PERU Ministry of Economy and Finance
SMV
Superintendency of the Market in Securities

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

Superintendent Resolution No. 011-2024-SMV/02

Lima, 02 February 2024

The Superintendent of the Securities Market

WHEREAS:

Administrative File No. 2023040923 and Report No. 131-2024-SMV/10.2 of 01 February 2024, issued by the General Intendancy of Supervision of Entities with the favorable endorsement of the Deputy Superintendent of Prudential Supervision;

CONSIDERING:

That, by Conasev Resolution No. 053-2011- EF/94.01.1 of 30 June 2011, the operation of Faro Capital SAFI S.A. as a fund management company was authorized, and subsequently, by Superintendent Resolution No. 032-2017-SMV/02 of 10 May 2017, it was granted operating authorization to manage mutual funds investing in securities, changing its name to Faro Capital Sociedad Administradora de Fondos S.A.

That, article 21 of the Regulation of Investment Funds and their Management Companies, approved by SMV Resolution No. 029-2014- SMV/01 and its amendments, establishes that the operating authorization of the investment fund management company shall be automatically revoked when it does not have an operating public investment fund under its management, for a period greater than one (1) year;

That, articles 152, literal b), and 156 of the Regulation of Investment Funds and their Management Companies state that the SMV may revoke the operating authorization of the management company when it has incurred in continued inactivity if, upon expiration of the term established in article 21 of the same normative body, it does not have under its management an operating public investment fund, proceeding to its exclusion from the Public Registry of the Securities Market;

That, additionally, article 110, literal b) of the Regulation of Investment Funds and their Management Companies, establishes as one of the grounds for liquidation of an investment fund, the expiration of its term of duration, and the liquidation procedure established in the referred normative body must be followed;

That, by Resolution of the General Intendancy of Supervision of Entities No. 84-2012-SMV/10.2 of 13 July 2012, the registration in the Public Registry of the Securities Market of the investment fund named "Faro Capital Fondo de Inversión Inmobiliario I" was approved, under General Regime;

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The integrity of the document and the authorship of the( s) si gnature( s) can be verified at https://apps.fi rmaperu.gob.pe/web/validador.xhtml

That, the fund referred to in the preceding paragraph ended its term of duration on 26 June 2022 according to the provisions established in the respective Participation Regulation, so the general assembly of participants agreed to its liquidation designating the management company as liquidator;

That, the investment fund "Faro Capital Fondo de Inversión Inmobiliario I" now named "Faro Capital Fondo de Inversión Inmobiliario I – En Liquidación" was the only publicly offered investment fund that Faro Capital Sociedad Administradora de Fondos S.A. maintained under its management; however, as of 26 June 2022 it ceased to be operative as a consequence of the expiration of its term of duration;

That, in view of the foregoing, since 27 June 2022, Faro Capital Sociedad Administradora de Fondos S.A. does not have any operating publicly offered investment fund;

That, therefore, in accordance with articles 21; 152, literal b); and, 156 of the Regulation of Investment Funds and their Management Companies, Faro Capital Sociedad Administradora de Fondos S.A. has automatically lost the operating authorization as an investment fund management company since 28 June 2023 and, consequently, its automatic exclusion from the section of investment fund management companies of the Public Registry of the Securities Market is appropriate;

That, in accordance with the provisions of article 12, numeral 1 of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF and its amendments, the Superintendent of the Securities Market is responsible for authorizing, canceling and revoking the operating authorization of the entities that are under the scope of supervision of the SMV; and, in accordance with article 3, numeral 3 of the Concorded Single Text of the Organic Law of the SMV, Decree Law No. 26126, and its amendments, the Superintendent of the Securities Market is empowered to maintain the Public Registry of the Securities Market;

That, consequently, it corresponds to the Superintendent of the Securities Market to declare the automatic revocation of the operating authorization of the management companies that have not complied with maintaining an operating investment fund as indicated in article 21 of the Regulation of Investment Funds and their Management Companies;

