PERÚ 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. 097-2024-SMV/02

Lima, 12 July 2024

WHEREAS:

File No. 2022010635 and Report No. 788-2024-SMV/10.2 of 19 June 2024, issued by the General Intendancy of Entity Supervision, with the endorsement of the Deputy Superintendent of Prudential Supervision, regarding the request for approval of tariffs submitted by CAVALI S.A. ICLV;

CONSIDERING:

That, in accordance with article 231 of the Single Ordered Text of the Securities Market Law, approved by Supreme Decree No. 020-2023-EF, the fees for the services provided by securities clearing and settlement institutions are proposed by said institutions and approved by the Superintendency of the Securities Market - SMV, taking into account the principles of financial equilibrium and equity among users;

That, article 22 of the Regulation of Securities Clearing and Settlement Institutions, approved by Conasev Resolution No. 031-99-EF/94.10 and its amendments, establishes that securities clearing and settlement institutions must have a tariff schedule for the services they provide, whose determination is based on their budget and cost structure;

That, the aforementioned article contemplates the requirements that must be submitted to the SMV for the approval of tariffs for the services provided by securities clearing and settlement institutions, additionally considering the provisions of article 7, numeral 7.4.1, of the Regulation of Securities Settlement Systems, approved by SMV Resolution No. 027-2012-SMV/01 and its amendments, regarding tariffs;

That, by resolution of the board of directors of the then National Supervisory Commission of Companies and Securities – CONASEV, now SMV, of 29 April 2002, the criteria for the evaluation of tariffs of securities clearing and settlement institutions were approved;

That, through communications submitted up to 19 February 2024, CAVALI S.A. ICLV requested the approval of its tariff proposal that it will apply as remuneration for the new Service of Sale of Information of Negotiable Invoices recorded in account in the Accounting Registry, contemplated in article 3 of Chapter X "Of Information Services" and article 7 of Chapter XVII "Of the Centralized Registry of Negotiable Invoices" of the Internal Regulation of said institution, approved by Conasev Resolution No. 057-2002-EF/94.10 and its amendments;

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That, the referred service was authorized by article 1 of SMV Resolution No. 029-2022-SMV/01 of 30 November 2022, as a related and connected operation to the main purpose of CAVALI S.A. ICLV, approving by virtue thereof, modifications to article 3 of Chapter X "Of Information Services" and to article 7 of Chapter XVII "Of the Centralized Registry of Negotiable Invoices" of the Internal Regulation of CAVALI S.A. I.C.L.V., to enable said service;

That, from the evaluation of the documentation submitted it is concluded that CAVALI S.A. I.C.L.V. has not complied with the requirements established for the approval of tariffs for the services provided by securities clearing and settlement institutions, to the extent that: (i) the scope of the service of sale of information of negotiable invoices that is the object of the tariff proposal differs from the service authorized by SMV Resolution No. 029-2022-SMV/01, which in turn is contemplated in article 3 of Chapter X and article 7 of Chapter XVII of the Internal Regulation of said institution. Therefore, the request for approval of the tariff proposal submitted in order to comply with subsection a) of article 22 of the Regulation of Securities Clearing and Settlement Institutions, concerns a service not authorized by the SMV; and, (ii) compliance with the other requirements established in article 22 of the Regulation of Securities Clearing and Settlement Institutions is also not observed. This, as stated in Report No. 788-2024-SMV/10.2;

That, without prejudice to the foregoing, CAVALI S.A. ICLV has its right open to request the modification of its Internal Regulation, in order to request the modification of the service of sale of information of negotiable invoices, which corresponds to be evaluated by the SMV under the respective administrative procedure; and,

In accordance with the provisions of article 231 of the Single Ordered Text of the Securities Market Law; article 22 of the Regulation of Securities Clearing and Settlement Institutions; and, article 12, numeral 2, of the Regulation of Organization and Functions of the Superintendency of the Securities Market, approved by Supreme Decree No. 216-2011-EF and amendments, which empowers the Superintendent of the Securities Market to rule on the approval of tariffs of securities clearing and settlement institutions, as well as their modifications or adjustments;

RESOLVES:

Article 1.- Deny the request for approval of a new tariff for the Service of Sale of Information of Negotiable Invoices recorded in account in the Accounting Registry contemplated in article 3 of Chapter X "Of Information Services" and article 7 of Chapter XVII "Of the Centralized Registry of Negotiable Invoices" of the Internal Regulation of CAVALI S.A. ICLV.

Article 2.- Order the dissemination of this resolution on the Institutional Page of the Superintendency of the Securities Market on the Single Digital Platform of the Peruvian State (www.gob.pe/smv).

Article 3.- Transcribe this resolution to CAVALI S.A. ICLV.

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

Article 4.- This resolution shall enter into force the day following its notification to CAVALI S.A. ICLV.

Register, communicate and publish.

Zósimo Juan Pichihua Serna
Superintendent of the Securities Market

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