SMV Resolution No. 035-2018-SMV/01

Lima, 14 December 2018

WHEREAS:

File No. 2017029218 and Joint Reports Nos. 028, 326, 1152 and 1353-2018-SMV/06/10/11/12 of 10 January, 21 March, 12 October and 23 November 2018, respectively, issued by the Office of Legal Counsel, the Deputy Superintendency of Prudential Supervision, the Deputy Superintendency of Market Conduct Supervision and the Deputy Superintendency of Research and Development; as well as the draft Sanctions Regulation (hereinafter, the Draft);

CONSIDERING:

That, in accordance with the provisions of article 1 of the Single Concorded Text of the Organic Law of the Superintendency of the Securities Market (SMV), approved by Decree Law No. 26126 and amended by the Law for the Strengthening of the Supervision of the Securities Market, Law No. 29782 (hereinafter, Organic Law), the SMV's purpose is 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, in accordance with literal a) of article 1 of the Organic Law, the SMV has among its functions the issuance of legal norms regulating matters of the securities market and collective funds system, among others;

That literals b) and d) of article 5 of the Organic Law establish that the Board of Directors of the SMV has the attribution to approve the regulations of the securities market and collective funds system, as well as to classify the infractions of those who participate in the securities market, collective funds system, and other matters under its competence;

That, by CONASEV Resolution No. 055-2001-EF/94.10 the Sanctions Regulation was approved, which regulates the exercise of the sanctioning power attributed to the SMV and the sanctioning procedure, as well as establishes the sanctions for infractions of the norms under its competence;

That, by Legislative Decrees Nos. 1272 and 1452 various modifications were introduced in Law No. 27444, Law of General Administrative Procedure;

That, it is necessary to adapt the Sanctions Regulation to the modifications made to Law No. 27444, Law of General Administrative Procedure, as well as to introduce other modifications in order to deter and prevent behaviors contrary to the current legal order;

That, in that sense, the Draft incorporates the new criteria that must be applied for the graduation of sanctions; provisions on corrective measures; the prescription and expiration of the sanctioning procedure; conditions exempting and mitigating responsibility; the obligation to notify the instruction reports and those containing the opinion regarding the challenge remedies; a greater development on the content of the complaints and the condition of complainant; as well as assistance between organs of the SMV in the processing of sanctioning procedures, among others;

That, on the other hand, during the validity of the Sanctions Regulation new regulations have been approved and various modifications have been made to the regulation under the competence of the SMV that translate into obligations and responsibilities of natural and legal persons under its supervision, so that, in some cases, it is necessary to eliminate, modify and reclassify various types of infraction, in order to adapt them to the current regulations, so that there is an updated organic body that harmonizes with the regulation issued by the SMV in recent years;

That, by SMV Resolutions No. 002-2018-SMV/01 and No. 030-2018-SMV/01, published on 19 January and 23 October 2018, respectively, in the Official Gazette El Peruano, the dissemination of the Draft in citizen consultation on the SMV's Securities Market Portal was authorized; having received in both disseminations various comments and suggestions that allowed enriching the regulatory proposal; and,

In accordance with the provisions of literal a) of article 1 and literals b) and d) of article 5 of the Organic Law of the SMV, approved by Decree Law No. 26126 and its amendments; article 7 of the Securities Market Law, Legislative Decree No. 861 and its amendments; numeral 2 of article 9 of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF; as well as what was agreed by the Board of Directors in its sessions of 22 October and 27 November 2018;

IT IS RESOLVED:

Article 1.- To approve the Sanctions Regulation, which consists of forty-three (43) articles, twenty (20) annexes and one (1) complementary repealing provision, the text of which is as follows:

SANCTIONS REGULATION

TITLE I

GENERAL PROVISIONS

Article 1.- PURPOSE

This Regulation regulates the exercise of the sanctioning power attributed to the Superintendency of the Securities Market - SMV through the Single Concorded Text of its Organic Law, Decree Law No. 26126; the Securities Market Law, Legislative Decree No. 861; Decree Law No. 21907 on Collective Funds Management Companies; the General Corporations Law, Law No. 26887; the Law promoting the exchange or redemption of investment shares, Law No. 28739; and other norms that grant sanctioning powers to the SMV.

This norm regulates the sanctioning procedure in charge of the competent organs indicated in the Regulation of Organization and Functions of the SMV and establishes the administrative infractions of the norms under the competence of this Superintendency, as well as the sanctions applicable to them.

Article 2.- SCOPE

Any natural or legal person that carries out activities authorized by the SMV is subject to this Regulation, as well as any other natural or legal person that must comply with the norms under the competence of this Superintendency.

Article 3.- CONCEPT OF INFRINGEMENT

Any action or omission contrary to the laws, regulations and other general or specific provisions referring to the securities market and collective funds system, as well as to the other legal or regulatory provisions whose compliance corresponds to the SMV to control or supervise, and which are classified as an infringement, constitutes an infringement.

Infringements are classified as very serious, serious and minor.

Article 4.- TERMS AND DEFINITIONS

For the purposes of this Regulation, the following terms have the scope indicated:

a) Exchange: Stock Exchange.

b) Days: Business days.

c) Issuer: Legal entity under private or public law that issues securities or non-mass-issuance securities.

d) ICLV: Securities Clearing and Settlement Institution.

e) Total Annual Income: Sum of the accounts "Operating Income", "Other Operating Income", "Financial Income", "Other Income" and "Extraordinary Income", or their equivalents obtained from the Income Statement.

f) General Compliance Intendancies: General Prudential Compliance Intendancy and General Conduct Compliance Intendancy, or the area acting in their stead.

g) General Supervision Intendancies: General Entity Supervision Intendancy and General Conduct Supervision Intendancy, or the area acting in their stead.

h) LGS: General Corporations Law, Law No. 26887.

i) LMV: Securities Market Law, Legislative Decree No. 861 and its amendments.

j) LPAG: Single Ordered Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 006-2017-JUS and its amendments.

k) Centralized Mechanisms: Centralized securities trading mechanisms.

l) OPA: Public Acquisition Offer.

m) OPC: Public Purchase Offer.

n) OPI: Public Exchange Offer.

o) OPP: Primary Public Offer.

p) OPV: Public Sale Offer.

q) Participant: Natural or legal person that directly or indirectly participates in the securities market or in the collective funds system. Includes, as applicable, the directors of: i) the legal entities of the entities to which the SMV grants authorization to operate and ii) the issuers of publicly offered securities.

r) Regulation: Sanctions Regulation.

s) Registry: Public Registry of the Securities Market.

t) SMV: Superintendency of the Securities Market.

u) UIT: Tax Unit.

v) Securities: Securities referred to in article 3 of the LMV.

Hereinafter, the aforementioned terms may be used in the singular or plural, without implying a change in their meaning.

Unless otherwise mentioned, the reference to specific articles or annexes must be understood as made to the corresponding ones of this Regulation.

The other terms and definitions indicated in this norm shall have the meaning indicated in the LMV.

TITLE II

ON COMPLAINTS AND INDICATIONS OF POSSIBLE INFRINGEMENTS

CHAPTER I

ON COMPLAINTS

Article 5.- MINIMUM CONTENT OF COMPLAINTS BEFORE THE SMV

The administered party who becomes aware of any fact or conduct regarding natural or legal persons that, in their opinion, implies an infringement of the norms under the SMV's competence, may communicate such facts to the SMV, without the need to substantiate the immediate affectation of any right or legitimate interest. The communication of the complaint must clearly set forth the following:

a) The relation of the facts.

b) The circumstances of time, place and manner that allow the verification of the denounced facts.

c) The identification of the presumed authors, participants and affected parties.

d) The contribution of the evidence or its description so that the administration proceeds to its location, as well as any other element that allows the verification of the denounced facts.

The General Compliance Intendancies verify the SMV's competence regarding the denounced facts.

In the event that it is determined that the SMV is not competent, the General Compliance Intendancy proceeds to communicate to the complainant the rejection of their complaint.

In the event that it is determined that the complaint does not comply with the aforementioned requirements, the General Compliance Intendancy may request the corresponding correction, granting the complainant a term of no less than five (5) nor greater than ten (10) days, counted from the day following the corresponding notification. The granted term may be extended at the discretion of said Intendancies, depending on the complexity of the case.

The foregoing does not prevent the SMV from investigating ex officio the facts denounced by the administered parties.

Article 6.- STATUS OF THE COMPLAINANT

The complainant referred to in subsection 114.1 of article 114 of the LPAG, who files a complaint, is not a party to the administrative sanctioning procedure, and therefore:

a) Is not enabled to demand the taking of evidence, oral reports, or require actions from the instructing bodies.

b) May not challenge the decisions of the instructing bodies or of the sanctioning bodies.

In the administrative sanctioning procedure, the subjects of the procedure are the person to whom the non-compliance with the regulations is imputed and the SMV.

Article 7.- PRELIMINARY INQUIRIES AS A CONSEQUENCE OF A COMPLAINT

The General Compliance Intendancies shall carry out prior investigation actions or preliminary inquiries in order to determine whether circumstances concur that justify the initiation of an administrative sanctioning procedure, as a consequence of a complaint by a party.

The prior actions or preliminary inquiries may include taking statements, requesting information, among other pertinent activities. The administrative acts issued during the prior actions or preliminary inquiries that do not cause defenselessness to the administered party are not appealable.

By way of exception, the General Compliance Intendancies may request from the General Supervision Intendancies, as well as from the Deputy Superintendency of Risks, technical assistance and/or the performance of other actions.

The filing of a complaint does not oblige the General Compliance Intendancies to inform the possible offender of the complaint filed or to initiate the administrative sanctioning procedure.

The investigations or preliminary inquiries prior to the initiation of the administrative sanctioning procedure carried out by the General Compliance Intendancies are confidential in nature.

Article 8.- COMMUNICATION TO THE COMPLAINANT

In those cases where there is insufficient evidence or elements that warrant the initiation of an administrative sanctioning procedure, the General Compliance Intendancies dismiss the complaint in a reasoned manner and communicate this fact to the complainant. This decision is not subject to appeal.

In the event that the General Compliance Intendancies decide to initiate an administrative sanctioning procedure based on all or part of the complaint, they shall communicate to the complainant that:

a) An administrative sanctioning procedure has been initiated ex officio and that the results will be informed to them after its completion.

b) In the event that the partial dismissal of their complaint is communicated, they will also be informed that an administrative sanctioning procedure has been initiated ex officio regarding some of the aspects of their complaint. In these cases, they will be informed that the results of the administrative sanctioning procedure will be communicated to them after its completion.

CHAPTER II

ON THE INDICATIONS OF POSSIBLE INFRINGEMENTS REFERRED BY THE GENERAL SUPERVISION INTENDANCIES

Article 9.- PRELIMINARY INQUIRIES AS A CONSEQUENCE OF SUPERVISION ACTIONS

The General Supervision Intendancies and the Deputy Superintendency of Risks carry out preliminary inquiries of possible infringements of the regulations under the competence of the SMV that they detect as part of their supervision functions.

When said bodies conclude that there is sufficient evidence of possible administrative infringements, they refer the corresponding reports to the General Compliance Intendancies, which determine whether or not to initiate an administrative sanctioning procedure. If applicable, the General Compliance Intendancies may carry out additional inspections or investigations of the reported indications.

The investigations or preliminary inquiries prior to the initiation of the administrative sanctioning procedure carried out by the General Supervision Intendancies and the Deputy Superintendency of Risks are confidential in nature.

Administrative acts issued during preliminary actions or preliminary inquiries that do not cause defenselessness to the administered are not subject to appeal.

Without prejudice to the provisions of this article, the General Compliance Intendancies may carry out preliminary actions or inquiries when they detect alleged infringements in the timely submission of financial information, annual reports and material events related to the approval of financial information and annual reports, in which case they must communicate this to the corresponding General Supervision Intendancy.

Article 10.- DISMISSAL OF THE FILE

In those cases where there is insufficient evidence or elements that warrant the initiation of an administrative sanctioning procedure, the General Compliance Intendancies dismiss the file and communicate this fact to the investigated party if they previously had knowledge of the initiation of the investigations or preliminary inquiries.

CHAPTER III

RIGHTS OF THE INVESTIGATED PARTY AND EVIDENCE

Article 11.- RIGHT OF ACCESS TO THE FILE

The investigated party has the right to access the administrative file from the initiation of the sanctioning procedure.

The file of the administrative sanctioning procedure contains only the actions and documents obtained during the investigations or preliminary inquiries that support the initiation of said administrative sanctioning procedure, as well as all those generated during its processing, including audio and video material.

Article 12.- TESTIMONIAL STATEMENTS

Before the initiation of the administrative sanctioning procedure or during any of its stages, the competent bodies of the SMV may interrogate the investigated party or take testimonial statements from any third party, which may be recorded, and the administered must be informed, verbally or in writing, that their statement will be recorded. For these purposes, a record of the proceeding is drawn up in which the testimonial statement is transcribed or it is recorded that it was recorded.

The record must be formulated, read and signed immediately after the proceeding by the attendees who wish to record their statement. If the investigated party or the witnesses refuse to sign the record, this is recorded in said document, which does not invalidate the corresponding recording of the statement. When the statements are recorded, the record, to the extent that there is consensus between the authority and the administered, may be concluded within the fifth day of the act or, if applicable, before the final decision.

The administered may record in the record the observations they deem necessary regarding what happened during the proceeding.

The investigated party who is interrogated is not obliged to testify against themselves or to confess their own guilt; however, if they do so, such fact is considered a mitigating circumstance.

A witness who, without justification, fails to appear at a summons or refuses to answer the interrogation may be imposed a coercive fine of up to five (5) UIT. If the obligated party persists in the breach, a new coercive fine is imposed, successively doubling the amount of the coercive fine imposed until they appear or respond to the interrogation, as the case may be.

If the investigated party does not attend an interrogation ordered by the SMV, without due justification, the coercive fine described in the previous paragraph may be imposed.

TITLE III

OF THE ADMINISTRATIVE SANCTIONING PROCEDURE

CHAPTER I

OF THE BODIES OF THE ADMINISTRATIVE SANCTIONING PROCEDURE

Article 13.- INSTRUCTING BODIES

The General Intendancies of Compliance, each within the scope of their competence, are the instructing bodies responsible for the development of the investigation in the instructing phase.

Article 14.- SANCTIONING BODIES

Sanctions are imposed in the first instance by the Deputy Superintendent of Prudential Supervision and the Deputy Superintendent of Market Conduct Supervision, each within the scope of their competence.

In the case solely of infractions for non-compliance with the rules on the timeliness for the submission of periodic or occasional information and with the rules on the protection of minority shareholders of publicly traded corporations, referred to in Annex XIV, the Deputy Superintendent of Prudential Supervision and the Deputy Superintendent of Market Conduct Supervision act as the sole administrative instance, as applicable. Their pronouncement exhausts the administrative remedy.

The resolutions issued must be published on the SMV's Securities Market Portal, once they become final or the administrative remedy has been exhausted.

Article 15.- SUPERINTENDENT OF THE SECURITIES MARKET

The Superintendent of the Securities Market resolves appeals against resolutions issued in the first instance by the Deputy Superintendent of Prudential Supervision or the Deputy Superintendent of Market Conduct Supervision, with the exception of single-instance procedures.

The decisions of the Superintendent of the Securities Market on such appeals exhaust the administrative remedy and must be published on the SMV's Securities Market Portal.

CHAPTER II

OF THE PHASES OF THE ADMINISTRATIVE SANCTIONING PROCEDURE

Article 16.- INSTRUCTING PHASE

a) The instructing phase begins with the imputation of charges by the General Intendancies of Compliance, initiating the administrative sanctioning procedure. The imputation of charges is not subject to appeal.

The General Intendancies of Compliance grant the administered parties a period of five (5) to fifteen (15) days for the submission of defenses, counted from the day following the notification of the imputation. The period granted may be extended by the General Intendancies of Compliance for a maximum period equal to that initially granted, depending on the complexity of the case.

The administered party may request the use of the floor before the General Intendant of Compliance.

If, once the sanctioning procedure has begun, acts or facts that constitute other possible infractions are identified, the General Intendancies of Compliance must impute the corresponding charges, in accordance with the provisions of the previous paragraph.

