Superintendence Resolution No. 022-2026-SMV/10 — SMV — PE

PERÚ Ministry of Economy and Finance

SMV
Superintendence of the Securities Market
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Adjunct Superintendent Resolution SMV
No. 022-2026-SMV/10
Lima, April 17, 2026

Subject: The administrative sanctioning procedure initiated against Fondos Sura SAF S.A.C. for not having committed one (01) serious infringement typified in Annex I, number 2, item 2.25 of the Sanctions Regulation regarding the breach of the conduct norm.

Administered Entity: Fondos Sura SAF S.A.C.
Subject: Administrative sanctioning procedure
File No.: 2026004988

The Adjunct Superintendent of Prudential Supervision

HAVING SEEN:

The administrative file No. 2026004988, and Report No. 445-2026-SMV/10.3, issued by the General Superintendent of Prudential Compliance; as well as the defenses presented by Fondos Sura SAF S.A.C.; 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 Superintendence of the Securities Market (SMV); therefore, any reference to CONASEV in legal norms shall be understood as referring to the SMV;

I. FACTS

By letter received on April 18, 2023, the COMPLAINANT1 presented a complaint2 before the Superintendence of the Securities Market (hereinafter, SMV) against Fondos Sura SAF S.A.C. (hereinafter, SURA SAF);
The COMPLAINANT attached, among other things, as part of his complaint, a copy of an email dated February 11, 2022 at 22:07 hours, sent by the PROMOTER, promoter of SURA SAF (CORREO@PROMOTORA) (hereinafter, PROMOTER) to CORREO@DENUNCIANTE (email address provided by the COMPLAINANT in his complaint letter);
With Letter No. 1981-2023-SMV/10.3, notified on April 28, 2023 (hereinafter, LETTER 1981), SURA SAF was informed of the complaint filed by the COMPLAINANT so that it could submit its comments

1 In the Annex attached to this resolution, Annex Denominations, the complete data of the natural person to whom the denomination used belongs is detailed, and if applicable, the corresponding email addresses.
2 File No. 2023017308.

Signed
Digitally by:
GUTIERREZ
OCHOA Omar
Dario FAU
20131016396 soft
Date: 19/04/2026
23:08:28

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corresponding, as well as the documentation and/or information requested; which was attended to by the administrator through a letter presented on May 10, 2023;

Through Letter No. 2679-2023-SMV/10.3, notified on June 13, 2023 (hereinafter, LETTER 2679), SURA SAF was requested to provide additional information regarding, among other things, the email sent on February 11, 2022 concerning the mutual fund for securities investment "SURA Renta Periódica I Soles FMIV" (hereinafter, FUND); the administrator presented its comments on June 21, 2023;
With Letter No. 2862-2023-SMV/10.3, notified on June 22, 2023 (hereinafter, LETTER 2862), SURA SAF was requested to provide additional documentation and clarifications; therefore, on June 27, 2023, SURA SAF responded to LETTER No. 2682 and attached the requested documentation;
Through Letter No. 453-2026-SMV/10.3 notified on February 3, 2026 (hereinafter, LETTER OF CHARGES), an administrative sanctioning procedure was initiated against SURA SAF, imputing charges for some facts related to the COMPLAINANT's complaint;
With a letter presented on February 12, 2026, SURA SAF presented the defenses to the charges formulated through the LETTER OF CHARGES;
The charges and defenses formulated have been the subject of evaluation by the General Superintendent of Prudential Compliance in Report No. 445-2026-SMV/10.3, which has been submitted to the knowledge of this Adjunct Superintendence;
In observance of the Principle of Due Process contemplated in Article IV, item 1, number 1.2 of the Preliminary Title, as well as in Article 248, number 2, of the Single Text of the General Administrative Procedure Law No. 27444, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO LPAG), through Letter No. 1142-2026-SMV/10, the administrative file to which this resolution refers was made available to SURA SAF for its review;
On March 25, 2026, the administrator presented additional written allegations;

II. MATTERS TO BE DETERMINED

In the present administrative procedure, in the opinion of this Adjunct Superintendence, it corresponds to determine the following:
a. Whether SURA SAF incurred or did not incur an infringement provided for in Annex I, number 2, item 2.25 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, SANCTIONS REGULATION), for failing to comply with the conduct norm collected in Article 3, letter f), of the Regulation of Mutual Funds for Securities Investment and their Administrator Companies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its amendments (hereinafter, REGULATION); b. Whether or not it corresponds to impose a sanction on SURA SAF;

III. ANALYSIS

3.1 Of the applicable regulations
ON THE CONDUCT NORM RELATIVE TO INFORMATION PROVIDED TO PARTICIPANTS AND INVESTORS

Article 3 of the REGULATION, in force at the time the facts occurred, states:

"Article 3 General Conduct Norms
In the development of their activities, the administrator company, officials, employees, promoters, members of the investment committee, External Manager, Distributor, custodian and placement agent, as well as any person directly or indirectly related to the administrator company, must comply with the following general conduct norms, for which they will implement the necessary procedures and controls for their due observance:
(...) f) Information to Participants and Investors: Inform, within the quota placement process, about the profitability and risk attributes that characterize the investments of the mutual funds; likewise, offer the participants of the mutual funds under their charge all information that may be relevant for the adoption of their subscription, redemption, transfer or swap decisions, on equal conditions. All information to participants and investors must be clear, correct, precise, truthful, sufficient and timely. (...) ";

Regarding this, Articles 15, 40 and 85-A of the REGULATION establish that:

"Article 15 Promoters
(...)
A direct promoter shall be understood as one who works directly for the administrator company or the Distributor, regardless of their labor contracting regime, while an indirect promoter is one who provides services to the placement agents.
(...)
";

"Article 40 Content of the Contract
(...)
The administrator company is jointly and severally liable with its promoters and the promoters designated by the placement agents, for their improper acts, as well as for their omissions (...)
";

"Article 85-A Promotion
Promotion is the activity consisting of providing necessary and sufficient information for the adoption of an informed investment decision. This activity includes advertising and advice.
(...)
";

3.2. Of the charge formulated
ON THE CONDUCT NORM RELATIVE TO INFORMATION PROVIDED TO PARTICIPANTS

According to what is established in the regulations exposed, SURA SAF and its promoters must comply with the general conduct norms in the development of their activities, for which they must implement the necessary procedures and controls for their due observance;
One of these conduct norms establishes the obligation to, among other things, offer the participants of the funds under their charge all the information that could be relevant for the adoption of their subscription, redemption, transfer or swap decisions on equal conditions. Likewise, the referred norm establishes that all information provided to participants must be clear, correct, precise, truthful, sufficient and timely;

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Additionally, Article 85-A of the REGULATION specifies that promotion is the activity consisting of providing necessary and sufficient information for the adoption of an informed investment decision; and that this activity comprises both advertising and advice. On this matter, Article 40 of the REGULATION states that administrator companies are jointly and severally liable for the improper acts of their promoters;
In that sense, during the validity of the FUND, the promoters of SURA SAF are obligated to provide to the participants of the FUND clear, correct, precise, truthful, sufficient and timely information that allows them to adopt their investment decisions in an informed manner;
Regarding this, from the review of the documentation in the file, it is observed that the COMPLAINANT, through his complaint letter, pointed out, among other things, that on February 11, 2022, he received an email from SURA SAF in which he was informed about the negative flow or behavior of his capital, which caused him concern. In response, the COMPLAINANT states that he communicated with the PROMOTER, who replied "that it was only an administrative report and reiterated to me once again that there would be no problems regarding my invested capital (Doc. 7 – email of 11.02.22)" (emphasis added by the COMPLAINANT).
In view of the above, he presented a copy of an email from February 11, 2022 at 22:07 hours, sent by the PROMOTER, through which he provided the following information regarding the fund:
"ahhh nooo,
Remember that they returned part of your capital in December.
And the share value amount is reference.
You receive what you initially invested minus the capital return they made you in December. The sum of both is the total you invested and at the end of the fund, they return the rest of the capital.
Greetings
(...)
". (Underline added);
From the above, it is observed that the PROMOTER would have informed the COMPLAINANT that one of the characteristics of the FUND is the return of the invested capital at the end of the validity period of the FUND, by pointing out a partial return of capital in December 2021 and the balance at the end;
In view of the above, through LETTER 1981, the complaint and its attachments were transferred to SURA SAF so that it could present its comments and information regarding this; subsequently, through LETTER 2679, the administrator company was requested, among other things, to submit its comments regarding what was stated by the PROMOTER to the COMPLAINANT, through the email of February 11, 2022;
Regarding this, in his letters presented on May 10 and June 21, 2023, SURA SAF alleged that at no time in said email was the invested capital or profitability assured to the COMPLAINANT since it is prohibited to assure profitability and market fluctuation;
On this matter, it must be indicated that from the review of the Simplified Prospectus that entered into force on December 5, 2019, in force at the time the facts occurred, it is evident that the FUND is a flexible mutual fund in Soles and with a maximum validity period of four (4) years counted

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from the start of the operational stage3, with capital amortizations during the validity of the FUND4, but does not have as one of its characteristics "a return of the invested capital at the end of its validity";

Likewise, it is appreciated that in the "Objectives and Investment Policy" section of the Simplified Prospectus, it states that the FUND will distribute quarterly or semi-annual flows resulting from the accumulation of coupon collection from the debt instruments that make up the portfolio, provided that the issuers comply with the payment of these;
In that sense, it is observed that through the email in question, the COMPLAINANT would have been informed that the FUND had a return of the invested capital at maturity, despite the FUND not having such a characteristic and the participant not having been specified by said means, in accordance with what is stated in the Annex of the Participation Regulation and Simplified Prospectus, that the FUND distributed flows, according to a payment schedule, resulting from the accumulation of coupon collection from the debt instruments that make up the portfolio, provided that the issuers comply with the payment of the same;
Regarding this, it should be added that the Fact Sheet sent by SURA SAF to the participants of the FUND, including the COMPLAINANT, contains the "Payment Schedule for Flows and Principal Amortization" in which payment dates for interest and principal were indicated; however, in accordance with what is stated in the Annex of the Participation Regulation and Simplified Prospectus, it did not indicate the return of the entire invested capital;
It should be indicated that although a participant must review all the information provided by administrator companies during the quota placement process such as the Simplified Prospectus, the information as a whole must be coherent and precise, and not contain imprecisions such as those observed in the present case, given that the PROMOTER would have informed the COMPLAINANT that the FUND had a return of the invested capital at maturity as if it were a guaranteed mutual fund, but from the Simplified Prospectus, Annex of the Participation Regulation and Fact Sheet of the FUND it is derived that the FUND distributed quarterly flows, which included capital amortizations, according to a "Payment Schedule for Flows and Principal Amortization", resulting from the accumulation of coupon collection from the debt instruments (bonds) that make up the portfolio, provided that the issuers comply with the payment of these; that is, it did not assure a full return of capital at maturity; therefore, the PROMOTER would have provided confusing and imprecise information to the participant via email;
It should be added that all information given to investors (real and potential) impacts the process of adopting investment and disinvestment decisions, which is why it is required that such information be provided in a clear, precise, truthful, sufficient and timely manner;
In accordance with the above, it is evident that SURA SAF would have breached the conduct norm collected in Article 3, letter f), of the REGULATION, since the administrator company, through the PROMOTER, informed via email, as part of the permanent information handled by the administrator company during the validity of the FUND, that one of its characteristics was the return of the invested capital at maturity despite the FUND not having that characteristic and without specifying that such return was subject to the payment of the bonds that made up the FUND; that is, it would have provided the participant, via email, confusing and imprecise information about its characteristics, which did not match what was shown in the documents prepared by SURA SAF, an imprecision that could have influenced the investment or disinvestment decisions of the recipient of the email;
It should be added that, as a risk attribute of the mutual fund, a mutual fund with full return of capital at maturity does not have default risk in the return of capital compared to a mutual fund in which the return of capital is exposed to the risks of default by the issuers of the financial instruments in which the fund invests;
Consequently, it was imputed to SURA SAF that it would have committed one (1) serious infringement typified in Annex I, number 2, item 2.25 of the SANCTIONS REGULATION, according to which it constitutes an infringement: "Not having, approving, implementing, nor complying with or modifying without communicating them to the SMV, within the corresponding deadline, the conduct norms, the internal conduct norms, or code of conduct, in accordance with the regulations on the matter, or not approving a control procedure for said norms";

3.3. Of the defenses presented

SURA SAF denies having breached the duty of information to participants contemplated in letter f) of Article 3 of the REGULATION, due to the following three arguments:
a. From the beginning of the contractual relationship, information was provided regarding the susceptibility to risk factors, the CORREO@PROMOTORA of February 11, 2022, sent by the PROMOTER, should be read in an integral manner and not understand the response in isolation; b. The PROMOTER's email does not constitute, nor replace the entirety of the permanent information provided to its clients, since the permanent and constant information is materialized through account statements; and,
c. The purpose of the PROMOTER's email was to address a specific query, not to inform a characteristic of the FUND, which he considers to be speculation within the imputation;
With regard to what was stated by the administrator company regarding the CORREO@PROMOTORA being read in an integral manner and not in isolation from the information provided at the beginning of the contractual relationship, SURA SAF refers that the CORREO@PROMOTORA does not suppress, nor weaken the information provided to the COMPLAINANT since the signing of the contract. The administrator company adds that it would not be reasonable to assume or suppose that the email would replace the information provided to the COMPLAINANT through the FUND documents;
SURA SAF indicates that in the LETTER OF CHARGES it is indicated that the CORREO@PROMOTORA would breach the duty of information because it "did not specify that such return [of capital] was subject to the payment of the bonds that made up the Fund". However, the administrator company refers that this specification of the LETTER OF CHARGES reflects exactly the issuer risk, which, according to what was previously stated, is fully detailed and informed in the Annex of the Participation Regulation of the FUND, which was accepted by the COMPLAINANT;
On this matter, SURA SAF specifies that issuer risk is defined as "the possible decrease in the value of investments derived from factors that affect the issuer's ability to comply with its commitments to pay interest or repay principal at the scheduled times". In that sense, the administrator company considers that it would be unreasonable to maintain that an email (which did not have the purpose of informing the characteristics of the FUND) would have violated the duty of information by not specifically indicating the issuer risk, or any other type of risk, when these were identified and informed within the Annex of the Participation Regulation of the FUND;
The administrator company adds that it would be unreasonable for the CORREO to suppress the detailed information contained within the documents related to the FUND, such as the administration contract, the Simplified Prospectus and the Annex of the Participation Regulation of the FUND;
Regarding its second argument, SURA SAF highlights that the CORREO@PROMOTORA does not constitute or replace the entirety of "permanent information" provided to its clients, since the permanent and constant information is materialized through account statements;
The administrator company states that in the LETTER OF CHARGES it is incorrectly indicated that the CORREO would constitute part of

3 According to SURA SAF's significant fact, the FUND started the operational stage on December 10, 2018.
4 Through General Supervision of Entities Superintendent Resolution No. 033-2023-SMV/10.2 of March 14, 2023, the exclusion of the FUND from the Public Registry of the Securities Market was ordered.

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the permanent information provided to participants, but SURA SAF argues that the email was a response to a specific query and did not replace the comprehensive information provided in the official documents.

Regarding the third argument, SURA SAF maintains that the email was intended to address a specific concern raised by the COMPLAINANT regarding the performance of his investment, and not to provide general information about the fund's characteristics. The administrator company argues that interpreting the email as a formal disclosure of fund characteristics is speculative and not supported by the context of the communication.
The administrator company further states that the COMPLAINANT had access to all relevant information regarding the FUND's risks and characteristics through the Simplified Prospectus, the Participation Regulation, and regular account statements. The email in question was merely a customer service response and should not be construed as a formal communication of fund policies.
SURA SAF concludes that the information provided in the email, when read in the context of the entire contractual relationship and the available official documents, was not misleading. The company asserts that it fulfilled its duty of information by ensuring that the COMPLAINANT had access to accurate and complete information through the official channels.
The administrator company requests that the charges be dismissed and the administrative sanctioning procedure be archived, as no serious infringement has been committed.

IV. RESOLUTION

In view of the foregoing, and in exercise of the powers conferred upon this Adjunct Superintendence by the legal norms in force, it is resolved:

a. To declare that Fondos Sura SAF S.A.C. did not commit the serious infringement typified in Annex I, number 2, item 2.25 of the Sanctions Regulation, regarding the breach of the conduct norm established in Article 3, letter f), of the Regulation of Mutual Funds for Securities Investment and their Administrator Companies.

b. To archive the administrative sanctioning procedure initiated against Fondos Sura SAF S.A.C., File No. 2026004988, due to the lack of evidence supporting the imputation of a serious infringement.

c. To notify this resolution to Fondos Sura SAF S.A.C. and the COMPLAINANT.

d. To publish this resolution in the official gazette and on the website of the Superintendence of the Securities Market.

Lima, April 17, 2026

Adjunct Superintendent of Prudential Supervision Superintendence of the Securities Market

[Signature]

GUTIERREZ OCHOA Omar Dario
Adjunct Superintendent of Prudential Supervision Superintendence of the Securities Market

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