Superintendent Resolution No. 140-2025-SMV/02

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 1 Electronically signed document within 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 Superintendent Resolution No. 140-2025-SMV/02 Lima, November 12, 2025 The Superintendent of the Securities Market HAVING SEEN:
File No. 2025023227 and Report No. -2025-
SMV/10.2 dated November 12, 2025, issued by the General Superintendency of Entity Supervision, with the favorable ruling of the Adjunct Superintendent of Prudential Supervision; CONSIDERING:
That, through Letter No. 3671-2025-SMV/10.2 (hereinafter, LETTER 3671), the General Superintendency of Entity Supervision declared that the gentlemen Yésica Ysabel Del Carpio, Nicole Alexandra Espinoza Rengifo, Evely Herrera Peña, Esperanza Teresa Livelli Bacigalupo, Julio Ángel Peraltilla Fernández Baca, Diego Jesús Rodríguez Torres, Miguel Ángel Rodríguez Vargas and Enma Dabida Rojas Pomahuali (collectively, EVALUATED SHAREHOLDERS), who represent 71% of the shares of the social capital of Diviso Fondos Sociedad Administradora de Fondos S.A. (hereinafter, DIVISO SAF), do not have economic solvency. The aforementioned LETTER 3671 is final as it has not been challenged by DIVISO SAF; That, Superintendent Resolution No. 077-2025-SMV/02 1 of July 4, 2025 (hereinafter, RESOLUTION 077) stated that, because LETTER 3671 declared that the EVALUATED SHAREHOLDERS did not have economic solvency, it was appropriate to suspend their operating authorization; That, on July 4, 2025, through a material event, DIVISO SAF informed the transfer of the entire participation of Mrs. Enma Dabida Rojas Pomahuali (8%) in said company to Mr. Daniel Abraham Romero Burgos; That, DIVISO SAF has submitted an authorization request through which Mr. Julio César Kanashiro Tome (hereinafter, MR. KANASHIRO) would acquire 28% of the shares of the fund administrator company 2 and Mrs. Catalina Rabinovich Woloshin (hereinafter, MRS. RABINOVICH), 34% of said shares 3 (hereinafter, AUTHORIZATION REQUEST) from 7 of the 8 shareholders mentioned in the first consideration of this resolution;

1 Corrected by Superintendent Resolution No. 079-2025-SMV/02 of July 9, 2025.
2 MR. KANASHIRO would acquire the shares of Esperanza Teresa Livelli Bacigalupo (10%), Janina Rosalinda Castro Nuñez (9%) and Miguel Anguel Rodriguez Vargas (9%), which, added to the 10% he owns, would give a total of 38% of the shares of DIVISO SAF.
3 MRS. RABINOVICH would acquire the shares of Julio Ángel Peraltilla Fernández (10%), Evely Herrera Peña (8%), Nicole Alexandra Espinoza Rengifo (8%) and Diego Jesús Rodríguez Torres (8%), which, added to the 10% she owns, would give a total of 44% of the shares of DIVISO SAF.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 2 Electronically signed document within 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 That, through Resolution 07 of file 00716-2025-0-1853-SP-CA-03 issued by the Third Specialized Chamber in Administrative Litigation of the Superior Court of Justice of Lima (hereinafter, SUPERIOR COURT) it was resolved to declare unfounded the nullity lawsuit filed by DIVISO SAF against RESOLUTION 077, and consequently, through RESOLUTION 06 it ordered to leave without effect the precautionary measure (RESOLUTION 02) granted to the fund administrator company that suspended the effects of RESOLUTION 077, which disposed that the SMV abstain from imposing any other measure against DIVISO SAF for the lack of economic solvency of the EVALUATED SHAREHOLDERS; That, with Superintendent Resolution No. 135-2025-SMV/02 of November 6, 2025 (hereinafter, RESOLUTION 135), the SMV resolved to resume the suspension period of the operating authorization of DIVISO SAF, established by RESOLUTION 077, which expires on November 12, 2025. This, in accordance with RESOLUTION No. 06 which left without effect the aforementioned precautionary measure; That, on November 10, 2025 DIVISO SAF sent documentation in order to remedy observations to the AUTHORIZATION REQUEST; That, to date, DIVISO SAF maintains as a shareholder Mrs. Yésica Ysabel Del Carpio who has 10% of the social capital of the fund administrator company and does not have economic solvency according to what is established in LETTER 3671; That, it has been verified that to date Diviso SAF has not complied with accrediting the remediation of the observations regarding its shareholders that gave rise to the suspension of its operating authorization established by RESOLUTION 077 and RESOLUTION 135; That, according to what is established in article 3, numeral 14, literal ii), of the Unified Concordant Text of the Organic Law of the Securities Market Superintendent, Law Decree No. 26126 and its amendments (hereinafter, ORGANIC LAW), the Superintendent of the Securities Market is authorized to automatically suspend the operating authorization granted to legal entities under his supervision and control, without it being necessary to initiate an administrative sanctioning procedure. This, among other circumstances, when any of its shareholders incurs in impediment or fails to comply with the requirements established by the regulations. 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, in accordance with article 11-A of the Common
Standards for entities that require organization and operating authorization from the SMV, approved by SMV Resolution No. 039-2016-SMV/01 and its amendments (hereinafter, COMMON STANDARDS) all shareholders of entities, such as mutual fund administrator companies and investment funds and stock broker companies must have, at all times, to the satisfaction of the SMV economic solvency; That, shareholders of stock broker companies must have, at all times, to the satisfaction of the SMV, economic solvency. This requirement arises from the need to have an implicit backing of the capital of said entities in case they face adverse economic situations and it is required

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendency
"Decade of Equal Opportunities for Women and Men" "Year of recovery and consolidation of the Peruvian economy" 3 Electronically signed document within 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 that shareholders make capital contributions to absorb losses or comply with relevant prudential limits; That, consequently, the suspension measure can only be lifted when DIVISO SAF demonstrates that its shareholders have the necessary economic solvency, to the satisfaction of the SMV, and comply with the minimum conditions and requirements to be shareholders of a mutual fund and investment fund administrator company and, if applicable, obtain the authorization for the corresponding share transfers; and, Being in accordance with what is established by article 3, numeral 14, literal ii), of the Unified Concordant Text of the Organic Law of the Securities Market Superintendent, approved by Law Decree No. 26126, as well as by article 12, numeral 6, of the Organization and Functions Regulation of the SMV, approved by Supreme Decree No. 216-2011-EF; RESOLVES:
Article 1.- Extend the period of suspension of operating authorization of Diviso Fondos Sociedad Administradora de Fondos S.A. established by Superintendent Resolution No. 077-2025-SMV/02 and Superintendent Resolution No. 135-2025-SMV/02.
Article 2.- The extension of the suspension of the operating authorization will be for thirty (30) additional business days, unless Diviso Fondos Sociedad Administradora de Fondos S.A. accredits that its shareholders have economic solvency.
Article 3.- Diviso Fondos Sociedad Administradora de Fondos S.A. must comply with informing the Securities Market Superintendent, the day following the execution of the measure ordered in article 1° of this resolution and under responsibility, the information that the Securities Market Superintendent requests from it.
Article 4.- What is established in articles 4° to 6° of Superintendent Resolution No. 077-2025-SMV/02 remains in force.
Article 5.- Publish this resolution on the Institutional Website of the Securities Market Superintendent on the unique digital platform of the Peruvian State (www.gob.pe/smv).
Article 6º.- This resolution will enter into force on the day of its notification to Diviso Fondos Sociedad Administradora de Fondos S.A.
Article 7º.- 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