Superintendent Resolution No. 150-2025-SMV/02

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
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 authorship Superintendent Resolution No. 150-2025-SMV/02 Lima, December 19, 2025 The Superintendent of the Securities Market HAVING SEEN:
File No. 2025023227 and Report No. 1637-2025-
SMV/10.2 dated December 18, 2025, issued by the General Superintendence of Entity Supervision, with the favorable ruling of the Deputy Superintendent of Prudential Supervision; CONSIDERING:
That, in accordance with articles 1° and 2° of Superintendent Resolution No. 077-2025- SMV/02 dated July 4, 2025 (hereinafter, RESOLUTION 077) and SMV Resolution No. 039-2016-SMV/01, the operating authorization of Diviso Fondos Sociedad Administradora de Fondos S.A. (hereinafter, DIVISO SAF) was suspended for a period of thirty (30) business days; That, on July 14, 2025, DIVISO SAF filed a lawsuit before the Third Specialized Chamber in Administrative Litigation of the Superior Court of Justice of Lima (hereinafter, SUPERIOR COURT OF JUSTICE OF LIMA) for, among other things, the nullity of RESOLUTION 077. This lawsuit proceeded under File No. 00716-2025-0-1853-SP-CA-03; That, through Resolution No. 02 dated August 5, 2025 (hereinafter, RESOLUTION 02) issued by the SUPERIOR COURT OF JUSTICE OF LIMA in Precautionary Measure File No. 00716-2025-46-1801-SP-CA-03, the precautionary measure requested by DIVISO SAF was granted and the effects of RESOLUTION 077 were ordered to be suspended, which resolves, among other things, the suspension of the operating authorization granted to DIVISO SAF, for 30 business days; That, with Superintendent Resolution No. 098-2025- SMV/02 dated August 21, 2025, the Securities Market Superintendence – SMV resolved to comply with and give effect to RESOLUTION 02; That, DIVISO SAF submitted a request for prior authorization of share transfer whereby Mr. Julio César Kanashiro Tome would acquire 28% of the shares of the fund management company and Mrs. Catalina Rabinovich Woloshin, 34% of said shares; to 7 of the 8 shareholders mentioned in the first consideration of this resolution; That, through Resolution No. 07 dated October 24, 2025, corresponding to File No. 00716-2025-0-1853-SP-CA-03, the SUPERIOR COURT OF JUSTICE OF LIMA declared unfounded the lawsuit for, among other things, the nullity of RESOLUTION 077, filed by DIVISO SAF on July 14, 2025; That, consequently, through Resolution No. 06 dated October 24 2025 (hereinafter, RESOLUTION 06), corresponding to Precautionary Measure File No. 00716-2025-46-1801-SP-CA-03, the SUPERIOR COURT OF JUSTICE OF LIMA ordered to declare well-founded the opposition filed by the SMV against the precautionary measure granted to

