The Central Bank of Uruguay, through its Financial Services Superintendency, has updated the rules for securities intermediaries that use omnibus accounts to pool clients' funds or securities. The changes are aimed at strengthening investor protection, improving the information clients receive and tightening controls over this type of account. The revised framework defines omnibus accounts and prohibits negative balances at the individual client level, as well as the use of one client's assets to cover the intermediary's own obligations or those of third parties. The update also requires omnibus accounts opened with foreign financial institutions to be held only with regulated and supervised institutions. Additional requirements apply in more complex or higher-risk situations, including transactions by persons linked to the intermediary, while accounts used for margin trading or collateral requirements must be segregated from other omnibus accounts. Intermediaries must clearly explain how these accounts work and their risks, obtain clients' prior informed consent, provide monthly account statements with more information and undergo external audit procedures covering this activity. The supervisory framework now includes specific sanctions for noncompliance. The central bank said the revised rules incorporate feedback received during the public consultation process.
Central Bank of Uruguay2026-06-22
Central Bank of Uruguay tightens omnibus account rules for securities intermediaries
The Central Bank of Uruguay has tightened the rules for securities intermediaries that use omnibus accounts to pool client assets. The changes ban client-level negative balances and the use of one client's assets for other obligations, require clearer disclosures and prior informed consent, and add segregation, audit and sanctions requirements. Foreign omnibus accounts may be held only with regulated and supervised institutions.