PERU
Ministry of Economy and Finance
SMV
Superintendency of the Market in Securities

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

Resolution of the General Intendancy of Supervision of Entities

No. 085-2024-SMV/10.2

Lima, 20 June 2024

The General Intendant of Supervision of Entities

WHEREAS:

File No. 2023048124 submitted by Messrs. Arthur Do Nascimento Silva and Álvaro Eduardo Gálvez Fernández, as well as Report No. 768-2024-SMV/10.2 of 20 June 2024, issued by the General Intendancy of Supervision of Entities of the Superintendency of the Market in Securities;

CONSIDERING:

That, by means of writings and documentation submitted up to 09 January 2024, Messrs. Arthur Do Nascimento Silva (hereinafter, MR. SILVA) and Álvaro Eduardo Gálvez Fernández (hereinafter, MR. GÁLVEZ) requested authorization for the organization of an investment fund management company to be named Zest Capital Sociedad Administradora de Fondos de Inversión S.A.C. (hereinafter, ZEST SAFI), where each would have a shareholding in the capital stock of said entity of 56% and 44%, respectively;

That, by Resolution of the General Intendancy of Supervision of Entities No. 017-2024-SMV/10.2 (hereinafter, DENIAL RESOLUTION) of 12 February 2024, the General Intendancy of Supervision of Entities resolved to deny the request for authorization for the organization of the investment fund management company to be named ZEST SAFI submitted by MR. SILVA and MR. GÁLVEZ (hereinafter, jointly the ORGANIZERS);

That, in said resolution it was determined that the ORGANIZERS did not comply with the provisions of articles 4 and 5 of the Common Rules for Entities that require Authorization for Organization and Operation from the SMV, approved by SMV Resolution No. 039-2016-SMV/01 and its amendments (hereinafter, COMMON RULES) to be organizers of an investment fund management company, to the extent that:

(i) They did not have the necessary economic solvency, to the satisfaction of the SMV, to meet the total contributions destined for: i) the incorporation of the capital stock of ZEST SAFI, and ii) eventual contributions in order to comply with capital increases to meet operating costs during the first years of operations;

PERU
Ministry of Economy and Finance
SMV
Superintendency of the Market in Securities

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

(ii) They did not rectify the sworn declaration of impediments established in Annex B of the COMMON RULES, regarding the impediment contained in literal q) of said Annex B, since it did not include the reference that the ORGANIZERS had not been controllers, direct or indirect, shareholders, directors and managers of those who have carried out or carry out exclusive activities of persons authorized by the SMV or SBS without having said authorization;

That, by writing of 05 March 2024, the ORGANIZERS filed a reconsideration appeal against Resolution of the General Intendancy of Supervision of Entities No. 017-2024-SMV/10.2;

That, on 18 June 2024, a face-to-face meeting was held at the offices of the SMV with the ORGANIZERS, their representative and legal advisor, in order to make use of the floor within the framework of this procedure, in accordance with what was requested by them through writing of 05 June 2024;

That, on 19 June 2024 the ORGANIZERS submitted a new writing presenting additional information;

That, in accordance with the provisions of article 219 of the Single Ordered Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS, it is an indispensable requirement for the processing of the reconsideration appeal that it be based on new evidence;

That, the ORGANIZERS presented as new evidence the following:

a) Sworn Declarations of Patrimonial Information updated as of 5 March 2024, in which new figures are shown with respect to the information presented in the original request, both in the available balances in bank accounts and in the investment portfolios of each of the ORGANIZERS.

b) Copy of minutes of the general shareholders' meeting of Zest Capital LLC and Zest Capital Perú S.A.C., in which the payment of dividends in favor of the ORGANIZERS is agreed.

c) Savings Account Statements in Soles and Dollars corresponding to each of the ORGANIZERS.

d) Credit card account statements with billing closing as of 25 February 2024, corresponding to each of the ORGANIZERS.

e) Investment statements for the period 01 February to 29 February 2024 corresponding to each of the ORGANIZERS.

f) Mutual fund account statement as of 03 March 2024, corresponding to MR. GALVEZ.

