Superintendence Resolution No. 006-2026-SMV/11

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 1 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml Resolución de Superintendencia Adjunta SMV Nº 006-2026-SMV/11 Lima, 09 de febrero de 2026 Sumilla: Sanction Unión de Cervecerías Peruanas Backus y Johnston S.A.A. with a total fine of 30 UIT for having committed two (02) minor infractions typified in subsection 2.3 of numeral 2 of Annex I of the Sanctions Regulation. Administered: Unión de Cervecerías Peruanas Backus y Johnston S.A.A. Subject: Administrative Sanctioning Procedure of double administrative instance Main Type: Subsection 2.3 of numeral 3 of Annex I of the Sanctions Regulation SERIOUS INFRACTIONS File No.: 2025051483 The Deputy Superintendent of Market Conduct Supervision SEEN:
The administrative file No. 2025051483 containing the administrative sanctioning procedure initiated by the General Superintendent of Conduct Compliance of the Superintendencia del Mercado de Valores – SMV (hereinafter, the IGCC), against Unión de Cervecerías Peruanas Backus y Johnston S.A.A.
(hereinafter, the Issuer); as well as Report No. 58-2026-SMV/11.2 (hereinafter, the Report), issued by the General Superintendent of Conduct Compliance of the Deputy Superintendence of Market Conduct Supervision (hereinafter, the SASCM); CONSIDERING:
I. FUNCTION AND COMPETENCE OF THE SASCM

1. That, the administrative file No. 2025051483
   contains the documentation and information regarding an administrative sanctioning procedure (hereinafter, PAS), which has been brought to the attention of the SASCM in observance of the exercise of the supervisory function and the sanctioning power of the Superintendencia del Mercado de Valores - SMV established by the Unified Concordant Text of its Organic Law, Decree Law No. 26126, and in the Unified Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO de la LMV); as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation) and in articles 42 and 43 of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF de la SMV), in the sense that it is the specific function of the SASCM to impose sanctions in the first administrative instance for the commission of infractions whose compliance control according to its competencies corresponds to said Deputy Superintendence. Likewise, the SASCM has the powers to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;
   II. FACTS, CHARGES AND DEFENSES
   2.1 Facts
2. That, it was evaluated whether the Issuer complied with its obligations to send information requested by the SMV;
   2.2 Charges
3. That, as a result of said evaluation, through Letter No. 6859-2025-SMV/11.2 of November 25, 2025 (hereinafter, Letter of Charges), the following charges were formulated against the Issuer:
   Charge 1
   Not sending to the SMV the list of natural and legal persons, both internal and external to the Issuer, who participated in the process of preparing the annual individual and/or consolidated financial information of 2021 or had knowledge of them, from the date the preparation of the 2021 Financial Statements began until the date the process ended, observing the format attached as an annex to the request contained in Letter No. 560-2022-SMV/11.1, reiterated by Letter No. 1177-2022-SMV/11.1, which had to be attended to no later than March 25, 2022. Charge 2:
   Sending an incomplete list of natural and legal persons, both internal and external to the company, who participated in the process of preparing the 2022 Financial Statements or had knowledge of them, from the date the preparation of the Financial Statements began until the date the process ended, since the date on which access to the Financial Statements occurred and the reason for the same were not specified, as requested in the annex to Letter No. 440-2023-SMV/11.1, reiterated by Letters No.s 2042-2023-SMV/11.1 and 2594-2023-SMV/11.1, which had to be attended to no later than June 15, 2023;
   2.3 Defenses and Allegations
4. That, through a document dated December 11, 2025, the Issuer presented its defenses, expressly and unconditionally acknowledging its responsibility for the facts imputed in Charges 1 and 2 of the Letter of Charges, requesting that for the application of the respective fine, what is provided in numeral 1 of article 26 of the Sanctions Regulation be taken into consideration and, consequently,

