Aggregated News From Investment Management Regulators

CMF sanctions 53 fund administrators due to non-compliance with ongoing reporting obligations

Report/Flag

Please complete the required fields.



August 20, 2019.- The Board of the Financial Market Commission (CMF) sanctioned three General Fund Administrators (AGF, for their Spanish acronym) and 50 Private Investment Fund Administrators (AFIP, for their Spanish acronym) for breaches of General Rule No. 364 of 2014, which establishes obligations about ongoing information reporting.

As stated in Exempt Resolution No. 4887, the Board of the CMF determined the application of fines and censures against three AGFs for non-compliance with the provisions of section 2.1.2 of General Rule No. 364. This was the result of a simplified sanctioning procedure carried out by the Commission’s Investigation Unit.

For its part, Exempt Resolution No. 5051 refers to a simplified sanctioning procedure carried out against 50 AFIPs, which resulted in fines and censures ordered by the Board for violations of section 2.1.2 of General Rule No. 364.

The ongoing reporting obligations to which Private Investment Fund Administrators and General Fund Administrators are subject allow this Commission to have timely information regarding private investment funds subject to the administration of these companies, their participants, and the value of the fund’s assets and liabilities.

By failing to submit this information in a timely manner or not submitting it at all, these companies breach the instructions for the provision of information required by the CMF for purposes set in Article 94 of Law No. 20,712, which regulates the administration of third-party funds and individual portfolios. This is key to assess whether such funds meet the conditions under which they are regulated by the standards of audited investment funds.

Source link

Regulator Information

Recent Articles

SEC Awards $20 Million to Whistleblower

Washington D.C., Nov.

Update on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 — GFSC

In July 2022, the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “Law”) was approved by the States of Guernsey, the States of Alderney and the Chief Pleas of Sark.

UK and Singapore deepen collaboration in FinTech and strengthen financial cooperation

The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore...

Consultation on ‘six directorship’ exemption for directors — GFSC

The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of b

The AMF is supplementing its policy on liquidity management tools

New disclosure obligations This update provides for new obligations if the regulatory documentation of the CIU does not include a mechanism to cap redemption requests (gates) and/or a mechanism to of

Get the latest from Regulatory.News in your inbox!

×