The Chile Financial Market Commission has issued a general interpretation under Exempt Resolution No. 1,274 clarifying that a pattern of securities trades designed solely to defer payment constitutes a breach of Article 53 of Law No. 18,045, which prohibits fictitious quotations or transactions. Stockbrokers are required to take all necessary precautions to prevent clients from carrying out these operations. The interpretation covers transactions where publicly offered securities are acquired on stock exchanges with the intention of subsequently executing joint, continuous and successive forward sale and purchase transactions with different settlement terms, solely to postpone payment for the initial purchase. The CMF considers the arrangement fictitious because it lacks a genuine intention to transfer the instruments, and notes that other potentially fictitious transactions will be assessed on their merits to determine whether they violate Article 53.
Chile Financial Market Commission 2026-01-27
Chile Financial Market Commission deems payment-deferral rolling share trades a breach of the Article 53 ban on fictitious transactions
The Chile Financial Market Commission clarified under Exempt Resolution No. 1,274 that securities trades solely to defer payment breach Article 53 of Law No. 18,045, which prohibits fictitious transactions. Stockbrokers must prevent clients from engaging in operations involving acquiring securities to execute successive forward sale and purchase transactions to postpone payment. The CMF will evaluate other potentially fictitious transactions individually for compliance with Article 53.