As a consequence of the defenses or new evidentiary elements, by exception, the General Intendancies of Compliance may request from the General Intendancies of Supervision or the Deputy Superintendency of Risks, technical assistance and/or the performance of other actions.

b) Once the period for submitting defenses has expired, with or without them, the General Intendancies of Compliance may carry out the additional actions they deem necessary, and must evaluate the necessary elements in order to determine the existence or non-existence of administrative responsibility.

c) The General Intendancies of Compliance, on their own initiative or at the request of the administered parties, may order by non-appealable resolution the accumulation of pending sanctioning procedures that are connected and are at the same procedural stage, or proceed to their separation when necessary.

d) The instructing phase concludes with the formulation of a report by the General Intendancies of Compliance, in which the conducts considered proven that constitute an infraction, the rule that provides for the imposition of a sanction and the proposed sanction or the proposal for a declaration of non-existence of infraction are determined in a reasoned manner, mentioning that the pronouncement is made on the basis of the elements existing at that date, as applicable.

Additionally, the General Intendancies of Compliance may propose to the sanctioning body the application of precautionary, corrective and/or provisional measures, as well as their revocation or modification, with respect to the entities under their competence.

Article 17.- SANCTIONING PHASE

a) The sanctioning phase is in charge of the respective Deputy Superintendent. Upon receipt of the instructing report, said official may instruct the supervision specialist or the respective General Intendancy of Compliance to carry out complementary actions and/or reports, as well as to take, directly, statements from the persons they deem convenient.

b) The corresponding Deputy Superintendent notifies the report to the administered party so that they may formulate their allegations within a period of no less than five (5) days, counted from the day following the aforementioned notification.

The administered party may request the use of the floor before the Deputy Superintendent.

c) Once the period granted for submitting allegations has expired, the competent Deputy Superintendent may resolve the respective sanctioning procedure.

d) The corresponding Deputy Superintendent may issue, modify or revoke precautionary, corrective and/or provisional measures ex officio or at the request of a party in the cases submitted to their knowledge.

e) The final resolution must rule on the commission of the infraction, the application of a sanction or the decision to archive the procedure. Likewise, it may impose precautionary, provisional or corrective measures. The Deputy Superintendent may order the execution of the guarantees granted by legal entities under the jurisdiction of the SMV.

CHAPTER III

ON ADMINISTRATIVE REMEDIES

Article 18.- RECONSIDERATION AND APPEAL REMEDY

The sanctioned party may file a reconsideration or appeal remedy against the decision of the respective Deputy Superintendency, except in cases processed in a single instance, where only a reconsideration remedy may be filed.

If a reconsideration remedy is filed, the Deputy Superintendent notifies the administered party of the report from the General Compliance Intendency containing the opinion on the filed remedy, so that it may submit its arguments within a period of no less than five (5) days, counted from the day following the aforementioned notification.

If an appeal remedy is filed, the General Secretariat notifies the administered party of the report from the Legal Advisory Office on the remedy filed to the administered party so that it may submit its arguments before the Superintendent of the Securities Market within a period of no less than five (5) days, counted from the day following the aforementioned notification.

The administered party may request the use of the word before the Deputy Superintendents and the Superintendent of the Securities Market.

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

Administered parties may only challenge the nullity of administrative acts through the administrative remedies described above.

Once the administrative route is exhausted, no challenge remedy is available; only the filing of a contentious-administrative action before the Judiciary is appropriate.

TITLE IV

CORRECTIVE MEASURES AND ABSTENTION FROM INITIATING AN ADMINISTRATIVE SANCTIONING PROCEDURE

CHAPTER I

ON CORRECTIVE MEASURES

Article 19.- DEFINITION

Corrective measures are those mandates aimed at restoring, reversing, repairing, or reinstating the situation altered by non-compliance with the regulations under the supervision of the SMV. These measures may be issued prior to the initiation of an administrative sanctioning procedure or at the time of determining administrative responsibility.

Corrective measures may consist of obligations to give, do and not do, and must precisely and unequivocally establish the task incumbent on the administered party, identifying those obligated to comply. Corrective measures must be issued through a duly reasoned decision and observing the principles of Proportionality and Reasonableness.

Article 20.- CORRECTIVE MEASURES ISSUED BY THE GENERAL SUPERVISION INTENDENCIES

Corrective measures prior to the initiation of a sanctioning procedure are issued by the General Supervision Intendencies when they detect acts or omissions expressly provided as minor, serious or very serious infractions, and are communicated to the administered party indicating the facts that breached the regulations and the legal basis supporting it, so that within a determined period it reverses, corrects, repairs or restores the situation altered by the infraction to its previous state and, if applicable, complies with another provision linked to the correction of the offender's conduct.

Article 21.- CORRECTIVE MEASURES ISSUED BY THE DEPUTY SUPERINTENDENCIES

The corrective measures established at the time of determining administrative responsibility are issued by the corresponding Deputy Superintendents. Annex XX of the Regulation lists, by way of example, the corrective measures that may be issued.

The Deputy Superintendents may issue corrective measures, including for very serious infractions.

Article 22.- COMPLIANCE WITH CORRECTIVE MEASURES ORDERED BEFORE THE INITIATION OF THE SANCTIONING PROCEDURE

Compliance with the corrective measures ordered before the initiation of the sanctioning procedure determines the abstention contemplated in article 24, provided they are minor infractions and the facts are of little significance.

Non-compliance entails the initiation of the administrative sanctioning procedure through the imputation of charges for the infraction committed that gave rise to the adoption of the corrective measure.

In the case of corrective measures issued for serious or very serious infractions, compliance with the measure does not determine abstention, but will be assessed in the respective administrative sanctioning procedure.

It is incumbent on the administered party to prove that it has complied with executing the corrective measure imposed by the competent body. However, the SMV may verify compliance with the corrective measure, for which it may require the administered party to submit evidence, as well as carry out the corresponding inspections.

Through a duly reasoned pronouncement and when it deems it pertinent, the competent body of the SMV may vary the corrective measure imposed on the administered party regarding the manner, time or place of execution, in order to guarantee its effective compliance.

Article 23.- CHALLENGE REMEDIES

The application of corrective measures may be challenged through the filing of reconsideration and appeal remedies.

CHAPTER II

ABSTENTION FROM INITIATING A SANCTIONING PROCEDURE

Article 24.- ABSTENTION

The General Compliance Intendencies shall abstain from initiating an administrative sanctioning procedure when the assumptions indicated in the first paragraph of article 22 are present.

Additionally, the General Compliance Intendancies may refrain from initiating an administrative sanctioning procedure when, at the time of detecting the minor infraction, the situation altered by the non-compliance with the regulations has been reverted, corrected, repaired or restored by the alleged offender, with the following conditions having to be accredited:

a) The facts are of little significance.

b) The infraction must be classified as minor.

c) The non-existence of concrete damages to the investors or associates of the collective funds system.

The decision of abstention by the General Compliance Intendancies is communicated to the administered party.

TITLE V

ON SANCTIONS

CHAPTER I

CRITERIA FOR THE DETERMINATION OF SANCTIONS, MITIGATING AND EXEMPTING CIRCUMSTANCES OF LIABILITY

Article 25.- SANCTION CRITERIA

The administrative sanctions that are imposed must take into account the following criteria:

a) Prior records, for final sanctions imposed by the SMV within the term of four (4) years prior to the commission of the infraction to be sanctioned. The commission of the same infraction in the year prior to the infraction to be sanctioned is not considered a prior record.

b) Recidivism, for the commission of the same infraction, the final sanction imposed by the SMV within the term of one (1) year prior to the commission of the infraction to be sanctioned is taken into account.

c) Circumstances of the commission of the infraction.

d) Economic damage caused and its repercussion on the market.

e) Illicit benefit resulting from the commission of the infraction.

f) Probability of detection of the infraction.

g) Severity of the damage to the public interest and/or protected legal interest.

h) Existence or not of intentionality in the conduct of the offender.

When, from the evaluation of the aforementioned criteria, it is noted that there is no proportionality between the sanction to be imposed and the imputed facts, by exception and by means of a reasoned resolution, a sanction corresponding to a lower classification than the one provided for may be imposed.

Article 26.- MITIGATING CIRCUMSTANCES OF LIABILITY FOR INFRACTIONS

The following constitute mitigating conditions of liability for infractions:

a) Recognition of liability by the offender expressly and in writing, 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 term granted for the presentation of defenses, the reduction amount shall be fifty percent (50%).

2. If the recognition is presented after the expiration of the term granted for the presentation of defenses and before the expiration of the term granted to formulate allegations to the instruction report, the reduction amount shall be thirty percent (30%).

3. If the recognition is presented after the expiration of the term granted to formulate allegations to the instruction report and up to before the issuance of the sanction resolution, the reduction amount shall be ten percent (10%).

The recognition of liability with respect to an infraction must be made precisely, concisely, clearly, expressly and unconditionally, and must not contain ambiguous or contradictory expressions; otherwise, it shall not be understood as a recognition. If defenses are presented, despite having made a recognition of liability, it shall be understood as a non-recognition, and the authority shall proceed to evaluate the defenses.

b) Contribution of the offender to the clarification of the infraction.

c) The correction made after its requirement or the initiation of the administrative sanctioning procedure.

Article 27.- EXEMPTING CIRCUMSTANCES OF LIABILITY FOR INFRACTIONS

The following constitute exempting conditions of liability for infractions:

a) Fortuitous event, force majeure or another exceptional situation that, in the opinion of the SMV, is comparable to fortuitous event or force majeure duly proven.

b) Acting in compliance with a legal duty or the legitimate exercise of a right of defense.

c) Mental incapacity duly proven by the competent authority, provided that it affects the aptitude to understand the infraction.

d) The mandatory order of a competent authority, issued in the exercise of its functions.

e) The error induced by the Administration or by a confusing or illegal administrative provision.

f) The voluntary correction by the possible sanctioned party of the act or omission imputed as constituting an administrative infraction, prior to the notification of the imputation of charges referred to in subsection 3) of article 253 of the LPAG and provided that no communication demanding compliance with the obligation has been sent.

Article 28.- CASES IN WHICH CORRECTION DOES NOT APPLY AS AN EXEMPTING CIRCUMSTANCE OF LIABILITY

The correction prior to the notification of the imputation of charges is not considered an exempting circumstance of liability, when a communication demanding compliance with the obligation has been sent.

The following are not subject to correction for the purposes of the provisions of literal f) of article 27:

a) The presentation of inaccurate or false information or documentation to the SMV and/or that is disclosed to the market.

b) The contravention of market abuse rules, referring to the improper use of privileged information and market manipulation.

c) The late or incomplete presentation, or the non-presentation of material facts, financial information and annual reports.

d) The performance of activities not permitted or providing services or performing activities not authorized by the SMV, in cases where the regulations require having the respective authorization.

e) The performance of activities involving the disposal of funds, financial instruments or any asset owned by clients without their authorization or the breach of the custody, administration or fiduciary duties held by entities authorized by the SMV.

Article 29.- CONCURRENCE OF INFRACTIONS

When the same conduct qualifies as more than one infraction, the sanction provided for the most serious infraction applies.

Likewise, when several conducts qualify as more than one infraction, the sanction corresponding to the most serious infraction is imposed.

Article 30.- PLURALITY OF OFFENDERS

The commission of an infraction by a plurality of natural or legal persons determines that independent sanctions are applied to each of the persons who committed said infraction.

Article 31.- REDUCTION OF THE SANCTION

The offender on whom the fine sanction has been imposed for the commission of very serious, serious or minor infractions may request from the Oficina General de Administración a reduction of five percent (5%), ten percent (10%) or twenty percent (20%), respectively, of the amount to be paid, provided that they prove prior and joint compliance with the following requirements:

a) Having regularized the situation that gave rise to the sanction;

b) Payment of the imposed fine, applying the reduction requested, within five (5) days of having been notified of the respective first-instance or single-instance resolution; and,

c) Submission of a sworn statement indicating that no appeal has been filed and that no appeal will be filed against the resolution imposing the sanction, both in the administrative and judicial channels. The SMV shall verify the exhaustion of the administrative channel.

If the offender files any appeal at the administrative or judicial level, this reduction is automatically rendered ineffective and enables the SMV to collect said reduction.

CHAPTER II

ON SANCTIONS IN THE SECURITIES MARKET

Article 32.- SANCTIONS

The sanctions that may be imposed are the following:

a) Warning;

b) Fine of no less than one (1) UIT nor more than seven hundred (700) UIT. For payment purposes, the applicable UIT is the one in force at the time of the commission of the infraction;

c) Suspension of the operating authorization for a period no longer than forty-five (45) days;

d) Suspension of the representative of the stock brokerage firm for a period no longer than thirty (30) days,

e) Suspension of the public offering placement, as well as the trading of one or more securities;

f) Exclusion of a security from the Registry;

g) Cancellation of the registration in the Registry;

h) Revocation of the operating authorization;

i) Suspension for a period of up to thirty (30) days;

j) Dismissal; and,

k) Disqualification.

Subsections i), j) and k) of the article apply to the persons indicated in subsection i) of article 343 of the LMV.

Article 33.- SANCTIONS FOR VERY SERIOUS INFRACTIONS

For the commission of very serious infractions, one of the following sanctions is imposed on the offender:

a) Fine of no less than fifty (50) UIT and up to seven hundred (700) UIT;

b) Suspension of the operating authorization for a period of no less than ten (10) days and up to forty-five (45) days;

c) Exclusion of a security from the Registry;

d) Cancellation of the registration in the Registry;

e) Revocation of the operating authorization;

f) Dismissal; and,

g) Disqualification.

When imposing the disqualification sanction, its term of validity must be set. Failure to indicate a term means that the disqualification sanction is for five (5) years.

Article 34.- SANCTIONS FOR SERIOUS INFRACTIONS

For the commission of serious infractions, one of the following sanctions is imposed on the offender:

a) Fine of no less than twenty-five (25) UIT and up to fifty (50) UIT;

b) Suspension of the trading of securities for up to one (1) year or of the public offering placement;

c) Suspension of the operating authorization or of the representatives of the brokerage firms, for up to twenty (20) days; and,

d) Suspension of the persons referred to in subsection i) of article 343 of the LMV and the corresponding regulations, for up to thirty (30) days.

Article 35.- SANCTIONS FOR MINOR INFRACTIONS

For the commission of minor infractions, one of the following sanctions is imposed on the offender:

a) Warning; and,

b) Fine of no less than one (1) UIT and up to twenty-five (25) UIT.

CHAPTER III ON SANCTIONS IN THE ADMINISTRATION OF THE COLLECTIVE FUNDS SYSTEM

Article 36.- SANCTIONS

The sanctions that may be imposed are the following:

a) Warning;

b) Fine of no less than one (1) UIT nor more than one hundred (100) UIT. For payment purposes, the applicable UIT is the one in force at the time of effective payment of the fine,

c) Prohibition of the formation of new groups;

d) Prohibition of the subscription of new contracts;

e) Revocation of the operating authorization; and,

f) Suspension for a term of up to thirty (30) days, dismissal or disqualification of the directors, managers or representatives of the company for a maximum term of five (5) years.

Notwithstanding the established limits, the fine imposed must not exceed ten percent (10%) of the total annual income of the sanctioned party, without prejudice to any civil or criminal actions that may be applicable. Sanctions may be applied concurrently to the management companies and their legal representatives, directors or managers.

Article 37.- SANCTIONS FOR VERY SERIOUS INFRACTIONS

For the commission of very serious infractions, one of the following sanctions is imposed on the offender:

a) Fine greater than fifty (50) UIT up to one hundred (100) UIT;

b) Prohibition from entering into new contracts;

c) Revocation of the operating authorization; and,

d) Suspension for a term of up to thirty (30) days, dismissal or disqualification of the directors, managers or representatives of the company for a maximum term of five (5) years.

Article 38.- SANCTIONS FOR SERIOUS INFRACTIONS

For the commission of serious infractions, one of the following sanctions is imposed on the offender:

a) Fine greater than twenty-five (25) UIT and up to fifty (50) UIT; and,

b) Prohibition from forming new groups.

Article 39.- SANCTIONS FOR MINOR INFRACTIONS

For the commission of minor infractions, one of the following sanctions is imposed on the offender:

a) Warning; and,

b) Fine not less than one (1) UIT nor greater than twenty-five (25) UIT.

