Superintendence Resolution No. 010-2026-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

Adjunct Superintendent Resolution SMV
No. 010-2026-SMV/10
Lima, February 05, 2026

Subject: Acres Sociedad Agente de Bolsa S.A. is sanctioned with a fine of five (5) UIT, equivalent to S/ 22,000.00 (Twenty-two thousand and 00/100 Soles) for having committed one (01) very serious infringement, classified in Annex X, item 1, subsection 1.6 of the Sanctions Regulation; for failing to comply with maintaining prudential limits or margins at the levels established by the regulations in this matter.

Administrated Entity: Acres Sociedad Agente de Bolsa S.A.
Subject: Administrative sanctioning procedure
File No.: 2025050156

The Adjunct Superintendent of Prudential Supervision

HAVING SEEN:
Administrative file No. 2025050156, Report No. 025-2026-SMV/10.3, issued by the General Superintendent of Prudential Compliance, as well as the defenses presented by Acres Sociedad Agente de Bolsa S.A.; and,

CONSIDERING:

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

I. FACTS
2. Through Report No. 1581-2022-SMV/10.2 of November 16, 2022, the General Superintendent of Entity Supervision (hereinafter, IGSE) communicated to this General Superintendent, indications of possible infringements to the securities market regulations by ACRES SAB;
3. With Letter No. 6643-2025-SMV/10.3, notified on November 17, 2025 (hereinafter, CHARGES LETTER), an administrative sanctioning procedure was initiated against Acres Sociedad Agente de Bolsa S.A. (hereinafter, ACRES SAB) for having failed to comply with provisions contained in the Regulation of Intermediation Agents, approved by SMV Resolution No. 034-2015-SMV/01 and its amendments (hereinafter, RAI);

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On November 18, 2025, ACRES SAB requested an extension of the deadline granted through the CHARGES LETTER for the presentation of its defenses; which was granted with Letter No. 6703-2025-SMV/10.3, notified on November 19, 2025;
Through a document sent to the SMV on December 04, 2025, ACRES SAB presented the defenses to the charges formulated through the CHARGES LETTER;
The charges formulated against ACRES SAB, the defenses of the latter and their evaluation have been the subject of analysis in Report No. 025-2026-SMV/10.3 (hereinafter, IGCP REPORT), which has been submitted to the knowledge of this Adjunct Superintendence;
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 Single Text of the General Administrative Procedure Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO OF THE LPAG), through Letter No. 081-2026-SMV/10, the administrative file to which this resolution refers was made available to ACRES SAB for its review;

II. MATTERS TO BE DETERMINED
8. In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:
a. Whether ACRES SAB incurred or did not incur an infringement of what is established in article 111 of the Regulation of Intermediation Agents, approved by SMV Resolution No. 034-2015-SMV/01 and its amendments (hereinafter, RAI), for failing to comply with having an intermediation liquidity indicator lower than or equal to the minimum level; b. Whether it corresponds or does not correspond to impose a sanction on ACRES SAB;

III. ANALYSIS
CHARGE: NOT HAVING AN INTERMEDIATION LIQUIDITY INDICATOR LOWER THAN OR EQUAL TO THE MINIMUM LEVEL

3.1. APPLICABLE REGULATIONS
9. Regarding this, articles 99° and 100° of the RAI provide as follows:
"Article 99.- Prudential limits
The Agent must comply with and maintain adequate control of the following prudential limits or margins:
(...) d) Liquidity Indicators:
(...)
2. Intermediation Liquidity Indicator
(...)
"Article 100.- Control and presentation
The Agent must maintain mechanisms, procedures and internal controls necessary for the compliance of what is stated in this title.

