Superintendence Resolution No. 005-2026-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

SMV
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Adjunct Superintendent Resolution SMV
No. 005-2026-SMV/10
Lima, January 20, 2026

Subject: Diviso Fondos Sociedad Administradora de Fondos S.A. is sanctioned with a fine of 20.6715 UIT equivalent to S/ 109,597.43 (one hundred nine thousand five hundred ninety-seven and 43/100 soles) for having committed eight (08) minor infractions typified in Annex I, numeral 3, item 3.1 of the SANCTIONS REGULATION, by failing to submit periodic information within the deadline established by the applicable regulations.

Administered Entity: Diviso Fondos Sociedad Administradora de Fondos S.A.
Subject: Administrative sanctioning procedure
File No.: 2025052703

The Adjunct Superintendent of Prudential Supervision

HAVING SEEN:
Administrative file No. 2025052703, and Report No. 1936-2025-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Diviso Fondos Sociedad Administradora de Fondos S.A.; and,

CONSIDERING:

In accordance with Article 1° of Law No. 29782, Law for the Strengthening of the Supervision of the Securities Market, the name of the National Commission for the Supervision of Companies and Securities (CONASEV) is replaced by that of the Superintendency of the Securities Market (SMV); therefore, any reference to CONASEV in legal norms shall be understood as referring to the SMV;

I. FACTS
2. Within the supervisory functions assigned to the SMV, an evaluation was carried out regarding the timely submission of occasional information by Diviso Fondos Sociedad Administradora de Fondos S.A. (hereinafter, DIVISO SAF);
3. As a result of said evaluation and under the authority of the provisions of the Single Text of the General Administrative Procedure Law, Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 7053-2025-SMV/10.3, notified on December 04, 2025 (hereinafter, CHARGES LETTER), charges were formulated against DIVISO SAF for infractions of the Regulation of Investment Funds and their Administrating Societies, approved by SMV Resolution No. 029-2014-SMV/01 (hereinafter, INVESTMENT FUNDS REGULATION), the Regulation of Mutual Investment Funds in Securities and their Administrating Societies, approved by CONASEV Resolution No. 0068-2010-EF/94.01.1 and its amendments (hereinafter, MUTUAL FUNDS REGULATION), and the "Norms on preparation, presentation and dissemination of Financial Statements, Annual Report and Management Report applicable to entities supervised by the Superintendency of the Securities Market" (hereinafter, NORMS) approved by SMV Resolution No. 013-2023-SMV/01, for not having timely presented the following information:
a) The individual annual financial statements together with the external financial audit report of the investment fund named "Diviso Investment Fund in Real Estate Income Investment Fund – Diviso FIRBI" (hereinafter, FIRBI FUND), corresponding to the 2023 fiscal year. It should be noted that the deadline for the submission of this information was May 02, 2024; however, it was sent to the SMV on May 14, 20241; b) Annual Report of FIRBI FUND corresponding to the 2023 fiscal year. It should be noted that the deadline for the submission of this information was May 02, 2024; however, it was sent to the SMV on May 14, 20242; c) The individual annual financial statements together with the external financial audit report of DIVISO SAF, corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 25, 20253; d) Annual Report of DIVISO SAF corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 25, 20254; e) The individual annual financial statements together with the external financial audit report of the mutual fund named "Diviso Conservative Dollars FMIV" (hereinafter, DOLLARS FUND), corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 07, 20255; f) Annual Report of DOLLARS FUND corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 07, 20256; g) The individual annual financial statements together with the external financial audit report of the mutual fund named "Diviso Conservative Soles FMIV" (hereinafter, SOLES FUND), corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 07, 20257;

1 File No. 2024021989.
2 File No. 2024021989.
3 File No. 2025018514.
4 File No. 2025018514.
5 File No. 2025015541.
6 File No. 2025015541.
7 File No. 2025015539.

PERÚ Ministry of Economy and Finance

h) Annual Report of SOLES FUND corresponding to the 2024 fiscal year. It should be noted that the deadline for the submission of this information was March 31, 2025; however, it was sent to the SMV on April 07, 20258;
4. The aforementioned non-compliances are typified in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), which prescribes as a minor infraction: "To submit outside the established deadline, or to do 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, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated intermediate financial statements, management report, special audit report, material events, and annual reports";
5. With a written request received on December 15, 2025, DIVISO SAF requested an extension for the submission of its defenses; which was granted by Letter No. 7307-2025-SMV/10.3, notified on December 17, 2025;
6. Through a written submission presented on December 23, 2025, DIVISO SAF presented the defenses against the charges formulated via the CHARGES LETTER;
7. The charges formulated, and the defenses presented by DIVISO SAF have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 1936-2025-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendency;
8. In observance of the Principle of Due Process contemplated both in Article IV, item 1, numeral 1.2 of the Preliminary Title, as well as in Article 248°, numeral 2, of the TUO LPAG, through Letter No. 7511-2025-SMV/10, the administrative file to which this resolution refers was made available to DIVISO SAF for its review;