CHAPTER IV ON SANCTIONS FOR PUBLICLY TRADED CORPORATIONS RELATED TO THE PROTECTION OF MINORITY SHAREHOLDERS

Article 40.- SANCTIONS

The sanctions that may be imposed on publicly traded corporations are the following:

a) Warning; and,

b) Fine not less than one (1) UIT nor greater than twenty-five (25) UIT. For payment purposes, the applicable UIT is the one in force at the time of the commission of the infraction.

Article 41.- GRADATION

For the commission of very serious infractions, a fine sanction greater than twelve (12) UIT and up to twenty-five (25) UIT is imposed on the offender.

For the commission of serious infractions, a fine sanction greater than five (5) UIT and up to twelve (12) UIT is imposed on the offender.

For the commission of minor infractions, a warning sanction or a fine not less than one (1) UIT and up to five (5) UIT is imposed on the offender.

TITLE VI ON PRESCRIPTION AND LAPSE

Article 42.- PRESCRIPTION

The power to determine the existence of administrative infractions prescribes after four (4) years.

a) If, during the stage of investigations or preliminary inquiries or the instruction phase, the investigated party requests the prescription of the investigated infractions, the corresponding General Superintendence of Supervision or Compliance resolves such request without further procedure than the verification of the time periods.

If it deems it well-founded, the General Superintendences of Supervision and Compliance inform the respective Deputy Superintendent of such declaration and of the causes of the prescription.

Without prejudice to the foregoing, the corresponding General Superintendence of Supervision or Compliance may declare the prescription ex officio and conclude the procedure when it notices that the time period to determine the existence of infractions has been met, taking into account the procedure described in the preceding paragraph.

b) If, during the sanctioning phase, the administered party requests the prescription of the investigated infractions, the sanctioning body resolves it without further procedure than the verification of the time periods.

If it deems it well-founded, the sanctioning body informs the Superintendent of the Securities Market of such declaration and of the causes of the prescription.

Without prejudice to the foregoing, the sanctioning body may declare the prescription ex officio and conclude the procedure when it notices that the time period to determine the existence of infractions has been met, taking into account the procedure described in the preceding paragraph.

Article 43.- LAPSE

a) The time period to resolve sanctioning procedures is nine (9) months, counted from the date of notification of the imputation of charges.

b) The previous time period may be extended exceptionally, at most by three (3) months; for this, the General Superintendence of Compliance or the corresponding sanctioning body must issue a duly reasoned resolution, justifying the extension of the time period, before its expiration. This resolution is not appealable.

The lapse does not apply after the corresponding sanction resolution has been notified.

c) The General Superintendence of Compliance notifies the resolution that extends the time period to resolve before its expiration; if such notification does not occur within the legal time period, the procedure is automatically lapsed and is filed.

d) The lapse is declared ex officio by the General Superintendences of Compliance. Without prejudice to this, the administered party is empowered to request the lapse of the procedure in case the SMV has not declared it ex officio.

e) In the event that the infraction has not prescribed, the General Superintendences of Compliance evaluate, each within its scope of competence, the initiation of a new sanctioning procedure. The lapsed procedure does not interrupt the prescription nor does it render ineffective the oversight actions or preliminary inquiries carried out nor the evidence that may be applicable in the new administrative sanctioning procedure.

The preventive, corrective and precautionary measures that have been issued remain in force for an additional term of three (3) months while the initiation of a new sanctioning procedure is ordered.

COMPLEMENTARY REPEALING PROVISION

Sole.- Repeal

Repeal the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF/94.10.

ANNEX I

On General Infractions

The following are common infractions for Participants and liquidators, as applicable:

1.- Very Serious

1.1 Perform functions, operations, activities, acts or contracts that are not authorized or that do not comply with the requirements established in the regulations.

1.2 Perform operations or activities prohibited by the regulations applicable to them, as applicable, or perform operations or activities outside their corporate purpose, or activities that contribute to or are complementary to their corporate purpose, without having obtained prior authorization from the SMV.

1.3 Breach the duty of identity confidentiality.

1.4 Submit to the SMV, the Exchange, the entity in charge of the Centralized Mechanism, the investor and, in general, any other subject of the securities market, inaccurate or false information; or disclose such information in the market.

1.5 Perform any act, omission, practice or conduct that undermines the integrity or transparency of the market, or that qualifies as market abuse in accordance with the regulations on the matter.

1.6 Provide false or misleading signals regarding the supply or demand of a security, for one's own benefit or that of a third party, through fictitious transactions, proposals or transactions that raise, lower or maintain the price of securities or financial instruments; increase, reduce or maintain their liquidity;

1.7 Carry out transactions or induce the purchase or sale of securities or financial instruments through any deceptive or fraudulent act, practice or mechanism.

1.8 Provide false or misleading information regarding the situation of a security or financial instrument, of an issuer or its businesses, which by its nature is capable of influencing the liquidity or price of said security or financial instrument, including the spreading of rumors and false or misleading news, through the media, including the internet, or any other means.

1.9 Reveal or entrust inside information to other persons.

1.10 Recommend carrying out transactions with securities for which one has inside information.

1.11 Make improper use of and avail oneself, directly or indirectly, for one's own benefit or that of third parties, of the inside information one possesses.

1.12 Make modifications to its bylaws, related rules, the terms of the participation regulations, model contract, executed contracts, informative prospectus and any other document without observing the provisions of the regulations.

1.13 Use a corporate name typical of entities to which the SMV grants authorization to operate or use phrases that induce the public to think that it is authorized to carry out the activities corresponding to any of these companies or that the SMV exercises supervision over them.

1.14 Serve as partner, shareholder, founder, director, manager, representative or internal control officer of any Participant or whoever acts in its stead, compliance officer, fiduciary agent, member of the administrative commission in the case of securitization processes, member of the risk rating agency, member of the investment committee or the surveillance committee, being disqualified from doing so by the regulations.

1.15 Appoint or retain as director, administrator, manager, compliance officer, fiduciary agent, member of the administrative commission in the case of securitization processes, member of the risk rating agency, member of the investment committee or the surveillance committee, members of the risk management committee, representative or internal control officer of any Participant or whoever acts in its stead, persons who do not meet the requirements or conditions established in the regulations or have any disqualification in accordance with the regulations on the matter, as well as hire or retain directly or indirectly the other persons established by the regulations who do not meet the requirements or conditions established in the regulations or have any disqualification in accordance with the regulations on the matter.

1.16 Not have the minimum share capital, the operating capital for the required operational risk component, or the minimum net equity established in the regulations on the matter, or not increase them or not register the share capital in the Registry of Legal Persons, in a timely manner.

1.17 Induce confusion or error through the disclosure of information related to the issuance, placement or intermediation of securities and any other activity carried out in the securities market or in the collective funds system.

1.18 Fail to comply with any of the requirements or conditions that justified the granting of its organization or operation authorization or, in the event of a modification, fail to submit to the SMV the updated information and/or documentation, or fail to comply with the procedure and/or deadlines established by the regulations on the matter.

1.19 Fail to comply, in the case of the liquidator, with ensuring the integrity of the assets of the company in liquidation or with any of its functions or obligations established in the regulations on the matter.

2.- Serious

2.1 Not present, deny or delay the delivery of books, documents and other information required by the SMV during inspections or preliminary inquiries or any other audit activity, not provide the facilities that the SMV requests in the execution of the supervision and control actions it orders; as well as presenting documentation, for the purpose of delaying the procedure, or not making available to the SMV the documentation to which they are obliged or in any other way obstructing the supervision and control actions.

2.2 Not prepare, in accordance with the rules governing its preparation, the information to which they are obliged by the regulations or by request of the SMV.

2.3 Not publish, or not do so in a timely manner, the notices, communications or any other information to which they are obligated, or that the same do not comply with the regulations.

2.4 Carry out a placement or sale of securities, without previously making available to potential investors the informative prospectus or any other document established by the regulations.

2.5 Not grant facilities to register securities on the Stock Exchange when there is a request from shareholders representing no less than twenty-five percent (25%) of the share capital.

2.6 Not keep or not maintain updated, in the manner required by the regulations, the accounting, books, records and corresponding files.

2.7 Not preserve the books, records, files, minutes or other documentation required by the regulations, for the period established therein or do so without observing the formalities indicated by the regulations.

2.8 Submit to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation mechanism, to the investor or, in general, to any other Participant, financial information prepared without observing the International Financial Reporting Standards, issued by the International Accounting Standards Board (IASB) and/or the accounting standards for the preparation and presentation of financial information issued by the SMV, as applicable.

2.9 Not submit to the SMV the special audit report contemplated in the Financial Information Regulation, containing the correction of the qualifications that gave rise to the qualified opinion, adverse opinion or disclaimer of opinion of the external auditors regarding the company's financial statements, or the action plan that leads to the correction of the causes that gave rise to the aforementioned opinions, as well as the effects of the incorporation of the qualifications in the financial statements of the fiscal year.

2.10 Not communicate material facts or not submit audited individual or consolidated financial information, individual or consolidated interim financial statements, management report or special audit report and annual reports.

2.11 Not return to the company or the fund, as applicable, the short-term gains obtained within a period of three (3) months, in the purchase and sale or sale and purchase of securities issued by the issuer or traded in said period by the institutional investor with which the offender is related, or within the period established in the corresponding regulations or the one granted by the SMV.

2.12 Carry out any act that violates the suspension of securities trading ordered by the SMV or the Stock Exchange.

2.13 Not send, when requested by the SMV, the list of persons who had access to privileged information within the established period or send it incompletely.

2.14 Not clarify or deny, after having become aware, the information published in media that is false, inaccurate or incomplete and that qualifies as a material fact and, if applicable, not communicate as a material fact said clarification or denial, including information that had not been generated or disseminated by the issuer itself, in accordance with applicable regulations.

2.15 Not communicate as a material fact and within the established period, the information whose reserved character has ceased.

2.16 Not submit or submit incompletely to the SMV the list of persons who know the reserved information, whether or not they work for the issuer.

2.17 Disclose information that constitutes a material fact without said information having been previously communicated to the SMV.

2.18 Not comply with the obligations established in the regulations on the matter, during the reserve period of the information classified as reserved.

2.19 Report the registration and delivery dates without observing the deadlines and other provisions established in the regulations on the matter.

2.20 Not report as a material fact the registration and delivery dates.

2.21 Modify or leave without effect the registration and delivery dates previously reported as a material fact.

2.22 Not correct or not do so in a timely manner the observations detected by the SMV, by the representative or person responsible for internal control or the body acting in its place, or by the external audit firms, or not implement the corrective measures that the SMV has ordered within the framework of its powers.

2.23 Not request prior authorization from the SMV, for transfers of shares that allow a natural or legal person, different from the organizers, to reach or exceed directly or indirectly ten percent (10%) of the share capital in an entity with authorization to operate granted by the SMV; as well as any act of encumbrance, trust, management agreements or other legal acts that directly or indirectly involve the aforementioned percentage and that grant a third party the exercise of voting rights in the mentioned percentage.

2.24 Not comply with implementing the guidelines to ensure that persons who have access to privileged information, due to their condition, exercise of functions or other events or particular circumstances, know the applicable regulations and the sanctions linked to their disclosure, recommendation or improper use; or not ensure the adequate dissemination or compliance with said policies or procedures, as well as not complying with said guidelines.

2.25 Not have, approve, implement, nor comply with or modify them without communicating it to the SMV, within the corresponding period, the rules of conduct, internal rules of conduct, or code of conduct, in accordance with the regulations on the matter, or not approve a control procedure for said rules.

2.26 Not constituting the guarantees, not updating, renewing or replacing them, in the form, amount and conditions provided for in the regulations on the matter or in those determined by the SMV.

2.27 Not having appointed the internal control officer or responsible person, or the person responsible for risk management functions, as established by the regulations on the matter, or said officer not complying with the requirements, functions or provisions applicable to them in the manner provided for in the regulations.

2.28 Executing, during the intervention ordered by the SMV, acts and operations without the proper authorization of the interveners, as applicable.

2.29 Submitting to the SMV, to the Exchange or to the entity in charge of the Centralized Mechanism individual or consolidated financial information, audited by an audit firm that is subject to any of the incompatibilities contemplated in the Financial Information Regulation or regulations on the matter.

2.30 Not keeping the books, records and supporting documentation corresponding thereto, and other information of interest to the companies and the funds managed, in the form and within the period established by the regulations on the matter.

2.31 Not having, approving, implementing, updating, or complying with, or amending without notifying the SMV, in accordance with the regulations on the matter, the Comprehensive Risk Management Manual, or the Valuation Manual or the Valuation Methodology, or the Manual for the Prevention of Money Laundering and Terrorist Financing or any other manual.

2.32 Not observing the obligations and functions applicable to them under the regulations governing the secondary public offering in the Latin American Integrated Market, the primary public offerings of securities registered and/or authorized in countries that make up the Pacific Alliance and/or MILA as well as the recognition of foreign funds.

2.33 Not fulfilling their functions or any of the other provisions contemplated in the regulations or those provided or required by the SMV in the exercise of its functions, specifically with respect to Participants.

3.- Minor

3.1 Submitting after the established deadline, or doing so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, the Exchange, the entity in charge of the centralized trading mechanism or any other entity or subject of the securities market, the audited individual or consolidated financial information, the interim individual or consolidated financial statements, management report, special audit report, material events and annual reports.

3.2 Carrying out transactions off the stock exchange, with securities registered in the Registry, without the participation of a brokerage agent, except in cases authorized by the regulations.

3.3 Not displaying the operating authorization resolution issued by the SMV, or not keeping available to the investor or the general public the documents required by the regulations.

3.4 Not appointing the audit firm or not communicating its change within the period provided for in the regulations or not observing the requirements or conditions established for the engagement and/or renewal of the audit firm or retaining the audit firm, whose audit team or any of its members does not comply with the requirements established by the regulations.

3.5 Not requiring, in accordance with the regulations, the return of short-term profits.

3.6 Submitting after the deadline, or not submitting, the documentation or information, other than that indicated in preceding numeral 3.1, that they are obliged to provide under the regulations or at the request of the SMV or not sending it in accordance with the technical specifications, where applicable, or sending it incompletely.

3.7 Not submitting to the SMV or, where applicable, to the entity responsible for a centralized trading mechanism, or not keeping updated, the information on its Economic Group, as well as not informing the SMV of share transfers that imply a change in the decision-making or control unit, or any modification of the data appearing in the Public Registry of the Securities Market, within the period or in the form established in the regulations on the matter.

3.8 Not reporting share transfers that allow a natural or legal person to obtain direct or indirect ownership of at least four percent (4%) and up to ten percent (10%) of participation in the share capital of an entity with an operating authorization granted by the SMV, as well as any act of encumbrance, trust, management agreements or other legal acts involving the direct or indirect ownership of the aforementioned percentages and that, in turn, grant a third party the exercise of voting rights in said entity, within the period established in the regulations on the matter.

3.9 Not reporting amendments to the bylaws that do not require authorization by the SMV, within the period established by the regulations on the matter.

3.10 Not reporting changes of directors, managers and representatives, within the period established by the regulations on the matter.

3.11 Not having the minimum technological requirements that make possible the use of MVNet.

3.12 Not immediately reporting to the SMV any irregularity, possible infringement of the regulations or, in general, any fact that may be subject to investigation by the SMV, that they become aware of in the exercise of their functions.

ANNEX II

Of the Infractions of the Issuer, which includes legal entities, branches of legal entities, mutual fund management companies for investment in securities and investment funds as well as any other entity with a security or program registered in the Public Registry of the Securities Market, directors and managers of the issuers, and stock exchange representative, if applicable

A) The following are infractions of the Issuer with securities registered in the Registry, as well as of its directors or managers, as the case may be:

1.- Very Serious

1.1 Carrying to capital the amount represented by unsubscribed shares of its own issuance held in treasury, before they are subscribed.

1.2 Not suspending the rights of shares held in treasury or counting them to establish the quorum and majorities set forth by Law or the bylaws.

1.3 Holding in treasury shares of its own issuance in a percentage exceeding that permitted by the regulations.

1.4 Not complying with its dividend policy, in applicable cases, except for duly accredited force majeure causes.

1.5 Not timely making available to the holders of shares representing the share capital, investment shares or bonds convertible into shares, the preferential subscription certificates, as well as not complying with the delivery of shares, dividends, rights or benefits previously agreed to be delivered and for which purpose the registration and/or delivery date was established, in accordance with the regulations.

