Resolution SMV No. 004-2025-SMV/01

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations 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

Resolution SMV No. 004-2025-SMV/01 Lima, January 30, 2025

SEEN: The File No. 2024026287 and the Joint Report No. 108-2025-SMV/06/10/12 of January 27, 2025, issued by the Legal Advisory Office, the Adjunct Superintendence of Prudential Supervision, and the Adjunct Superintendence of Investigation, Development and Innovation;

CONSIDERING:

That, Article 224 of the Single Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF, establishes that the Securities Market Superintendence approves the bylaws and internal regulations of securities clearing and settlement institutions, as well as their modifications, in addition to controlling and supervising the activities of said entities;

That, in this line, Article 26 of the Regulations of Securities Clearing and Settlement Institutions, approved by CONASEV Resolution No. 031-99-EF/94.10 and its amendments, states that it corresponds to this Superintendence to approve the internal regulations of securities clearing and settlement institutions as well as their modifications, prior to their application;

That, for its part, Article 223 of the Single Text of the Securities Market Law establishes that the Securities Market Superintendence authorizes the carrying out of connected and directly related operations to the main object of securities clearing and settlement institutions;

That, regulating said provision, subsection l) of Article 13 of the Regulations of Securities Clearing and Settlement Institutions establishes that securities clearing and settlement institutions may request approval for connected and complementary activities to those established in Article 223 of the Single Text of the Securities Market Law, through the approval or modification of their internal regulations;

That, CAVALI S.A. I.C.L.V. has requested authorization to provide the service of selling value-added information on negotiable invoices recorded in its Accounting Register, as a connected and complementary activity;

That, with the aim of including the aforementioned service, CAVALI S.A. I.C.L.V. has presented the proposal to modify Article 3 and incorporate Article 4 into Chapter X "On Information Services", as well as the modification of subsection e) of numeral 7.3 of Article 7 of Chapter XVII "On the Centralized Register of Negotiable Invoices" of the Internal Regulations of CAVALI S.A. I.C.L.V., approved by CONASEV Resolution No. 057-2002-EF/94.10 and its amendments;

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations 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

That, the purpose of the modifications referred to in the previous paragraph is to establish the characteristics of the new service, so that interested parties can have access to reports on the behavior of acquirers, generated based on information related to the registration and custody of negotiable invoices recorded in the Accounting Register of CAVALI S.A. I.C.L.V.;

That, said reports will be prepared with objective criteria, and the information contained therein cannot contravene the duty of confidentiality established by the Single Text of the Securities Market Law, nor other normative provisions on information confidentiality and personal data protection;

That, CAVALI S.A. I.C.L.V. has stated that the service authorized by Article 1 of Resolution SMV No. 029-2022-SMV/01 will be replaced by the new service requested;

That, from the evaluation of the documentation presented, it is concluded that CAVALI S.A. I.C.L.V. has met the requirements established for the modification of its internal regulations, as well as for the authorization of a connected and complementary activity to those established in the Single Text of the Securities Market Law;

That, for the approval of the modifying proposal and authorization of the aforementioned service, only the documents that constitute requirements established by the regulations have been considered; and,

Being in accordance with the provisions of Articles 223 and 224 of the Single Text of the Securities Market Law, Articles 13, subsection l) and 26 of the Regulations of Securities Clearing and Settlement Institutions, numeral 7 of Article 9 of the Organization and Functions Regulations of the Securities Market Superintendence; as well as what was agreed by the Board of Directors of the Securities Market Superintendence in its session of January 28, 2025;

IT IS RESOLVED:

Article 1.- Authorize CAVALI S.A. I.C.L.V. the service of selling value-added information on negotiable invoices recorded in the Accounting Register, as a connected and complementary activity to those established in Article 223 of the Single Text of the Securities Market Law.

Article 2.- Revoke the authorization granted by Article 1 of Resolution SMV No. 029-2022-SMV/01.

Article 3.- Modify the penultimate paragraph of Article 3 of Chapter X "On Information Services" of the Internal Regulations of CAVALI S.A. I.C.L.V., approved by CONASEV Resolution No. 057-2002-EF/94.10, according to the following text:

"Article 3rd.- Information to the market (...) This information will be requested in accordance with the requirements and procedure established in Binding Provision No. 06.

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations 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 (...) "

Article 4.- Modify Article 7, numeral 7.3, subsection e) of Chapter XVII "On the Centralized Register of Negotiable Invoices" of the Internal Regulations of CAVALI S.A. I.C.L.V., approved by CONASEV Resolution No. 057-2002-EF/94.10, according to the following text:

"Article 7th.- Obligations and Responsibilities (...) 7.3. Of the Obligations and Responsibilities of CAVALI (...) e) Provide value-added information on the Negotiable Invoices registered in the Web Application and CAVALI System, taking into consideration what is stated in the previous subsection, at the request of persons who access the value-added information selling service of Negotiable Invoices, which is regulated in the Internal Regulations. The information on the Negotiable Invoices mentioned in the previous paragraph corresponds to what is detailed in Annex 1 of Binding Provision No. 07 of Chapter X "On Information Services". (...) "

Article 5.- Incorporate Article 4 into Chapter X "On Information Services" of the Internal Regulations of CAVALI S.A. I.C.L.V., approved by CONASEV Resolution No. 057-2002-EF/94.10, according to the following text:

"Article 4th. - On the Value-Added Information Selling Service of Negotiable Invoices CAVALI may deliver to Natural and Legal Persons reports with added value on the behavior of acquirers, based on information related to the registration and custody of Negotiable Invoices recorded in the Accounting Register. Such information will be provided through a platform for selling information on negotiable invoices to which the applicant for the Service will have access, where they can download the respective reports, according to the provisions and processes detailed in Binding Provision No. 7. The reports are generated based on objective criteria on which a score regarding the behavior of acquirers is established, which are defined in the respective Service Contract signed by the interested party with CAVALI. The information contained in said reports will not contravene the duty of confidentiality established by the Law and Regulations, nor other normative provisions on information confidentiality and personal data protection, as applicable. The acquirer may request CAVALI to modify, rectify and/or cancel the information provided for the Service, in accordance with the procedure described in Binding Provision No. 7.

PERÚ Ministry of Economy and Finance

SMV Securities Market Superintendence "Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 4 Electronic document digitally signed under Law No. 27269, Law of Digital Signatures and Certificates, its regulations 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 The tariffs to access the information selling service described in this article are established in Chapter XI "On Tariffs" of this Regulations."

Article 6.- For the provision of the service authorized by Article 1 of this resolution by CAVALI S.A. I.C.L.V., the corresponding modification of Binding Provision No. 7 of Chapter X "On Information Services" of its Internal Regulations must be in force; likewise, it must have obtained the approval of the corresponding tariff.

Article 7.- Publish this resolution in the Official Gazette El Peruano and on the Institutional Page of the Securities Market Superintendence on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 8.- Transcribe this resolution to CAVALI S.A. I.C.L.V.

Article 9.- This resolution will enter into force the day after its publication in the Official Gazette El Peruano.

Register, communicate and publish.

Zósimo Juan Pichihua Serna Superintendent of the Securities Market