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The Agent must present to the SMV the final daily position of its indicators until 14:00 hours of the following day, according to the technical specifications for the submission of information established by the SMV.
(...)
"10. Likewise, article 111° of the RAI establishes that:
"Article 111.- Intermediation liquidity indicator The intermediation liquidity indicator is the exposure of the Agent's short positions between the sum of the following concepts:
a) Free equity funds, provided that it is verified that they are in institutions of the financial system; b) Financial Instruments that meet the conditions of item 1 of subsection a) of Annex L, valued as established in subsection b) of Annex L, and with a haircut equivalent to the factors indicated in subsection c) of Annex L; and, c) 80% of the amount to be received from cash sale operations of Financial Instruments for own account, carried out in centralized negotiation mechanisms and that are within the corresponding settlement period. The amount originated by uncovered sales is excluded. d) Available unused amounts of credit lines with companies of the financial system with a risk classification greater than or equal to "A", of immediate availability, that have a maturity date, and that cannot be reduced or cancelled unilaterally by the financial system company. (...) This indicator must be lower than or equal to one (1). For the purpose of determining the exposure to the short positions of an Agent, what is established in Annex M must be considered."
11. In that sense, the calculation of the intermediation liquidity indicator (ILI) could be expressed as follows:
ILI = EPD / (FPLD + IF + 80%VC + LC)
Where:
EPD: Exposure to short positions
FPLD: Free equity funds, according to subsection a) of article 111 of the RAI.
IF: Financial Instruments, according to subsection b) of article 111 of the RAI.
80%VC: 80% of cash sales, according to subsection c) of article 111 of the RAI.
LC: Available amount of credit lines, according to subsection d) of the REGULATION.
12. In this way, it is inferred that an increase in short positions would increase the exposure associated with said positions, which in turn would generate an increase in the value of the indicator;
13. In that sense, regarding the conceptual framework of short positions and the calculation of their exposure, Annex M of the RAI provides as follows:

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"ANNEX M
DETERMINATION OF SHORT POSITIONS a) Short Positions A Short Position arises when the obligation to settle an operation or its hedge is borne by the Agent and additionally any of the following circumstances are met:
1. For third-party operations
When the Agent has not received the resources or Financial Instruments that allow it to comply with its settlement obligation for the operation from the date of execution of the operation, or of the hedge from the date of the margin call.
2. For own account operations
i. Purchase operations that are pending settlement, with the exception of purchases with deferred settlement;
(...) b) Exposure of Short Positions
(...)
2. For own account operations
It is determined by summing:
i. The total amount of the Short Positions indicated in letters i., iii. and iv. of item 2 of subsection a) of this Annex; and,
(...)
"(The underlining is its own)

3.2 OF THE FORMULATED CHARGE
14. Within the framework of the supervision activities of the information sent by ACRES SAB to the SMV for the calculation of its indicators, according to the Manual of Technical Specifications for the Submission to the SMV of the Information of the Intermediation Agents, approved by SMV Resolution No. 026-2012-SMV/01 and its amendments (hereinafter, MET), the SMV warned that, during the days 15, 16 and 17 of December 2021, the Intermediation Liquidity Indicator (hereinafter, INDICATOR) of the intermediary did not comply with observing the prudential limit established by article 111° of the RAI, that is, it was higher than 1.00;
15. Likewise, regarding the INDICATOR corresponding to December 20, 2021, it was warned that, according to the MET, ACRES SAB made up to two (2) submissions of the structured file "Detail of short positions" -which contains information on the intermediary's exposure to short positions- for the calculation of the Indicator, on December 21, 2021 at 12:46:20 and at 13:47:26 hours, before the deadline for the submission of information; that is, 14:00 hours;
16. It should be noted that, with the information sent with the first submission, the value of the INDICATOR amounted to 1.06; that is, it was higher than 1.00 (positioning itself above the prudential limit); while, with the information sent until 14:00 hours, the value of the INDICATOR was 0.03, positioning itself within the limits allowed by the regulations;
17. In this context, through Letter No. 5033-2021-SMV/10.2, notified on December 21, 2021 at 17:30:17 hours, among others, ACRES SAB was required: Information at the close of the following dates: 15, 16, 17 and 20 of December 2021: a. The support for the balance of the accounts detailed in Annex No. 01, corresponding to the structured file "Data for the Calculation of Indicators", of