1.6 Agreeing to a capital reduction involving the return of contributions to shareholders or the forgiveness of passive dividends when the company has issued bonds convertible into shares, except in the cases established by the regulations.

2.- Serious

2.1 Holding shares in treasury without the agreement of the general shareholders' meeting adopted with the requirements set forth by the regulations.

2.2 Not having a dividend policy approved in accordance with the regulations or not complying with informing the establishment of its dividend policy or its modification, at least thirty (30) days before its application, when required in accordance with the provisions of the regulations.

2.3 Acquiring and holding in treasury shares of its own issuance charged to profits and freely disposable reserves, without maintaining the amount of these shares in a reserve until they are redeemed or disposed of.

2.4 Establishing a term for the preferential subscription of shares or bonds convertible into shares that does not comply with the provisions of the regulations or granting a term for the negotiation of said certificates that is not within that established in the regulations.

2.5 Agreeing for its directors a participation in the net profits of the fiscal year above six percent (6%), unless said circumstance is disclosed as a material fact within the first month of the respective fiscal year.

2.6 Not designating, in applicable cases, the representative of the bondholders in a bond issuance, or designating a person who does not meet the requirements established to exercise said position.

3.- Minor

3.1 Not communicating, or not doing so in a timely manner, to the SMV, the Exchange or entity responsible for the centralized negotiation mechanism in which the security is registered, its deterioration, loss or theft of securities registered in the Registry, of which it has knowledge.

3.2 Not having a principal stock exchange representative and an alternate, or designating or maintaining persons who do not meet the requirements and conditions established in the regulations on the matter to exercise the function of stock exchange representative.

3.3 Not presenting the sworn statement indicating that the stock exchange representatives meet the requirements and conditions established in the regulations on the matter.

3.4 Not communicating to the SMV, the Exchange or the entity responsible for the centralized negotiation mechanism, the designation, resignation, removal, death or permanent impossibility of exercising the position of stock exchange representative, in accordance with applicable regulations.

B) The following are infractions of the stock exchange representatives of the issuers:

1.- Very Serious

1.1 Not attending, within the terms indicated by the SMV, the information requests or queries formulated by the SMV.

1.2 Not verifying that the documentation by which material facts and reserved information are reported complies with the requirements of form and content, as established in the Regulation of Material Facts and Reserved Information.

C) The following are infractions of the directors and managers of an issuer with securities registered in the Registry:

1.- Very Serious

1.1 Receiving in loan money or goods from the company, or using for their own benefit, or for those who have a connection with them, the goods, services or credits of the company, without authorization from the board of directors.

1.2 Using their position to, by any other means and to the detriment of the corporate interest, obtain undue advantages for themselves or for persons with whom they have a connection.

D) The following are infractions of the Issuers with shares with voting rights registered in the Stock Exchange:

1.- Very Serious

1.1 Carrying out acts or contracts involving at least 5% of the company's assets, with natural or legal persons linked to its directors, managers or shareholders representing more than ten percent (10%) of the company's capital, without prior approval of the Board of Directors.

1.2 Carrying out acts or contracts involving at least 5% of the company's assets with natural or legal persons linked to its directors, managers or shareholders representing more than ten percent (10%) of the company's capital, with prior approval of the Board of Directors in which the director who has a connection participates.

1.3 Carry out acts or contracts involving at least 5% of the company's assets with natural or legal persons related to its directors, managers or shareholders representing more than ten percent (10%) of the company's capital, without the authorization with parameters of the Board of Directors or the General Shareholders' Meeting

1.4 Not appoint or contract an external entity for the issuance of the review report of the terms of the act or contract.

2.- Serious

2.1 Not having the ratification of the act or contract, in those cases of authorization with parameters of the Board of Directors or the General Shareholders' Meeting.

2.2 Ratify the act or contract by the Board of Directors or the General Shareholders' Meeting, without having the report of the external entity, in case of authorization with parameters.

2.3 Not comply with making available to the Board of Directors or the General Shareholders' Meeting, the report of the external entity for the corresponding approval or ratification.

3.- Minor

3.1 Not ratify the act or contract within the corresponding term.

3.2 Not communicate, within the term established by the issuer constituted abroad with national securities, any variation in what was communicated to the SMV.

ANNEX III

Of the Infractions related to the OPP, OPV and OPI in which the Participants may incur

A) The following are infractions of the Participants in an OPP, OPV or OPI, as applicable:

1.- Very Serious

1.1 Carry out a public offering without having previously registered the securities in the Registry or having registered the corresponding prospectus, except in the cases of exception established in the regulations.

1.2 Carry out a public offering without the intervention of a brokerage agent, except in the cases of exception considered in the regulations.

1.3 Make statements through any means that lead investors to make investment decisions based on information other than that indicated in the informative prospectus.

1.4 Disseminate the intention to carry out a public offering, promote the pre-placement or pre-sale of the securities or disseminate a preliminary version of the informative prospectus, without complying with the requirements indicated by the regulations or not making available to investors the final version of the informative prospectus.

1.5 Not communicate to the persons among whom the dissemination in pre-placement or pre-sale had been made, the completion of the registration or registration process.

1.6 Deliver summaries of the informative prospectus without them complying with the regulations or use them to place securities without delivering sufficient information about the proposed transaction.

1.7 Not comply with keeping the informative prospectus updated in accordance with the provisions of the regulations.

1.8 Carry out the placement of the securities outside the term available for it.

1.9 Not provide equal treatment to all recipients of the offer or to all bondholders, as provided in the regulations.

2.- Serious

2.1 Not comply with delivering to the SMV the necessary documentation and in accordance with the regulations for the purposes of carrying out the public offerings.

2.2 Not determine or not disseminate in the offer notice, the information related to the necessary aspects for carrying out the public offering that are not in the informative prospectus and that do not depend on the placement procedure.

2.3 Not direct the public offering to the class of investors to whom it had been declared as recipients thereof in the informative prospectus.

2.4 Record in the Offer Notice terms and conditions of the issuance, class and/or series with information different from that established in the Framework Prospectus or in the respective supplement.

2.5 Extend or renew short-term instruments for a term exceeding one year counted from the date of their issuance.

3.- Minor

3.1 Place or sell securities of public offering without having made available to the public the documents and complementary information related to the security and the offer in the registry.

B) The following are infractions of the bondholders' representative:

1.- Very Serious

1.1 Not comply with the functions assigned by the regulations, the issuance contract or the bondholders' meeting.

1.2 Depart from his assignment before his substitute has been appointed.

1.3 Not keep in reserve what he knows by reason of his management.

2.- Serious

2.1 Not prepare the documentation or reports required by the regulations or by the SMV, in accordance with the provisions established in the norms of the matter.

2.2 Not make the modifications of the conditions of the issuance once agreed, or not comply with the necessary formalities, in accordance with the regulations of the matter.

3.- Minor

3.1 Not send to the SMV the documentation or reports required by the regulations or by the SMV or send them in an untimely or incomplete manner.

ANNEX IV

Of the Infractions related to the OPA and the OPC

The following are infractions of the natural or legal persons that acquire or increase significant participation, of the directors, managers and shareholders of the target company, other investors, responsible for the exclusion of a security from the Registry, stock brokerage firms, Stock Exchange, ICLV, and other natural or legal persons that are related to the obligation or execution of an OPA or OPC:

1.- Very Serious

1.1 Not carry out the OPA in the cases that correspond or acquire or increase significant participation without observing the regulations.

1.2 Not carry out OPC in the cases established in the regulations, or specifically established by the SMV, or carry it out without complying with the provisions of the regulations or what is indicated by the SMV in the respective resolution.

1.3 Announce during the validity of an OPA, the future realization of another OPA on the same securities.

1.4 Acquire, directly or indirectly, the initial offeror or competing offerors, during the term of the takeover bid and before the publication of its result, securities subject to the same outside the takeover bid.

1.5 Carry out or promote acts that disrupt the normal development of the takeover bid or the public offering of securities.

1.6 Carry out the takeover bid for an amount less than the corresponding amount or less than the amount it had committed to acquire.

1.7 Not sell the securities that it had acquired without having carried out a takeover bid when obligated to do so, or sell them without observing the procedure applicable to such sale.

1.8 Not comply with the provisions on the nullity of agreements and suspension of rights of securities acquired disregarding the obligation to carry out a takeover bid.

1.9 Recognize as acceptors of the offer persons included in the computation of indirect ownership of the offeror, or those belonging to its same economic group, in cases where the takeover bid is not made for all securities susceptible of being the object of such offer.

1.10 Not declare, in the report of the board of directors or that of the highest administrative body of the target company, the existence of any agreement between the offeror and the target company and/or the members of its administrative bodies and/or the shareholders of the target company.

1.11 Constitute or present insufficient guarantee in favor of the agent company chosen to carry out the offer.

1.12 Omit information or provide inaccurate, false or misleading information to the valuation entity.

2.- Serious

2.1 Register ownership or intervene in operations that are carried out or have been carried out in violation of the takeover bid or public offering of securities regulations.

2.2 Not comply with the obligations or restrictions applicable to the participants in a takeover bid or public offering of securities, as established in the corresponding regulations.

2.3 Not make the informative prospectus available to the addressees of the takeover bid or potential acquirers at the offices of the issuer, the intermediation agent through which it acts, the Exchange and the SMV, or not deliver it when there is a request from interested parties.

2.4 Not make or not publish in a timely manner the corrections of the observations made to the informative prospectus or not publish the corrected notice in the media and opportunities established, or not make the informative prospectus available to whom it corresponds.

2.5 Start the public offering of securities before the expiration of the term established for the review of the information submitted by the offerors.

2.6 Not comply with the provisions of the regulations regarding the publications of the conditions of the takeover bid and the public offering of securities.

2.7 Not return the profits obtained from the transfer of securities acquired without carrying out a takeover bid.

2.8 Not publish or disseminate the declaration of invalidity of the offer through the same means by which the offer was initially disseminated within the term determined by the regulations on the matter.

2.9 Not timely submit the report of the board of directors or that of the highest administrative body of the target company in the case of a public takeover bid.

2.10 Not timely submit to the SMV the correction of the observations it has made to the report of the board of directors or of the highest administrative body of the target company.

2.11 Not present to the SMV the valuation report that includes the correction of the observations formulated by the SMV, within the granted term.

3.- Minor

3.1 Not communicate the result of the takeover bid.

3.2 Not timely communicate to the SMV or the Exchange the acquisition of significant participation or its increase.

3.3 Not make available to interested parties, free of charge, copies of the informative prospectus at the offices of the agent company through which the offeror acts within the term established in the regulations on the matter.

ANNEX V

Of the infractions in the asset securitization processes and in the trusts in guarantee

A) The following are infractions of the securitization company, of others authorized to act as fiduciary companies in securitization processes, of the members of the technical committee and of the natural or legal persons that provide any service linked to the securitization process, as applicable:

1.- Very Serious

1.1 Allocate the assets or resources of the trust patrimony to purposes other than those provided in the constitutive act.

1.2 Not comply with the functions established in the constitutive act and/or the rules applicable to it.

1.3 Not keep the trust assets separate from those that make up its patrimony and from those corresponding to other trust patrimonies.

1.4 Not maintain separate bank accounts for each trust patrimony under its control.

1.5 Not transfer the trust patrimony to the replacement trustee, or not contribute with the registry inscriptions, as well as not grant the corresponding instruments, in cases of resignation, removal or admission, in a dissolution and liquidation process.

1.6 Not carry out the necessary actions for the perfection of the fiduciary transfers of the assets that make up the trust patrimonies under its control, or not adopt the necessary measures to preserve, protect and defend its right as trustee in relation to the assets that make it up.

1.7 Not deliver the trust assets to the recipient of the remainder of the extinguished patrimony, once the extinction of the trust has occurred due to fulfillment of its purpose.

1.8 Allow the trust to be used as a means to harm the interests of the creditors of the trustor or to obtain undue benefits.

2.- Serious

2.1 Grant guarantees with the assets that make up its patrimony, generic or specific, unless these are established in relation to the patrimonies under its fiduciary control.

2.2 Grant guarantees with assets that make up its patrimony, related to trust patrimonies under its control, exceeding the limits permitted by the regulations.

2.3 Not convene a meeting of trustors, when requested by those representing at least one fifth (1/5) of the rights backed by the trust patrimony or to request instructions when circumstances so require.

2.4 Fail to appoint a fiduciary factor or administrative committee, when applicable.

2.5 Not contract the services of audit firms for the periodic inspection and review of operations related to the assets that make up the trust patrimonies under its control.

2.6 Exercise the right to vote in trustors' meetings when acting as trustor.

2.7 Not render accounts timely to the persons designated in the trust's constitutive act or not do so in accordance with the rules established therein.

2.8 Not communicate the execution of securitization trusts in which the securities are to be subject to private offering, within two (2) days of the execution of the constitutive act or compliance with the required formality, in accordance with the regulations.

2.9 Acquire assets that cannot be subject to securitization, in accordance with the corresponding regulations.

2.10 Not maintain a record for each trust under its control.

2.11 Not contract, when applicable according to the terms of the constitutive act, the services of audit firms for the periodic inspection and review of operations related to the assets that make up the trust patrimonies under its control.

2.12 Participate in securitization trusts that back the issuance of privately offered securities directed to investors other than those set forth in subsection a) of article 5 of the LMV.

3.- Minor

3.1 Not communicate changes of directors, managers, representatives, fiduciary factors or members of the administrative committee or equivalent body, within two (2) days of the corresponding appointment, attaching a copy of the supporting instrument, the curriculum vitae and sworn statement of the appointed persons that they are not subject to impediments.

B) The following are infractions of the special purpose company:

1.- Very Serious

1.1 Modify the corporate purpose without prior approval of the holders of the securities it has issued by public offering, when applicable.

2.- Serious

2.1 Not have, when the special purpose company is wholly controlled by the originator, at least one independent member not linked to it, in each collegiate body of the company.

2.2 Request its declaration of insolvency without the approving vote of the independent non-linked person of the corresponding collegiate body, when the special purpose company is wholly controlled by the originator.

2.3 Keep its records and financial statements through a person linked to the originator, when the special purpose company is wholly controlled by it.

2.4 Not communicate the name of persons who hold or acquire a percentage greater than five percent (5%) of participation in its voting capital, within the term established in the regulations.

C) The following are infractions of the originator or, when applicable, of the trustor of a trust in guarantee:

1.- Very Serious

1.1 Use seized assets or assets subject to litigation when the securities to be backed are to be subject to public offering in the national territory.

1.2 Not publish, or not do so within the term provided in the regulations, in applicable cases, the assignment of rights, or make a publication that does not allow full identification of the assets subject to assignment or the name of the assignor or the assignee.

1.3 Not comply with the obligations applicable in accordance with the terms of the constitutive act and/or the other corresponding rules.

D) The following are infractions of the servicer:

1.- Serious

1.1 Not keep separately the assets in its possession in its capacity as servicer and/or the documents related to them.

1.2 Not deliver the assets and/or documents to the substitute servicer, if designated, or to the person exercising ownership of the special purpose patrimony, in dissolution and liquidation processes.

ANNEX VI

On the Infractions of Investment Fund Management Companies, External Managers, Members of the Investment Committee, Members of the Oversight Committee and any person directly or indirectly related to the Management Company

The following are infractions of investment fund management companies, members of the investment committee, members of the oversight committee and any person who, directly or indirectly, is related to the management company, as applicable:

1.- Very Serious

1.1 Not have an investment committee or such body not complying with the requirements, functions or provisions applicable to it in the manner provided in the regulations.

1.2 Not restitute to the fund or the participants the amount corresponding to them as a consequence of infractions of the regulations by the Management Company or any of its dependents or persons providing services to it.

1.3 Value the fund's shares or investments using criteria other than those indicated in the valuation methodology contained in the Participation Regulation.

1.4 Dispose of the money from investors' contributions, investments made on behalf of the fund and any other income corresponding to the latter, in a manner other than that provided in the regulations.

1.5 Carry out the transfer of a fund to another management company, or the merger or spin-off of funds without authorization from the SMV, or fail to carry out the process in accordance with the provisions of the applicable regulations.

1.6 Give priority, directly or indirectly, to its own interests, those of its related parties, its personnel or third parties, to the detriment of the interests of the funds it manages and their participants.

