
“4. Designation, dismissal and changes in the members of the board of directors and general management and/or their equivalent bodies. In the case of the designation of directors, their qualification as independent or not must be indicated, and if applicable, their quality as alternate or substitute, as well as any change in these circumstances.”

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence
Electronically signed document in the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and authorship communicated or informed of the occurrence of the fact or is a fact that has been disclosed or disseminated publicly. Additionally, it is considered that an Issuer has knowledge of an important fact referred to him that originates in the controlling entity of its economic group, when there are reasonable indications that its main officials have taken knowledge of the fact or if reasonably the Issuer could have known it. (...);”
15. Complementarily, article 24 of the RHI
states:
“Article 24.- General Aspects
(...)
Important facts must be informed in accordance with what is provided in this Regulation and the specific regulations that govern them. In all cases, the deadline for communicating the important facts mentioned is that established in article 9 of this Regulation”;
3.2. Of the charges filed
16. Through the OFFICE OF CHARGES charges were filed
against SCOTIA ST for not communicating, within the deadline established by the regulation, the occasional information indicated in the third consideration of this resolution;
3.3. Of the defenses presented
17. In attention to the charges made, regarding the
infractions detailed in letters a) and e) of the third consideration of this resolution, SCOTIA ST states that it expressly recognizes its responsibility for the facts imputed;
18. Notwithstanding this, the securitization company requests
that the sanction to be applied be proportional to the non-compliance qualified as infraction, under the auspices of what is established in article 348 of the TUO LMV and article 25 of the SANCTIONS REGULATION, for which it states the following;
19. In this regard, it states that it has no
antecedents, nor recidivism, nor economic damage, nor intent in the commission of the infraction;
20. With regard to the circumstances that motivated the
delay in the communication of the risk classification report as an important fact detailed in letter a) of the previous section, SCOTIA ST states that it was due to technological problems since none of the four people of the securitization company copied in the email from Moody’s received the email of date October 21, 2021; therefore, it requested the respective forwarding of the same, therefore attaching the emails exchanged with Moody’s on Sunday, October 24 and Monday, October 25, 2021. In this sense, once the omissions were identified, it regularized the sending of the reports to MVNet prior to the notification of the charge;
21. Regarding the probability of detection of the
infractions, the securitization company argues that it must be taken into consideration that the facts constituting the infractions were remedied prior to the notification of charges. In this sense, it requests that said voluntary remediation be taken into consideration and it be determined that no sanction is appropriate against SCOTIA ST;
22. With regard to the gravity of the damage to the public interest and/or protected legal good, SCOTIA ST states that its action in the commission of the infractions has not caused damage to the public interest, nor has it had repercussion in the market; and that the affectation to transparency is minimal, since these risk classification reports were disseminated on the SMV Portal starting from the communication made by the risk rating companies to the SMV, therefore available not only to the holders of securitization bonds but to the market in general, therefore, the securitization company considers that the infractions have not caused a quantifiable prejudice to the bondholders. Likewise, SCOTIA ST states that the delay in sending the information did not prolong in time, but was regularized in a few days;
23. In addition to the recognition made, SCOTIA ST indicates that another circumstance of mitigating responsibility must be taken into consideration, due to having complied with carrying out the remediation of the non-compliances, situations that demonstrate the concurrent compliance of the mitigating circumstances of responsibility established in article 26 of the SANCTIONS REGULATION;
24. With regard to the charge described in letter b) of the third consideration of this resolution, SCOTIA ST refers that the Board of Directors session
through which the auditing company was designated took place on May 30, 2022, in accordance with the letter of important fact of that same date (File No. 2022022923), in which, according to the securitization company, it explicitly states that “in the Board of Directors Session of the Company held on May 30 of the present year, it was agreed to designate the company Caipo y Asociados Sociedad Civil, a member firm of KPMG International, as External Auditors of the Company for the 2022 fiscal year”;
25. SCOTIA ST adds that subsequently, it entered the structured file of May 30, 2022 (File No. 2022022929), in which it recorded in the description of the important fact that “In the board session of the company held today it was agreed to designate the company Caipo y Asociados Sociedad Civil, a member firm of KPMG International, as External Auditors of the Company for the 2022 fiscal year” and as the initial date of the change May 30, 2022. However, due to an involuntary action when filling out the structured file, it was erroneously recorded as the date of the agreement May 23, 2022 instead of May 30, 2022;
26. In this regard, the securitization company states that
both important facts were informed on the same day, May 30, 2022, and in both cases it was stated that the board session took place on May 30, 2022;
27. As for the infraction described in letter c) of the
previous section, SCOTIA ST refers that Mr. Miguel Madueño Buse (hereinafter, MR. MADUEÑO) was designated as director of the company by the Universal Shareholders’ Meeting held on May 18, 2022, as the designation was informed through the important fact of May 18, 2022 (File No. 2022021682). The securitization company adds that what was presented on May 27 as regularization was the curriculum vitae and the sworn declaration of MR. MADUEÑO;

