Superintendence Resolution No. 018-2026-SMV/10

PERÚ Ministry of Economy and Finance

SMV Superintendency of the Securities Market

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Adjunct Superintendent Resolution SMV No. 018-2026-SMV/10

Lima, March 20, 2026

Summary: Prudential SAF Sociedad Administradora de Fondos S.A.C. is sanctioned with a fine of 4.50 UIT equivalent to S/ 22,275.00 (Twenty-two thousand two hundred seventy-five and 00/100 Soles) for having committed three (3) minor infractions typified in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, for failing to present eventual information within the deadline established by the applicable regulation.

Likewise, it is declared that it does not correspond to sanction Prudential SAF Sociedad Administradora de Fondos S.A.C. for one (1) charge referred to one (1) infraction typified in Annex I, numeral 3, item 3.1 of the Sanctions Regulation, for not timely communicating the periodic information of an investment fund in liquidation. Consequently, the administrative sanctioning procedure is concluded in this regard.

Administered: Prudential SAF Sociedad Administradora de Fondos S.A.C. Subject: Administrative sanctioning procedure File No.: 2025027850

The Adjunct Superintendent of Prudential Supervision

SEEN:

The administrative file No. 2025027850, and Report No. 292-2026-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Prudential SAF Sociedad Administradora de Fondos S.A.C.; and,

CONSIDERING:

PERÚ Ministry of Economy and Finance

SMV Superintendency of the Securities Market

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1. 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), so that any reference to CONASEV in legal norms shall be understood as made to the SMV;

I. FACTS

2. Within the supervisory functions assigned to the SMV, an evaluation was carried out regarding the timely presentation of eventual and periodic information by Prudential SAF Sociedad Administradora de Fondos S.A.C. (hereinafter, PRUDENTIAL SAF) to the Public Registry of the Securities Market (hereinafter, RPMV);

3. As a result of said evaluation and under the auspices 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 Office No. 3532-2025-SMV/10.3, notified on June 27, 2025 (hereinafter, OFFICE OF CHARGES), charges were formulated against PRUDENTIAL SAF for infractions to the Regulation of Investment Funds and their Administrating Societies, approved by SMV Resolution No. 029-2014-SMV/01 and its modifications (hereinafter, REGULATION FI) and to the Regulation of Significant Events and Confidential Information, approved by SMV Resolution No. 005-2014-SMV/01 and its modification, in force on the date the facts occurred (hereinafter, RHI), in force at the time the facts occurred, for not having timely presented the following:

a. The individual interim financial statements and the respective management report, corresponding to the investment fund named "Fondo Latam Perú en Liquidación" (hereinafter, FUND) as of June 30, 2021, sent to the RPMV on August 16, 20211; however, the deadline for its presentation was August 2, 20212;

b. The communication of the significant event referred to the excess participation in the mutual investment fund in securities "PHI Deuda Internacional FMIV" (hereinafter, FUND PHI DEBT) occurred on June 21, 2023. Said event had to be communicated on June 22, 20233; however, it was communicated to the RPMV on August 7, 20234;

c. The communication of the significant event referred to the excess participation in the FUND PHI DEBT occurred on June 22, 2023. Said event had to be communicated

1 File No. 2021031690. 2 It should be specified that, in accordance with what is established in article 85, letter c) of the REGULATION, the deadline for the respective presentation of the individual interim financial statements and their respective management report of the investment funds as of June 30, 2021 was July 31 of the same year. However, it is noted that this date was an inactive day (Saturday), so the provisions of numeral 145.2 of article 145 of the Single Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS were applicable. In this sense, since Saturday, July 31, 2021, was an inactive day, the deadline for the presentation of the interim financial statements and their respective management report was Monday, August 2, 2021. 3 In accordance with what is established in numerals 2, letter b), 3.1 and 5.5 of the Technical Specifications of the Information to be sent by the Administrating Societies of Mutual Investment Funds in Securities, approved by General Management Resolution No. 058-2010-EF/94.01.2 (hereinafter, TECHNICAL SPECIFICATIONS) the valuation file with the detail of instruments of the investment portfolio of a fund is reported daily and the periodicity of sending information is at the latest until 20:00 hours of the next useful day, so if the aforementioned excess occurred on June 21, 2023, PRUDENTIAL SAF took knowledge on June 22, 2023. 4 File No. 2023034472.