That, notwithstanding the foregoing, Faro Capital Sociedad Administradora de Fondos S.A. maintains its obligations arising from the liquidation of the investment fund called “Faro Capital Fondo de Inversión Inmobiliario I – En Liquidación”, given that it was appointed by the participants' meeting as liquidator of the aforementioned fund when its operating authorization as an investment fund management company was still in force and it has been ratified as such at the last participants' meeting on 11 January 2024;

That, Faro Capital Sociedad Administradora de Fondos S.A. maintains its operating authorization as a management company of

PERÚ Ministerio de Economía y Finanzas
SMV
Superintendencia del Mercado de Valores

"Decade of Equal Opportunities for Women and Men" "Year of the Bicentennial, of the consolidation of our Independence, and of the commemoration of the heroic battles of Junín and Ayacucho"

mutual funds, in accordance with Superintendente Resolution No. 032-2017-SMV/02. In that regard, it must amend its bylaws and corporate name, replacing the reference to investment fund management company (SAF) with that of mutual fund management company (SAFM), in accordance with article 253 of the Single Ordered Text of the Securities Market Law and article 129 of the Regulation of Investment Funds and their Management Companies;

That, in view of the foregoing and in accordance with the provisions of article 12 of the Investment Funds and their Management Companies Law, Legislative Decree No. 862 and article 253 of the Single Ordered Text of the Securities Market Law, Supreme Decree No. 020-2023-EF, Faro Capital Sociedad Administradora de Fondos S.A. must transfer all private investment funds under its management; and,

In accordance with the provisions of article 3, numeral 3, of the Single Concorded Text of the SMV Organic Law; article 12, numeral 1 and article 38, numeral 12 of the Regulation of Organization and Functions of the Superintendencia del Mercado de Valores; and articles 21; 152, literal b); and 156 of the Regulation of Investment Funds and their Management Companies;

RESOLVES:

Article 1.- To declare that the operating authorization of Faro Capital Sociedad Administradora de Fondos S.A. as an investment fund management company has been automatically revoked as of 28 June 2023, and consequently, said company has been excluded from the Investment Fund Management Companies section of the Public Registry of the Securities Market of the Superintendencia del Mercado de Valores - SMV.

Article 2.- Faro Capital Sociedad Administradora de Fondos S.A. must amend its corporate name, replacing the reference to investment fund management company (and its abbreviation SAF) with that of mutual fund management company (or its abbreviation SAFM), as well as amend its corporate purpose, stating that it is only authorized to manage mutual funds for investment in securities.

Article 3.- The revocation of the operating authorization does not exempt Faro Capital Sociedad Administradora de Fondos S.A. from complying with its obligations arising from the liquidation of the investment fund called “Faro Capital Fondo de Inversión Inmobiliario I – En Liquidación”, as long as it remains its liquidator, nor from the other obligations incurred in the securities market prior to the issuance of this resolution, nor its directors or managers from the administrative liability they may have incurred.

Article 4.- Faro Capital Sociedad Administradora de Fondos S.A. must prove to the Intendencia General de Supervisión de Entidades the compliance and completion of the liquidation process of the investment fund called “Faro Capital Fondo de Inversión Inmobiliario I – En Liquidación” in accordance with the provisions of the Regulation of Investment Funds and their Management Companies, so that it is excluded from the Public Registry of the Securities Market, as well as the transfer of the private investment funds it manages.

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Article 5.- To publish this resolution on the Institutional Page of the Superintendencia del Mercado de Valores on the single digital platform of the Peruvian State (www.gob.pe/smv) and in the Official Gazette El Peruano.

Article 6.- This resolution shall enter into force on the day of its notification to Faro Capital Sociedad Administradora de Fondos S.A., without prejudice to the automatic revocation and exclusion declared in article 1 above.

Article 7.- To transcribe this resolution to Faro Capital Sociedad Administradora de Fondos S.A.

Register, communicate and publish.

Lorena Masias Quiroga
Superintendent of the Securities Market

Documento electrónico fi rmado digitalmente en el marco de la Ley N° 27269, Ley de Fi rmas y Certificados Digitales, su Reglamento y modificatorias.
La integridad del documento y la autoría de la( s) fi rma( s) pueden ser verificadas en https://apps.fi rmaperu.gob.pe/web/validador.xhtml