Superintendent Resolution No. 025-2026-SMV/02

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law on 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 Superintendent Resolution No. 025-2026-SMV/02 Lima, March 6, 2026 The Superintendent of the Securities Market HAVING SEEN:
File No. 2025023227 and Report No. 302-2026-
SMV/10.2 dated March 5, 2026, issued by the General Superintendency of Supervision of Entities, with the favorable ruling of the Deputy Superintendent of Prudential Supervision; CONSIDERING:
That, pursuant to Articles 1° and 2° of Superintendent Resolution No. 077-2025-SMV/02 (hereinafter, RESOLUTION 077), and Superintendent Resolutions No. 135-2025-SMV/02, No. 140-2025-SMV/02 and No. 150-2025-SMV/10.2, the operating authorization granted to Diviso Fondos Sociedad Administradora de Fondos S.A. (hereinafter, DIVISO SAF) was suspended. Such suspension was established until January 20, 2026, or until the administrator society managed to prove, jointly, the remediation of the deficit in its net equity as of September 30, 2025 and the economic solvency of its shareholders, whichever occurred first; That, through Letter No. 668-2025-SMV/10.2 dated February 12, 2026 (hereinafter, LETTER 668), DIVISO SAF was required, among other things, to documentarily prove that it had remedied the net equity deficit as of September 30, 2025 in the amount of S/ 621,336.00, communicated via Letter 6414-2025-SMV/10.2 dated November 10, 2025 (hereinafter, LETTER 6414); That, through a letter dated February 23, 2026, DIVISO SAF indicated, among other things, that the observations formulated in LETTER 6414 are currently included within a scenario in which the supreme body of the society had decided to initiate the procedure for cancellation of its operating authorization. In this regard, DIVISO SAF did not prove that it had remedied the observations formulated via LETTER 6414 regarding the deficit in its net equity as of September 30, 2025; That, through Letter No. 824-2026-SMV/10.2 dated February 25, 2026 (hereinafter, LETTER 824), it was indicated to DIVISO SAF, among other things, that, from the review of its interim financial statements as of December 31, 2025, presented to the Superintendent of the Securities Market - SMV on January 28, 2026, a deficit in its net equity amounting to S/ 1,833,746.00 was verified. Consequently, DIVISO SAF was informed that, pursuant to what is established in Article 126 of the Regulations for Mutual Investment Funds in Securities and their Administrator Societies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its amendments (hereinafter, MUTUAL FUNDS REGULATIONS) and Article 130 of the Regulations for Investment Funds and their Administrator Societies, approved by SMV Resolution No. 029-2014-SMV/01 and its amendments (hereinafter, INVESTMENT FUNDS REGULATIONS), to remedy the observed deficit in the

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law on 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 net equity in the fourth quarter of 2025, it must submit a copy of the public deed of capital increase within thirty (30) calendar days following the date of submission of the financial statements as of December 31, 2025. This deadline expired on February 27, 2026, without DIVISO SAF having proven to have remedied the observed deficit; a situation that persists as of the issuance of this resolution; That, through a written request dated March 2, 2026, DIVISO SAF requested an extension of five (5) business days to submit the information requested via LETTER 824; That, with Letter No. 925-2026-SMV/10.2 dated March 4, 2026 (hereinafter, LETTER 925), DIVISO SAF's request for an extension regarding the submission of the copy of the public deed of capital increase respective was denied, pursuant to what is established in Article 147, numeral 147.1, of the Unified Text of the Law No. 27444 – General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS and its amendments; That, in response to LETTER 925, through a written request dated March 4, 2026, DIVISO SAF stated that, considering that it has formally adopted the decision to request the cancellation of its operating authorization, the patrimonial deficit as of December 31, 2025 should be evaluated under the new corporate framework, which does not contemplate the continuity of activities as an entity subject to supervision. In this regard, DIVISO SAF has not proven that it has remedied the observations formulated via LETTER 824 regarding the deficit in its net equity as of December 31, 2025; That, according to what is established in Article 3, numeral 14, literal i), of the Concordant Single Text of the Organic Law of the Superintendent of the Securities Market, approved by Legislative Decree No. 26126 and its amendments, the Superintendent of the Securities Market is empowered to automatically suspend the operating authorization granted to legal entities under its supervision and control, without it being necessary to initiate an administrative sanctioning procedure. This applies, among other cases, when they cease to observe any of the requirements necessary for their operation or for operating. Likewise, in case the non-compliance that originates the suspension persists, the Superintendent of the Securities Market may revoke the operating authorization without it being necessary to initiate an administrative sanctioning procedure; That, Article 256 of the Unified Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF (hereinafter, TUO OF THE LMV), as well as Article 13 of the Law on Investment Funds and their Administrator Societies (hereinafter, LAW ON INVESTMENT FUNDS), establish
the minimum capital of mutual investment fund in securities administrator societies and investment fund administrator societies, respectively. For the year 2025, said amount amounts to one million eight hundred four thousand seven hundred forty-six soles (S/ 1,804,746.00); which was communicated via Circular No. 011-2025-SMV/10.2 dated January 6, 2025; That, for its part, pursuant to Article 126 of the MUTUAL FUNDS REGULATIONS and Article 130 of the INVESTMENT FUNDS REGULATIONS, in no case shall the required net equity of the administrator society be lower than the minimum capital;