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Superintendencia del Mercado de Valores
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28. Furthermore, SCOTIA ST alleges that through the structured file, the appointment of MR. MADUEÑO as a director of the company was informed, and the following was recorded in the description of the important event: "it is informed that on the present date the General Shareholders' Meeting was held in which it was agreed to fix the number of directors of the company at five for the 2022 term and the election of Messrs. Sardón, Rivadeneira, Viola, Madueño and Sánchez Carrión", generating the letter of important event with File No. 2022021673 dated May 18, 2022;

29. Regarding the infringement described in letter d) of the third consideration of this resolution, SCOTIA ST refers that, in its view, the payment of a waiver fee by the Originator Plaza Norte S.A. to the bondholders did not constitute an important event, as defined in the RHI. The securitization company adds that the referred important event was presented because the Stock Exchange asked them to send their responses to their inquiries regarding the payment of the waiver fee as an important event through the MVNet system;

30. SCOTIA ST emphasizes that the agreement to obtain an automatic extension for an additional period of six (6) calendar months to obtain the registry inscription of the Surface Rights, conditioned on the payment of a waiver fee, was approved in the General Bondholders' Assembly of June 2, 2022, and informed as an important event on that same day under File No. 2022023698;

31. The securitization company alleges that in said assembly it was expressly agreed that if the Originator made the payment agreed upon as a waiver fee, an additional period for the dispensation related to the registry inscription of the Surface Rights would be automatically activated, with no further action required on its part for the activation of said dispensation, as it is automatic and expressly agreed upon, which is why it considers that it was not necessary to inform the market again. SCOTIA ST adds that it would have been different if the Originator had not complied with the payment at maturity, as that would have constituted a breach of its obligation and the securitization company would have had to inform it as an important event;

32. SCOTIA ST argues that, as specified in its communication of June 7, 2022, the payment of the waiver fee was not only agreed upon in the General Bondholders' Assembly but it was also established that it must be made directly by Plaza Norte S.A. in its capacity as Originator; therefore, making the payment was not an obligation of the securitization company, nor its responsibility as it was not established in the Deed of Incorporation. Likewise, SCOTIA ST points out that the payment was not made from the resources of the trust estate, nor through CAVALI;

33. In that sense, the securitization company considers that there was no impact on market transparency since it complied with informing in a complete and precise manner the agreements adopted in the General Assembly held on June 2, 2022, as an important event, in addition to the fact that the funds resulting from the payment were not part of the trust estate, but were cancelled directly with the Originator's own resources;

3.4 Evaluation of the defenses

RESPECTING THE INFRINGEMENTS DESCRIBED IN LETTERS a) AND e) OF THE THIRD CONSIDERATION

34. With regard to the late communications of the important events referred to the risk classification report carried out by Moody’s Local Pe Clasificadora de Riesgo S.A. corresponding to the “Patrimonio Fideicometido Scotiabank CC Atocongo y CC Los Jardines Open Plaza D.S. N° 093-2002-EF-Título XI” (hereinafter, INFRACTION A), as well as the important event referred to the risk classification report carried out by Apoyo y Asociados Internacionales S.A.C. Clasificadora de Riesgo corresponding to the “Patrimonio Fideicometido, Decreto Supremo N° 093-2022- EF, Título XI, Bonos de Titulización IPSA y Subsidiarias” (hereinafter, INFRACTION E), SCOTIA ST has expressly recognized its responsibility for the commission of said infractions, which will be taken into consideration when carrying out the evaluation of the sanction to be imposed;

35. Without prejudice to the above, it is necessary to indicate that SCOTIA ST is a company supervised by the SMV, with an operating authorization granted by Resolution CONASEV No. 042-99-EF/94.10 of March 23, 1999, and has knowledge of the applicable regulations for the presentation of occasional information, so it has the obligation to comply with what is established in said regulations and therefore act diligently in the timely presentation of said information. Nevertheless, this did not occur, as SCOTIA ST has incurred in INFRACTION A and INFRACTION E, the subject of this administrative sanctioning procedure;

36. In that sense, with respect to said infractions, it is precise to mention that securitization companies are obligated to present the communication of important events at the time established in article 9 of the RHI, that is, as soon as the event occurs or is known about, in no case later than the day it occurred or was known;

37. On its part, SCOTIA ST points out that it must be considered that the classification reports are published by the Risk Classification Companies on the date of their issuance. With regard to this, it must be indicated that although according to what is established in article 32, numeral 32.3 of the RISK CLASSIFICATION COMPANIES REGULATIONS 9, on the same date of the issuance of the classification report, the classifier must proceed to publish it on its website and send it to the issuer and the SMV, this does not imply that securitization companies can exempt or defer the diligent compliance with their obligation to communicate said report as an important event; considering also the scope that the dissemination of important events has to the market through the SMV Portal. It should also be noted that the timely submission of important events, the subject of charges, is a distinct obligation from that which risk classification companies might have;

38. Nevertheless, and in attention to the recognition made, it is verified that SCOTIA ST presented the information described in letters a) and e) of the third consideration of this resolution, outside the deadline established in article 9 of the RHI, with a delay of three (3) days for the case of INFRACTION A; and one (1) day of delay, in the case of infringement e);

39. On the other hand, with regard to the sanctioning criteria and mitigating and exonerating factors exposed by SCOTIA ST, it must be indicated that these will be evaluated when carrying out the evaluation of the sanction to be imposed;

9 Risk Classification Companies Regulation, approved by SMV Resolution No. 032-2015-SMV-01 (hereinafter, RISK CLASSIFICATION COMPANIES REGULATIONS).

PERÚ Ministry of Economy and Finance

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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

RESPECTING THE INFRINGEMENT DESCRIBED IN LETTER b) OF THE THIRD CONSIDERATION

40. With regard to the late communication of the important event referred to the designation of Caipo y Asociados S. Civil de R. L. as the auditing company of SCOTIA ST for the 2022 term (hereinafter, INFRACTION B), SCOTIA ST states that the Board of Directors session by which the referred auditing company was designated for the year 2022 took place on May 30, 2022;

41. With regard to the above, the securitization company adds that in the communication sent with file No. 2022022923 dated May 30, 2022 (hereinafter, FIRST IMPORTANT EVENT), it was expressly indicated that "in the Board of Directors session of the Company held on May 30 of the present year, it was agreed to designate the company Caipo y Asociados Sociedad Civil, firm of the member of KPMG International, as External Auditors for the 2022 term";

42. Additionally, SCOTIA ST refers that after entering the structured file of the important event of file No. 2022022929 (hereinafter, SECOND IMPORTANT EVENT), it was recorded that the Board of Directors session in which the agreement was adopted would have taken place on the same day as the presentation of the information to the SMV, that is, May 30, 2022, but by error the date of the agreement was indicated as May 23, 2022;

43. Regarding this, it must be indicated that entities authorized by the SMV have as a permanent obligation to observe the greatest possible diligence in the disclosure of information to the market, in a truthful, sufficient, and timely manner; so in case of any error in the information disseminated, the MVNet allows securitization companies to rectify, clarify, and/or expand any information sent previously, in accordance with what is established by article 12, letter f) of the MVNet REGULATIONS, in force on the date the events occurred 10, for which the MVNet considers a procedure for regularizing information previously sent, which should have been diligently applied by the securitizer; however, this did not occur, so the important event presented to the SMV by SCOTIA ST was considered and understood both by the supervisor and by the market as truthful and sufficient, since supposing or perceiving the contrary would imply that such information did not meet such requirements, that is, it could be considered as confusing or misleading;

44. Without prejudice to what has been stated, in the present case it must be considered that from the review of SCOTIA ST's minutes book carried out during the inspection visit of November 3, 2025, it was verified that on folios No. 021 to 023, the "Act of Non-Presential Board of Directors Session" dated May 30, 2022 (hereinafter, ACTA) is recorded, in which, among others, the agreement by unanimity of the Board of Directors of SCOTIA ST, corresponding to the designation of Caipo y Asociados Sociedad Civil de Responsabilidad Limitada, member firm of KPMG International, as the auditing company of SCOTIA ST for the 2022 term, is recorded;

45. In such sense, according to what has been exposed, it is possible to conclude that SCOTIA ST complied with communicating the important event under evaluation on the day of its occurrence, May 30, 2022, that is, within the period stipulated in article 9 of the Regulation of Important Events, so it corresponds to archive this case;

10 Today letter f) article 13 of the MVNet Regulation.

PERÚ Ministry of Economy and Finance

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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

RESPECTING THE INFRINGEMENT DESCRIBED IN LETTER c) OF THE THIRD CONSIDERATION

46. On this particular, it must be indicated that from the review of the defenses presented by SCOTIA ST it is appreciated that through file No. 2022021673 dated May 18, 2022, said company presented to the SMV an important event referred to, among others, the designation of MR. MADUEÑO as a director of SCOTIA ST. It is worth highlighting that the mentioned communication was made using a structured file, in observance of article 7, numeral 7.3 of the RHI 11;

47. It should be indicated that file No. 2022021673 was communicated through the structured format called "Changes in Participation and Election and Removal of Related Parties", established in the Technical Specifications of the Registration and Supervision Information System – SIRYS, approved by Superintendent Resolution No. 003-2022-SMV/02 (hereinafter, TECHNICAL SPECIFICATIONS), so said important event was disseminated instantaneously and automatically on the SMV website portal and was available to the general public from such date;

48. In that sense, SCOTIA ST complied with communicating the important event under evaluation on the day of its occurrence, May 18, 2022, that is, within the period stipulated in article 9 of the RHI; so it corresponds to archive this charge;

49. Without prejudice to what has been exposed, it corresponds to point out that the letter of May 27, 2022, was a regularization regarding the designation of MR. MADUEÑO through which additional documentation of said director was attached;

RESPECTING THE INFRINGEMENT DESCRIBED IN LETTER d) OF THE THIRD CONSIDERATION

50. On this particular, it must be pointed out that in the present case it is not questioning whether the important event referred to the payment of a waiver fee to the holders of bonds corresponding to the First and Second Issuance of the First Bond Issuance Program – Plaza Norte is qualified as such by the RHI, but rather the opportunity in which it was communicated;

51. In effect, it is opportune to point out that the qualification of events as important and their subsequent communication as such, as in the present case, presupposes a prior evaluation by SCOTIA ST regarding the influence that this information may have on a sensible investor, before disseminating it to the market;

52. In that sense, since such event was qualified as an important event by the securitization company itself and informed to the RPMV, it had to comply with the requirements established in the RHI;

11 "The obligation to inform an important event will only be considered fulfilled if the Issuer has observed the requirements established in this Regulation and in the corresponding technical specifications established by the SMV."

PERÚ Ministry of Economy and Finance

SMV
Securities Market
Superintendence

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

53. In such sense, since SCOTIA ST granted the quality of important event to the referred payment made on April 21, 2023, it had to send said information on the same day, in accordance with what is established in article 9, numeral 9.1 of the RHI. Nevertheless, it is observed that SCOTIA ST communicated said important event on May 23, 2023, that is, outside the period established in article 9 of the RHI, with thirty-two (32) days of delay;

54. Without prejudice to the above, it must be pointed out that although articles 3 and 4 of the RHI define what can be understood as an important event, as well as the Annex of the RHI contains a list of events, acts, agreements, and decisions, which aims to facilitate the identification, qualification, and classification of information that could qualify as an important event, it must be pointed out that this maintains its referential and enumerative character; so that supervised entities – within their due diligence – can determine those situations that although not stated in the aforementioned norms, could still qualify as important events, as established in article 5, numerals 5.2 and 5.3 of the RHI 12 and as the company itself determined regarding the event subject to charges;

55. In accordance with what has been exposed, it is concluded that SCOTIA ST has not disproven the charge imputed in this regard;

56. Consequently, taking into account the considerations stated above, it is observed that SCOTIA ST has incurred in four (4) infractions qualified as minor, typified in Annex I, numeral 3, clause 3.1, of the SANCTIONS REGULATIONS, according to which it constitutes an infringement: "To present outside the established period, or to do so in an incomplete manner, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated intermediate financial statements, management report, special audit report, important events, and annual reports";

57. Likewise, it corresponds to archive the charge formulated in the present administrative sanctioning procedure described in letter c) of the third consideration of this resolution;

IV. EVALUATION OF THE SANCTION

58. In accordance with what is established in article 35 of the SANCTIONS REGULATIONS, the commission of a minor nature infringement is subject to a sanction corresponding to a reprimand or a fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);

59. With regard to this, taking into account that in the present sanctioning procedure infractions typified as minor referring to the non-compliance with the deadline for the presentation of periodic information are evaluated, it must be considered that clause 1 of the "Criteria Applicable to the Administrative Sanctioning Procedure for Non-Compliance with the Regulations Regulating the Submission of Periodic or Occasional Information", approved by SMV Resolution No. 006-2012-SMV/01 and its modification 13 (hereinafter, SANCTIONING CRITERIA), in force on the date the events occurred, provides that the purpose of said criteria is "to establish the sanctioning parameters within the framework of the General Administrative Procedure Law, the Securities Market Law, and the Decree Law on Collective Fund Management Companies that allow applying sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the Records under the charge of the SMV, and other persons obliged to present periodic or occasional information for the non-compliance with the timely submission of said information that are typified as a minor infringement in the annexes of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF-94.10. The criteria that follow are developed exclusively for the non-compliance with the regulations that regulate the submission of periodic or occasional information and are not applied extensively to other cases investigated by this Superintendence";

60. Therefore, to evaluate the sanction that must be imposed on SCOTIA ST for the non-compliances in the presentation of periodic information described in this resolution, it corresponds to apply the SANCTIONING CRITERIA;

61. It is worth highlighting that the application of the SANCTIONING CRITERIA observes the principle of proportionality established in the TUO LPAG, since it allows determining in a predictable manner for the administered, the sanctions to be imposed on securities issuers and on persons registered in the RPMV for non-compliances with the deadlines for the submission of information to which they are subject

13
Modified by article 3 of SMV Resolution No. 010-2014-SMV/01 of May 22, 2014, in force from May 25, 2014.
The referred resolution modified, the first paragraph of the Fourth Criterion of clause 4.1, the numerals (ii), (iv), (v) (vi) and (vii) of clause 4.2 of the Criteria applicable to the administrative sanctioning procedure for non-compliance with the regulations that regulate the submission of periodic or occasional information, approved by SMV Resolution No. 006-2012-SMV/01.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship obligated by the rules and by omission in the transmission of that information that is required by the SMV;
4.1. DETERMINATION OF THE SANCTION
62. For the purpose of determining the sanction corresponding to the infractions under analysis, and in accordance with what is established in subsection 3.2 of the SANCTION CRITERIA, the evaluation criteria set forth in Article 348 of the LMV, Article 248, numeral 3, of the TUO LPAG 14, Article 25 of the SANCTIONS REGULATION, as well as subsection 4.1 of the SANCTION CRITERIA, whose observance is mandatory, must be taken into account. Within this framework, the evaluation of the sanction must consider: a) The gravity of the damage to the public interest and/or protected legal good; b) The economic harm caused and the repercussion in the market; c) Sanction history; d) Recidivism; e) The circumstances of the commission of the infraction; e) The illicit benefit resulting from the commission of the infraction; g) The existence or non-existence of intent in the infringer's conduct; and, h) The probability of detection of the infraction;
63. Regarding the gravity of the damage to the public interest and/or protected legal good, it must be considered that in the case of the submission of event information, any non-compliance with the regulations on its timely presentation, that is, the non-observance of the deadlines established to present such information, affects the transparency of the securities market, as this safeguards the right of investors (actual and potential) and the general public to access such information in a timely manner in order to adopt investment decisions or carry out a certain evaluation; likewise, it affects the SMV in the implementation of its supervision and control activities that seek to protect the integrity of the market;
64. Therefore, it can be affirmed that SCOTIA ST has affected the protected legal good, which is market transparency, since it communicated the event information subject to charges late;
65. With respect to the economic harm caused and the repercussion in the market, it has not been evidenced that the infractions in which SCOTIA ST has incurred have produced a concrete quantifiable harm in the market, that is, it has not been determined that there has been concrete harm or caused economic damage to one or more investors, so it has not been evidenced that there has been repercussion in the market;
66. Likewise, regarding sanction history, it must be noted that in accordance with the SANCTION CRITERIA and Article 25, literal a) of the SANCTIONS REGULATION, history consists of final sanctions imposed by the SMV within a period of four (4) years prior to the commission of the infractions to be sanctioned, and the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered history. In this sense, from the review carried out in said period, it has been verified that SCOTIA ST presents the following sanction history:

Nº	Resolution	Resolved	Finality	Antecedent
i	Resolution of the Adjunct Superintendent SMV No. 051-2020-SMV/10 15	SCOTIA ST is sanctioned with four (04) warnings and a fine of 3.09 UIT, equivalent to S/ 12,823.50 (Twelve thousand eight hundred twenty-three and 50/100 soles), for having incurred five (05) infractions of a minor nature, typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF/94.10 and its amendments (hereinafter, PREVIOUS SANCTIONS REGULATION), for not having complied with presenting event and periodic information within the deadline established by the applicable regulation. Likewise, it is declared that it does not correspond to sanction SCOTIA ST for one (01) infraction of a minor nature, typified in Annex I, numeral 3, subsection 3.1 of the PREVIOUS SANCTIONS REGULATION; and, for two (02) infractions of a minor nature typified in Annex I, numeral 3, subsection 3.1 of the SANCTIONS REGULATION, and, consequently, the administrative sanctioning procedure is concluded in this regard.	07/01/2021	a), d) and e)
ii	Resolution of the Adjunct Superintendent SMV No. 015-2022-SMV/10 16	SCOTIA ST is sanctioned with a fine of 1.5 UIT, equivalent to S/. 6,450.00 (Six thousand four hundred fifty and 00/100 Soles), for having incurred one (1) infraction of a minor nature typified in Annex I, numeral 3, subsection 3.1 of the SANCTIONS REGULATION, for not having complied with presenting event information, referring to a fact of importance regarding a risk classification report, within the deadline established by the applicable regulation.	19/09/2022	e)

(*) Literals of the third recital of this resolution;
67. With respect to recidivism for the commission of the same infraction, that final sanction imposed by the SMV within a period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account. Regarding this, from the review carried out in said period, it has been verified that SCOTIA ST presents as sanction recidivism the Resolution of the Adjunct Superintendent SMV No. 015-2022-SMV/10 referred to above;
68. As for the circumstances of the commission of the infractions, it is worth mentioning that SCOTIA ST, in its capacity as a company supervised by the SMV, knows the regulations that regulate the securities market and, in that sense, the regulations that oblige it to present event information to the SMV within the deadlines established therein. However, SCOTIA FONDOS presented the communication corresponding to the facts of importance recorded in literals d) and e) of the third recital of this resolution, under evaluation in the present sanctioning procedure, late;
69. With respect to INFRACTION A, SCOTIA ST specified that the delay in communicating the risk classification report was due to technical problems in receiving the email sent by Moody’s Local Pe Risk Classifier S.A. and that it has taken the appropriate measures so that this does not happen again;
70. Regarding this, it must be mentioned that SCOTIA ST, in accordance with its duty of diligence, should have anticipated in sufficient time the situation that generated the late sending and taken the corresponding measures to avoid it;
71. Regarding the illicit benefit resulting from the commission of the infractions, it must be noted that it has not been proven that SCOTIA ST has obtained a benefit that is directly related to the infractions under analysis;

15 Notified on December 10, 2020.
16 Notified on August 24, 2018.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship
72. Regarding the existence or non-existence of intent in the infringer's conduct, it has not been evidenced that SCOTIA ST has acted with intent in the commission of the infractions under analysis;
73. With respect to the probability of detection of the infractions, it must be indicated that in the present case the infractions in which SCOTIA ST has incurred were evidenced as a result of the supervision and control activities carried out by the SMV regarding the compliance with the timely presentation of periodic and event information, in accordance with what is established in the applicable regulation; therefore, the probability of detection was high;
74. Continuing with the analysis, it corresponds to determine the sanction to be imposed on SCOTIA ST for the infraction under analysis. In that sense, the SANCTION CRITERIA establish that a sanction of warning may be imposed when the following guidelines established in subsection 4.2, numeral (ii) of said criteria are met concurrently: (i) the impact on market transparency is minimal; (ii) the infraction committed has not caused concrete harm to investors or associates; (iii) the infringing subject does not have history or, having it, it refers to infractions typified as minor offenses imposed in the four (4) years prior to the commission of the infraction being evaluated; (iv) the infringing subject has not obtained a benefit from its illegal conduct; and, (v) it has not been proven that the infringer acted with intent in the commission of the infraction;
75. Likewise, said SANCTION CRITERIA establish that if it does not correspond to apply a warning sanction, a fine sanction must be imposed;
76. On the other hand, the Gradual Regime for Sanctions for Late Submission of Financial Information, Annual Report and Facts of Importance, approved by SMV Resolution No. 007-2023-SMV/01 of September 4, 2023 17 (hereinafter, GRADUAL REGIME FOR SANCTIONS), in force as of January 1, 2024, establishes in Article 6, numeral 6.1, that a warning sanction may be applied when the following circumstances are met concurrently: a) When the impact on market transparency is minimal. This statement is linked to the criterion of the gravity of the damage to the public interest and/or protected legal good; b) The infraction committed has not caused concrete harm to investors or associates; c) The infringing subject does not have history or, having it, it refers to sanctions corresponding to minor infractions imposed by the SMV that had become final in the four (4) years prior to the commission of the infraction being evaluated; d) The infringing subject is not a recidivist; e) The infringer has not obtained benefits from his administrative infraction; and f) It has not been proven that the infringer acted with intent in the commission of the infraction;
77. In that sense, it corresponds to evaluate the circumstances for the application of a warning sanction established in the SANCTION CRITERIA as well as in the GRADUAL REGIME FOR SANCTIONS, in order to determine those that are more favorable to the administrative party, in application of the principle of retroactivity contemplated in numeral 5 of Article 248 of the TUO LPAG;
78. It should be specified that, with respect to the infraction described in literal d) of the third recital of this resolution, it must be noted that the corresponding event information was presented by SCOTIA ST with thirty-two (32) days of delay; therefore, the prolongation in the non-compliance with the deadline established in the regulation to present such information acquires greater relevance. Consequently, the greater delay in the presentation of said information has determined the degree of impact on the transparency of the securities market; therefore, it does not correspond to apply a warning sanction to the aforementioned infraction, as it does not meet the criterion established in subsection 4.2, numeral ii), literal i) of the SANCTION CRITERIA, referring to the fact that the impact on market transparency is minimal. Likewise, the GRADUAL REGIME FOR SANCTIONS is not more favorable 18 with respect to the possibility of imposing a warning; therefore, it corresponds to impose a fine sanction;
79. In that sense, in accordance with the guidelines established in subsection 4.2, numeral (iv) and (v) of the SANCTION CRITERIA, regarding non-compliance in the submission of event information, it would correspond to apply to the infraction under evaluation a fine sanction amounting to 3.09 UIT 19 equivalent to S/. 15,295.50 (Fifteen thousand two hundred ninety-five and 50/100 soles);
80. On the other hand, we must point out that if the fine were applied according to the parameters established in the GRADUAL REGIME FOR SANCTIONS, the amount to be imposed would be greater than that resulting from applying the SANCTION CRITERIA;
81. Now, with respect to the infractions committed in literals a) and e) of the third recital of this resolution, it has not been proven that they have caused concrete harm to investors, it has not been evidenced that SCOTIA ST has obtained a benefit from its illegal conduct, and it has not been proven that it acted with intent in the commission of the infraction;
82. Likewise, it has been verified that SCOTIA ST, with respect to said infractions, has a history of sanctions for infractions typified as minor offenses imposed in the four (4) years prior to the commission of the aforementioned infractions;
83. With respect to the condition referred to the impact on market transparency being minimal, it must be warned in principle and as mentioned in the evaluation of the sanction criteria, that any non-compliance with the regulations regarding the deadlines established to present event information affects the transparency of the securities market, even more so if this non-compliance prolongs over time; since such information is relevant not only for investors but also for the market in general. In that sense, it is the obligation of every administrator society to present the event information required by the regulation within the established deadlines, that is, in a timely manner;
84. Nevertheless, it must be indicated that the infractions described in literals a) and e) of the third recital of this resolution, although they present a delay of three (3) days and one (1) day in their presentation, respectively, it can be appreciated that during the period in which SCOTIA ST did not inform the market and the SMV of these facts of importance, the degree of impact on market transparency has been minimal; without prejudice to the fact that in similar cases, a greater delay in the presentation of the information can determine a greater degree of impact on the transparency of the securities market;
85. Therefore, as a result of the evaluation carried out, SCOTIA ST meets the conditions established in subsection 4.2, numeral (ii) of the SANCTION CRITERIA, so that according to said criteria, the sanction to be applied for each of the infractions indicated in the previous recital would be a warning;
86. On the other hand, it should be noted that in the present procedure, the existence of aggravating circumstances contemplated in subsection 4.2, numeral (vi) of said SANCTION CRITERIA has not been determined;

EXEMPTING AND MITIGATING CIRCUMSTANCES OF RESPONSIBILITY
87. In addition to the above, it corresponds to analyze the exempting and mitigating circumstances of responsibility established in Article 257 20 of the TUO LPAG and in Articles 26 and 27 of the SANCTIONS REGULATION;
88. Regarding this, in accordance with what is determined in Article 257, numeral 1 of the TUO LPAG and in Article 27 of the SANCTIONS REGULATION, it is not observed that in the present case any of the circumstances that constitute exemptions of responsibility have been configured;
89. It must be indicated that with respect to INFRACTION A and INFRACTION E, in their defenses SCOTIA ST has stated that they were voluntarily remedied prior to the notification of the statement of charges, so it considers that it does not correspond to apply a sanction for these infractions;
90. Regarding this, it must be reiterated that this lacks support, in view of that any non-compliance with the regulations on the timely presentation of periodic information affects the transparency of the securities market, as this safeguards the right of investors (actual and potential) and the general public to access such information in a timely manner in order to adopt investment decisions or carry out a certain evaluation. Furthermore, it must be indicated that for the case of Infraction A, SCOTIA ST, via email of October 24, 2021, indicates to the risk classifier company to send it the report referred to in the message of the SMV, that is, the measures adopted by the administrator, were results of requirements by the SMV, as derived from said email;
91. Additionally, it must be indicated that in accordance with Article 28, literal c) 21 of the SANCTIONS REGULATION, the late presentation of facts of importance and financial information, among others, is not subject to remediation for the purposes of what is provided in literal f) of Article 27 22 of said Regulation;
92. With respect to the voluntary declaration of the commission of the infractions and the contribution of the infringer to their clarification, established in Article 257, numeral 2, literal a) of the TUO LPAG and in Article 26, literals a) and b) of the SANCTIONS REGULATION, it must be indicated that SCOTIA ST has recognized its responsibility for the infractions referred to in literals a) and e) of the third recital of this resolution, in an express and written manner, within the deadline granted for the presentation of defenses, and in a precise, concise, clear, express and unconditional manner, without ambiguous or contradictory expressions, as well as has contributed to their clarification; therefore, according to what is established in said Article 26 23, literal a), numeral 1 and fourth paragraph of the same article, the mitigating circumstances of responsibility indicated apply to it;
93. On the other hand, with respect to the infraction described in literal d) of the third recital of this resolution, it is observed that the securitization society has not expressly recognized the commission of the infractions under evaluation, nor has it contributed to their clarification;
94. Being subject to what is provided by Article 32°, numeral 17, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree Nº 216-2011-EF and its amendments, as well as the SANCTION CRITERIA and its amendment;

RESOLVES:
Article 1º.- Declare that Scotia Sociedad Titulizadora S.A. has incurred one (1) infraction of a minor nature typified in Annex I, numeral 3, subsection 3.1 of the Sanctions Regulation, approved by Resolution SMV No. 035-

17 Published in the Official Newspaper “El Peruano” on September 8, 2023.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship 18 It should be noted that, additionally, the circumstances for the application of the warning sanction established in the GRADUAL REGIME FOR SANCTIONS, in force as of January 1, 2024, were analyzed; however, it was verified that the infraction analyzed in this regard does not meet the requirement of minimal impact on the principle of transparency, nor that of not being a recidivist, so it does not correspond to apply a warning sanction. 19 In accordance with Article 32, literal b), of the SANCTIONS REGULATION, for payment purposes, the UIT applicable is the one in force at the time of the commission of the infraction. Therefore, the UIT for the year 2023 is considered, approved by Supreme Decree N° 309-2022-EF, equivalent to S/ 4,950.00.

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship 20 “Article 257.- Exempting and mitigating circumstances of responsibility for infractions 1.- The following constitute conditions exempting responsibility for infractions:
a) Force majeure or fortuitous event duly proven. b) Acting in compliance with a legal duty or the legitimate exercise of the right of defense. c) Mental incapacity duly proven by the competent authority, provided that this affects the ability to understand the infraction. d) Mandatory order of a competent authority, issued in the exercise of its functions. e) Error induced by the Administration or by confusing or illegal administrative provision. f) Voluntary remediation by the possible sanctioned party of the act or omission imputed as constitutive of an administrative infraction, prior to the notification of the statement of charges referred to in subsection 3) of Article 235. 2.- The following constitute conditions mitigating responsibility for infractions:
a) If an administrative sanctioning procedure has been initiated, the infringer recognizes his responsibility expressly and in writing.
In cases where the applicable sanction is a fine, it is reduced to an amount no less than half of its value. b) Others established by special regulation.”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship 21 “Article 28.- Circumstances in which remediation does not apply as an exemption of responsibility (...) c) The late or incomplete presentation, or the non-presentation of facts of importance, financial information and annual reports.” 22 “Article 27.- Exemptions of responsibility for infractions (...) f) Voluntary remediation by the possible sanctioned party of the act or omission imputed as constitutive of an administrative infraction, prior to the notification of the statement of charges referred to in the LPAG and provided that no communication demanding compliance with the obligation has been issued.” 23 “Article 26.- MITIGATING CIRCUMSTANCES OF RESPONSIBILITY The following constitute conditions mitigating responsibility for infractions:
a) Recognition of responsibility by the infringer in an express and written manner, once the administrative sanctioning procedure has been initiated.
When the applicable sanction is a fine, it is reduced, taking into account the following:

1. If the recognition of the infraction is presented within the deadline granted for the presentation of defenses, the reduction amount will be fifty percent (50%).
   (...)
   The recognition of responsibility regarding an infraction must be made in a precise, concise, clear, express and unconditional manner, and must not contain ambiguous or contradictory expressions; otherwise, it will not be understood as a recognition. If defenses are presented, despite having made a recognition of responsibility, it will be understood as a non-recognition, and the authority will proceed to evaluate the defenses.”

PERÚ Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations, and amendments. The integrity of the document and the authorship

2018-SMV/01, for not having timely presented the significant event referred to the payment of a waiver fee to the holders of the bonds corresponding to the First and Second issuance of the First Bond Program of Titulization – Plaza Norte.

Article 2nd.- Declare that Scotia Sociedad Titulizadora S.A. has committed one (1) infraction of a minor nature typified in Annex I, number 3, clause 3.1 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, for not having timely presented the significant event referred to the risk classification report carried out by Moody’s Local Pe Clasificadora de Riesgo S.A., corresponding to the “Patrimonio Fideicometido Scotiabank CC Atocongo y C.C. Los Jardines Open Plaza D.S. No. 093-2002-EF-Title XI”. Declare that Scotia Sociedad Titulizadora S.A. has committed one (1) infraction of a minor nature typified in Annex I, number 3, clause 3.1 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, for not having timely presented the significant event referred to the risk classification report carried out by Apoyo y Asociados Internacionales S.A.C. Clasificadora De Riesgo, corresponding to the “Patrimonio Fideicometido, Supreme Decree No. 093-2022-EF, Title XI, Titulization Bonds IPSA and Subsidiaries”.

Article 3rd.- Declare that Scotia Sociedad Titulizadora S.A. has not committed one (1) infraction of a minor nature typified in Annex I, number 3, clause 3.1 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, regarding the presentation of the significant event referred to the designation of Caipo y Asociados S. Civil de R.L. as the auditing company of SCOTIA ST for the 2022 fiscal year.

Article 4th.- Declare that Scotia Sociedad Titulizadora S.A. has not committed one (1) infraction of a minor nature typified in Annex I, number 3, clause 3.1 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, regarding the presentation of the significant event referred to the designation or registration of Mr. Miguel Ignacio Madueño Buse as a new member of the board of directors of SCOTIA ST, which occurred on May 18, 2022. Sanction Scotia Sociedad Titulizadora S.A. with a fine of 3.09 UIT equivalent to S/. 15,295.50 (Fifteen thousand two hundred ninety-five and 50/100 soles) pursuant to article 1 of this resolution.

Article 5th.- Sanction Scotia Sociedad Titulizadora S.A. with two (2) warnings, pursuant to articles 2 and 3 of this resolution.

Article 6th.- This resolution does not exhaust the administrative route, unless it is consented to, and may be challenged before the Deputy Superintendent of Prudential Supervision by filing a reconsideration appeal, presented before the same, within a period of fifteen (15) business days counted from the day following its notification.

Article 7th.- In the event that this resolution is not subject to challenge through a reconsideration appeal within the period of fifteen (15) business days of notification and becomes consented to, it must be published on the Institutional Website of the SMV in the Single Digital Platform of the Peruvian State, in observance of what is established in number 1, article 7 of the Policy on the dissemination of normative projects, general legal norms, early agenda, and other administrative acts of the SMV, approved by Resolution SMV No. 014-2014-SMV/01.

PERU Ministry of Economy and Finance

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations, and amendments. The integrity of the document and the authorship and its amendments, and pursuant to article 14 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01.

Article 8th.- Transcribe this resolution to Scotia Sociedad Titulizadora S.A.
Register, communicate, and publish.
Omar Gutiérrez Ochoa
Deputy Superintendent
Deputy Superintendent of Prudential Supervision