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according to the MET. b. Analysis and calculations that support the amounts reported in the structured file "Detail of Short Positions" (...);
18. In compliance with said requirement, ACRES SAB presented the requested information through a document of December 23, 2021;
19. Likewise, the SMV took note that on December 23, 2021, ACRES SAB re-sent the information of the structured file "Detail of short positions" with information from the days 15, 16, 17 and 20 of December 2021. In these re-sends, the new values reported for the exposure to short positions showed variations that allowed the INDICATOR for those dates to be within the limit allowed by the RAI;
20. Regarding this, Table No. 1 shows the values of the indicator calculated with what was initially reported by ACRES SAB in the structured file "Detail of short positions" for the days 15, 16, 17 and 20 of December 2021 and the values calculated using the final version of said files received on December 23, 2021:
Table No. 1
Intermediation liquidity indicator before and after the re-sends of the "Detail of short positions" file DATE INDICATOR VALUE FIRST SUBMISSION FINAL VERSION 15/12/2021 1.22 0.14 16/12/2021 1.05 0.02 17/12/2021 1.07 0.03 20/12/2021 1.06 0.03 If the INDICATOR is greater than one (1) it is outside the allowed limit.
21. However, from the evaluation of said calculations carried out by the SMV, and considering the information sent by ACRES SAB on December 23, 2021, in response to Letter No. 5033-2021-SMV/10.2, it was obtained that these new results of the INDICATOR were due to ACRES SAB ceasing to consider day trade operations for own account as short positions in the calculation, with which the indicator decreased and would be within the allowed limit. Nevertheless, this procedure contravenes what is established in letter i) of item 2 of subsection b) of Annex M of the RAI, which provides to include said operations in the determination of exposure to short positions while they are not settled;
22. Therefore, from the recalculation carried out by the SMV—which contrasted the pending purchase policies with the reported positions—significant differences were determined in the calculation of the exposure to short positions, with respect to those reported by ACRES SAB in its submissions of December 23, 2021, with respect to the days 15, 16, 17, 20 and 21 of December 2021, which resulted in the real value of the INDICATOR on these dates, calculated in accordance with the regulations, remaining above the maximum limit of 1.00, as observed in the following table:

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Table No. 2
Situation of the Indicator according to recalculation vs what was reported by Acres SAB DATE FPLD(a) 80% VC(b) EPD(c) ACCORDING TO ACRES SAB EPD(c) ACCORDING TO RECULATION INDICATOR ACCORDING TO ACRES SAB INDICATOR ACCORDING TO RECULATION OF THE IGSE 15/12/2021 34,703.00 156,483.00 27,703.00 222,596.41 0.15 1.16 16/12/2021 28,886.00 130,154.00 3,523.00 167,888.05 0.02 1.06 17/12/2021 16,599.00 78,092.00 2,395.00 101,485.01 0.03 1.07 20/12/2021 18,828.00 71,159.00 2,451.00 90,561.51 0.03 1.01 21/12/2021 16,842.00 90,827.00 683.00 113,711.46 0.01 1.06 (a) Free Equity Funds. (b) 80% to be received from cash sales for own account. (c) Exposure to short positions. (*) On the evaluated days, the value of the items "Valuation of financial instruments" and "Credit lines" was zero (0).
23. In accordance with the above, ACRES SAB would have failed to comply with what is established by Annex M of the RAI regarding the determination of the exposure to short positions corresponding to the days 15, 16, 17, 20 and 21 of December 2021, which led to the calculation to determine the value of the INDICATOR corresponding to said days being higher than one (1), thus contravening what is established by article 111° of the RAI;
24. Consequently, it was attributed to ACRES SAB that it had committed the infringement classified as very serious, classified in subsection 1.6, item 1, of Annex X of the SANCTIONS REGULATION, which establishes as an infringement of a very serious nature "Not maintaining prudential limits or margins at the levels established by the regulations in this matter";

