Resolution SMV No. 013-2024-SMV/01

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"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" 1 Electronic document digitally signed 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml Resolution SMV No. 013-2024-SMV/01 Lima, December 20, 2024 SEEN:
The File No. 2024048379, the Joint Reports
Nos. 1559-2024-SMV/06/10/11/12 and 1721-2024-SMV/06/10/11/12 dated November 22 and December 19, 2024; respectively, issued by the Legal Advisory Office, the Superintendent Adjunct of Prudential Supervision, the Superintendent Adjunct of Market Conduct Supervision and the Superintendent Adjunct of Investigation, Development and Innovation; as well as the draft of "Provisions for the determination of administrative sanctioning procedures under the responsibility of the Securities Market Superintendency (SMV) as high complexity" (hereinafter, the Project); CONSIDERING That, pursuant to Article 1 of the Consolidated Text of the Organic Law of the Securities Market Superintendency, approved by Legislative Decree No. 26126 and its amendments (hereinafter, Organic Law), the Securities Market Superintendency (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 b) of Article 5 of the Organic Law, the Board of Directors of the SMV has the attribute of approving the regulations of the securities market, product market and collective funds system, as well as that to which natural or legal persons subject to its supervision must adhere; That, by Legislative Decree No. 1683, Legislative Decree that establishes deadlines for the attention of administrative resources presented in high complexity administrative sanctioning procedures of the Securities Market Superintendency (hereinafter, DLEG 1683), longer deadlines than those established in Law No. 27444, General Administrative Procedure Law, were established for the attention of administrative resources presented in high complexity administrative sanctioning procedures under the responsibility of the SMV; That, in this sense, the First Complementary Final Provision of DLEG 1683 provides as follows:
“The SMV, within a period not exceeding sixty (60) business days from the publication of this Legislative Decree, by means of an SMV Resolution, approved by its board, establishes the high complexity criteria that must be

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"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" 2 Electronic document digitally signed 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 of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml considered by the body responsible for resolving the administrative appeals filed in administrative sanctioning procedures before the SMV, under reasonable and objective parameters. The Resolution issued by the SMV allows knowing clearly and in advance the circumstances for the qualification of administrative sanctioning procedures as high complexity.” That, in order to comply with what is provided by the aforementioned First Complementary Final Provision, it corresponds for the Board of Directors of the SMV to issue the norm that establishes the reasonable and objective criteria for the determination of high complexity administrative sanctioning procedures; That, on November 13, 2024, the Technical Secretariat of the Multisectoral Commission for Regulatory Quality communicated to this Superintendency, that the Multisectoral Commission for Regulatory Quality, under the provisions of numeral 18 of subsection 28.1 of Article 28 of the Regulations that develop the Institutional Framework governing the Process of Improvement of Regulatory Quality 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 SMV Resolution No. 011-2024-SMV/01 published on November 30, 2024, in the official newspaper El Peruano, the diffusion of the project in public consultation for fifteen (15) calendar days counted from the day following the date of publication of said resolution was authorized, through the Institutional Page of the Securities Market Superintendency on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv), so that interested persons could formulate comments on the normative project, during which period no comments were received; and, Being in accordance with what is provided by paragraph a) of Article 1 and paragraph b) of Article 5 of the Consolidated Text of the Organic Law of the Securities Market Superintendency, approved by Legislative Decree No. 26126 and its amendments; numeral 2 of Article 9 of the Organization and Functions Regulations of the Securities Market Superintendency, approved by Supreme Decree No. 216- 2011-EF; the First Complementary Final Provision of Legislative Decree No. 1683, Legislative Decree that establishes deadlines for the attention of administrative resources presented in high complexity
administrative sanctioning procedures of the Securities Market Superintendency; as well as to what was agreed by the Board in its session of December 20, 2024; IT IS RESOLVED:
Article 1.- For the determination of administrative sanctioning procedures under the responsibility of the Securities Market Superintendency (SMV) as high complexity, the administrative authority that resolves the reconsideration resource or appeal resource, as appropriate, must verify if any of the following criteria are met:

1. There is plurality of sanctioned parties;
2. There is plurality of administrative infractions;
3. The administrative infraction is typified as serious or very serious in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 or the norm that substitutes it; or,
4. Specialized technical support in accounting or financial matters is required to resolve an appeal resource, by officials from the line organs of the SMV.
   Article 2.- Publish this resolution in the Official Newspaper El Peruano and on the Institutional Page of the Securities Market Superintendency – SMV on the Unique Digital Platform of the Peruvian State (www.gob.pe/smv).
   Article 3.- This resolution shall enter into force the day after its publication in the official newspaper El Peruano.
   Register, communicate and publish.
   Zósimo Juan Pichihua Serna
   Superintendent of the Securities Market