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 3 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml said fine be reduced by fifty percent (50%);
5. That, the TUO of the LPAG contains common rules for the actions of the administrative function of the State and regulates all administrative procedures developed in entities, including special procedures. Likewise, numeral 3) of article 248 of the TUO of the LPAG, indicates the criteria regarding the graduation of the sanction: (a) The illicit benefit resulting from the commission of the infraction, (b) The probability of detection of the infraction, (c) The seriousness of the damage to the public interest and/or protected legal good, (d) The economic damage caused, (e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final, (f) The circumstances of the commission of the infraction and, (g) The existence or not of intent in the conduct of the infringer;
6. That, the charges, the defenses and the criteria regarding the graduation of the sanction have been the subject of evaluation in the Report, which has been submitted to the knowledge of the SASCM;
7. That, in observance of what is provided by numeral 5 of article 255 of the TUO of the LPAG, through Letter No. 243-2026-SMV/11 of January 19, 2026, the Report was sent to the Issuer to receive its comments thereon;
8. That, through a document dated January 26, 2026, the Issuer expressed its agreement with the proposed fine contained in the Report;
III. MATTERS TO BE DETERMINED
9. That, in the present PAS it corresponds to determine the following:
(i) Whether the Issuer incurred or did not incur the infractions indicated in the Letter of Charges and Report; (ii) Whether it corresponds or not to impose a sanction on the Issuer;
IV. ANALYSIS
4.1 Applicable Normativity
10. That, article 1 of the TUO of the LMV, establishes that the SMV has as its purpose, among others, to ensure the protection of investors and the efficiency and transparency of the markets under its protection;
11. That, for its part, article 42 of the TUO of the LMV defines privileged information as “any information referring to an issuer, to its businesses or to one or more securities issued or guaranteed by them, not disclosed to the market; and whose public knowledge, by its nature, is capable of influencing the liquidity, the price or the quotation of the issued securities. (...).”;
12. That, likewise, articles 43 and 44 of the TUO of the LMV establish the relationship of persons with respect to whom it is presumed that they possess or have access to privileged information, while article 45 of said norm establishes the prohibitions applicable to persons who possess or have access to privileged information;
13. That, for its part, article 42 of the TUO of the LMV

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 4 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml defines privileged information as “any information referring to an issuer, to its businesses or to one or more securities issued or guaranteed by them, not disclosed to the market; and whose public knowledge, by its nature, is capable of influencing the liquidity, the price or the quotation of the issued securities. (...).”;
14. That, likewise, articles 43 and 44 of the TUO of the LMV establish the relationship of persons with respect to whom it is presumed that they possess or have access to privileged information, while article 45 of said norm establishes the prohibitions applicable to persons who possess or have access to privileged information;
15. That, in relation to the preparation and presentation of the financial information of an Issuer, it must be taken into account that numeral 5.19 of article 5 of the Regulation against Market Abuse, establishes that the financial statements of an issuer qualify as privileged information, provided that what is established in article 42 of the TUO of the LMV is met;
16. That, on the other hand, numeral 7.1 of article 7 of the Regulation against Market Abuse, regarding the control and prevention actions of the improper use of privileged information, that issuers must carry out, states the following:
“Article 7°.- OBLIGATIONS OF ISSUERS
7.1. Issuers must inform, to the persons included in articles 41° and 42° of the LMV1, that due to their condition, exercise of functions or other events or particular circumstances they have access to privileged information, about the applicable regulations and sanctions linked to their disclosure, recommendation or improper use, as well as the criminal responsibility that could entail them.
Likewise, issuers are responsible for implementing the guidelines that establish them under the auspices of what is provided in this article.
(…)”;
17. That, finally, numeral 7.4 of article 7 of the Regulation against Market Abuse, establishes that at the request of the SMV, issuers must send a list of persons who had access to privileged information related to the issuer or its securities, whether this access has occurred in a regular, continuous or occasional manner. Likewise, this norm specifies what information must accompany the mentioned list as detailed below:
“Article 7°.- OBLIGATIONS OF ISSUERS
(…)
7.4. At the request of the SMV and within a period not greater than five (05) days, issuers must send a list of persons who had access to privileged information related to the issuer or its securities, whether this access has occurred in
a regular, continuous or occasional manner.
The list must be accompanied by a detailed description of the information that qualifies as privileged and must include as a minimum the identity of the persons who had access to said information, on what date and under what modality they had access to it, attaching the corresponding supporting documentation that is pertinent.”;
18. That, in accordance with the above, regarding Charge No. 1 and Charge No. 2, the Issuer would have committed two (2) infractions typified in subsection 2.13