1.7 Adopt or execute investment decisions in a manner different from what was agreed or established in the regulations.

1.8 Fail to submit to the SMV the sworn declaration on compliance with the rules for the management of privately offered funds and/or fail to submit to the SMV the information on privately offered funds, referring to the amount, and number and type of participants.

1.9 Manage investment funds registered under the simplified regime, without having complied with the requirements and conditions established to be under this regime.

1.10 Fail to have at least one operating fund placed by public offering within the maximum period indicated in the applicable regulations or be without an operating fund under its management, for a period greater than one (1) year.

1.11 Make, with fund resources, restricted or non-permitted investments, in accordance with the applicable regulations

1.12 Fail, the person in charge of the management of the fund, to comply with the minimum obligations established in the applicable regulations

2.- Serious

2.1 Fail to sign contracts with third parties for making investments in the construction of real estate, in accordance with what is required by the applicable regulations, in the case of a Real Estate Investment Fund.

2.2 Fail to comply with the investment percentages indicated by the applicable regulations, in the case of a Real Estate Investment Fund.

2.3 Dispose of the real estate acquired or built on behalf of the fund for leasing, without observing the permanence period of the asset, in accordance with what is required by the applicable regulations, in the case of a Real Estate Investment Fund.

2.4 Fail to distribute annually at least 95% of the net profits of the Fund, in the case of a Real Estate Investment Fund.

2.5 Fail to register the fund's participation certificates in a centralized trading mechanism when so provided in the participation regulations or fail to comply with the rules on transfer of securities when they are not traded in centralized mechanisms.

2.6 Maintain direct or indirect promoters that do not comply with the provisions applicable to them in the manner provided in the regulations on the matter or that these do not comply with the functions established in said regulations.

2.7 Fail to maintain, in the form and conditions provided by the regulations, the fund's assets, or the custody of the securities or documents representing the assets in which the fund's resources have been invested, as well as the participation certificates.

2.8 Fail to convene or fail to hold the general meetings of participants in the form and opportunities indicated by the regulations or fail to observe the requirements for their convening or holding.

2.9 Refuse to register the transfer of participation certificates requested in accordance with the provisions of the regulations in the participants registry, or do so with unjustified delay.

2.10 Admit the representation of participants in the general meetings, without complying with the provisions of the regulations.

2.11 Fail to observe the criteria that serve as the basis for the distribution of the profits obtained by the fund, as established in its participation regulations.

2.12 Enter into subscription commitments with the participants that allow setting partial payments, without contemplating the regulations, or fail to observe the conditions established in its participation regulations for their application.

2.13 Fail to comply with the regulations on the return of contributions made, in cases where the subscriptions are unsuccessful.

2.14 Execute an agreement to increase or reduce the fund's capital, without observing the provisions of the applicable regulations, as well as fail to comply with the rules governing the repurchase of shares.

2.15 Fail to comply with the regulations regarding the investment policy, diversification criteria or investment limits of the fund or make investments, without observing the provisions of the applicable regulations.

2.16 Charge or impute commissions or expenses to the participants or the fund that are not provided for in the regulations or fail to do so in the form established by them.

2.17 Fail to observe the minimum content of the Participation Regulations established in the regulations on the matter.

2.18 Fail to provide the participants with the "Fund Investment Statement", within the periods and in the form established in the Participation Regulations, or fail to comply with the minimum content that it must have.

2.19 Prepare the minutes of the General Meetings or the Surveillance Committee, without observing the requirements and/or minimum content established in the applicable regulations.

2.20 Fail, the Surveillance Committee, to prepare its annual management report and/or present it to the Ordinary General Meeting or fail to inform the SMV of the non-compliance with the recommendations or observations raised by the SMV and/or any fact that it detects in the exercise of its functions, that could be detrimental to the Fund or that is an indication of non-compliance with the provisions of the current regulations, the Participation Regulations, the General Meeting or the internal rules of conduct within the indicated periods.

2.21 Fail to inform the Registry of the appointment or removal of the members of the Surveillance Committee.

2.22 Fail to communicate to the SMV the liquidation of the fund, within the indicated period, or do so without observing the minimum requirements.

2.23 Failure to prepare and implement the applicable chart of accounts for recording the Fund's transactions, in accordance with the relevant regulations.

2.24 Failure to comply with the other obligations applicable to it in accordance with the provisions set forth in the fund's participation rules and the relevant regulations, or in the contracts entered into on behalf of the fund with participants and third parties.

3.- Minor

3.1 Failure to comply with the regulations regarding participation limits in the fund or failure to notify the participant, in the manner and within the period provided, of the excess holding of units that the participant may have incurred for reasons not attributable to them.

ANNEX VII

Of the infractions of the Mutual Funds Management Companies for investment in securities, External Managers, Distributors, members of the Investment Committee, Placement Agent, Custodian, and the officer responsible for the internal control of the management company

A) The following are infractions of the mutual funds management companies for investment in securities, the placement agent, the external manager, the members of the investment committee, and the officer responsible for the internal control of the management company, as applicable:

1.- Very Serious

1.1 To dispose of the money from investors' contributions, from investments made in the name of the fund, and any other income corresponding to the latter, in a manner other than that provided for in the regulations.

1.2 To value the fund's units or its investments using criteria other than those set forth in the regulations, or failure to do so in a timely manner.

1.3 Failure to return to the fund or the participants the amount owed to them as a result of infractions of the regulations by the management company or any of its employees or persons providing services to it.

1.4 To give priority, directly or indirectly, to its own interests, those of its related parties, its personnel, or third parties, to the detriment of the interests of the funds it manages and their participants.

1.5 Failure to have an investment committee, or failure of said body to comply with the requirements, functions, or provisions applicable to it in the manner provided for in the regulations.

1.6 To carry out the transfer of a fund to another management company, or the merger or spin-off of funds, without authorization from the SMV, or failure to carry out the process in accordance with the provisions of the regulations.

1.7 To adopt investment decisions contrary to the regulations or to execute them in a manner different from that agreed.

1.8 Failure to fulfill the commitment assumed with the mutual fund or the participants to guarantee the invested capital and, if applicable, the attainment of a previously determined return, in accordance with the established conditions.

1.9 To carry out any act or practice for the purpose of artificially altering the prices and/or rates resulting from a valuation methodology established by a price provider company.

1.10 Failure to comply with the rules on separation of activities set forth in the relevant regulations.

2.- Serious

2.1 To temporarily suspend redemption operations, distribution of net profits, and the consideration of new subscription requests without the approval of the SMV.

2.2 Failure to comply with the regulations regarding the fund's diversification criteria or investment limits.

2.3 Failure to comply with the provisions on subscription, redemption, and transfers of participations contained in the regulations.

2.4 To charge or impute fees or expenses to the participants or the fund that are not provided for in the regulations, or failure to do so in the manner established by them.

2.5 Failure to acquire or failure to dispose of the fund's assets when required to do so, or failure to do so in the manner established by the regulations.

2.6 Failure to apply homogeneously a given criterion for allocating the unit value to the participants of a fund, or failure to comply with the validity period of the unit value.

2.7 To use electronic means in carrying out any of its functions or in the operations it performs, without complying with the provisions of the regulations.

2.8 To carry out with the fund's resources operations or investments that are not permitted, or to carry them out without observing the provisions of the regulations.

2.9 Failure to comply with the obligations and functions applicable to it in accordance with the provisions set forth in the fund's participation rules, or the fund's simplified prospectus, or in the contracts entered into on behalf of the fund with participants and third parties, or as established in the regulations.

2.10 Failure to declare the investment objective or policy, as well as its return attributes or risk profile of the investments, in a manner consistent with the provisions of the participation rules.

2.11 Failure to register the participation units of the Exchange-Traded Fund or ETF in a centralized trading mechanism.

2.12 Failure to instruct the custodian or to instruct it in a manner different from that provided for in the regulations.

2.13 To maintain direct or indirect promoters that do not comply with the provisions applicable to them in the manner provided for in the regulations, or that they do not comply with the functions established in said regulations.

2.14 To contract for the same mutual fund more than one External Manager.

2.15 To enter into contracts with Distributors that do not include the minimum content established by the regulations.

2.16 To subcontract, by the external manager, the asset management service of the mutual fund.

2.17 To contract for the same mutual fund more than one Custodian.

2.18 Failure to ratify the members of the Investment Committee, when they have been appointed by the External Manager.

2.19 For persons related to the fund to act as counterparty to the operations entered into by the fund.

3.- Minor

3.1 Failure to observe the procedure indicated for the admission of new shareholders to the management company.

3.2 Failure to comply with the provisions on transfer of participation certificates established by the regulations.

3.3 Not issuing or not delivering in a timely manner to their owners the participation certificates, in the event they have been requested, or omitting any data or legal requirement in them.

3.4 Not complying with the regulations regarding participation limits in the fund.

3.5 Not notifying the participant in the manner and within the period provided, in cases where, for reasons not attributable to the participant, they have incurred an excess holding of units.

3.6 Not replacing the audit team of the auditing firm, when applicable.

3.7 Not reporting to the SMV the daily portfolio or the valuation of the participation units of the stock exchange fund or ETF.

3.8 Not complying with disclosing on the website the minimum information established in current regulations or not complying with keeping it updated.

B) The following are infractions of the custodian:

1.- Very Serious

1.1 Disposing of the fund's cash without having been expressly instructed by the management company, or disposing of the cash differently from the instructions given by it.

1.2 Not complying with the payment for the concepts to which it is obligated, or not doing so in the required manner and timeliness.

1.3 Disposing of the instruments belonging to the fund's portfolio without having the instructions of the management company, or disposing of them differently from the instructions given by it.

1.4 Ceasing its functions without the new custodian or the management company having assumed them.

1.5 Not indemnifying the fund or the participants for the damages that the custodian or any of its dependents or persons providing services to it cause as a consequence of infractions.

1.6 Giving priority, directly or indirectly, to its own interests, those of its related parties, its personnel or third parties, to the detriment of the interests of the funds under its custody and their participants.

2.- Serious

2.1 Not complying with the regulations on opening bank accounts of the fund.

2.2 Not having an automated system that reports the movements and balances of holdings of instruments and bank accounts of the funds, at any given date.

2.3 Not complying with the periodic reconciliation of securities or not verifying the correct registration of the ownership of the fund's investments, as well as not receiving or not delivering the corresponding securities in a timely manner.

2.4 Not carrying out within the established periods or not verifying the compensation and settlement process of the fund's investment operations.

2.5 Not verifying the timely entry of money received for any concept into the fund's accounts.

2.6 Contracting the services of custodians abroad without complying with the established requirements.

3.- Minor

3.1 Not archiving the contracts for operations with derivatives.

C) The following are infractions of the distributor:

1.- Very Serious

1.1 Providing the distribution service without maintaining sufficient administrative capacity and technological and operational infrastructure and other minimum conditions.

1.2 Engaging in the activity of promoting the funds, ensuring returns, unless it is a guaranteed mutual fund, or disseminating advertising that contains statements, allusions or representations that mislead or confuse the public about the nature, profitability, redemptions, liquidity, guarantees or other characteristics of the mutual fund or the management companies

1.3 Not complying with keeping updated the records containing information on the participants that are part of the global accounts it administers for each fund it distributes.

1.4 Not complying with keeping a disaggregated record of participants, record of promoters and record of complaints and claims.

1.5 Being a participant in a global account under its administration or that of any other distributor.

2.- Serious

2.1 Not providing potential participants with the advisory service, when it is required.

2.2 Not having policies and procedures that allow it to perform the risk profiling of the potential participant.

2.3 Not obtaining the proof required by the regulations, when the potential participant decides to make an investment that does not adjust to their risk profile.

2.4 Not obtaining from the potential participant the sworn statement in which they indicate that they have no participation in the mutual fund in which they will invest their resources, either directly or through another global account, and that they undertake not to have any while they are registered in the Distributor's global account.

2.5 Not informing the SMV, when it becomes aware, that a participant has exceeded the permitted holding limits or not proceeding to correct said situation in accordance with the provisions of the regulations on the matter.

2.6 Not complying with assuming the representation of the participants registered in its global accounts before the Management Company as well as any other obligation established in the applicable regulations.

2.7 Contracting as promoters persons who do not comply with the minimum requirements to provide said service.

3.- Minor

3.1 Signing contracts with participants that do not include the minimum content established by the regulations.

3.2 Not complying with delivering the individualized account statement to each participant registered in one of its global accounts.

ANNEX VIII

Of the Infractions of the Exchange and other Entities Responsible for the Conduction of Centralized Negotiation Mechanisms, the Promoter Agent and the Market Director

A) The following are infractions of the Exchange and other entities responsible for the conduction of Centralized Mechanisms:

1.- Very Serious

1.1 Allowing the secondary public offering and promotion in the country of securities traded in the negotiation systems administered by foreign exchanges, without these being previously registered in the Registry, in cases where applicable.

1.2 Not establishing mechanisms to verify that the foreign security is registered and/or authorized by the corresponding foreign regulator or supervisor, in accordance with the provisions of the corresponding regulations.

1.3 Not providing or not keeping enabled, through its website, an electronic link that provides access to the public information system through which issuers disseminate information about their securities in their market of origin, when the registration of the foreign security was requested by the Exchange or a sponsoring agent.

1.4 Not implementing or not keeping enabled the automatic suspension system of the stock exchange session or centralized trading mechanisms that it administers.

1.5 Not having on its website a section called "Foreign Securities" in which an updated list of registered and excluded foreign securities is shown; and, for each registered security, the information and/or documentation detailed in the corresponding regulations; and for each excluded security, the corresponding exclusion date, when the registration of the foreign security was requested by the Exchange or a sponsoring agent.

1.6 Not disseminating or not updating, in accordance with the requirements and forms established, the information indicated in the corresponding regulations, when the registration of a foreign security is requested by the Exchange or a sponsoring agent.

2.- Serious

2.1 Not keeping or maintaining updated, in the manner and for the time required by the regulations, the information related to the proposals and operations carried out in the stock exchange session.

2.2 Not communicating to the SMV the general rules it approves related to its functions, within the period established by the regulations or not disseminating them previously in the cases that correspond.

2.3 Not applying the controls or filters that are necessary to prevent trading in the Exchange of the foreign security temporarily or permanently suspended in its market of origin, in the cases of foreign securities registered at the request of the Exchange.

2.4 Not communicating the appointment of the Market Director or its ratification within the legal period or the removal or dismissal of the Market Director on the day following the adoption of the decision.

2.5 Not offering truthful and timely information about the securities registered in its records regarding the economic progress and material events of the issuers of said securities, as well as information related to the brokerage firms operating therein and stock market operations, as well as not publishing or certifying the quotation of the securities traded in the centralized trading mechanisms under its charge.

2.6 Not complying with requesting the exclusion of the securities registered at its request in the Registry, when applicable, in accordance with the regulations on the matter.

2.7 Not ensuring that its officers and employees comply with its internal rules, adhering to the principles of professional ethics.

B) The following are infractions of the sponsoring agent:

1.- Very Serious

1.1 Not having the internal control mechanisms that allow them to safeguard compliance with the applicable regulations on registration and exclusion of securities.

2.- Serious

2.1 Not informing the SMV and the market of any situation or fact that could affect, modify or restrict the transferability or trading of said securities, on the day they become aware of it, or not complying with any other obligation provided in the regulations in the case of registration of foreign securities.

2.2 Not complying with requesting the exclusion of the securities registered at its request in the Registry, when applicable, in accordance with the regulations on the matter.

C) The following are infractions of the market director:

1.- Very Serious

1.1 Not imposing pertinent measures in accordance with its conferred powers, when it becomes aware of the commission of an infraction in the surveillance of operations in the centralized trading mechanisms operating in the Exchange.

1.2 Not promptly communicating to the SMV any fact or situation noticed that is susceptible to investigation by the SMV, as well as any other information that corresponds in accordance with the applicable regulations, or not canceling operations carried out in contravention of the regulations.

1.3 Not awarding the operation or operations of the OPA within the day following the expiration of the OPA acceptance period.

1.4 Not registering the purchase-sale operation of securities registered on the exchange resulting from the OPA without establishing a quotation.

1.5 Acquiring or transferring securities or financial instruments registered in the Registry without prior authorization from the SMV, when applicable.