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

g) New versions of the Sworn Declaration of not being within the impediments of Annex B of the COMMON RULES, of each of the ORGANIZERS.

That, the ORGANIZERS presented the following arguments in order to support the reconsideration appeal filed:

i) They state that the updated Sworn Declarations of Patrimonial Information demonstrate that, in their opinion, they comply with the economic solvency requirement referred to in articles 5 and 6 of the COMMON RULES.

ii) They point out that the aforementioned Sworn Statements show sources of resources defined as "ordinary", as well as others of medium or long term from which the ORGANIZERS could access liquid resources, such as the distribution of dividends.

iii) They submit as Annex A a document in which they record the investments that constitute the most liquid part of their assets, expressly stating that the investments described are available for immediate sale.

iv) In their new Sworn Statements of Asset Information, in addition to the sources of resources, those resources that would have been derived from the distribution of dividends of the companies Zest Capital LLC and Zest Capital Perú S.A.C. are shown for a total of [redacted], according to the amounts that have been credited to the personal accounts of the ORGANIZERS. Likewise, they specify that the corporate and banking documentation that complements the aforementioned statements has been submitted.

v) They show a summary of five (5) investment fund management companies showing the levels of capital and cash during the first two years since their incorporation. Likewise, they indicate that the initial capital of ZEST SAFI would be above said amounts.

vi) They indicate that, based on the information in the aforementioned Annex A, which includes the most liquid components of the assets indicated in the new Sworn Statements of Asset Information, it is calculated that the resources of the ORGANIZERS would represent 3.6 times the minimum capital required for the incorporation of an investment fund management company, an amount that would allow the operations of the entity to be incorporated to be faced during the first two (2) years.

vii) They indicate that they have corrected their sworn statement regarding not being subject to the impediments of Annex B of the COMMON RULES, which includes the impediment indicated in subsection q) of the indicated Annex B. They add that the aforementioned subsection q) was not previously included in full due to an involuntary error.

viii) They indicate that Deputy Superintendency Resolution No. 031-2021-SMV/10, by which Zest Capital Perú S.A.C. was sanctioned for the commission of two

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

(02) very serious infractions, is not final, so it could not be considered that the ORGANIZERS are under the impediment of subsection q) of Annex B of the COMMON RULES, until there is an administrative act that exhausts the administrative route.

That, in the use of the floor and the brief presented on 19 June 2024, they stated that:

a. The submission of their application shows their willingness to formalize.

b. They would have accredited the payment of the fine imposed by Superintendency Resolution No. 057-2024-SMV/02 and that they are complying with the provisions of said resolution.

c. Superintendency Resolution No. 057-2024-SMV/02 would prove that the infraction committed was not carried out with intent, but was caused by negligence.

d. Their objective is to unify the management of their funds in a single investment fund management company.

e. Zest Capital LLC, which is part of their economic group, would be under the regulation of the Securities and Exchange Commission and that they have entered into an agreement with XP Investments US, LC ("XP").

That, regarding arguments i), ii), iii) and iv), which are closely related, from the review of the new sworn statements of asset information it is noted that, with respect to the information provided in the sworn statements of the original application, only significant changes have been presented in the items corresponding to bank deposits, as these have increased;

That the ORGANIZERS have not provided new information or submitted new supporting evidence on the other items of their statements, related to their holdings in the declared companies and other assets;

That the changes in the investment portfolio of each of the ORGANIZERS, as well as in the level of their debts, are not significant and would not have a major impact on the evaluation carried out on economic solvency. Likewise, the new statements in which it is indicated that the ORGANIZERS undertake to liquidate the declared shares and investments, in order to comply with the established capital and equity requirements, as well as to keep ZEST SAFI operational, do not affect the evaluation of the general asset situation of the ORGANIZERS determined in the initial application;

That, consequently, from said information it is observed that the new evidence provided is concentrated in greater resources in the bank accounts of the ORGANIZERS, whose analysis and due support is carried out in the following section;