1 Articles 43 and 44 of the TUO of the LMV.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 5 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml of numeral 2 of Annex I of the Sanctions Regulation, according to which it constitutes a serious infraction: “Not sending, when requested by the SMV, the list of persons who had access to privileged information within the established period or sending it in an incomplete manner”. (Underline added);
19. That, it should be specified that, according to article 34 of the Sanctions Regulation, serious infractions are sanctionable, among others, with a fine not less than twenty-five (25) UIT and up to fifty (50) UIT;
4.2 Evaluation of the case
20. That, in the administrative file No. 2025051483, which contains the documentation of the present PAS, it is appreciated that through Report No. 44-2025-SMV/11.1 of April 01, 2025 (File No. 202513936), the General Superintendent of Conduct Supervision (hereinafter, IGSC) —organ of the Superintendencia del Mercado de Valores – SMV that has within its functions and powers, the supervision of compliance with the norms applicable to issuer companies with securities registered in the Public Registry of the Securities Market - RPMV, evaluating the indications of possible infractions, and sending, for their consideration, the reports of indications of infractions respectively, to the IGCC—, sent to the IGCC, the result of its evaluation, and specifically what refers to the present case;
21. That, it must be kept in mind that the procedures and legal forms with which the IGSC conducts its inspection and/or supervision activity and upon concluding it with a report of indications of infraction, determine that its pronouncement or opinion on a specific topic of supervision —which can even contain a decision, for example, the adoption of corrective measures—, is an opinion on the merits of the matter; it must be specified that said opinion and the report of indications of infraction of the IGSC is not binding for the IGCC, as established in the second paragraph of article 9 of the Sanctions Regulation;
22. That, in this way it is had that in the evaluation of the facts related to the present PAS have intervened and participated previously to the issuance of this resolution, two (2) other organs or administrative instances of the SMV, functionally independent from each other and from this Office; first the IGSC that at its opportunity reported the indications of infraction and then the IGCC that, as a result of its evaluation, formulated the Letter of Charges and the Report; and at this point of the PAS it corresponds to the Office of the SASCM, to issue a pronouncement containing its decision regarding the mentioned charges, it being precise to indicate that by the nature of the same, as has been previously indicated, it will be a first administrative instance decision for the charges imputed;
23. That, the Issuer in its defenses of December 11, 2025 has expressly recognized the commission of the infractions indicated in Charges 1 and 2. In that sense, the sanction proposal that is determined for the referred charges, will take into account the applicable sanction criteria and this recognition;
24. That, the Issuer through its allegations document of January 26, 20226 referred its agreement with the proposed fine contained in the Report;
25. That, therefore, having been accredited the conduct constitutive of the two (02) infractions contained in Charges 1 and 2, the administrative responsibility of the Issuer is determined, for which it corresponds to analyze the sanction proposal in attention to what is provided by the principle of reasonableness and to the Sanction Criteria, which will be evaluated in the following section;
V. DETERMINATION OF THE SANCTION
26. That, regarding Charges 1 and 2, the Issuer has committed two (2) infractions typified in subsection 2.13 of numeral 2 of Annex I of the Sanctions Regulation, according to which it constitutes a serious infraction: “Not sending, when requested by the SMV, the list of persons who had access to privileged information within the established period or sending it in an incomplete manner”. (Underline added);
27. That, according to article 35 of the Sanctions Regulation, said infractions are sanctionable, among others, with a fine not less than twenty-five (25) UIT and up to fifty (50) UIT;
28. That, in that sense, it corresponds to evaluate the sanction to be imposed in accordance with article 25 of the Sanctions Regulation, concordant with numeral 3) of article 248 of the TUO of the LPAG and article 344 of the TUO of the LMV, which develop the criteria for sanction graduation: (i) the sanction antecedents of the issuer, (ii) recidivism, (iii) the circumstances of the commission of the infraction, (iv) the economic damage caused and its repercussion in the market, (v) the illicit benefit resulting from the commission of the infraction, (vi) the probability of detection of the infraction, (vii) the seriousness of the damage to the public interest and/or protected legal good and (viii) the existence or not of intent in the conduct of the infringer (hereinafter, Sanction Criteria);
29. That, in application of the aforementioned norms, it proceeds to evaluate the following:
30. That, regarding the seriousness of the damage to the public interest and/or protected legal good, the non-compliances incurred by the Issuer seriously affect the SMV's supervision efforts, on a matter that is particularly sensitive in the securities market, such as access and use of privileged information. In that sense, said behavior limits the powers that the SMV has to investigate possible improper uses of privileged information that may be carried out with the Issuer's securities. Likewise, this has as a consequence the affectation of investor confidence, regarding the supervision and monitoring efforts carried out by the SMV to prevent the improper use of privileged information, in order for the operations carried out in the securities market, to be carried out in a transparent manner and on equal terms;
It should be noted that from the records managed by the SMV, it is appreciated that during the year 2021, i) 2,383 operations in the stock exchange round with the Issuer's securities were carried out, for a total amount of S/ 48,739,449.972 and, ii) 2 over-the-counter operations for a total amount of S/ 284,587.073. Likewise, during the year 2022, 2,513 operations in the stock exchange round with the Issuer's securities were carried out, for a total amount of S/ 59,068,731.654. In that sense, the fine to be determined must take into account the seriousness of the affectation to the public interest and to the protected legal goods mentioned above, in order to prevent this type of behaviors that affect the SMV's supervision efforts and investor confidence, from repeating in the future.
31. That, regarding the sanction antecedents, it