2.- Serious

2.1 Not making the necessary coordinations with the corresponding areas of the Exchange in order to determine the causes of the significant fluctuation of prices during the suspension of trading of a security.

2.2 Not promptly informing the market of the causes that gave rise to the suspension of trading of a security.

2.3 Not informing the Exchange of any fact or situation that determines the loss of any of the requirements demanded of the Market Director or that incurs any of the impediments established in the corresponding regulations.

3.- Minor

3.1 Not preparing and/or not submitting the reports and records that it is responsible for preparing in the exercise of its position, in accordance with the forms, means and opportunities established by the regulations.

D) The following are infractions of the directors, officers and employees of the Exchange and of other Entities Responsible for the Conduct of Centralized Trading Mechanisms:

1.- Very serious

1.1 Acquiring or transferring for consideration securities or financial instruments, unless they have previously obtained authorization from the SMV, when applicable.

E) The following are infractions of the Market Maker:

1.- Very Serious

1.1 Not formulating daily purchase and sale offers for securities for the minimum quantity previously established.

1.2 Carry out operations without observing the requirements established in the corresponding regulations.

1.3 Guarantee a price, price margin or variation in the quotation of the security.

1.4 Fail to comply with the obligations provided in the regulations, which it is responsible for assuming as a market maker with respect to one or more securities.

2.- Serious

2.1 Fail to comply with its obligations regarding the minimum announced quantity, related to its role as market maker of one or more securities.

2.2 Carry out operations without complying with the provisions contained in the regulations on the matter or fail to comply with those issued by its Board of Directors.

2.3 Perform functions or act or present itself as a market maker without having the prior authorization of the Special Committee of the Exchange.

2.4 Fail to comply with the minimum term as market maker of one or more securities, before its cancellation as such, determined by the Special Committee of the Exchange.

ANNEX IX

Of the infractions in the Securities Settlement Systems and other securities clearing and settlement systems, of their directors, officers and employees, of the internal control officer, of the participants, of the issuer of registered securities and of the settling banks

A) The following are infractions of the ICLV and other Administrating Entities of the Securities Settlement Systems, as applicable:

1.- Very Serious

1.1 Not having physical security systems for the facilities and information, or not having computer and communication systems in accordance with the nature and volume of the activities, that allow online access to the entities involved in the clearing and settlement of operations.

1.2 Not having operational safeguards in order to cover the risks attributable to it regarding errors or delays, altered or destroyed records, unauthorized access to confidential information, as well as disposal of securities and funds of unauthorized persons.

1.3 Not having contingency plans aimed at the recovery of all its critical functions in the event of disasters, in accordance with the provisions of the regulations, as well as not timely carrying out their review, updating and testing.

1.4 Use for its own benefit or that of third parties the funds and securities it receives and administers in the exercise of its functions, except in cases where there is authorization from the SMV.

1.5 Not having procedures, systems and infrastructure that allow the adequate identification of the holders of securities by book-entry and the correct assignment of unique codes per holder.

1.6 Not carrying out the registration of securities, or carrying them out without observing the rules on the matter.

1.7 Not complying with the obligations regarding the clearing and settlement of operations, or not carrying out the analysis and management of risks associated with the clearing and settlement of securities.

1.8 Not having the requirements to maintain the operating authorization.

1.9 Not submitting or not doing so in a timely manner, or submitting incompletely or not remedying the observations of the technical report for the evaluation of fees referred to in the regulations.

1.10 Not updating its fees within the established term.

1.11 Not adapting its fees to the principles and provisions established in the regulations or not submitting the fee proposal required by the regulations, or doing so without observing the regulations.

2.- Serious

2.1 Not having adequate procedures for cases of delivery of benefits or other corporate actions that affect the securities registered in the ICLV.

2.2 Not suspending the voting right of persons who are impeded or exceed the participation limits in accordance with the regulations.

2.3 Participating in the share capital of another ICLV incorporated in the country.

2.4 Not providing or disseminating to the participants, issuers and other users of the book-entry registry, clearing and settlement service, the information or documentation to which it is obligated.

2.5 Not having adequate procedures for changing the form of representation of securities from certificates to book entries or vice versa.

2.6 Not reconciling its book-entry registry with the issuer, as well as not keeping a control of the securities registered in its accounts and the correspondence of the sum of such securities with respect to the total number of the securities comprising each issue, class or series.

2.7 Not providing information on the registered securities or those that had been, to its participants or, failing that, to the holders or those who have a legitimate right.

2.8 Not carrying out in the manner and form established by the regulations, the distribution of benefits and other corporate processes, corresponding to the securities recorded in its registries, when it has agreed with the issuer for it to perform such function.

2.9 Not facilitating access to its services and discriminating against persons linked to the securities clearing and settlement process, unjustifiably denying them or conditioning them to the acquisition of supplementary services that are unrelated to the services they provide.

2.10 Allowing financial settlement with funds not immediately available.

2.11 Not diligently administering the coverage of the guarantees of the operations carried out in the centralized mechanisms, of uncovered sales and of automatic securities lending or, the guarantees of operations carried out outside the centralized trading mechanisms, when requested.

2.12 Applying automatic securities loans when the required guarantees have not been fully covered.

2.13 Not identifying at any time securities offered for lending, securities granted for lending, guarantees per borrower and per each loan, lenders and borrowers, maturity dates, distinguishing those that have been subject to extension.

2.14 To process transfers or encumbrances or to make the corresponding entries in the securities accounts, with respect to which accreditation certificates have been issued, as long as these have not been returned or without the validity period of the certificate having previously expired.

2.15 To fail to register real security rights or any other kind of charges and encumbrances with respect to securities registered in its registry within the established period.

2.16 To fail to reconcile its accounting record.

2.17 To fail to keep the accounting of the settlement fund in a separate manner.

2.18 To administer the settlement fund without observing the applicable regulations.

2.19 To fail to arrange for the performance of the audits to which they are obliged.

2.20 To fail to establish procedures that guarantee the confidentiality of the identity of the holders of securities, or to fail to establish procedures for the transfer of securities between participants' accounts

2.21 To fail to immediately inform the affected Company as well as the Directorate of Markets of any settlement failure that occurs, indicating all the details of the operation and including the participating Companies, the securities that are part of it as well as those that make up the guarantee margin, when applicable.

3.- Minor

3.1 To make rectifications in its accounting record without observing the regulations.

3.2 To issue more than one accreditation certificate in the same period for the same securities or for the exercise of the same rights.

3.3 To fail to have or fail to keep, in accordance with the provisions of the regulations, the computer file of registrations and the record of non-compliances and sanctions.

3.4 To fail to communicate in a timely manner to the SMV the substantial modifications made to the Contingency Plan.

3.5 To fail to communicate to the SMV, within the period established in the regulations, the regime contained in the contract entered into with the Central Reserve Bank of Peru and the Ministry of Economy and Finance.

B) The following are infractions of the participants of the ICLV:

1.- Very Serious

1.1 To fail to have the adequate resources and infrastructure for the performance of its functions.

1.2 To fail to maintain confidentiality or to use for its own benefit or for that of third parties other than the holders, the information contained in its master account.

1.3 To fail to carry out the transfers of the securities within the established periods.

1.4 To fail to make registrations or to make them without observing the regulations.

2.- Serious

2.1 To fail to provide or fail to deliver in a timely manner to the ICLV, the information or documentation that it is obliged to provide in order for it to be registered in the accounting record.

2.2 To fail to verify the identity and other data of the holders incorporated in its records or to fail to keep said information updated.

2.3 To fail to inform or present to the ICLV, within the period established by the corresponding regulations, the agreement for the settlement of operations signed by the direct participant.

2.4 To fail to comply with the other obligations contained in the internal regulations of the ICLV and its related provisions.

3.- Minor

3.1 Failure to comply with updating the data recorded in its client registry within the period established by the corresponding regulations.

C) The following are infractions of the Issuer of securities registered in an ICLV:

1.- Serious

1.1 Failure to comply with the duties of information and confirmation, in accordance with the regulations.

1.2 Failure to timely provide the necessary resources to the ICLV so that it complies with the delivery of benefits, when such responsibility has been entrusted to it.

1.3 Failure to take the necessary actions to allow the reconciliation processes of the ICLV's accounting registry with its records to be carried out in accordance with the internal regulations of said institution, or to timely rectify the differences resulting from the reconciliation processes of the records and of the issuers themselves.

1.4 Failure to comply with the internal regulations of the ICLV and its related provisions.

1.5 Failure to establish or failure to inform the respective ICLV of the treatment to be followed in the event of remnants or fractions of securities corresponding to the holders when applying the exchange or distribution factor.

2.- Minor

2.1 Failure to standardize the form of representation of the security, in cases of delisting.

D) The following are infractions of the settlement banks:

1.- Very Serious

1.1 Failure to act with neutrality regarding the services they provide to participants.

2.- Serious

2.1 Failure to transfer the cash corresponding to the settlement of operations, in accordance with the instructions given by the ICLV.

2.2 Failure to comply with the internal regulations of the ICLV and its related provisions.

E) The following are infractions of the directors and officers of the ICLV, as applicable:

1.- Serious

1.1 Failure of the directors of the ICLV to inform the SMV about all transactions with securities registered in the respective ICLV carried out by its officers and employees who have access to the information contained in its records, when said institution keeps the accounting registry in a total and exclusive manner.

1.2 Provision by the legal representatives of the ICLV of information on the data appearing in its records to persons other than the participants and to those who do not have a registered right over the securities.

F) The following are infractions of the internal control officer:

1.- Serious

1.1 Failure to permanently review and evaluate the internal control methodologies and systems.

1.2 Failure to ensure that claims to the ICLV, as well as requests submitted to it, are attended to in a timely manner.

1.3 Failure to inform the board of directors of the ICLV about internal control evaluations, identifying vulnerable aspects, making the respective observations and proposing the pertinent measures.

1.4 Failure to act with autonomy and independence in the exercise of its functions.

G) The following are infractions by the directors, officers and employees of securities settlement systems and other securities clearing and settlement systems:

1.- Very serious

1.1 Acquire or transfer securities or financial instruments registered in the Registry without prior authorization from the SMV, when applicable.

ANNEX X

On the Infractions of the Brokerage Agent, of the Representatives, of those responsible for the control system, and of any person who provides a service related to the functions and services provided by the Brokerage Agent

The following are infractions by brokerage agents, representatives, those responsible for the internal control system and any person who provides a service related to the functions and services provided by the brokerage agent, as applicable:

1.- Very Serious

1.1 Use the funds, securities or financial instruments received as a result of their brokerage activities for operations or purposes other than those for which they were entrusted.

1.2 Take purchase or sale orders for securities or financial instruments from a person other than their holder or duly authorized representative.

1.3 Fail to verify the identity or legal capacity of their principals, the authenticity and integrity of the securities or financial instruments they trade, as well as the endorsements or the registration of the last holder in the respective registry.

1.4 Directly or indirectly retain persons who have any legal or regulatory impediment, fail to ensure that they meet the requirements established in current regulations, or allow or facilitate for them the development of activities related to those of the brokerage agent.

1.5 Not have the physical infrastructure, human resources, and technological capacity that allow it to carry out its brokerage activities, in accordance with the provisions of the regulations.

1.6 Not maintain prudential limits or margins at the levels established by the regulations on the matter

1.7 Register as Institutional Investors investors who do not meet the requirements provided for such purpose.

1.8 Participate in a transaction, execute an order or operation that entails the acquisition or participation by non-institutional investors, which must be directed to Institutional Investors.

1.9 Broker securities, financial instruments or derivatives, without complying with the requirements, conditions and other provisions established by the regulations.

1.10 Not implement systems that allow the recording of orders when these are made by telephone or not record the orders of their principals, which are received by this means.

1.11 Allocate operations without observing the provisions of the corresponding regulations.

1.12 Grant credits to its clients for purposes other than those permitted by the regulations.

1.13 Not deliver or not do so timely to its clients the securities or financial instruments or money that correspond to them as a product of their orders, operations carried out or corporate events.

1.14 Provide its clients with false and inaccurate information, or allow or facilitate third parties to provide false or inaccurate information to the detriment of its clients.

1.15 Not collect orders from its clients, in accordance with the provisions established in the regulations, in the operations in which they intervene.

1.16 Not present operations with accuracy, precision and clarity, or create false expectations about the liquidity of a security.

2.- Serious

2.1 Not execute, unjustifiably, the orders received from its clients for negotiation or execute them differently from what was ordered.

2.2 Guarantee returns on the investment portfolios they manage, unless they are fixed-income securities.

2.3 Assume losses of its principals as a consequence of operations agreed in accordance with the regulations.

2.4 Process orders, or register or execute operations without verifying the existence of the resources or the securities or financial instruments necessary to settle them.

2.5 Not record, in the policies it issues for the transactions it carries out, all the concepts charged to its clients, as well as all other concepts, in accordance with the provisions of the regulations.

2.6 Prefer the purchase or sale of securities or financial instruments on its own account, when there is a request for purchase or sale of financial instruments from a principal, formulated with respect to the same security or financial instrument under equal or better conditions or give preference to a particular client when there is a conflict of interest among its clients.

2.7 Not carry out, with the periodicity established in the regulations, the calculation of prudential limits or margins.

2.8 Not comply with sending its clients the information to which it is obligated, or not do so in the form and opportunity required by the regulations.

2.9 Not communicate, or communicate outside the period established by the regulations, that the level of any of the prudential limits or margins does not comply with the regulations, or do so without indicating the reason for the non-compliance with the limits or the measures to be adopted for their reversal.

2.10 Carry out operations for which it is empowered, without previously observing any of the conditions or formalities required for such purpose.

2.11 Carry out transactions with financial instruments of its property or on behalf of a third party through another brokerage agent, without having the express authorization of the brokerage agent in which it carries out its representative activities.

2.12 Not have manuals, procedures, policies or internal control system in accordance with the requirements established in the regulations or not comply with their provisions or not supervise their compliance.

2.13 Not having or not displaying its fee schedule in accordance with the provisions of the regulations or not applying it, as well as applying the rate without communicating its modifications with due advance notice to its clients.

2.14 Using global accounts without observing the conditions required by the regulations or for purposes other than the corresponding one.

2.15 Not having intermediation accounts or these not being in accordance with the conditions required by the regulations or giving them a use other than the corresponding one.

2.16 Not submitting, or not doing so in a timely manner, the reports, the annual work plan or the documentation related to the internal control system, in accordance with the provisions of the regulations.

2.17 Not providing the SMV with information on prudential limits or margins in accordance with the provisions of the regulations.

2.18 Not carrying out the annual evaluation of its representatives, in accordance with the provisions of the regulations.

2.19 Not informing the client, prior to the transaction, that the Agent or its related party will be the counterparty to the operation.

2.20 Not informing the SMV, within the period established for the communication of relevant facts, if its Representative has ceased to comply with any of its requirements and conditions that gave merit to its authorization.

2.21 Not issuing the policies and/or not making them available to its clients within the period established by the corresponding regulations

2.22 Not complying with the minimum conditions and other provisions established in the regulations on the custody service of financial instruments.

2.23 Not keeping, for the established periods, in electronic or physical file, the books, records, electronic communications, order recordings or other information referred to in the regulations on the matter.

2.24 Not having an account statement for each client, not complying with the minimum content and other provisions established in the regulations on the matter.

2.25 Not implementing records that allow identifying the final holders of the financial instruments grouped in global accounts or that do not have the information required in the regulations on the matter.

2.26 Using systems for order taking, means of receiving and recording orders that do not comply with the conditions established by the SMV.

2.27 Recommending to its clients products or services that do not correspond to their investment profile.

2.28 Having or maintaining representatives who, in accordance with the regulations, are not duly certified to perform the corresponding functions or activities.

2.29 Taking orders without observing the conditions established in the intermediation contract or procedures of the stock brokerage firm.

2.30 Not complying with the other provisions on operating capital established by the regulations on the matter.

3.- Minor

3.1 Not issuing certifications of the entries in its books in relation to the operations in which it has intermediated, when there is a request from one of the intervening parties or a judicial mandate.

3.2 Intervening in the negotiation of securities or financial instruments in the Registry, whose deterioration, destruction, loss or theft has been publicly known.

3.3 Not having a record of all claims or complaints submitted by its clients.

3.4 Not submitting to the SMV the summary of over-the-counter operations in which it has intermediated in the manner required by the regulations.

