The Board of the Chile Financial Market Commission (CMF) sanctioned Jorge Said Yarur with a UF 200 fine for violating the Securities Market Law’s prohibition on certain insiders and their close relatives trading an issuer’s securities during the 30-day period before the issuer’s quarterly or annual financial statements are disclosed. Under Exempt Resolution No. 4,072, the CMF found that Said Yarur, the brother of a Parque Arauco S.A. director, breached Article 16(5) of Law No. 18,045 by selling a total of 1.3 million shares in the company on 7 and 10 October 2021 for CLP 933,503,274, via Inversiones Ranco Tres S.A. The restriction applies to directors, managers, administrators and main executives of publicly offered securities issuers, as well as their spouses, domestic partners and relatives up to the second degree of consanguinity or affinity, and is intended to reduce the risk of trading on inside information.
Chile Financial Market Commission 2025-05-07
Chile Financial Market Commission fines Jorge Said Yarur UF 200 for breaching issuer blackout trading restrictions
The Chile Financial Market Commission sanctioned Jorge Said Yarur with a UF 200 fine for violating insider trading restrictions under the Securities Market Law. Said Yarur, brother of a Parque Arauco S.A. director, sold 1.3 million shares before the issuer's financial statements disclosure, breaching Article 16(5) of Law No. 18,045.