II. MATTERS TO BE DETERMINED
9. In the present administrative procedure, at the discretion of this Adjunct Superintendency, it corresponds to determine the following:
a. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the individual annual financial statements together with the external financial audit report of FIRBI FUND, corresponding to the 2023 fiscal year, subject of charges, within the deadline established in Article 85 of the INVESTMENT FUNDS REGULATION, in force at the date the facts occurred; b. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the Annual Report of FIRBI FUND, corresponding to the 2023 fiscal year, subject of charges, within the deadline established in Article 85 of the INVESTMENT FUNDS REGULATION, in force at the date the facts occurred;
c. Whether DIVISO SAF incurred or did not incur an infraction by failing to present its individual annual financial statements together with the external financial audit report corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 130 of the MUTUAL FUNDS REGULATION and Article 13 of the NORMS, in force at the date the facts occurred;
d. Whether DIVISO SAF incurred or did not incur an infraction by failing to present its Annual Report corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 130 of the MUTUAL FUNDS REGULATION and Article 20 of the NORMS, in force at the date the facts occurred; e. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the individual annual financial statements together with the external financial audit report of DOLLARS FUND, corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 134 of the MUTUAL FUNDS REGULATION, in force at the date the facts occurred; f. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the Annual Report of DOLLARS FUND, corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 134 of the MUTUAL FUNDS REGULATION, in force at the date the facts occurred; g. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the individual annual financial statements together with the external financial audit report of SOLES FUND, corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 134 of the MUTUAL FUNDS REGULATION, in force at the date the facts occurred; h. Whether DIVISO SAF incurred or did not incur an infraction by failing to present the Annual Report of SOLES FUND, corresponding to the 2024 fiscal year, subject of charges, within the deadline established in Article 134 of the MUTUAL FUNDS REGULATION, in force at the date the facts occurred;
i. Whether it corresponds or does not correspond to impose a sanction on DIVISO SAF;

III. ANALYSIS
3.1. On the applicable regulations
10. Regarding the presentation of periodic information, Article 85°, item a) of the INVESTMENT FUNDS REGULATION, in force at the date the facts occurred, establishes the following:
"Article 85.- Information of the Funds
The Administrating Societies, once the activities of the Fund have begun, must remit to the registry the following information for each Fund:
(...) a) Audited annual financial statements, prepared and presented the day following their approval by the General Assembly, which must take place within the deadline established by Article 11 of the Law9. (Underline added).

9 Investment Funds and Their Administrating Societies Law, approved by Legislative Decree No. 862.- "Article 11.- The Funds must constitute a General Assembly of Participants, which may be ordinary and extraordinary. Its functions are:
a) Ordinary Assembly, which is held once a year within the first four months of the fiscal year:
i. Approve the Financial Statements of the Fund;
ii. Elect and remove members of the Surveillance Committee and fix their remuneration, when applicable; and,

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b) Annual report of the Fund, according to the norms established in Annex K of the Regulation, within the same deadline that governs the presentation of the audited annual financial statements.
(...)."
11. Similarly, Articles 130° and 134° of the MUTUAL FUNDS REGULATION provide as follows:
"Article 130°.- Information on the Administrating Society The Administrating Society must remit to the Registry:
The Administrating Society must remit to the Registry:
a) Its intermediate and annual audited financial information, as well as its memory, according to what is established in the norms regulating the preparation and presentation of financial information; and (...)

Article 134°.- Information on the Mutual Fund
The administrating society is obligated in relation to each mutual fund to comply with the following information rules:
(...) b) Remit to the Registry the audited financial statements at the close of the fiscal year, as well as the annual report, approved by the board of directors of the administrating society, or equivalent body, on the day they were approved, the deadline for their respective approval being March 31 of each year. (...)."
12. In accordance with the above, Articles 13° and 20° of the NORMS provide as follows:
"Article 13°.- Approval and deadline for presentation of individual or separate annual financial statements
13.1 The audited individual or separate annual financial statements have a closing date of December 31.
13.2 The individual or separate annual financial statements and the corresponding audit report must be approved by the general shareholders' meeting or equivalent body of the obligated subject or who is authorized according to the legislation applicable to it.
(...)
13.4 March 31 of each year is the deadline date for the presentation and dissemination of the individual or separate annual financial statements with their corresponding audit report. (...)
(...)

iii. Deal with any other matter, even those that fall under the competence of the Extraordinary Assembly, when they have been included in the call."

PERÚ Ministry of Economy and Finance

Article 20°.- Approval and deadline
20.1 The annual report must be approved by the general shareholders' meeting or equivalent body of the obligated subject or who is authorized, according to the legislation applicable to it.
(...)
20.3 March 31 of each year is the deadline date for the presentation and dissemination of the annual report. (...)