3.5 Not informing the SMV, within the periods established by the regulations, of the decision to open or close offices, or not informing the SMV of the name of the representative of each of its offices.

3.6 Not complying with the provisions of its respective client policy, not complying with disseminating it in accordance with the provisions of the regulations or modifying it without prior corresponding authorization or not complying with the provisions of the intermediation contract.

3.7 Refusing to carry out or unjustifiably delaying the transfers of securities registered in its master account in the name of its client to the master account of another stock brokerage firm.

3.8 Executing purchase or sale orders outside the periods established by the regulations.

3.9 Not communicating relevant facts, or not doing so within the period established by the regulations.

3.10 Not displaying the fee schedule in accordance with the provisions of the regulations.

3.11 Not permanently disseminating to the public, through its website, the service hours or not complying with disseminating modifications to said hours with the advance notice established in the regulations.

3.12 Correcting the order record in cases other than those permitted by the corresponding regulations or without complying with the established conditions.

3.13 Not preparing the internal audit report, within the periods or forms established by the corresponding regulations.

ANNEX XI

On the Infractions of the Risk Rating Company or its Members

The following are infractions of the Risk Rating Company or its Members, as applicable:

1.- Very Serious

1.1 Carrying out activities other than the risk rating of debt securities of public offering and the complementary activities approved by its board of directors and reported to the SMV.

1.2 Carrying out complementary activities that lead to or evidence conflicts of interest with its exclusive activity or have not been approved by the Board of Directors or have not been communicated to the SMV prior to their execution.

1.3 Assuming the rating of the securities of a certain Issuer when it has an interest in it in accordance with the regulations on the matter.

1.4 Not reporting to the Internal Control Officer, when it becomes aware of illicit conduct or activity or contrary to the provisions of the regulations on the matter or the Code of Conduct of the Rating Company.

1.5 Failing to timely disclose to the Internal Control Officer any type of relationship that could generate a potential conflict of interest with the clients to whom the risk classification service is provided.

1.6 Participating in the classification process of a security and/or Issuer, as a principal officer of the Classifier, while being subject to one of the impediments established for participating in said process, as set forth in the applicable regulations.

1.7 Assuming or participating in the classification of the securities of a given Issuer when holding, directly or indirectly, securities issued by said Issuer or by companies of its economic group, or purchase or sale options for such securities, or when such securities have been received as collateral.

1.8 Failing to update the risk classification report at least two (2) times per year, through the issuance of the respective risk classification update reports, or when applicable, or failing to permanently monitor each risk classification granted to publicly offered debt securities during their term.

1.9 Failing to issue the respective pronouncement on the classification, in the event the Classifier becomes aware of any circumstance or any fact occurs that, by its characteristics, could modify the classification previously granted.

1.10 Carrying out risk classifications without observing the methodologies approved by the Board of Directors of the Classifier or without such methodologies having previously been made available to the public in the Registry, except for the exceptions established in the regulations on the matter.

1.11 Approving classification methodologies without complying with the requirements established in the regulations on the matter.

1.12 Having regular or alternate members of the Committee who do not meet the requirements established in the applicable regulations or who are subject to any of the impediments set forth in the regulations.

1.13 Entering into risk classification contracts that do not contain the minimum information set forth in the applicable regulations.

1.14 Disclosing reserved information that an Issuer has provided for the classification of the security.

2.- Serious

2.1 Failing to submit to the SMV the classification reports issued, the press releases regarding the withdrawal or suspension of the risk classification of a security; or the classification methodologies or their amendments, in accordance with the provisions of the regulations on the matter.

2.2 Failing to submit to the SMV the cooperation or technical assistance agreements entered into, as well as their amendments, within the respective deadline, in accordance with the provisions of the regulations on the matter;

2.3 Establishing its own categories or symbols without having been approved by the Board of Directors of the Classifier or communicated to the SMV.

2.4 Exceeding the percentage established by the regulations on the matter on the income obtained from the classification service, from the same Issuer or economic group, for reasons attributable to the Classifier.

2.5 Holding securities issued by legal entities incorporated in the national territory and registered in the Registry, except in the case of participation certificates of mutual funds.

2.6 Failing to prepare the report corresponding to the first risk classification granted to publicly offered debt securities, using the most recent available financial information of the Issuer or originator, annual audited and interim, taking as reference the date of submission of the security registration application, without disclosing in the report what information was used.

2.7 Failing to determine, within the period established in the regulations on the matter, whether, by application of a new methodology, the classifications previously granted must be modified.

2.8 Keeping as Members persons who do not meet the requirements to perform such activities, in accordance with the Law and the regulations on the matter.

2.9 Failing to have an internal control system in accordance with what the regulations provide or failing to have implemented it to ensure compliance with the provisions of the regulations on the matter.

2.10 Failing to have a regular or alternate Internal Control Officer, appointed by the Board of Directors.

2.11 Performing functions related to risk classification, development of methodologies, classification models, marketing and sales, or the setting of remuneration for the Members of the Classifier and simultaneously serving as Internal Control Officer.

2.12 Failing, as Internal Control Officer, to comply with any of the activities described in the regulations on the matter.

2.13 Failing to document each process corresponding to the issuance of securities classification or failing to include the record or list of the persons who participated in the classification process in the documentation required in the regulations on the matter.

2.14 Providing risk classification services in those situations that may contravene the provisions of its Code of conduct.

2.15 Failing to notify the SMV immediately after becoming aware that it will exceed the limit of its total annual income for reasons not attributable to the classifier.

3.- Minor

3.1 Entering into Contracts that do not comply with the minimum content regulated in article 30 of the Regulations on the matter.

3.2 Meeting without having the minimum number of members.

3.3 Making particular reference to issuers or legal entities in the issuance of sector reports or press releases.

3.4 Failing to inform its Members that, due to their status, performance of functions or other particular events or circumstances, they have access to privileged information, about the applicable regulations and sanctions linked to its disclosure, recommendation or improper use, as well as the criminal liability it could entail for them.

3.5 Failing to state in the Committee meeting minutes, at a minimum, what is established in the regulations on the matter.

3.6 Not disclose in the Notes to the financial statements of the Rating Agency, the deductions indicated in the applicable regulations.

3.7 Not communicate to the general public, through its website, the information it is obliged to provide, in accordance with the regulations on the matter, or others at a substantiated request of the SMV.

3.8 Not timely submit the Income Distribution Table, required by the regulations on the matter.

3.9 Not comply with the provisions of the dissemination policies indicated in the regulations on the matter.

ANNEX XII

On the Infractions of the Audit Firm

The following are infractions of the audit firm:

1.- Very Serious

1.1 Not attending, on the occasions required by the SMV, the presentation of the audit opinion or report issued.

1.2 Issuing an opinion or any report that it is obliged to issue under the regulations or at the request of the SMV, without being authorized by a Colegio de Contadores Públicos del Perú.

1.3 Not evidencing the audit work performed or not supporting the conclusion reached to issue the audit opinion or report based on its respective working papers, or not presenting the working papers during the presentation of the audit opinion or report.

1.4 Issuing an opinion or any report, that it is obliged to issue under the regulations or at the request of the SMV, without having adhered to the requirements and formalities established by the International Standards on Auditing approved and in force in Peru and, if applicable, by the specific standards issued by the corresponding supervisory and control bodies, in the development of the examination.

1.5 Issuing an opinion or any report that it is obliged to issue under the regulations or at the request of the SMV, not exercising its function with independence or being subject to any of the incompatibilities contemplated in the Financial Information Regulations or any other applicable standard.

2.- Serious

2.1 Not maintaining confidentiality regarding the information it becomes aware of in the exercise of its activity.

2.2 Not delivering the Work Plan to the SMV when required.

3.- Minor

3.1 Evidencing deficiency in the preparation and filing of working papers that hinder their confrontation during the presentation of the corresponding opinion or report.

3.2 Not preserving, during the period established by the regulations on the matter, the audit documentation or working papers.

ANNEX XIII

On the Infractions in the Administration of the Collective Funds System

The following are infractions of the collective funds management company, its legal representatives, shareholders or directors, as applicable:

1.- Very serious

1.1 Using the fund's resources and giving them a use other than the one legally corresponding.

1.2 Not differentiating or not keeping separate the funds and/or resources managed from those that make up the equity of the management company.

1.3 Not returning the contributions corresponding to associates with terminated contracts at the end of the group or not complying with the provisions established by the SMV regarding these contributions in case the associate does not withdraw their money.

1.4 Not complying with the conditions established for special programs.

1.5 Carrying out activities incompatible with the administration of the fund, delegating its administration to third parties or expanding its corporate purpose, without the authorization of the SMV.

1.6 Giving priority, directly or indirectly, to its own interests, those of its related parties, its personnel or third parties, to the detriment of the interests of the funds it manages and of its associates.

1.7 Not maintaining confidentiality regarding information related to associates, or using it for purposes other than those for which it was obtained.

1.8 Transferring programs and/or groups without having the prior authorization of the SMV.

1.9 Not issuing the valuation report for non-monetary contributions or not submitting it to review by the Board of Directors and the General Shareholders' Meeting, in case of an increase in the share capital of the management company.

1.10 Acquiring goods and/or services, for the programs, without observing the conditions required in the regulations.

2.- Serious

2.1 Not delivering to potential associates the associate booklet, the fee schedule and the respective contract model, prior to the signing of the contract.

2.2 Granting loans, guarantees, bonds or other guarantees in favor of its partners, directors, workers or third parties that exceed the limit established by the SMV.

2.3 Not applying the Specific Chart of Accounts or not fully observing its provisions in the accounting of the system or in the preparation of its financial statements.

2.4 Varying the characteristics of the authorized programs without approval of the SMV.

2.5 Using administration contract formats other than the one approved by the SMV or modifying the text of their clauses or adding clauses without approval of the SMV.

2.6 Increasing the fees contributed by associates, without the respective authorization of the SMV.

2.7 Delivering money to the awarded associate or another good different from the good subject of the contract.

2.8 Not returning to the associates the corresponding contributions, within the established period, when they withdraw from the group before the holding of the first assembly or to those who, being in a situation of awarded without delivered good, terminate their contract.

2.9 Modifying the associate booklet without authorization of the SMV, or using one different from the one approved by the SMV or modifying its text or adding any information without approval of the SMV.

2.10 Not adequately evaluating the information provided by the associate that demonstrates a payment capacity to fulfill its contractual obligations.

2.11 Failure to inform the associates, within the established term, of the readjustment of the quotas, that an award has been made or that the guarantee proposed by the associate has been accepted or denied, or failure to send the necessary documents to complete the procedures for delivery of the purchase certificate, the good and/or provision of the service subject matter of the contract.

2.12 Failure to have or maintain the associates' files incomplete in accordance with the provisions of the collective funds regulations.

2.13 Failure to deliver the awarded goods, within the term established in the contract, to the associates who have complied with constituting the required guarantees and other requirements established in the Regulations and in the contract.

2.14 Failure to merge or liquidate the group when for three (3) consecutive months there is a collection equal to or less than fifty percent (50%) of the monthly theoretical contributions.

2.15 Presenting distorted financial or statistical information related to the collective funds.

2.16 Failure to comply with the provisions of the collective funds administration contract entered into with the associate.

2.17 Failure to comply with the conditions established in the regulations for the convening or holding of assemblies.

2.18 Failure to pay within the established term for the predetermined good or service to the supplier chosen by the associate.

2.19 Failure to make the deposit in an interest-bearing bank account in favor of the associate in cases where the associate has not complied with constituting the guarantees or chosen the good.

2.20 Failure to return to the fund the amount corresponding to cancelled awards.

2.21 Failure to return to the associate the auctioned quotas in the event that the award is cancelled.

2.22 Allocating more than ten percent (10%) of the contracts of the same group to the acquisition of used motor vehicles in the cases of programs approved within the Special Regime for Administration Companies.

2.23 Failure to publish, in a national newspaper or on the website of the administration company, the transfer of groups, or doing so without observing the corresponding minimum information, or failure to publish on its website, or failure to do so within the term established by the regulations, the modifications or updates of programs.

2.24 Failure to deposit in the banks the contributions paid by the associates, within the term established by the regulations.

2.25 Failure to have the current fee schedule published in the offices of the administration company, as well as failure to include in it all the services provided to the associate.

2.26 Failure to establish in the contracts entered into with the sellers, the obligation of indirect sellers to submit to the Regulations and other rules applicable to the Collective Funds System.

2.27 Failure to have or maintain updated the registry of sellers or failure to approve and/or implement the training plan for sellers.

2.28 Failure to contract or renew insurance to protect the goods granted as collateral, in the event that the associate has not contracted such insurance.

2.29 Charging penalties above the limit permitted in the corresponding regulations.

2.30 Forming new groups with identical characteristics under the same program, without having covered all the vacancies provided for in the previous group, except for the exceptions established in the regulations.

2.31 Granting guarantee or endorsement in favor of the associates.

2.32 Failure to implement or incomplete implementation or failure to comply with the Internal Control System.

2.33 Failure to open a bank current account in the cases established by the regulations.

3.- Minor

3.1 Failure to communicate those facts that entail a modification of the data in the registry file of the collective funds administration companies, within the term granted by the SMV.

3.2 Failure to deliver the assembly calendar within the term granted by the SMV.

3.3 Failure to deliver to the associate a copy of the signed contract.

3.4 Failure to present, within the term granted by the SMV, the advertising material that it, its sellers or its concessionaires had disseminated.

3.5 Failure to communicate to the associates with terminated contracts, within the term established by the SMV, the date of the return of their contributions.

3.6 Failure to disseminate the authorized programs and contracts on the website of the administration company or failure to do so in a timely manner.

3.7 Failure to send timely to the associates the information on account statements or assembly calendar.

ANNEX XIV

On the Infractions of Publicly Traded Corporations

A) On the infractions of Publicly Traded Corporations Related to the Procedure for the Protection of Minority Shareholders

1.- Very serious

1.1 Omitting the dissemination provided for in article 262-A of the LGS, on the company's website, if it has one, or on the SMV's Securities Market Portal.

2.- Serious

2.1 Carrying out incompletely the dissemination provided for in article 262-A of the LGS, on the company's website, if it has one, or on the SMV's Securities Market Portal.

3.- Minor

3.1 Carrying out extemporaneously the dissemination provided for in article 262-A of the LGS, on the company's website, if it has one, or on the SMV's Securities Market Portal.

3.2 Erroneously recording any data in the publication provided for in article 262-A of the LGS, on the company's website, if it has one, or on the SMV's Securities Market Portal.

B) On the Infractions of Publicly Traded Corporations in the Procedure for Requesting Delivery of Shares, Dividends and other Rights and for Claims before the SMV and others

1.- Very serious

1.1 Failure to timely elevate the file to the SMV.

1.2 Failure to observe the criteria used by the SMV when resolving requests for delivery of shares, dividends and other rights in petitions of similar cases.

1.3 Failure to deliver the benefits to the brokerage firms or custodian banks when they have been authorized by the mandate of their principal or client.

1.4 Failure to make the deposit in the bank account of the national financial system company designated by the brokerage firm or the shareholder for the purpose of collecting their benefits.

1.5 Failure to inform the administered party of the existence of share certificates that they may possess.

1.6 Failure to issue a ruling within the legal deadline established for requests for delivery of shares, dividends and other rights.

2.- Serious

2.1 Failure to admit the request for delivery of shares, dividends and/or rights.

2.2 Refusal to receive the claim from the administered party or opponent when an express or fictitious denial occurs.

2.3 Omission of the monthly publications on the list of requests declared admitted in the simplified and special regimes, within the deadlines established in the regulations.

2.4 Failure to adapt to an open corporation or failure to adapt from an open corporation to another form of corporation, as applicable, within the deadlines indicated by the SMV, or failure to register its shares in the Registry, in the cases that apply.

3.- Minor

3.1 Submitting the file without complying with the formalities established in the regulations.

3.2 Carrying out the monthly publications on the list of requests declared admitted in the Simplified and Special Regimes extemporaneously, within the deadlines established in the regulations.

3.3 Failure to display in its securities offices or in the office acting as such the list of requests declared admitted to the Simplified and Special Regimes, within five (5) calendar days following the date of the respective publication, during the period to present the opposition corresponding to each regime.

3.4 Failure to send to the SMV, within the legal deadline, a copy of the publications made for the case of the Simplified and Special Regimes.

