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Superintendency Resolution Adjunta SMV No. 050-2024-SMV/11

Lima, 13 August 2024

Summary: Sanction Volvo Financial Services Empresa de Créditos S.A. with one (1) warning for having incurred one (1) infraction of a minor nature, typified in subsection 3.7 numeral 3 of Annex I of the Sanctions Regulation.

Administered : VOLVO FINANCIAL SERVICES EMPRESA DE CRÉDITOS S.A.
Subject
: Administrative Sanctioning Procedure of double administrative instance Main Type :
Subsection 3.7 of numeral 3 of Annex I of the Sanctions Regulation MINOR INFRACTION File No. : 2024005003

The Deputy Superintendent of Market Conduct Supervision

VIEWS:

Administrative file No. 2024005003, containing the administrative sanctioning procedure initiated by the General Intendancy of Conduct Compliance of the Superintendency of the Securities Market – SMV (hereinafter, the IGCC), against Volvo Financial Services Empresa de Créditos S.A. (hereinafter, Volvo); as well as Report No. 746-2024-SMV/11.2 (hereinafter, the Report), issued by the IGCC;

CONSIDERING:

I. FUNCTION AND COMPETENCE OF THE SASCM

1. That, the IGCC —instructing body of the administrative sanctioning procedures (hereinafter, the PAS) referred to in the present case—, has brought to the knowledge of the Deputy Superintendency of Market Conduct Supervision of the SMV (hereinafter, SASCM), the PAS of administrative file No. 2024005003 in order for it to issue a decision as sanctioning body of sole instance in said PAS. In this way, the SASCM assumes competence in observance of the exercise of the supervision function and the sanctioning power of the Superintendency of the Securities Market - SMV established by the Single Concorded Text of its Organic Law, Legislative Decree No. 26126 (hereinafter, Organic Law of the SMV), and in the Single Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO of the LMV); as well as by the provisions of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation) and in articles 42 and 43 of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF of the SMV), in the sense that it is a specific function of the SASCM to impose sanctions in first administrative instance, for the commission of infractions whose compliance control according to its competences corresponds to said Deputy Superintendency. Likewise, the SASCM has the powers to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;

II. FACTS, CHARGE, DEFENSES AND ALLEGATIONS

2.1 Fact

2. That, it was evaluated whether Volvo complied with its obligation to present or keep updated the information about its Economic Group;

2.2 Charge

3. That, from the verification of the information about economic group published in the Economic Group section of the Institutional Page of the SMV it was observed that Volvo sent on 23 March 2021 the Report on its Economic Group according to the Information Formats on Economic Group (File No. 2021010740), registering as of 31 December 2020 the concepts of total amount of assets and equity of the companies that make up its economic group;

4. That, on 31 March 2023 it sent to the SMV the report of its economic group (File No. 2023014831), in which the same data of total assets and equity reported on 23 March 2021 with relation to fiscal year 2020 were noticed, data that appear in File No. 2021010740, as can be seen below in Table No. 1:

Table No. 1 Information of total assets and equity reported by Volvo in the Economic Group Report

5. That, as of the date of imputation of charges, the total amount of assets and equity recorded in the Annual Individual Financial Statements

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of fiscal year 2022 submitted in File No. 2023014831, were different or had varied in relation to the amount indicated in the Economic Group Report submitted together with said financial statements; therefore, having occurred a change in relation to section “II.a Entities that make up the Economic Group” Volvo should have updated the information on its Economic Group and not record the same data presented at the close of fiscal year 2020;

6. That, Volvo was charged with the commission of the infraction typified in subsection 3.7 of numeral 3 of Annex I of the Sanctions Regulation, which provides that it constitutes a minor infraction: “Failure to submit to the SMV or, when applicable, to the entity responsible for a centralized negotiation mechanism, or failure to keep updated, the information on its Economic Group, as well as failure to inform the SMV, of share transfers that imply a change in the decision or control unit, or any modification of the data appearing in the Public Registry of the Securities Market, within the term or form established in the regulations on the matter.” (Underline added);

7. That, in accordance with the provisions of article 35 of the Sanctions Regulation, said infractions are punishable with a warning or a fine of not less than one (1) UIT and up to twenty-five (25) UIT;

2.3 Discharges and arguments

8. That, Volvo, exercising its right of defense, by means of a writing dated 18 April 2024, regarding the charges formulated against it, Volvo stated the following:

(i) The deficiencies in the submission of information on its economic group would be due to involuntary material errors that have not generated an economic harm to the market and have not had any bearing on third-party decisions.

(ii) It currently holds the status of issuer of securities registered in the Public Registry of the Securities Market of the Superintendency of the Securities Market - SMV and in the Lima Stock Exchange (BVL) by a legal mandate that it had to comply with at the time of its incorporation, since previously and at the time of obtaining the operating license as a financial leasing company from the Superintendency of Banking, Insurance and AFP all companies that wished to operate as a financial leasing company had the legal obligation to register with the SMV as an issuer of securities, Volvo never had the intention of registering its shares in the securities market but had to do so because it was a regulatory requirement to operate in its line of business.

(iii) Volvo's securities have never been listed on the stock exchange, nor has a Volvo share been sold on the BVL and it has not used the secondary market which is the main reason for having the status of issuer of securities, since the operations are carried out with own resources and funds of Volvo Group, it has not carried out debt issuances to obtain secondary market funds.

(iv) Volvo has a single shareholder and is part of Volvo Group and has no intentions of changing the shareholders or the level of control, the shareholders have remained since its incorporation without any change and with the same percentages and classes of shares.

(v) All relevant information of Volvo has been duly communicated in due course through material events, as well as the capital increases that reflected the company's equity amounts were brought to

the knowledge of the market in a timely manner from the start of operations and in the period in which it suffered deficiencies in updating formats, furthermore it stated that the company's equity has always been reflected in the annual report and in the financial statements submitted to the SMV.

(vi) Finally it stated that it has initiated the process of delisting its securities and seeks to exclude its securities from the registry of the SMV and the BVL, therefore to date Volvo is a credit company and no longer has the legal obligation to have the status of issuer of securities and to register with the SMV, likewise it stated that the registration with the SMV and the BVL entails a regulatory operating charge that due to Volvo's business design does not represent benefits or added value as it does not opt for the secondary market nor wishes to sell shares, therefore it seeks to simplify the company's operations.

9. 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 the 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 severity of the damage to the public interest and/or protected legal good, (d) The economic harm caused, (e) The recidivism, for the commission of the same infraction within the term of one (1) year from when the resolution that sanctioned the first infraction became final, (f) The circumstances of the commission of the infraction; and, (g) The existence or not of intentionality in the conduct of the offender;

10. That, the charge formulated, the discharges and the criteria regarding the graduation of the sanction have been subject to evaluation in the Report, which has been brought to the knowledge of the SASCM;

11. That, in compliance with the provisions of numeral 5 of article 255 of the TUO of the LPAG, by means of Oficio N° 2986-2024-SMV/11 of 11 July 2024, the Report was sent to Volvo so that it could submit its arguments within a period of five (05) business days; which were submitted stating that they reiterate their defenses presented on 18 April 2024; and, furthermore, they specify that no harm has been caused to investors, no benefit has been obtained from conduct arising from a material error, it has not acted with intent, but rather had conduct arising from a material error, that it has no record of sanctions nor is it a repeat offender and to date it no longer has securities registered in the Public Registry of the Securities Market - RPMV, so there would be no risk of a new breach. Finally, Volvo states that if it is decided to apply a sanction, they agree with the sanction proposal in the Report;

III. ISSUES TO BE DETERMINED

12. That, in the present PAS it corresponds to determine the following:

(i) Whether or not Volvo incurred in the infraction indicated in the Charge Letter and Report.

(ii) Whether or not it corresponds to impose a sanction on Volvo.

IV. ANALYSIS

4.1 Applicable regulations

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13. That, article 13 of the TUO of the LMV, establishes that: “(…) Legal entities registered in the Registry and the Issuer of registered securities are obligated to present the information that this law and other general provisions establish, being responsible for the veracity of said information.”

14. That, article 7 of the Regulation of Indirect Ownership, Linkage and Economic Groups, approved by SMV Resolution Nº 019-2015-SMV-01 and amendments (hereinafter, the Economic Group Regulation), establishes the definition of Economic Group:

“Article 7.- DEFINITION OF ECONOMIC GROUP Economic Group is the set of entities, national or foreign, formed by at least two entities, when one of them exercises control over the other or others or when control over the entities corresponds to one or several natural persons acting as a decision unit. Natural persons do not form part of the economic group.”

15. That, in relation to the obligation of presenting information of the Economic Group, article 8 of the Economic Group Regulation, provides:

“Issuers of securities registered in the Registry, legal entities registered therein, and the EAFC are obligated to present to the SMV and when applicable to the entity responsible for a centralized negotiation mechanism in which said securities are registered, the reports on their Economic Group, in accordance with the formats established by the SMV. (Underline added);

16. That, regarding the timing of the presentation of the information, the second paragraph of article 9 of the Economic Group Regulation, establishes1:

“In case any change occurs in the reported information on economic group, the information must be updated and presented at the same time and jointly with the Annual Report of the obligated subject, unless the change qualifies as a material fact or relevant fact, in which case, without prejudice to the respective communication, the obligated subject must update said information within the following fifteen (15) calendar days. Said update must be made in accordance with the formats indicated in the first paragraph of the previous article and when applicable must also be sent to the entity responsible for the centralized negotiation mechanism in which the securities are registered.” (Underline added);

[1] Second paragraph of article 9 of the Economic Groups Regulation modified by Article 6 of SMV Resolution N° 019-2021-SMV/01, published on 30 October 2021, whose previous text is the following: “In case any change occurs in the reported information on economic group, the information must be updated no later than 31 March of the following year of occurrence, unless the change qualifies as a material fact or relevant fact, in which case, without prejudice to the respective communication as such, the obligated subject must update said information within the following fifteen (15) calendar days. Said update must be made in accordance with the formats indicated in the first paragraph of the previous article and when applicable must also be sent to the entity responsible for the centralized negotiation mechanism in which the securities are registered.” (Underline added).

17. That, in relation to the form of presentation of the information of the Economic Group, the provisions in articles 8 and 9 preceding are pertinent, as well as the provisions in article 10 of the Economic Group Regulation:

“Article 10.- TECHNICAL SPECIFICATIONS FOR SUBMITTING INFORMATION ON ECONOMIC GROUPS The information presented to the SMV in compliance with the provisions of the preceding articles, must observe the formats and technical specifications approved by the Superintendent of the Securities Market.”;

18. That, in that sense, the obligated entities must comply with the updating and submission of information about their economic group through the Economic Group Report, in accordance with the Information Formats on Economic Group, approved by Superintendente Resolution No. 083-2016-SMV/02 of 15 June 2016;

19. That, in this regard, section "II.a Entities that make up the Economic Group" of the Information Formats on Economic Group contains item "vii. Total value of assets and equity: Indicate amount and currency" and it is stated "Note (1) The data of Total Assets and Equity shall refer to the fiscal year immediately preceding the date of submission of the information of Economic Groups", so this information may be updated periodically each year with data of total assets and equity as of the fiscal year immediately preceding the date of submission;

20. That, the type of infraction that would have been breached in the present PAS is subsection 3.7 of item 3 of Annex I of the Sanctions Regulation, which establishes that the following constitutes a minor infraction:

"Failure to submit to the SMV or, when applicable, to the entity responsible for a centralized trading mechanism, or failure to keep updated, the information about its Economic Group, as well as failure to inform the SMV of share transfers that imply a change in the decision-making or control unit, or any modification of the data appearing in the Public Registry of the Securities Market, within the term or form established in the applicable regulations." (Underline added);

21. That, in accordance with the provisions of Article 35 of the Sanctions Regulations, said infringements are punishable by a reprimand or a fine of not less than one (1) UIT and up to twenty-five (25) UIT;

4.2 Case Assessment

22. That, in File No. 2024005003 containing the documentation of this PAS, it is noted that through Memorandum No. 3279-2022-SMV/11.1 of 21 July 2022 (File No. 2022029801) and Memorandum No. 3081-2023-SMV/11.1 of 24 July 2023 (File No. 2023031771), the General Directorate of Conduct Supervision (hereinafter, IGSC) —an agency of the Superintendency of the Stock Market – SMV that has within its functions and powers the supervision of compliance with the rules applicable to issuers with securities registered in the RPMV—, sent to the IGCC the result of its evaluation, and specifically that related to this case;

23. That, it must be borne in mind that the procedures and legal forms with which the IGSC conducts its oversight and/or supervision activity and upon concluding it with a report of indications of infringement, determine that its

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pronouncement or opinion on a specific supervision matter —which may even contain a decision, such as, 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 IGSC's report of indications of infringement are not binding on the IGCC, as established in the second paragraph of Article 9 of the Sanctions Regulations2 3;

24. That, in this way, it is established that in the assessment of the facts related to this PAS, two (2) other agencies of the Superintendency of the Stock Market – SMV, functionally independent of each other and of this Office, intervened and participated prior to the issuance of this resolution: first the IGSC, which on its occasion reported the indications of infringement through the aforementioned memorandum, and then the IGCC, which, as a result of its evaluation, formulated the Charge Notice and the Report; and at this point of the PAS, it falls to the SASCM Office to issue a pronouncement containing its decision regarding the aforementioned charge, it being necessary to indicate that by its nature, it will be a single-instance administrative decision;

25. That, previously, it must be pointed out that by written submission dated 18 April 2024, Volvo filed its defense regarding the charges formulated against it in this PAS;

26. That, in this case, it has been verified that the Economic Group Report submitted on 31 March 2022 (File No. 2022014187) and on 31 March 2023 (File No. 2023014831) contain the same total assets and equity amounts as of 31 December 2020, presented in the Economic Group Report on 23 March 2021 (File No. 2021010740). However, this latter report submitted on 31 March 2023 should have been updated as of 31 December 2022;

27. That, in that sense, as of the date of the charges, regarding the aforementioned last report submitted on 31 March 2023, the total asset amount and equity recorded in the Annual Individual Financial Statements for the 2022 fiscal year submitted in File No. 2023014831 were different or had varied in relation to the amount indicated in the Economic Group Report submitted together with said financial statements; therefore, having

[2] Article 245 of the TUO of the LPAG indicates as forms or ways in which the oversight activity could be concluded the following: 1) Certificate of conformity of the activity carried out by the administered party; 2) Recommendation of improvements or corrections to the activity carried out by the administered party; 3) The warning of the existence of non-compliance not susceptible to warranting the determination of administrative responsibilities; 4) The recommendation to initiate a procedure in order to determine the corresponding administrative responsibilities; 5) The adoption of

[3] corrective measures and 6) Other forms as established by special laws. 3 "Article 9.- PRELIMINARY INVESTIGATIONS AS A CONSEQUENCE OF SUPERVISION ACTIONS (...) When such agencies conclude that there are sufficient indications of possible administrative infringements, they forward the corresponding reports to the General Directorates of Compliance, which determine whether or not it is appropriate to initiate an administrative sanctioning procedure. If applicable, the General Directorates of Compliance may carry out additional inspections or investigations of the reported indications. In the case of possible infringements within the scope of the Regulation on the Participatory Financial Financing Activity and its Managing Companies, the preliminary investigations are carried out by the General Directorate of Research and Innovation, which, if there are sufficient indications of possible administrative infringements, will determine whether or not it is appropriate to initiate an administrative sanctioning procedure. (...)."

a change having occurred in relation to section "II.a Entities comprising the Economic Group", Volvo should have updated the information regarding its Economic Group and not recorded the same amounts presented at the close of the 2020 fiscal year;

28. That, likewise, it must be indicated that, although on 27 March 2024 Volvo submitted its economic group report to the SMV together with the Annual Report and Annual Individual Financial Statements for the 2023 financial year (File No. 2024013787), it can be verified that it again submitted the same total asset and equity figures reported on 23 March 2021 for the 2020 financial year, as detailed in the Report;

29. That, in this regard, it is observed that Volvo, as of the date of drafting of this Resolution, has still not corrected the infringement charged, since even now the last update date is still 23 March 2021, recording the total amount of assets and equity of its economic group as of 31 December 2020;

30. That, in this regard, Volvo stated in its written defense that the non-compliance was due to involuntary material errors that would not have caused economic harm to the market and had no bearing on third-party decisions;

31. That, likewise, Volvo reported that it had initiated a delisting process for its securities and was seeking to exclude its securities from registration with the SMV and the BVL, so that as of the date Volvo no longer had the legal obligation to have the status of a securities issuer and to register with the SMV;

32. That, in this regard, it must be indicated that pursuant to Resolution of the General Superintendency of the SMV No. 017-2020-SMV/11.1 of 24 February 2020, Classes A and B of the shares representing the share capital of Volvo Leasing Perú S.A. (now, Volvo Financial Services Empresa de Créditos S.A.) were registered in the RPMV and in the Securities Registry of the BVL;

33. That, pursuant to SBS Resolution No. 02310-2022 of 22 July 2022, the Superintendency of Banking, Insurance and AFP – SBS authorized the conversion of Volvo Leasing Perú S.A. into a Credit Company, under the name Volvo Financial Services Empresa de Créditos S.A., as provided for in Article 288 of the General Law of the Financial System and the Insurance System and Organic Law of the SBS, Law No. 26702, which is registered in Entry B0007 of Registry Section No. 14189013 of the Registry of Legal Entities of the Registry Office of Lima;

34. That, pursuant to a material fact of 30 November 2022 (File No. 2022048192), Volvo communicated that at the General Shareholders' Meeting held on 30 November 2022, in which the shareholder representing 100% of the Class A shares with voting rights representing the share capital of the company participated, it was agreed; among others, the initiation of the procedure for the exclusion of all shares representing the share capital from the RPMV and the Securities Registry of the BVL;

35. That, likewise, regarding the obligation to make a Public Tender Offer for Exclusion – OPC when a security is excluded from the Public Registry of the Securities Market, established in article 41 of the Single Ordered Text of the Securities Market Law and in article 32 of the Regulation of Public Tender Offer for Acquisition and Purchase of Securities by Exclusion, approved by CONASEV Resolution No. 009-2006-EF/94.10 and its amending rules, Volvo was

within the exception cause for not carrying out an OPC, since the holder of all shares representing the company's share capital had expressed its acceptance of the decision to exclude said securities, as provided by article 37, literal c), of the Regulation of Public Tender Offer for Acquisition and Purchase of Securities by Exclusion;

36. That, in that sense, by Resolution of the General Intendancy SMV No. 030-2024-SMV/11.1 of 18 April 2024, the IGSC resolved to order the exclusion of the class A and B shares representing Volvo's share capital from the RPMV; and ruled in favor of their exclusion from the BVL Securities Registry;

37. That, from the information obtained in the Integrated Registry and Supervision System (SIRyS) of the SMV, it is corroborated that Volvo records 18 April 2024 as the exclusion date of its shares; likewise, as of the date of issuance of this resolution, it records the status “withdrawn” from the RPMV;

38. That, Volvo in its arguments submitted on 18 April 2024 referred to its initial defenses, which have already been evaluated in this Resolution and additionally requested that certain sanction criteria be taken into account, which will be analyzed at the time of determining the corresponding sanction. Likewise, Volvo has indicated its conformity with the sanction proposal contained in the Report;

39. That, consequently, having proven the conduct constituting the infraction and determined the administrative responsibility of Volvo, it is appropriate to analyze the sanction proposal in light of what Volvo has indicated, the provisions of the principle of reasonableness and the sanction criteria, which will be evaluated in the section on determination of the sanction;

V. DETERMINATION OF THE SANCTION

40. That, having determined the existence of administrative responsibility on the part of Volvo, for the commission of one (1) infraction classified in subsection 3.7 of numeral 3 of Annex I of the Sanctions Regulation, which states that it constitutes a minor infraction:

“Not presenting to the SMV or, when applicable, to the entity responsible for a centralized negotiation mechanism, or not keeping updated, the information about its Economic Group, as well as not informing the SMV, of share transfers that imply a change in the decision or control unit, or any modification of the data in the Public Registry of the Securities Market, within the term or form established in the relevant regulations.” (Underline added);

41. That, in accordance with article 35 of the Sanctions Regulation, said infraction is punishable with a warning or a fine of no less than one (01) UIT and up to twenty-five (25) UIT;

42. That, in that sense, it is appropriate to determine the sanction to be imposed on Volvo considering the sanction criteria established in article 344 of the TUO of the LMV, numeral 3) of article 248 of the TUO of the LPAG and the provisions of article 25 of the Sanctions Regulation, which develop the criteria for grading the sanction, these being: (i) Volvo's sanction record, (ii) recidivism, (iii) the circumstances of the commission of the infraction, (iv) the economic harm caused and its impact on the market, (v) the illicit benefit resulting from

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the commission of the infraction, (vi) the probability of detection of the infraction, (vii) the severity of the harm to the public interest and/or protected legal interest and (viii) the existence or not of intentionality in the conduct of the offender (hereinafter, Sanction Criteria);

43. That, in relation to the severity of the harm to the public interest and/or protected legal interest, it is relevant to note that in relation to the severity of the harm to the public interest and/or protected legal interest, it must be indicated that the timely presentation of the Economic Group Report by the issuers of securities registered in the Public Registry of the Securities Market constitutes a fundamental obligation in the transparency of the securities market, so that market participants can make their investment decisions adequately informed. Therefore, although a severity of harm to the public interest is not evident, the failure to comply with the obligation to inform the market within the deadlines by the issuers affects the transparency of the market, which is considered a protected legal interest;

44. That, regarding the sanction record, literal a) of article 25 of the Sanctions Regulation establishes that these are the final sanctions imposed by the Superintendence of the Securities Market – SMV within the period of four (4) years prior to the commission of the infraction to be sanctioned (in this case, 31 March 2022); notwithstanding this, it is specified that the commission of the same infraction in the year prior to the infraction to be sanctioned is not considered as a record. On this matter, from the verification carried out in the SMV's Sanctions System, it has been determined that Volvo has been verified that Volvo has no sanction record;

45. That, regarding the recidivism of the offender, literal b) of article 25 of the Sanctions Regulation establishes that the final sanction imposed by the SMV within the period of one (1) year prior to the commission of the infraction to be sanctioned is taken into account. In this regard, it has been verified that there is no recidivism on the part of Volvo;

46. That, in relation to the circumstances of the commission of the infraction, it has been verified that the Economic Group Report presented on 31 March 2022 (File No. 2022014187) and on 31 March 2023 (File No. 2023014831), contain the same amounts of total assets and equity as of 31 December 2020, presented in the Economic Group Report on 23 March 2021 (File No. 2021010740). However, this last report presented on 31 March 2023 should have been updated as of 31 December 2022. It should be noted that, as of the date of preparation of this resolution, Volvo has not complied with correcting the imputed infraction. Likewise, as of the date of preparation of this resolution, it has been verified that Volvo registers 18 April 2024 as the exclusion date of its shares; likewise, the status “withdrawn” from the RPMV is registered;

47. That, regarding the economic harm and its impact on the market, it has not been evidenced that the non-compliance has produced a quantifiable harm, understood as an economic damage caused to one or several investors;

48. That, in relation to the illicit benefit resulting from the commission of the infringement, it can be stated that there are not sufficient elements to indicate that Volvo obtained an illegal benefit as a consequence of the commission of the infringement under evaluation in this PAS;

49. That, with respect to the probability of detection of the

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infringement committed, it must be noted that the probability is high, because this class of non-compliances are corroborated by the SMV itself through periodic control actions;

50. That, in relation to the existence or not of intentionality in the conduct of the infringer, it can be stated that there are not sufficient elements to indicate that Volvo acted with intent in the commission of the infringements, so this criterion would not have been configured. However, it is necessary to indicate that although there is no evidence to indicate that Volvo acted with intentionality, it can be affirmed that Volvo's conduct was negligent, by not having acted with the diligence required before obligations already known to Volvo;

51. That, in that sense, in application of the Sanction Criteria previously developed, it is observed that the infringement committed has not caused a concrete harm to investors, Volvo has not obtained a benefit from its illegal conduct, it has not been proven that it acted with intent and it also does not have a record of sanction nor is it a repeat offender;

52. That, likewise, it is important to take into account that to date, Volvo does not have securities registered in the RPMV under the general information disclosure regime, so although imposing a sanction on it would not fulfill its role of special prevention of serving as a means of correction so that the administered does not incur again in the same non-compliance, it would be even less a method of deterrence;

53. That, in attention to the above, it is considered pertinent to apply one (01) warning for the non-compliance incurred, taking into account that the infringement occurred while Volvo still had the status of issuer with securities registered in the RPMV and was obliged to comply with the rules established in the securities market, so this Deputy Superintendency considering the evaluation of the Sanction Criteria and the sanction proposal of the Report, orders that Volvo be imposed as a sanction one (01) warning for the non-compliance incurred, in accordance with article 35 of the Sanctions Regulation;

54. That, in accordance with the provisions of numerals 14 and 36 of article 43 of the Regulation of Organization and Functions of the Superintendency of the Securities Market – SMV, approved by Supreme Decree No. 216-2011-EF;

RESOLVES:

Article 1.- Declare that Volvo Financial Services Empresa de Créditos S.A. has incurred in one (1) infringement of a minor nature, typified in subsection 3.7 of numeral 3 of Annex I of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01, for not having updated the information about its Economic Group within the term and form established in the norm, as of the date of imputation of charges.

Article 2.- Sanction Volvo Financial Services Empresa de Créditos S.A. with one (01) warning for not keeping updated the information about its Economic Group within the term and form established in the norm, for the provisions of article 1 of this Resolution.

Article 3.- This Resolution does not exhaust the administrative route, and it may be challenged before this Deputy Superintendency of Supervision of Market Conducts through the filing of the reconsideration or appeal remedy, administrative remedies recognized in article 218

of the Single Ordered Text of the General Administrative Procedure Law – Law No. 27444, approved by Supreme Decree No. 004-2019-JUS, within the term of fifteen (15) business days, counted from the day following its notification.

Article 4.- In case this Resolution is not subject to challenge, it must be published in the "Institutional Page of the SMV in the Single Digital Platform of the Peruvian State for Citizen Orientation (www.gob.pe/smv)", in observance of the provisions of numeral 1 of article 7 of the "Policy on dissemination of regulatory projects, general legal norms, early agenda and other administrative acts of the SMV", approved by SMV Resolution No. 014-2014-SMV/01, and by the provisions of the last paragraph of article 14 of the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01.

Article 5.- Transcribe this Resolution to Volvo Financial Services Empresa de Créditos S.A.

Signed by: RIVERO ZEVALLOS Carlos Fabian FAU 2013 Reason:

Carlos Rivero Zevallos
Deputy Superintendent
Deputy Superintendency of Supervision of Market Conducts

Signed by: MENESES CAMARGO Carlos Er
Reason:

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