That, regarding numeral v), it should be noted that this shows the capital levels of a group of management companies over time. Said initial levels only show the contribution effectively made to comply with the minimum capital parameters established in the regulations (which has "Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

changed over time) and does not represent or determine the economic solvency of its organizers, nor is it directly related to it;

That the argument set forth in numeral vi) addresses the excess relationship between the liquid resources of the ORGANIZERS recorded in Annex A and the minimum capital required for the incorporation of an investment fund management company. It should be noted that said table does not include the component corresponding to the debts held by the ORGANIZERS and only details the items that would make up their bank resources and investment portfolios;

That, as indicated in the DENIAL RESOLUTION, the assessment to determine economic solvency considers the liquidity situation and the general patrimonial situation (includes all net assets of liabilities) of the ORGANIZERS. This, in order to evaluate the resources available to the ORGANIZERS, to support the initial operations of the entity to be incorporated, as well as to be able to face any situation of capital or patrimony deficit and thus guarantee the continuity of its activities in the first years;

OF THE SWORN DECLARATION OF PATRIMONIAL ASSETS OF MR. SILVA

That, according to the latest version of the sworn declaration submitted on 05 March 2024, the patrimonial assets and debts of MR. SILVA present substantial variations, with respect to the previous declaration, in the following aspects:

a. Declares to maintain savings in dollars for the total amount of [redacted]. Likewise, declares to have savings for [redacted] and [redacted], respectively. Thus, the total savings, taking into account the USD/PEN exchange rate 3.757 of 29 May 2024, are equivalent to [redacted] a figure that represents a significant increase (more than 18 times) with respect to the previous declaration.

It should be noted that said significant increase is explained by the dividends received from Zest Perú Capital S.A.C. and Zest Capital LLC. Therefore, although there is an increase and improvement of the liquid funds of MR. SILVA, this would not necessarily affect his patrimonial position, since it would imply a simultaneous decrease in the value of his participation in said companies. Regarding the dividends received, documentation was attached that accredits the payment, however, he has not presented complete and sufficient information about the respective companies that originated them, in which attention points are also noted that must be reviewed, as analyzed in the following item.

b. MR. SILVA has not modified the information of his participation in the companies Zest Group LLC, Zest Capital LLC, Zest Capital Perú S.A.C., Fundación ZEST and Distribuidores de Acai Perú S.A.C., nor has he presented new information about said assets.

Notwithstanding the foregoing, it is necessary to specify that in the case of Zest Capital Perú S.A.C., as part of the minutes of the General Shareholders' Meeting of 26 February 2024, an extract of what would be the general balance sheet corresponding to 31 December 2023 is included. According to this information, the book value of the patrimony amounts to [redacted] a figure that represents an increase of more than 80% with respect to the value of the previous year which was "Decenio de la Igualdad de Oportunidades para Mujeres y Hombres" "Año del Bicentenario, de la consolidación de nuestra Independencia, y de la conmemoración de las heroicas batallas de Junín y Ayacucho"

declared in its original organization application. The support of said significant increase is not verifiable given that there is no supporting financial information. Likewise, it is not possible to adequately evaluate the effect of the payment of the dividends described in the previous literal, on the patrimonial value of the referred company.

Therefore, there are not enough elements to consider it as support for an increase in the value of the assets of MR. SILVA.

On the other hand, regarding the company Zest Group LLC, no new information has been provided regarding the value of its shares, so it would remain unchanged in the values originally indicated in the organization application, which correspond to the nominal value of said shares; this despite the fact that it is the source of the significant dividends received. Consequently, lacking said information, it is not possible to evaluate the patrimonial value of Zest Group LLC nor to accredit the source of the resources distributed as dividends, so it cannot be considered as support for a substantial variation in the patrimonial situation of MR. SILVA.