3.5 Failure to send semi-annually to the SMV the statistics referring to requests for delivery of shares, dividends and other rights resolved before the same company and those cases elevated by the filing of a claim.

ANNEX XV

On the Infractions related to Law No. 28739, Law that promotes the exchange or redemption of investment shares and its regulations

A) The following are infractions of the companies covered by Law No. 28739:

1.- Very serious

1.1 Presenting to the SMV or to the holder of investment shares inaccurate, false or biased information or disclosing such information to the market.

1.2 Failure to timely deliver to the SMV the list or supporting documentation of the holders of investment shares who accepted or rejected the offer expressly or tacitly in accordance with the regulations on the matter.

1.3 Failure to deliver the necessary information to the valuation entity to prepare the corresponding valuation report.

1.4 Failure to pay, within the deadline established in the regulations, the investment shares to those holders who accepted the offer or failure to deliver within the deadline established in the regulations the securities corresponding to those holders who accepted the offer.

1.5 Failure to initiate the respective consignment procedure of the amount of the total redemption value within the deadline established in the regulations.

1.6 Failure to issue, within the deadline established in the regulations, the securities in favor of the holders who tacitly accepted the offer.

2.- Serious

2.1 Presenting to the SMV a valuation report issued by a valuation entity that is subject to any of the impediments of the Regulations of Law No. 28739.

2.2 Failure to publish or failure to do so timely the notices, communications or any other information to which they are obligated, or that they do not conform to the regulations.

2.3 Carrying out the offer without previously making the informative document available to potential acceptors.

B) The following are infractions of the Valuation Entities:

1.- Very serious

1.1 Acting as a valuation entity while being subject to any of the impediments or prohibitions or, in the exercise of its functions, failure to observe the provisions of the Regulations of Law No. 28739.

1.2 Failure to use the valuation criteria established in the regulations.

2.- Serious

2.1 Failure to issue the valuation report within the deadline established in the regulations.

2.2 Failure to comply with the minimum content of the valuation report in accordance with Annex B of the Regulations of Law No. 28739.

ANNEX XVI

On the common infractions of the companies whose operating authorization is granted by the SMV and that according to law are obligated subjects to report to the Financial Intelligence Unit of Peru (UIF-Peru), of their board members, general manager, Compliance Officer, workers, internal auditors or other internal control officials or whoever acts in their place, and external auditors of said subjects

1.- Very Serious

1.1 Failure to have policies, procedures or controls that allow it to identify, evaluate, control, mitigate or monitor its money laundering and terrorist financing risks.

1.2 Failure to have or keep updated the methodology for identifying and evaluating money laundering and terrorist financing risks.

1.3 Failure to have the technical report containing the results of the implementation of the risk identification and evaluation methodology, or the documentation or information supporting said report.

1.4 Failure to have the documentation supporting the development of the client profile according to their risk level or that the documentation supporting it is not in the individual file of each client.

1.5 Failure to maintain the confidentiality of information, in accordance with the provisions of the regulations on prevention of money laundering and terrorist financing.

2.- Serious

2.1 Not having the Code of Conduct or the Manual of the anti-money laundering and terrorist financing prevention system, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations or, having them, not applying them.

2.2 Not making available to the SMV or the UIF-Peru, when required, the Code of Conduct or the Manual of the anti-money laundering and terrorist financing prevention system and its amendments.

2.3 Not carrying out the customer due diligence process, in accordance with the anti-money laundering and terrorist financing prevention regulations, in the cases that, in accordance with the provisions of said regulation, its application corresponds.

2.4 Not promptly reporting, or doing so without observing the anti-money laundering and terrorist financing prevention regulations, to the UIF-Peru, the suspicious transaction report.

2.5 Reporting the suspicious transaction report without submitting the relevant information related to said transactions.

2.6 Not having or keeping, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations, the Transaction Registry of the Anti-Money Laundering and Terrorist Financing Prevention System, the corresponding backups, the documentation or information obtained from customer due diligence or the other records.

2.7 Not promptly submitting, or doing so without observing the anti-money laundering and terrorist financing prevention regulations, to the UIF-Peru, the Transaction Registry of the Anti-Money Laundering and Terrorist Financing Prevention System.

2.8 Not designating the Compliance Officer within the period established in the anti-money laundering and terrorist financing prevention regulations.

2.9 Not providing the necessary resources or infrastructure for the Compliance Officer to fulfill their responsibilities or functions assigned by the anti-money laundering and terrorist financing prevention regulations, with autonomy and independence.

2.10 Not promptly submitting, or doing so without observing the anti-money laundering and terrorist financing prevention regulations, to the SMV or the UIF-Peru, as the case may be, the respective reports or the Annual Special Audit Plan.

2.11 Not supporting on the basis of working papers the Annual Special Report issued by the internal audit, related to the evaluation of the anti-money laundering and terrorist financing prevention system.

2.12 Not supporting on the basis of working papers the Annual Independent Compliance Report or the Special Independent Compliance Report issued by the external audit, related to the evaluation of the anti-money laundering and terrorist financing prevention system.

2.13 Not implementing the corrective measures ordered by the SMV, including those arising from recommendations of internal or external audits, in relation to the anti-money laundering and terrorist financing prevention system.

2.14 Obstructing or delaying, directly or through its personnel, the supervision actions carried out by the SMV directly or in coordination with the UIF-Peru.

2.15 Denying, delaying or not promptly submitting the information requested by the SMV or the UIF-Peru, or required by the anti-money laundering and terrorist financing prevention regulations.

2.16 Not having the documentation or evidence of the analysis or evaluation that must be carried out in the exercise of functions, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations.

2.17 Not complying with the functions assigned by the anti-money laundering and terrorist financing prevention regulations.

3.1 Minor

3.1 Not having the documentation that supports having disseminated the Code of Conduct or its amendments, to its members of the Board of Directors, control and administration bodies, authorized representatives and, in general, to all personnel of the obligated subject.

3.2 Not having an annual training program, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations, or not executing it.

3.3 Not reviewing or updating the training programs in order to evaluate their development or effectiveness, or, evaluating them, not proposing the improvements deemed pertinent.

3.4 Not complying with preparing the Annual Work Program, or approving it, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations.

3.5 Not complying with preparing the Annual Independent Compliance Report or Special Independent Compliance Report, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations.

3.6 Not promptly communicating to the SMV or the UIF-Peru the absence, designation or removal of the Compliance Officer, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations.

3.7 Not promptly communicating the changes related to the information of the Compliance Officer, in accordance with the provisions of the anti-money laundering and terrorist financing prevention regulations, submitted to the SMV or the UIF-Peru.

3.8 Incurring in acts or omissions other than those set forth in the types of infraction contained in this annex, which, in accordance with the provisions established in the anti-money laundering and terrorist financing prevention regulations, are enforceable against the administered.

ANNEX XVII

Of the infractions of the Price Provider Company and its Members, as applicable

A) The following are infractions of the Price Provider Companies:

1.- Very Serious

1.1 Failure to comply with the provisions on independence and specialization contained in the regulations on the matter.

1.2 Not having a Valuation Committee, or said body not fulfilling its functions, or its members not having adequate academic and professional training in accordance with the provisions set forth by the regulations.

2.- Serious

2.1 Failure to send, or doing so outside the deadlines established in the regulations, the prices or rates to its clients or to the SMV, or failure to report the observations raised by its clients or the respective resolutions in accordance with the provisions of the Valuation Methodology.

2.2 Not having computer systems or not having the Business Continuity, Security and Systems Contingency Plan, which allow compliance with its price provider service activities, in accordance with the regulations, or failure to comply with the Business Continuity, Security and Systems Contingency Plan.

2.3 Using the Valuation Methodology or modifying it, without prior approval from the SMV.

2.4 Failure to preserve the prices or rates determined for the financial instruments or operations, as well as the information related to the variables used in their calculation, or the observations submitted, or the opinion of the Entities regarding the Valuation Methodology or the Valuation Manual, and other data or documents related to the activities they carry out for the minimum period established by the regulations.

3.- Minor

3.1 Failure to disclose the valuation methodology on its website or doing so without detailing what is established by the regulations.

3.2 Failure to notify clients, with the advance notice required by the regulations, of any modification to the Valuation Manual.

3.3 Failure to send to the SMV, or not doing so in a timely manner, the periodic or complementary information, or the information related to the prices and yield rates of the financial instruments or operations, on the day they were determined, in the form and means established by the regulations, as well as all information they are obliged to send at the time indicated by the regulations.

B) The following are infractions of the Members of the Price Provider Companies:

1.- Very Serious

1.1 Holding financial instruments or operations valued by the Price Provider Company, except for the exceptions established in the regulations and those authorized by the SMV.

1.2 Failure to comply with the provisions on independence and specialization contained in the regulations on the matter.

1.3 Providing services to the issuers of the financial instruments or operations subject to valuation, or to the legal entities registered in the registry, without express authorization from the SMV.

2.- Serious

2.1 Using the Valuation Methodology or modifying it, without prior approval from the SMV.

ANNEX XVIII

On the Infractions in the Institutional Investors Market

The following are infractions of the issuer and brokerage agents in the Institutional Investors Market, as applicable:

1.- Very Serious

1.1 Placing securities issued under the framework of the Institutional Investors Market Regulation to investors who do not qualify as such.

2.- Serious

2.1 Failure to comply with the specific provisions applicable to it under the applicable regulations.

3.- Minor

3.1 Failure to keep an internal registry of institutional investors in accordance with the Institutional Investors Market Regulation, as applicable.

ANNEX XIX

On the Infractions to the Comprehensive Risk Management System

The following are common infractions of those Entities to which the SMV grants operating authorization, and their directors, as applicable:

1.- Very serious

1.1 Failure to approve the policies and procedures for the Entity's risk management in accordance with the regulations.

1.2 Failure to have or failure to implement a comprehensive risk management system in accordance with the nature, size and complexity of the Entity's operations.

1.3 Failure to establish the Entity's risk appetite and capacity.

2.- Serious

2.1 Failure to approve the necessary resources for adequate comprehensive risk management, in order to have the appropriate infrastructure, methodology and personnel.

2.2 Failure to have identified, evaluated and managed the inherent risks to which the Entity is exposed, using the methodology defined for such purpose.

2.3 Failure to establish an adequate system for the delegation of powers, separation and assignment of functions, as well as for the treatment of possible conflicts of interest in the Entity.

2.4 Failure to have a management unit or risk management body or that it is not independent from the business and finance areas or that it does not report organizationally to the Risk Management Committee or directly to the Board of Directors or equivalent body.

2.5 Failure to conduct annual training on the current regulations related to risk management, as well as on the policies and procedures on risk management.

2.6 Failure to evaluate compliance with the procedures used for the Entity's comprehensive risk management.

2.7 Failure to include clauses in contracts entered into with risk management service providers, which facilitate an adequate review of the service by the Entity, the Entity's internal control and the SMV.

3.- Minor

3.1 Failure to send to the SMV the Compliance Declaration signed by the Entity's board of directors within the period established in the regulations.

3.2 Failure to comply with signing the Compliance Declaration annually in the form and within the period established in the regulations.

3.3 Failure to record in the Board of Directors' minutes the Entity's decision that the functions of the Risk Management Unit be exceptionally performed by another control body of the Entity as well as the analysis entailed by such decision.

3.4 Failure to comply with the requirements established in the regulations when constituting a Risk Management Committee.

3.5 Failure to comply with preparing and approving the Annual Risk Report in the form and within the period established in the regulations.

3.6 Failure to include the evaluation of the procedures used for comprehensive risk management as a permanent activity in the Annual Audit Plan.

3.7 Failure to comply with issuing the annual Internal Audit report that evaluates compliance with the procedures used for the comprehensive risk management of the Entity.

ANNEX XX

On Corrective Measures

In accordance with the provisions of article 21 of the Regulation, the SMV, when determining administrative liability, may issue the following corrective measures:

1) The sale through a public offering of part or all of the shares acquired in contravention of the Tender Offer rules.

2) The presentation as a material fact of the information determined by the SMV.

3) The return of short-term profits to the issuer or to the fund, as applicable, arising from the purchase and sale or the sale and purchase of securities issued by the same.

4) The return of improper profits obtained through the use of inside information to the issuer or fund, when it concerns information related to the operations of mutual funds, investment funds, pension funds or other funds managed by institutional investors.

5) The delivery of capital gains obtained as a result of the sale of shares, to the shareholders who transferred such securities to them, for non-compliance with the rules on public offerings.

6) The payment of the positive difference between the tender offer price and the price at which shares that were improperly acquired were transferred.

7) The carrying out of a tender offer.

8) The carrying out of any legal act that, in the SMV's judgment, has the purpose of causing the infringer to cease to have a significant participation, directly or indirectly, in the company with shares listed on the stock exchange.

9) The sale or redemption of shares of its own issue held in treasury that exceed 10% (ten percent) of the share capital.

10) The correction of the deficit of minimum capital and/or equity, minimum number of participants, maximum participation amounts, investment excesses and investments not provided for with respect to the funds and entities under the SMV's jurisdiction, as applicable.

11) The return of funds or securities destined for operations or purposes other than those for which they were delivered.

12) The return of improper payments or money received from clients in the event that they have failed to execute orders within the corresponding periods.

13) The regularization of the deficit or excess that may have been produced by brokerage agents, in participation, in share capital and investment in subsidiaries.

14) The updating of books, records, files and other documents required by the regulations for entities under the SMV's scope of jurisdiction.

15) The regularization of excess participation in the share capital of shareholders of stock exchanges and securities clearing and settlement institutions or in the equity of a mutual fund or investment fund.

16) The divestment in financial instruments and operations that exceed the permitted limits or that do not observe the provisions regulating them in the case of mutual fund management companies, investment fund management companies and brokerage agents.

17) The presentation of information related to supervised entities and the autonomous funds they manage or the making of adjustments in the documentation they are obliged to present in accordance with the regulations under the SMV's supervision.

18) The publication of notices in the Official Gazette or in a newspaper of national circulation when the regulations so provide and in those situations that the SMV considers pertinent.

19) The dissemination to the market of updates or modifications to fee schedules, internal conduct rules, client policy, simplified prospectus, participation regulations, management contract, relevant corporate agreements and others that, in the SMV's judgment, are of interest to the market, by the supervised entities.

20) The restoration of prudential limits by brokerage agents, rating agencies, collective fund management companies, mutual fund management companies and investment fund management companies, with respect to the funds under their management.

21) The regularization of the amount of guarantees, as well as the replenishment or substitution thereof by the entities under the SMV's scope of supervision.

22) The rectification, suspension or cancellation of advertising information that, in the SMV's judgment, is disseminated in contravention of the provisions established in the regulations corresponding to the securities market and collective fund system.

23) The replenishment by the ICLV of the minimum amount of the Settlement Fund destined to protect the direct participant from the risks associated with counterparty default in the settlement of operations carried out in Centralized Mechanisms.

24) The correction within a determined period of the conditions that gave rise to the granting of the authorization of organization and/or operation to entities that require authorization from the SMV.

25) The delivery of documentation, records or other information required by the regulations for entities under the SMV's jurisdiction.

26) Others established by the Superintendent of the Securities Market through a general rule.

27) Other measures that are directly related to compliance with the infringed rules.

Article 2.- Infractions committed before the effective date of this resolution shall be processed in accordance with the rules in force at the time they occurred, unless the provisions approved by this resolution are more favorable to the offender.

Article 3.- Publish this resolution in the Official Gazette El Peruano and on the Securities Market Portal of the Superintendency of the Securities Market (www.smv.gob.pe).

Article 4.- This resolution shall enter into force on the day following its publication in the Official Gazette El Peruano.

Register, communicate and publish.

Signed by: PESCHIERA REBAGLIATI José
Reason:
Date: 14/12/2018 05:39:40 p.m.

José Manuel Peschiera Rebagliati
Superintendent of the Securities Market

Signed by: VARGAS PIÑA Julio Cesar FAU:
Reason:

Signed by: PEREDA GALVEZ Roberto Enrique
Reason:

Signed by: RIVERO ZEVALLOS Carlos Fabian FAU 201 Reason:

Signed by: GUTIERREZ OCHOA Omar Darío
Reason:

Signed by: GIL VASQUEZ Liliana FAU 20131016396 hard Reason: