Resolution SMV No. 005-2025-SMV/01

PERÚ Ministry of Economy and Finance

SMV Superintendence of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of the 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. 005-2025-SMV/01

Lima, January 30, 2025

SEEN:

File No. 2024048785 and the Joint Reports No. 1706-2024-SMV/06/10/11/12 and No. 117-2025-SMV/06/10/11/12 dated December 18, 2024 and January 23, 2025, both issued by the Legal Advisory Office, the Adjunct Superintendence of Prudential Supervision, the Adjunct Superintendence of Market Conduct Supervision and the Adjunct Superintendence of Investigation, Development and Innovation; as well as the draft modification of Article 18 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01 (hereinafter, the Project);

CONSIDERING

That, pursuant to Article 1 of the Unified Text of the Organic Law of the Superintendence of the Securities Market, approved by Legislative Decree No. 26126 and its amendments (hereinafter, Organic Law of the SMV), the Superintendence of the Securities Market (SMV) aims to ensure the protection of investors, the efficiency and transparency of the markets under its supervision, the correct formation of prices and the dissemination of all information necessary for such purposes, through regulation, supervision and promotion;

That, according to paragraph a) of Article 1 of the Organic Law of the SMV, it is among its functions to issue legal norms that regulate matters of the securities market and collective fund system, among others;

That, paragraphs b) and d) of Article 5 of the Organic Law of the SMV establish that the Board of Directors of the SMV has the attribution to approve the regulations of the securities market, product market and collective fund system, and that to which natural or legal persons subject to its supervision must adhere; as well as to typify the infringing conduct of those who participate in the securities market, collective fund system, and other matters under its competence;

That, by Resolution SMV No. 035-2018-SMV/01, the SMV Sanctions Regulation was approved, which, among other things, regulates the exercise of the sanctioning power attributed to the SMV;

That, during the validity of the Sanctions Regulation, modifications were made to said regulation, due, among other things, to the changes produced in Law No. 27444, General Administrative Procedure Law (hereinafter, LPAG);

That, by Articles 3 and 4 of Legislative Decree No. 1683, Legislative Decree that establishes the deadlines for the attention of administrative appeals presented in high-complexity administrative sanctioning procedures of the Superintendence of the Securities Market (hereinafter, DLEG

PERÚ Ministry of Economy and Finance

SMV Superintendence of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of the 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

1683), longer deadlines than those established in the LPAG were established for the attention of administrative appeals presented in high-complexity administrative sanctioning procedures under the responsibility of the SMV;

That, the Project adapts the Sanctions Regulation to what is provided in DLEG 1683, specifying the deadlines for the attention of administrative appeals, in accordance with said legislative decree and the LPAG. Likewise, in order for the appellate procedure to be more agile and to comply with the deadlines granted by these norms, the timing for the presentation of the request to exercise the right to be heard is specified, the suspension of the computation of the deadline in case of granting the right to be heard, and the elimination of the notification of the report containing the opinion regarding the appeal;

That, on December 11, 2024, the Technical Secretariat of the Multisectoral Commission for Regulatory Quality communicated to the SMV that the Multisectoral Commission for Regulatory Quality, under the provisions of numeral 18 of paragraph 28.1 of Article 28 of the Regulation that develops the Institutional Framework governing the Regulatory Quality Improvement Process and establishes the General Guidelines for the application of Ex Ante Regulatory Impact Analysis, approved by Supreme Decree No. 063-2021-PCM, had declared that it does not correspond to perform the Ex Ante Regulatory Impact Analysis by the entity for the approval of the normative project;

That, by Resolution SMV No. 014-2024-SMV/01 published on December 28, 2024, in the official newspaper El Peruano, the diffusion of the Project for public consultation for twenty (20) calendar days was authorized, through the Institutional Page of the Superintendence of the Securities Market on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv), in order for interested persons to formulate comments on the normative project; and,

Being in accordance with what is provided by paragraph a) of Article 1 and paragraph b) of Article 5 of the Unified Text of the Organic Law of the Superintendence of the Securities Market, approved by Legislative Decree No. 26126; numeral 2 of Article 9 of the Organization and Functions Regulation of the Superintendence of the Securities Market, approved by Supreme Decree No. 216-2011-EF; as well as what was agreed by the Board of Directors in its session of January 28, 2025;

IT IS RESOLVED:

Article 1.- Modify Article 18 of the Sanctions Regulation, approved by Resolution SMV No. 035-2018-SMV/01, which shall remain drafted according to the following text:

"Article 18.- RECONSIDERATION AND APPEAL APPEAL

The sanctioned person may file a reconsideration or appeal appeal against the decision of the respective Adjunct Superintendence, except in cases that are processed in a single instance, where only a reconsideration appeal may be filed.

If a reconsideration appeal is filed, the Adjunct Superintendent shall resolve the appeal within a maximum period of forty-five (45) days when the procedure qualifies as one of high complexity. In other cases, the appeal shall be resolved within a maximum period of fifteen (15) days.

PERÚ Ministry of Economy and Finance

SMV Superintendence of the Securities Market

"Decade of Equal Opportunities for Women and Men" "Year of the 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

If an appeal appeal is filed, the Superintendent of the Securities Market shall resolve the appeal within a maximum period of ninety (90) days when the procedure qualifies as one of high complexity. In other cases, the appeal shall be resolved within a maximum period of thirty (30) days. The administrative authority responsible for resolving the appeal in the first instance shall forward the appeal appeal to the Superintendent of the Securities Market within a maximum of one (1) day and without further procedure.

The sanctioned person may request to exercise the right to be heard before the administrative authority responsible for resolving the administrative appeal, solely at the time of filing the reconsideration or appeal appeal, as applicable.

The administrative authority sets the day, time and duration for the holding of the right to be heard by the sanctioned person.

The deadline to resolve the administrative appeal is suspended from the deposit of the notification in the electronic mailbox of the sanctioned person or of the notification, whichever occurs first, from the letter granting the right to be heard and until its holding, which must take place within a maximum of seven (7) days following its notification.

The Adjunct Superintendents and the Superintendent of the Securities Market act with full independence and autonomy in the exercise of their functions.

The regulated parties may only challenge the nullity of administrative acts through the administrative appeals described above.

Once the administrative route has been exhausted, no further appeal lies, only the filing of the contentious-administrative action before the Judicial Power is permitted."

Article 2.- Publish this resolution in the Official Newspaper El Peruano and on the Institutional Page of the Superintendence of the Securities Market – SMV on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 3.- This resolution shall enter into force the day following its publication in the official newspaper El Peruano.

Register, communicate and publish.

Zósimo Juan Pichihua Serna Superintendent of the Securities Market