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law on 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 That, additionally, said articles state that, in case of incurring, the administrator society in net equity deficit, this must be covered within thirty (30) calendar days following the occurrence of the following situations, whichever occurs first: a) the start of the fiscal year due to the update of requirements, b) the date of submission of the financial statements that show this situation, or c) the date on which the SMV notifies the administrator society of its finding. For the remediation, the administrator society must submit to the Public Registry of the Securities Market – RPMV, within the mentioned deadline, a copy of the public deed of capital increase and present the corresponding registration certificate in the Public Registries within sixty (60) calendar days following, counted from the start of the computation of the deadline; That, regarding an administrator society of funds, which has authorization to administer mutual funds and investment funds, Article 126 of the MUTUAL FUNDS REGULATIONS and Article 130 of the INVESTMENT FUNDS REGULATIONS, establish that for the computation of the minimum required net equity of the administrator society, the following must be deducted: i) loans in favor of its affiliates; ii) investments in financial instruments whose obligor to pay is an affiliate or that represent participations in the share capital of companies affiliated with it; iii) accounts receivable with maturity greater than ninety (90) calendar days; and, iv) the amount of guarantees that the administrator society grants in favor of its affiliates. It also provides that these deductions must be disclosed in the notes of the financial statements of the administrator society. That, regarding the grounds for suspension, Article 151, literal a) of the INVESTMENT FUNDS REGULATIONS states that the SMV may suspend the operating authorization of the administrator society when it ceases to observe any of the requirements necessary for its operation or for operating. Likewise, Article 36, literal b) of the MUTUAL FUNDS REGULATIONS indicates that the operating authorization of an administrator society is indefinite and can only be suspended or revoked by the SMV for failing to observe any of the requirements necessary for its operation, without it being necessary to initiate an administrative sanctioning procedure; such as presenting a net equity below the minimum required, among others; NET EQUITY DEFICIT That, through LETTER 6414, it was communicated to DIVISO SAF that it presented a net equity deficit amounting to S/ 621,336.00, according to its interim financial statements (hereinafter, FS) as of September 30, 2025, presented via File No. 2025048054 dated October 31,
2025; That, it has been verified that DIVISO SAF has incurred a net equity deficit amounting to S/ 1,833,746.00, considering its book net equity amounting to S/ 1,434,000.00 and the recognition of the deductible corresponding to “investments in financial instruments whose obligor to pay is an affiliate or that represent participations in the share capital of companies affiliated with it”, amounting to S/ 1,463,000.00. That, in this sense, through LETTER 824, it was required of DIVISO SAF that, within thirty (30) calendar days following the date of submission of the FS as of December 31, 2025 that showed the patrimonial deficit situation, present a copy of the public deed with the respective capital increase.