2 BACKUAC1, BACKUBC1 and BACKUSI1.
3 BACKUBC1 and BACKUSI1.
4 BACKUAC1, BACKUBC1 and BACKUSI1.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
“Decenio de la Igualdad de Oportunidades para Mujeres y Hombres” “Año de la Esperanza y el Fortalecimiento de la Democracia” 7 Documento electrónico firmado digitalmente en el marco de la Ley N° 27269, Ley de Firmas y Certificados Digitales, su Reglamento y modificatorias. La integridad del documento y la autoría de la(s) firma(s) pueden ser verificadas en https://apps.firmaperu.gob.pe/web/validador.xhtml establishes that the antecedents of the infringer are the sanctions that have been imposed on it by the SMV and that became final within four (04) years prior to the moment of the commission of the infraction to be sanctioned. Likewise, it is indicated that, the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered as antecedents. In application of said criterion, it has been verified that the Issuer has sanction antecedents, according to what was evaluated in the Report;
32. That, regarding recidivism, it has been verified that there is no recidivism on the part of the Issuer, according to what was evaluated in the Report in the terms referred to in literal b) of article 25 of the Sanctions Regulation, which provides that there is recidivism, for the commission of the same infraction within a period of one (01) year from when the resolution sanctioning the first infraction became final;
33. That, regarding the circumstances of the commission of the infraction, it must be appreciated that regarding Charge 1, the Issuer did not comply with sending to the SMV the information that was requested by Letter No. 560-2022-SMV/11.1 notified on February 09, 2022, despite said request being reiterated by Letter No. 1177-2022-SMV/11.1, notified on March 18, 2022. Likewise, regarding Charge 2, the Issuer, at first did not comply with sending the information requested by Letter No. 440-2023-SMV/11.1 notified on January 06, 2023. However, in the face of the reiterative of said request by Letter No. 870-2023-SMV/11.1, notified on March 27, 2023, the Issuer sent the requested information in an incomplete manner according to the following detail:
Table No. 1 Information provided by the Issuer
Source: Report No. 445-2025-SMV/11.1.
As can be seen from the previous table, the Issuer, regarding the list of natural and legal persons, both internal and external to the company, who participated in the process of preparing the 2022 Financial Statements or had knowledge of them, did not comply with specifying the date on which access to its 2022 Financial Statements occurred nor the reason for the same, as requested in the annex to Letter No. 440-2023-SMV/11.1. It should be noted that in attention to the above, through Letter No. 2042-2023-SMV/11.1 notified on May 05, 2023, it was requested to the Issuer to comply with attending in its entirety the

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