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
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 authorship DIVISO SAF through RESOLUTION 02. In this sense, through RESOLUTION 06, said precautionary measure is lifted, which suspended the effects of RESOLUTION 077 and ordered the SMV to refrain from imposing any other measure against DIVISO SAF for the lack of economic solvency of its shareholders; That, with Superintendent Resolution No. 135-2025- SMV/02 dated November 6, 2025 (hereinafter, RESOLUTION 135), the SMV resolved to resume the suspension period of the operating authorization of DIVISO SAF, ordered by RESOLUTION 077, which expires on November 12, 2025. This, in accordance with RESOLUTION No. 06 which lifted the aforementioned precautionary measure; That, through Superintendent Resolution No. 140- 2025-SMV/02 dated November 12, 2025 (hereinafter, RESOLUTION 140), it was extended for up to thirty (30) more business days or until the company proved to have shareholders with economic solvency; That, article 256 of the Single Consolidated Text of the Securities Market Law, Legislative Decree No. 861 (hereinafter, TUO OF THE LMV), as well as article 13 of the Law of Investment Funds and their Management Companies (hereinafter, LAW OF INVESTMENT FUNDS), establish the minimum capital of mutual fund management companies and investment fund management companies, respectively. For the year 2025, this amount amounts to one million eight hundred four thousand seven hundred forty-six soles (S/ 1,804,746.00); which was communicated through Circular No. 011-2025SMV/10.2 dated January 6, 2025; That, likewise, the cited articles state that the net equity of the management company cannot be lower than the sum of the equities of the mutual funds and investment funds under its administration, in the percentages determined by the SMV through a general norm. In no case shall the percentages determined by the SMV be greater than 0.75%, and it may establish differentiated percentages according to the nature and structure of the funds; That, for its part, in accordance with article 126 of the Regulations of Mutual Investment Funds in Securities and their Management Companies, approved by CONASEV Resolution No. 068-2010-EF/94 and its amendments (hereinafter, MUTUAL FUNDS REGULATIONS) and article 130 of the Regulations of Investment Funds and their Management Companies, approved by SMV Resolution No. 029-2014-SMV/01 (hereinafter, INVESTMENT FUNDS REGULATIONS), in no case shall the required net equity of the management company be lower than the minimum capital; That, additionally, said articles state that, in case of incurring a net equity deficit, it 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 showing this situation, or c) the date on which the SMV notifies the management company of its finding. For the remediation, the management company must submit to the Public Registry of the Securities Market – RPMV, within the mentioned period, 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 period;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
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 authorship That, regarding a fund management company, 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 management company, the following must be deducted: i) loans in favor of its affiliates; ii) investments in financial instruments whose payer is an affiliate or that represent participations in the share capital of companies affiliated with it; iii) receivable accounts with a maturity greater than ninety (90) calendar days; and, iv) the amount of guarantees that the management company grants in favor of its affiliates. It also provides that these deductions must be disclosed in the notes to the financial statements of the management company; That, regarding the grounds for suspension, article 151, letter a) of the INVESTMENT FUNDS REGULATIONS states that the SMV may suspend the operating authorization of the management company when it fails to observe any of the requirements necessary for its operation or to operate. Likewise, article 36, letter b) of the MUTUAL FUNDS REGULATIONS indicates that the operating authorization of a management company 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 the need to initiate an administrative sanctioning procedure, such as presenting a net equity below the minimum required, among others; That, through Letter No. 6414-2025-SMV/10.2 dated November 10, 2025 (hereinafter, LETTER 6414), DIVISO SAF was communicated that to remedy the deficit observed in net equity in the third quarter of 2025, it had to present the public deed of capital increase within thirty (30) calendar days following the date of submission of the financial statements as of September 30, 2025, a period that expired on December 1, 2025; however, as of the date of issuance of this resolution, DIVISO SAF has not proven to have remedied the observed deficit; NET EQUITY DEFICIT That, in the notes to the interim financial statements (hereinafter, FS) as of September 30, 2025 presented by DIVISO SAF to the SMV, through file No. 2025048054 dated October 31, 2025, it is observed that the management company has revealed the deductions for the calculation of net equity as of September 30, 2025, as established by article 126 of the MUTUAL FUNDS REGULATIONS and article 130 of the INVESTMENT FUNDS REGULATIONS. In this sense, based on what is revealed in note 17 of its financial statements as of September 30, 2025, the following deductions recognized by DIVISO SAF to obtain net equity must be incorporated:

• From receivable accounts with a maturity greater than ninety (90) calendar days:
  DIVISO SAF, according to its interim financial statements as of September 30, 2025, reveals a balance of S/ 87,536.00.
• From loans in favor of its affiliates:
  DIVISO SAF, according to its interim financial statements as of September 30, 2025, reveals a balance of S/ 695,666.00.