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law on 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 This, in order for the SMV, based on the documentation presented, to carry out the corresponding evaluation and verify the capital increase that remedies the observed deficit amounting to S/ 1,833,746.00; That, additionally, taking into account that the computation of the deadline to remedy the patrimonial deficit started from the day following the presentation of the FS as of December 31, 2025, which were presented on January 28, 2026, it was indicated to DIVISO SAF that the deadline would expire inevitably on February 27, 2026. However, as of today, DIVISO SAF has not complied with submitting a copy of the public deed of capital increase within the deadline established in Article 126 of the MUTUAL FUNDS REGULATIONS and Article 130 of the INVESTMENT FUNDS REGULATIONS, as it was required via LETTER 824. Instead, DIVISO SAF has stated that the referred patrimonial deficit should be evaluated considering that the company does not contemplate the continuity of activities as an entity supervised by the SMV; That, it is important to clarify that regardless of whether DIVISO SAF has approved requesting the SMV for the cancellation of its operating authorization, a request that it has not submitted as of today and which would correspond to be evaluated by the SMV if presented; this entity must comply at all times with the regulations governing fund administrator societies, which implies maintaining the minimum required net equity, more so when it still maintains public funds under its administration; That, therefore, as of the issuance of this resolution, DIVISO SAF has not remedied within the deadline established in Article 126 of the MUTUAL FUNDS REGULATIONS and Article 130 of the INVESTMENT FUNDS REGULATIONS, the deficit amounting to S/ 1,833,746.00 of its net equity, revealed in its individual interim financial statements as of December 31, 2025; That, based on what has been developed in this resolution, in order to preserve the integrity of the capital market and thereby the interests of the participants, it is necessary to suspend the activities of that fund administrator society that does not meet the minimum requirements for functioning and to operate as such, as a temporary measure to protect the interests of the participants and potential participants; That, consequently, the suspension measure for this cause can only be lifted when DIVISO SAF credibly proves that it has reversed the observed net equity deficit; and, Being governed by what is provided in Article 3, numeral 14, literal i), of the Concordant Single Text of the Organic Law of the Superintendent of the Securities Market, approved by Legislative Decree No. 26126 and its amendments, as well as by Article 12,
numeral 6, of the Organization and Functions Regulations of the SMV, approved by Supreme Decree No. 216-2011-EF; RESOLVES:
Article 1º.- Suspend the operating authorization granted to Diviso Fondos Sociedad Administradora de Fondos S.A. for not having proven to have the minimum net equity required by the regulations, in accordance with what is established in Article 126 of the Regulations for Mutual Investment Funds in Securities and their Administrator Societies, approved by CONASEV Resolution No. 068-2010-EF/94.01.1 and its modifying norms and Article 130 of the

PERÚ Ministerio de Economía y Finanzas

SMV
Superintendencia del Mercado de Valores
Document electronically signed digitally under Law No. 27269, Law on 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 Regulations for Investment Funds and their Administrator Societies, approved by SMV Resolution No. 029-2014-SMV/01 and its modifying norms. This, considering its individual interim financial statements as of December 31, 2025, presented before the Superintendent of the Securities Market.
Article 2º.- The suspension of the operating authorization will remain in effect for a period of seventy-five (75) business days, unless Diviso Fondos Sociedad Administradora de Fondos S.A. proves the remediation of the detected net equity deficit, whichever occurs first.
Article 3º.- Diviso Fondos Sociedad Administradora de Fondos S.A. must comply with informing the Superintendent of the Securities Market, the day following the execution of the measure ordered in Article 1° of this resolution and under responsibility, the information that the Superintendent of the Securities Market requests of it.
Article 4º.- Designate the president of the board of directors of Diviso Fondos Sociedad Administradora de Fondos S.A., Mr. Julio César Kanashiro Tome, as the person responsible for safeguarding the correct administration, custody and management of the assets, guarantees, documents, information and any rights corresponding to Diviso Fondos Sociedad Administradora de Fondos S.A. This designation may be modified by means of a resolution issued by the Deputy Superintendent of Prudential Supervision.
Article 5º.- The suspension measure ordered does not exempt Diviso Fondos Sociedad Administradora de Fondos S.A. from complying with the obligations contracted in the market prior to the suspension decreed, nor from complying with said obligations during the suspension period, insofar as pertinent.
Article 6º.- The measure ordered does not exempt the shareholders, directors or managers of Diviso Fondos Sociedad Administradora de Fondos S.A. from administrative liability incurred during the functioning of the aforementioned society.
Article 7º.- Publish this resolution on the Institutional Website of the Superintendent of the Securities Market on the unique digital platform of the Peruvian State (www.gob.pe/smv).
Article 8º.- This resolution will enter into force on the day of its notification to Diviso Fondos Sociedad Administradora de Fondos S.A.
Article 9º.- Transmit this resolution to Diviso Fondos Sociedad Administradora de Fondos S.A., to CAVALI S.A. ICLV, to the Lima Stock Exchange S.A. and to Mr. Julio César Kanashiro Tome.
Register, communicate and publish.
Zósimo Juan Pichihua Serna
Superintendent of the Securities Market