Superintendent Resolution No. 041-2026-SMV/02

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equality of Opportunity for Women and Men" "Year of Hope and Strengthening of Democracy"

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Superintendent Resolution
No. 041-2026-SMV/02

Lima, April 17, 2026

The Superintendent of the Securities Market

HAVING SEEN:

File No. 2025023227 and Report No. 585-2026-SMV/10.2 dated April 16, 2026, issued by the General Superintendency of Entity Supervision, with the favorable ruling of the Assistant Superintendent of Prudential Supervision;

CONSIDERING:

That, pursuant to Articles 1 and 2 of Superintendent Resolution No. 076-2025-SMV/02 (hereinafter, RESOLUTION 076), Superintendent Resolution No. 097-2025-SMV/02, Superintendent Resolution No. 118-2025-SMV/02, Superintendent Resolution No. 142-2025-SMV/02, Superintendent Resolution No. 001-2026-SMV/02, and Superintendent Resolution No. 007-2026-SMV/02; the operating authorization granted to Diviso Bolsa Sociedad Agente de Bolsa S.A. (hereinafter, DIVISO SAB) was suspended;

That, the aforementioned suspension period would remain in effect until DIVISO SAB proves that it has shareholders with economic solvency in accordance with the Common Standards for entities requiring authorization for organization and operation of the SMV, approved by SMV Resolution No. 039-2016-SMV/01 and its amendments (hereinafter, COMMON STANDARDS) and Article 3, numeral 14, literal ii), of the Unified Text of the Organic Law of the Superintendency of the Securities Market, Legislative Decree No. 26126 and its amendments (hereinafter, ORGANIC LAW);

That, through file No. 2025037304, DIVISO SAB presented on August 21, 2025, a request for authorization of a share transfer (hereinafter, REQUEST FOR AUTHORIZATION), pursuant to which the shareholder Catalina Rabinovich Woloshin (hereinafter, MRS. RABINOVICH), and the shareholder Julio César Kanashiro Tome (hereinafter, MR. KANASHIRO), would increase their shareholding participation in the capital of DIVISO SAB, which was subsequently modified by informing of additional transfers that would increase the intended participation to forty-nine percent (49%) and forty-three percent (43%), respectively;

That, through the written submission presented on February 19, 2026, DIVISO SAB filed an administrative appeal against the REQUEST FOR AUTHORIZATION, citing negative silence;

That, pursuant to Articles 1 and 2 of Assistant Superintendent Resolution SMV No. 021-2026-SMV/10 dated April 6, 2026, the appeal filed by DIVISO SAB was declared unfounded and the REQUEST FOR AUTHORIZATION was denied, because said brokerage company did not prove that MR. KANASHIRO and MRS. RABINOVICH possessed the necessary economic solvency to be shareholders of DIVISO SAB. That resolution exhausted the administrative route;

That, according to the information reported by DIVISO SAB to the Public Registry of the Securities Market – RPMV, the shareholders it declares as of the date of this resolution are the following, despite not having the respective authorization regarding MR. KANASHIRO and MRS. RABINOVICH:

SHAREHOLDER PARTICIPATION
RABINOVICH WOLOSHIN CATALINA 49%
KANASHIRO TOME, JULIO CÉSAR 43%
ROMERO BURGOS, DANIEL ABRAHAM 8%

That, as established in Article 3, numeral 14, literal ii), of the ORGANIC LAW, the Superintendent of the Securities Market is empowered to automatically suspend the operating authorization granted to legal entities under its supervision and control, without the need to initiate an administrative sanctioning procedure;

That, in accordance with Article 11-A of the COMMON STANDARDS, all shareholders of entities, such as brokerage companies, must have, at all times, to the satisfaction of the Superintendency of the Securities Market - SMV, economic solvency;

That, according to what is provided in Article 27, literal a) of the Regulation of Intermediation Agents, approved by SMV Resolution No. 034-2015-SMV-01 and its amendments (hereinafter, RAI), shareholders of brokerage companies must have, at all times, to the satisfaction of the SMV, economic solvency. This requirement is due to the need to have backing for the capital of the aforementioned entities in case they face adverse economic situations and it is required that shareholders make capital contributions to absorb losses or comply with relevant prudential limits;

That, if a period for correction had been granted, and if upon its expiration the non-compliance with the conditions and/or requirements that shareholders of a brokerage company must permanently meet remains, the Superintendent of the Securities Market may extend the suspension of the operating authorization of the referred entity and, if non-compliance persists, may revoke said authorization;

That, consequently, the suspension measure can only be lifted when DIVISO SAB demonstrates that its shareholders have the necessary economic solvency, to the satisfaction of the SMV, and meet the minimum conditions and requirements to be shareholders of a brokerage company and, if applicable, obtain authorization for the corresponding share transfers; and,

Being in accordance with what is provided in Article 3, numeral 14, literal ii), of the ORGANIC LAW, as well as Article 12, numeral 6, of the Regulation of Organization and Functions of the SMV, approved by Supreme Decree No. 216-2011-EF and its amendments;

PERÚ Ministry of Economy and Finance

SMV
Superintendency of the Securities Market

"Decade of Equality of Opportunity for Women and Men" "Year of Hope and Strengthening of Democracy"

2
Electronic document digitally signed under the framework of Law No. 27269, Law of 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

RESOLVES:

Article 1.- Extend the period of suspension of the operating authorization of Diviso Bolsa Sociedad Agente de Bolsa S.A., ordered by Superintendent Resolution No. 007-2026-SMV/02. This, in accordance with Article 11-A of the Common Standards for entities requiring authorization for organization and operation of the SMV, and by virtue of what is provided in Articles 27, literal a); and 30-A of the Regulation of Intermediation Agents.

Article 2.- The extension of the suspension of the operating authorization will be for sixty (60) additional business days, following the period provided in Superintendent Resolution No. 007-2026-SMV/02, unless Diviso Bolsa Sociedad Agente de Bolsa S.A. proves that its shareholders have economic solvency.

Article 3.- Diviso Bolsa Sociedad Agente de Bolsa S.A. must comply with informing the Superintendency 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 Superintendency of the Securities Market requests from it.

Article 4.- What is provided in Articles 5 to 7 of Superintendent Resolution No. 076-2025-SMV/02 remains in force.

Article 5.- Publish this resolution on the Institutional Website of the Superintendency of the Securities Market on the unique digital platform of the Peruvian State (www.gob.pe/smv).

Article 6.- This resolution will enter into force on the day of its notification to Diviso Bolsa Sociedad Agente de Bolsa S.A.

Article 7.- Transcribe this resolution to Diviso Bolsa Sociedad Agente de Bolsa S.A., to CAVALI S.A. I.C.L.V., 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