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
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 authorship

• From investments in financial instruments whose payer is an affiliate or that represent participations in the share capital of companies affiliated with it:
  DIVISO SAF, according to its interim financial statements as of September 30, 2025, reveals a balance of S/ 2,668,045.00.
  That, in accordance with what was previously stated in LETTER 6414 of November 10, 2025, in which the equity deficit was warned to DIVISO SAF, we must point out that considering that the accounting net equity as of September 30, 2025 amounts to S/4,634,657.00, with the deduction of the amounts indicated in the previous consideration in accordance with article 126 of the MUTUAL FUNDS REGULATIONS and article 130 of the INVESTMENT FUNDS REGULATIONS, DIVISO SAF maintains a net equity deficit amounting to S/ 621,336.00; That, in this sense, we must highlight that in LETTER 6414, DIVISO SAF was required to, within thirty (30) calendar days following the date of submission of the FS as of September 30, 2025 that showed the equity deficit situation, present the public deed, with the agreed capital increase. This, so that the SMV, based on the documentation presented, carries out the corresponding evaluation and verifies the capital increase that remedies the observed deficit amounting to S/ 621,336.00; That, additionally, taking into account that the computation of the period to remedy the equity deficit started from the presentation of the FS as of September 30, 2025; that is, on October 31, 2025; the referred period expired on December 1, 2025. However, as of today, DIVISO SAF has not complied with submitting the public deed required through LETTER 6414; That, therefore, as of the date of issuance of this resolution, DIVISO SAF has not remedied within the period established in article 126 of the MUTUAL FUNDS REGULATIONS and article 130 of the INVESTMENT FUNDS REGULATIONS, the deficit amounting to S/ 621.336.00 of its net equity, in the individual interim financial statements as of September 30, 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 management company that does not meet the minimum requirements for operation and to operate as such, as a temporary measure to protect the interests of the participants and potential participants; That, as has been stated, currently Diviso SAF is under suspended operating authorization, so this constitutes a new ground for suspension; That, consequently, the suspension measure on this ground can only be lifted when DIVISO SAF credibly proves that it has reversed the observed net equity deficit; and, Being in accordance with what is provided by article 3, numeral 14, letter i), of the Concordant Single Text of the Organic Law of the Securities Market Superintendence, approved by Decree Law No. 26126, 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;

PERU Ministry of Economy and Finance

SMV
Securities Market
Superintendence
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 authorship RESOLVES:
Article 1º.- Declare that Diviso Fondos Sociedad Administradora de Fondos S.A., considering its individual interim financial statements as of September 30, 2025, presented to the Securities Market Superintendence; has incurred an additional ground for suspension of its operating authorization. This, considering that it does not have the minimum net equity required by the regulations, in accordance with what is established in article 126 of the Regulations of Mutual Investment Funds in Securities and their Management Companies, approved by CONASEV Resolution No. 068-2010-EF/94 and its modifying norms and article 130 of the Regulations of Investment Funds and their Management Companies, approved by SMV Resolution No. 029-2014-SMV-01 and its modifying norms.
Article 2º.- Extend the suspension period of the operating authorization of Diviso Fondos Sociedad Administradora de Fondos S.A., ordered by Superintendent Resolution No. 077-2025-SMV/02, resumed with Superintendent Resolution No. 135-2025-SMV/02 and extended by Superintendent Resolution No. 140-2025-SMV/02, until January 20, 2026, or until the management company manages to prove jointly the remediation of the detected net equity deficit and the economic solvency of its shareholders, whichever occurs first.
Article 3º.- Diviso Fondos Sociedad Administradora de Fondos S.A. must comply with informing the Securities Market Superintendence, the day after the execution of the measure ordered in article 2° of this resolution and under responsibility, the information that the Securities Market Superintendence requires of it.
Article 4º.- What is provided in articles 4° to 6 of Superintendent Resolution No. 077-2025-SMV/02 remains in force.
Article 5º.- Publish this resolution on the institutional website of the Securities Market Superintendence on the Digital Unified 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