3.2. On the charges formulated
13. Through the CHARGES LETTER, charges were formulated against DIVISO SAF for not communicating, within the deadline established by the regulations, the periodic information indicated in the third consideration of this resolution;

3.3. On the defenses presented
14. In response to the charges made, through a written submission presented on December 23, 2025, DIVISO SAF expressly pleads guilty to the charges imputed, recognizing expressly, precisely, concisely, clearly and unconditionally, having committed the infractions imputed in the CHARGES LETTER, in accordance with what is established in Article 26° of the SANCTIONS REGULATION;

3.4. Evaluation of the defenses
15. On this matter, DIVISO SAF has expressly recognized its responsibility in the commission of the infractions imputed in the CHARGES LETTER. Regarding this, it must be indicated that said recognition will be considered when determining the sanction to be imposed;
16. Without prejudice to the foregoing, it is necessary to indicate that DIVISO SAF is a company supervised by the SMV, with an operating authorization granted by CONASEV Resolution No. 012-2008-EF/94.01.1, dated February 27, 2008, and has knowledge of the applicable regulations for the presentation of periodic information, so it has the obligation to act diligently in the communication of said information. Nevertheless, this did not occur, as it did not have the necessary diligence and led to DIVISO SAF incurring the infractions subject of charges;
17. In that sense, regarding the infractions subject of analysis, it is necessary to mention that fund administrating societies are obligated to present the periodic information relative to the individual annual financial statements together with the audit report and the annual report of themselves as well as the funds they administer according to the deadlines established in the pertinent regulations. Nevertheless, it is appreciated that DIVISO SAF presented said information outside the deadline established in the INVESTMENT FUNDS REGULATION, the MUTUAL FUNDS REGULATION and the NORMS;
18. In attention to what is exposed, it is concluded that DIVISO SAF presented the periodic information described in letters a), b), c), d), e), f), g), and h) of the third consideration of this resolution outside the deadline indicated in the applicable regulations, as appreciated in the following table:

PERÚ Ministry of Economy and Finance

Letters (numeral 2 of Section II)	Presentation Date	Deadline for Presentation	Delay (calendar days)
a)	14/05/2024	02/05/2024	12 days
b)	14/05/2024	02/05/2024	12 days
c)	25/04/2025	31/03/2025	25 days
d)	25/04/2025	31/03/2025	25 days
e)	07/04/2025	31/03/2025	7 days
f)	07/04/2025	31/03/2025	7 days
g)	07/04/2025	31/03/2025	7 days
h)	07/04/2025	31/03/2025	7 days

Consequently, taking into account the considerations indicated above, it is observed that DIVISO SAF has incurred eight (8) infractions classified as minor, typified in Annex I, numeral 3, item 3.1, of the SANCTIONS REGULATION, according to which it constitutes an infraction: "To submit outside the established deadline, or to do 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, to the Stock Exchange, to the entity in charge of the centralized trading mechanism or to any other entity or subject of the securities market, the audited individual or consolidated financial information, the individual or consolidated intermediate financial statements, management report, special audit report, material events, and annual reports";;

IV. EVALUATION OF THE SANCTION
20. In accordance with what is established in Article 35° of the SANCTIONS REGULATION, the commission of a minor nature infraction is subject to a sanction corresponding to a reprimand or a fine not less than one (1) and up to twenty-five (25) Tax Units (UIT);
21. Regarding this, taking into account that in the present sanctioning procedure infractions typified as minor regarding the non-compliance with the deadline for the presentation of periodic information are being evaluated, the provisions of Article 1° of the "Gradual Regime of Sanctions for Late Presentation of Financial Information, Annual Report and Material Events", approved by SMV Resolution No. 007-2023-SMV/01 of September 04, 2023 (hereinafter, GRADUAL REGIME), in force from January 01, 2024, must be taken into account, which indicates that the purpose of said regulatory body is "to establish parameters for the application of sanctions to issuers with values registered in the Public Registry of the Securities Market, legal entities registered in the registries under the charge of the SMV and other persons obliged to present individual or annual audited financial information, individual or consolidated intermediate financial statements, annual report and material events; for the late presentation of said information, typified as minor infractions in the Sanctions Regulation";

PERÚ Ministry of Economy and Finance

Therefore, to evaluate the sanction that must be imposed on DIVISO SAF for the late presentation of the periodic information under analysis in this resolution, it corresponds to apply the GRADUAL REGIME;
It is worth highlighting that the application of the GRADUAL REGIME observes the principle of proportionality established in the Single Text of Law No. 27444 – Law of the General Administrative Procedure, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), since it allows determining in a predictable manner for the administered entity, the sanctions to be imposed on value issuers and on persons registered in the RPMV for non-compliances in the deadlines for the remittance of information to which they are obligated by the norms and for omission in the remittance of that information that is required by the SMV;
For the purpose of determining the sanction that corresponds to the infractions

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