OF THE SWORN DECLARATION OF PATRIMONIAL ASSETS OF MR. GÁLVEZ

That, according to the latest version of the sworn declaration submitted on 05 March 2024, the patrimonial assets and debts of MR. GÁLVEZ present substantial variations, with respect to the previous declaration, in the following aspects:

a. Declares to maintain savings in dollars mainly for the amount of ██████ Additionally, he has savings for ██████ and ██████ Thus, the total savings, taking into account the USD/PEN exchange rate 3.757 of 29 May 2024 are equivalent to ██████ a figure that represents a significant increase (more than 14 times) with respect to the previous declaration.

As support he has presented the account statements corresponding to 29 February 2024.

It should be noted that said significant increase is also explained by the dividends received from Zest Perú Capital S.A.C. and Zest Capital LLC, with which the analysis carried out in the case of MR. SILVA is maintained.

b. In the framework of the reconsideration, MR. GÁLVEZ has sent a mutual fund account statement showing that he maintains participation quotas for the value of ██████ that at USD/PEN 3.757 of 29 May 2024 are equivalent to ██████ This information was not sent in the original application and said increase does not represent an aspect that could significantly affect the patrimonial situation of MR. GÁLVEZ.

The rest of the information regarding his participation in the companies has not been modified, being applicable the analysis developed in the case of MR. SILVA. There has also been no variation in the other assets declared by MR. GÁLVEZ in his original application. Therefore, the evaluation of these assets is not relevant for the analysis of the reconsideration.

Decade of Equal Opportunities for Women and Men Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho

ON THE ECONOMIC SOLVENCY OF THE ORGANIZERS

That, taking into account the information declared and the foregoing, sufficient information has not been provided to support that the equity balance and economic solvency of the ORGANIZERS has been substantially increased;

That, the information provided by the ORGANIZERS in their sworn statements only reflects significant variations in their bank accounts;

That, this increase in their liquid resources is generated from the dividends received from Zest Group LLC and Zest Capital Perú S.A.C., on which no information has been provided that allows the evaluation of their grounds;

That, the ORGANIZERS base their reconsideration on the consequent substantial improvement of their liquidity; however, they do not provide sufficient information to prove that the described liquidity improvement entails a significant change in their equity situation;

That, the resources derived from the payment of dividends do not by themselves generate an improvement in the equity situation of the ORGANIZERS. This is because the outflows of cash resources for their payment would unavoidably affect the equity value of the companies, by affecting their balance sheets;

That, on 19 June 2024, the payment receipt corresponding to the fine imposed by Resolution No. 057-2024-SMV/02 has been attached, in the amount of S/ 429 597.85, which would also negatively affect the value of their assets;

That, consequently, although the information provided results in a greater availability of liquid resources, it is not possible to conclude that there would be a significant change in the equity situation of the ORGANIZERS;

That, in this regard, there are not sufficient elements of evaluation to conclude that a significant change has occurred in the economic solvency of the ORGANIZERS, with respect to the equity situation determined in the initial application;

On the impediments to being ORGANIZERS

That, the reconsideration states that a sworn statement has been submitted including requirement q) of Annex B of the COMMON RULES signed by the ORGANIZERS (hereinafter, SWORN STATEMENT) in full. In this regard, the ORGANIZERS state that it was not previously included in full due to an involuntary error;

That, in relation to the sworn statement of not being subject to the impediments established in Annex B of the COMMON RULES previously submitted to the reconsideration, as stated in the DENIAL RESOLUTION and Official Letter No. 5779-2023-SMV/10.2, the impediment related to subsection q) did not include the reference to not having been a controller, direct or indirect, shareholder, director and manager of those who have carried out or carry out activities exclusive to persons authorized by the SMV or SBS without having the aforementioned authorization;

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

That, it should be noted that in the penultimate paragraph of the SWORN STATEMENT of the ORGANIZERS the following text was included:

"With regard to the previous subsection q., I must state that, although to date there is an administrative sanctioning procedure in progress by the SMV against Zest Capital Perú S.A.C., a company of which I am a shareholder, under file No. 2020016758, this procedure is under appeal and neither I nor said company has received notification containing any additional pronouncement by the SMV or a resolution that constitutes a final administrative act with effects. Therefore, despite the existence of the aforementioned administrative procedure in progress, the provisions of the previous subsection q. are not violated nor have they been violated."

That, by Deputy Superintendent Resolution SMV No. 031-2021-SMV/10, Zest Capital Perú S.A.C. was sanctioned with a fine of 240 UIT, equivalent to S/ 1 008 000,00 (One million eight thousand and 00/100 Soles), for having incurred two (2) infractions of a very serious nature typified in Annex III, subsection A), numeral 1, item 1.1 of the Sanctions Regulation, because it would have carried out public offerings without having previously registered the securities in the Public Registry of the Securities Market or having registered the corresponding prospectus;

That, the reconsideration states that Deputy Superintendent Resolution No. 031-2021-SMV/10 was not final, so it could not be considered that the ORGANIZERS are under any of the impediments indicated in Annex B of the COMMON RULES, until there is an administrative act that exhausts the administrative route;

That, by Superintendent Resolution No. 057-2024-SMV/02 it resolved, among others, the following:

"Article 1.- To declare partially founded the appeal filed by Zest Capital Perú S.A.C. against Deputy Superintendent Resolution SMV No. 031-2021-SMV/10, in the extremes referring to the sanction imposed by article 4 of the Resolution and the corrective measure ordered by article 5 of the aforementioned Resolution; and unfounded in the other extremes.

Article 2.- To graduate the amount of the fine imposed by article 4 of Superintendent Resolution No. 031-2021-SMV/10 to one hundred two (102) UIT in force at the date of the commission of the infractions indicated in articles 1 and 2 of said resolution, equivalent to S/ 428 400,00 (four hundred twenty-eight thousand four hundred and 00/100 Soles).

Article 3.- To leave without effect the corrective measure ordered by article 5 of the Resolution of the Deputy Superintendency SMV No. 031-2021-SMV/10, for the reasons set forth in the recitals of this resolution. Zest Capital Perú S.A.C. must prove with the corresponding supporting documentation, before the General Superintendency of Supervision of Entities, the liquidation of the Zest Income Liquid and Zest Bond Liquid Funds, no later than 28 June 2024 and 29 August 2024; respectively.

Article 4.- To declare the administrative remedy exhausted.

(…)"

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

That, as stated, through Superintendency Resolution No. 057-2024-SMV/02, the administrative sanctioning procedure became final, by which it was determined, among others, that Zest Capital Perú S.A.C. made two public offerings of securities corresponding to the Zest Income Liquid and Zest Bond Liquid Funds without having previously registered the respective participation certificates in the Public Registry of the Securities Market;

That, in accordance with article 12 of the Law on Investment Funds and their Management Companies, it corresponds to the SMV to authorize the organization and operation of the management company as well as to exercise supervision over it, insofar as its purpose is to manage investment funds whose participation certificates will be placed by public offering;

That, through Deputy Superintendency Resolution SMV No. 031-2021-SMV/10 and Superintendency Resolution No. 057-2024-SMV/02, it was declared that Zest Capital Perú S.A.C. made public offerings of the participation certificates of the Zest Income Liquid and Zest Bond Liquid Funds. As stated, the management of investment funds that issue participation certificates that are placed by public offering requires that the management company also have authorization of organization and operation issued by the SMV and that they be registered in the Public Registry of the Securities Market;

That, Zest Capital Perú S.A.C. did not have authorization of organization and operation issued by the SMV at the time of the commission of the infraction, and therefore has carried out activities exclusive to persons authorized by the SMV;

That, MR. SILVA was appointed as General Manager of Zest Capital Perú S.A.C. as recorded in Entries C00006 and D00002 of Registry File No. 13589437 of the Lima Registry Office, an agreement adopted at the General Shareholders' Meeting of 03 July 2017. According to Entry D00003 of the same file, MR. SILVA resigned from the position of General Manager on 12 March 2021;

That, MR. GÁLVEZ was appointed as Commercial Manager as recorded in Entry C00010 in accordance with the Non-In-Person Shareholders' Meeting of 15 April 2021. Additionally, in Entry B00006, the appointment of Mr. GÁLVEZ to the position of Commercial Manager was revoked in accordance with the General Shareholders' Meeting of 16 January 2023. Likewise, the ORGANIZERS were appointed as attorneys-in-fact as indicated in the same registry entry;

That, according to Annotation No. 003 of the Share Registry Book of Zest Capital Perú S.A.C. submitted on 09 January 2024 by the ORGANIZERS, MR. GÁLVEZ was a shareholder of the company as of 21 November 2016. Additionally, through Annotation No. 009 of the same Share Registry Book, it was indicated that MR. SILVA acquired shares of Zest Capital Perú S.A.C. as of 08 November 2017;

That, as can be seen, the ORGANIZERS were shareholders and attorneys-in-fact, as well as MR. SILVA was General Manager while MR. GÁLVEZ was Commercial Manager of Zest Capital Perú S.A.C. during the commission of the infraction, without said company having previously obtained

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

authorization of organization and operation from the SMV in order to manage investment funds whose certificates were placed by public offering;

That, the Organizers indicated that Superintendency Resolution No. 057-2024-SMV/02 establishes that the sanctioned infractions were committed by negligence and not by intent. However, it is not relevant for the evaluation of the impediment;

That, the ORGANIZERS indicate that they have complied with the payment of the fine imposed by Superintendency Resolution No. 057-2024-SMV/02 and that they are liquidating the Zest Income Liquid and Zest Bond Liquid Funds, for which they have the term granted by said resolution. However, we must point out that these conditions are not relevant for the evaluation of the impediment, but rather are compliance with an administrative mandate;

That, consequently, the ORGANIZERS are impeded from organizing an investment fund management company in accordance with literal q) of Annex B of the COMMON RULES;

OTHER ASPECTS

That, the ORGANIZERS state that the filing of their organization application is a manifestation of their desire to formalize. However, this desire does not exempt them from compliance with the rules required for the granting of their authorization;

That, the Organizers would have as their objective to unify the management of their funds in a single investment fund management company; that Zest Capital LLC, which is part of their economic group, would be under the regulation of the Securities and Exchange Commission; and, that they have entered into an agreement with XP Investments US, LC (“XP”). It should be noted that these arguments are irrelevant to the evaluation of this application and reconsideration;

That the new evidence provided does not prove compliance with the provisions of articles 4 and 5 of the COMMON RULES to be organizers of an investment fund management company, since it has not been possible to prove the due economic solvency of the ORGANIZERS, and in turn, they are prevented from organizing an investment fund management company in accordance with literal q) of Annex B of the COMMON RULES; and,

That, in accordance with the provisions of article 219 of the Single Ordered Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS; and article 38, numeral 30, of the Regulation of Organization and Functions of the Superintendence of the Securities Market, approved by Supreme Decree No. 216-2011-EF, as well as Report No. 768-2024-SMV/10.2 of 20 June 2024;

RESOLVES:

Article 1.- Declare unfounded the reconsideration appeal filed by Messrs. Arthur Do Nascimento Silva and Álvaro Eduardo Gálvez Fernández against Resolution of the General Intendancy of Supervision of Entities No. 017-2024-SMV/10.2.

Electronic document digitally signed within the framework of Law No. 27269, Law of Signatures and Digital Certificates, its Regulation and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

PERÚ
Ministry of Economy and Finance
SMV
Superintendence of the Market of Securities

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

Article 2.- Transcribe this resolution to Mr. José Francisco De la Colina Mercado, in his capacity as representative of the organizers.

Article 3.- Order the dissemination of this resolution on the Institutional Page of the Superintendence of the Securities Market on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).

Register, communicate and publish.

Signed by: MANCO MANCO Armando FAU
Reason:
Armando Manco Manco
General Intendant
General Intendancy of Supervision of Entities