3.3 OF THE DEFENSES PRESENTED
25. ACRES SAB states that it expressly and unconditionally recognizes its responsibility for the infringement attributed, stating that, as a consequence of the exposure to short positions during the days 15, 16, 17, 20 and 21 of December 2021, the value of the INDICATOR exceeded the prudential limit provided for in the RAI;
26. In that sense, it requested that the sanctioning criteria established in article 25° of the SANCTIONS REGULATION be applied to it so that -according to its statement-, by exception and based on the proportionality that must exist between the sanction to be imposed and the facts attributed, a classification lower than that provided for the attributed infringement be established. To this effect, it argues the following:
a. It states that during the last five (5) years it has not been subject to firm sanctions by the SMV. b. It specifies that it has no sanctions for infringements of the same nature as that of the present administrative sanctioning procedure.
c. It indicates that the non-compliance originated in a different interpretation regarding the inclusion of day trade operations for own account within the calculation of the exposure to short positions. This criterion was corrected upon verifying the scope of Annex M of the RAI, and that, once the inconsistency was identified, they proceeded to make adjustments and re-sends of the information sent through the structured file "Detail of short positions", in order to voluntarily remedy the reported situation.

PERÚ Ministry of Economy and Finance

SMV
Electronically signed document under the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml d. It maintains that the non-compliance did not generate any impact on the market, nor on the equity of the investors, arguing that the operations were carried out for the own account of ACRES SAB, that the market in which they were executed presents high levels of liquidity and depth, and that the amounts involved would be insignificant in relation to the total volume traded. e. It affirms that it did not obtain any economic benefit derived from the infringement, stating that the operations in question generated, on the contrary, a loss equivalent to US$ 241.18, which -in its opinion- would evidence the non-existence of undue benefit. f. It indicates that the public interest and/or legal good that is intended to be protected with the INDICATOR is, in a general way, the securities market, and, in a particular way, the investors, for which reason it does not consider that the damage caused by infringing the INDICATOR is irreparable or irreversible insofar as, if it had been so, the SMV, at the time, would not have considered granting them the deadline to remedy the excess in the INDICATOR. g. It points out that there was no intention to affect the INDICATOR, which would also be evidenced by the cooperation shown by ACRES SAB.
27. Additionally, ACRES SAB requests that the mitigating factors contemplated in article 26° of the SANCTIONS REGULATION be applied to it since it considers them applicable because: (i) it recognized the commission of the infringement within the deadline granted for the presentation of the defenses, (ii) it has contributed to the clarification of the infringement committed; and, (iii) it has remedied the non-compliance of the Indicator corresponding to the days 15, 16, 17, 20 and 21 of December 2021 so that at present it would not be persisting;

3.1.4 EVALUATION OF DEFENSES
28. Regarding this matter, it should be noted that ACRES SAB has expressly recognized its responsibility for the infringement attributed in the CHARGES LETTER, in accordance with what is provided in article 26° of the SANCTIONS REGULATION;
29. In such sense, taking into account the recognition of its responsibility for the commission of the infringement under analysis, it has been accredited that ACRES SAB failed to comply with what is established by Annex M of the RAI regarding the determination of the exposure to short positions corresponding to the days 15, 16, 17, 20 and 21 of December 2021, as a result of not including day trade operations for own account in the calculation, which led to the value of the INDICATOR corresponding to said days being higher than one (1), thus contravening the prudential limit established by article 111 of the RAI;
30. On the other hand, regarding what was alleged by ACRES SAB regarding the application of the graduation criteria and the mitigating factors regulated in articles 25° and 26° of the SANCTIONS REGULATION, respectively, these will be considered at the time of carrying out the evaluation of the sanction to be imposed;
31. Without prejudice to this, it must be specified that through Letter No. 5033-2021-SMV/10.2, notified on December 21, 2021, no deadline was granted to Acres SAB to remedy the excess in the indicator, so that what is stated in its defenses does not adjust to the reality of the facts. In such sense, it must be specified that through said letter, the SMV required the intermediary information related to the calculation of the INDICATOR of the dates subject to charge.

PERÚ Ministry of Economy and Finance

Likewise, it must be indicated that it is article 1011 of the RAI that establishes the reversal deadline in case of non-compliance with any prudential limit, which according to said article is within three (3) days of occurrence;
32. With respect to what was indicated, it must be i

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