PERÚ Ministry of Economy and Finance

SMV Superintendency of the Securities Market

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on June 23, 20235; however, it was communicated to the RPMV on September 15, 20236;

d. The communication of the significant event referred to the excess participation in the mutual investment fund in securities "PHI Renta Variable Estrategia Global FMIV" (hereinafter, FUND PHI INCOME) occurred on July 26, 2023. Said event had to be communicated on July 27, 20237; however, it was communicated to the RPMV on August 7, 20238;

4. The charges mentioned in the preceding consideration 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 present outside the established deadline, or to present it 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 negotiation mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, significant events, and annual memoranda";

5. In writing received on July 8, 2025, PRUDENTIAL SAF presented the defenses to the observations made;

6. The charges formulated, as well as the defenses presented by PRUDENTIAL SAF have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 292-2026-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendency;

7. 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 Office No. -2026-SMV/10, the administrative file to which this resolution refers was made available to PRUDENTIAL SAF for its review;

II. MATTERS TO BE DETERMINED

8. In the present administrative procedure, in the opinion of this Adjunct Superintendency, it corresponds to determine the following:

a. Whether PRUDENTIAL SAF incurred or did not incur an infraction for not presenting the individual interim financial statements and their respective management report as of June 30, 2021, corresponding to the FUND, subject of charges, within the deadline established in article 85, letter c) of the REGULATION FI;

b. Whether PRUDENTIAL SAF incurred or did not incur an infraction for not presenting the significant event referred to the excess participation in the mutual investment fund in securities FUND PHI DEBT occurred on June 21, 2023, within the deadline established in article 9, numeral 9.1 of the RHI;

c. Whether PRUDENTIAL SAF incurred or did not incur an infraction for not presenting the significant event referred to the excess participation in the FUND PHI DEBT occurred on June 22, 2023, within the deadline established in article 9, numeral 9.1 of the RHI;

d. Whether PRUDENTIAL SAF incurred or did not incur an infraction for not presenting the significant event referred to the excess participation in the mutual investment fund in securities FUND PHI INCOME occurred on July 26, 2023 within the deadline established in article 9, numeral 9.1 of the RHI;

e. Whether it corresponds or does not correspond to impose a sanction on PRUDENTIAL SAF;

III. ANALYSIS

3.1. Of the applicable regulation

9. Article 85, letter c) of the Regulation of Investment Funds and their Administrating Societies, approved by SMV Resolution No. 029-2014-SMV/01 and its modifications (hereinafter, Regulation FI), provides as follows:

"Article 85 Information of the Funds The Administrating Societies once the activities of the Fund have begun must send to the Registry, the following information for each Fund: (...) c) Interim or unaudited financial statements and the management report, prepared and presented in accordance with applicable accounting standards, for the first three quarters, at the latest on April 30, July 31 and October 31 of each year; respectively, and those corresponding to the fourth quarter, at the latest on February 15 of each year";

10. Article 131, letter h) of the Regulation of Mutual Investment Funds in Securities and their Administrating Societies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its modifications (hereinafter, REGULATION FM), which establishes the following:

"Article 131.- Significant Events The administrating society is obligated to send all information regarding the mutual fund under its administration that qualifies as a significant event for investors, in accordance with what is established in the regulation on the matter, as well as by the provisions issued by the SMV. It must also be sent as a significant event any information referring to the administrating society itself that meets the premise provided in the second paragraph of article 28° of the Law for the participants and potential investors of the mutual fund under its administration. Additionally, the administrating society is obligated to communicate as a significant event, any information that could influence the behavior of the mutual fund, the share value, and, in general, any information that could influence the appreciation of an investor regarding the performance of the mutual fund. Qualify as Significant Events, in addition to what is stated above, the following: (...) h) Excesses of investments and participation

PERÚ Ministry of Economy and Finance

SMV Superintendency of the Securities Market

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(...) ";

11. Regarding the timeliness of presentation of significant events, article 9, numeral 9.1 of the RHI provides:

"Article 9.- Opportunity to inform about significant events 9.1. The Issuer must inform its significant event as soon as such event occurs or the Issuer takes knowledge of it, and in no case later than the day on which it has occurred or has been known. This information must be communicated to the SMV before any other person, entity or means of dissemination, and simultaneously when it corresponds to the Stock Exchange or to the entity administering the respective centralized negotiation mechanism. This, regardless of whether the information has been generated or not in the Issuer itself. (...) ";

3.2. Of the charges formulated

12. Through the OFFICE OF CHARGES, charges were formulated against PRUDENTIAL SAF for not communicating, within the deadline established by the regulation, the periodic and eventual information indicated in the third consideration of this resolution;

3.3. Of the defenses presented

13. In attention to the charges made, regarding the infraction referred to the non-compliance with the presentation of periodic information of the FUND, PRUDENTIAL SAF refers that the imputation would violate the principle of causality of administrative responsibility, because it was not the administrating society responsible for the management or liquidation of the FUND, so it never had the obligation or responsibility to present any type of information to the RPMV regarding said investment fund;

14. On this matter, the administrating society states that, in accordance with the significant event of May 12, 2015 presented by Access SEAF SAFI SAC, the FUND entered the liquidation process and Efic Partners SAC was designated as the sole liquidating entity and not PRUDENTIAL SAF, so it is another legal entity different from the administrating society that had Efic Capital Asset Management SAF SAC as one of its former corporate names;

15. With regard to the remaining three (3) infractions, referred to the untimely communication of the significant events regarding the FUND FHI DEBT and the FUND PHI INCOME, PRUDENTAL SAF expressly recognizes its responsibility for the imputations made in letters b), c) and d) of the third consideration of this resolution under the auspices of what is established in letter a) of article 26 of the SANCTIONS REGULATION;

16. Additionally, the administrating society indicates that it will provide all its collaboration so that the sanctioning procedure concludes without generating any administrative or other type of cost to the regulator, as well as in safeguard of market integrity;

17. Regarding the application of sanctioning criteria when evaluating an eventual administrative sanction in a proportional manner, PRUDENTIAL SAF specifies that it has not been sanctioned by the SMV for any type of infraction since its inscription in the RPMV so it requests that, when evaluating the sanction, it takes into consideration that it has no type of antecedent;

18. Regarding recidivism, the administrating society states that it has never been sanctioned for the commission of infractions that have the same nature as those imputed through the OFFICE OF CHARGES. Specifically, PRUDENTIAL SAF states that it has not been sanctioned for the non-compliance with communicating significant events within the regulatory deadline on any of the funds it administers, so when evaluating the possible sanction, it requests that it be considered that it does not have the quality of recidivist;

19. With regard to the circumstances of commission of the infraction, PRUDENTIAL SAF alleges that the excess participation occurred on June 21, 2023 in the FUND PHI DEBT corresponding to the first excess participation not attributable to a participant, whose position amounted to 15.74% despite the participation limit being 10%; although it was not communicated within the regulatory deadline, it proceeded to send the significant event on August 07, 2023;

20. Likewise, the administrating society refers that the excess participation occurred on June 22, 2023 in the FUND PHI DEBT corresponding to the second excess participation not attributable to the same participant, whose position amounted to 20.09%, although it was not communicated within the established deadline it was remedied and the corresponding significant event was communicated on September 15, 2023;

21. On the other hand, PRUDENTIAL SAF indicates that the excess participation occurred on July 26, 2023 in the FUND PHI INCOME corresponding to the excess participation not attributable to another participant, whose position amounted to 11.50%, although the significant event was not communicated timely, the significant event was sent on August 07, 2023;

22. In attention to what is exposed, the administrating society highlights that in the referred three (3) infringing conduct, although it did not communicate the respective significant events in a timely manner, it regularized the communication of them, so it must be considered that it acted diligently with respect to the circumstances of the infringing conduct;

23. Regarding the economic damage caused and its repercussion on the market, PRUDENTIAL SAF states that the omission of the communication of significant events regarding excess participation in the FUND PHI DEBT and the FUND PHI INCOME did not generate any economic damage to the participants of said funds, since the excess participations were adequately remedied in accordance with the REGULATION FM;

24. In that sense, the administrating society requests that when evaluating a possible sanction it be taken into account that it did not cause any economic damage either to the participants or to the market;

25. With regard to the illicit benefit resulting from the infractions, PRUDENTIAL SAF argues that the omission of communication of the significant events subject of this sanctioning procedure did not generate any illicit economic benefit, directly or indirectly, nor benefit of any other type in its favor, which must be taken into account when evaluating the eventual sanction to be imposed;

PERÚ Ministry of Economy and Finance

SMV Superintendency of the Securities Market

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26. Regarding the probability of detection of the infractions, the administrating society states that it is high, which implied that the SMV did not deploy greater resources for its detection. The administrating society adds that both the fact of having made the late presentation of the significant events and the recognition made would demonstrate that it does not have the intention to hide or sustain any irregular conduct, which it considers should be taken into account when establishing the sanction to be imposed;

27. Regarding the gravity of the damage to the public interest and/or protected legal good, PRUDENTIAL SAF alleges that although the recognized conduct lies in the non-compliance with presenting significant events, it has recognized such infractions, avoiding that said conduct generate greater consequences in the transparency of the market;

28. With regard to the existence or non-existence of intent in the infringer's conduct, the administrating society highlights that the conduct did not have any intentional or malicious origin. On the contrary, PRUDENTIAL SAF specifies that it voluntarily remedied the communication to the market regarding the excess participations, showing that it did not have the intention to commit the recognized infractions;

29. PRUDENTIAL SAF adds that it has strengthened its controls regarding the participation limits in the funds it administers with the objective of mitigating non-compliance with current regulation9. In that sense, the administrating society indicates that these actions would allow mitigating regulatory non-compliance and would achieve a proactive management of the risks associated with the concentration of participants in the funds;

30. In attention to what is exposed, the administrating society sustains that

5 In accordance with what is established in numerals 2, letter b), 3.1 and 5.5 of the TECHNICAL SPECIFICATIONS the valuation file with the detail of instruments of the investment portfolio of a fund is reported daily and the periodicity of sending information is at the latest until 20:00 hours of the next useful day, so if the aforementioned excess occurred on June 22, 2023, PRUDENTIAL SAF took knowledge on June 23, 2023. 6 File No. 2023034472. 7 In accordance with what is established in numerals 2, letter b), 3.1 and 5.5 of the TECHNICAL SPECIFICATIONS, the valuation file with the detail of instruments of the investment portfolio of a fund is reported daily and the periodicity of sending information is at the latest until 20:00 hours of the next useful day, so if the aforementioned excess occurred on July 26, 2023, PRUDENTIAL SAF took knowledge on July 27, 2023. 8 File No. 2023034473.

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