Chile’s Financial Market Commission (CMF) sanctioned three individuals for breaching Securities Market Act requirements to report trades in issuers’ shares by directors and senior executives, and for conducting transactions during the 30-day period before the disclosure of an issuer’s financial statements. Under Article 12, relevant persons must report their acquisitions and sales of an issuer’s shares to the CMF and to Chilean stock exchanges where the shares are listed, following the procedure in General Rule No. 269. Article 16 bars specified insiders from trading an issuer’s shares in the 30 days prior to financial statement disclosure. The CMF fined Eugenio Tagle Rojas UF 150 for failing to report 35 SMU S.A. share transactions carried out between November 18, 2020 and August 31, 2023, and fined Carlos Rabat Vilaplana UF 300 for indirectly trading Inmobiliaria Manquehue S.A. shares during the prohibited window and failing to report the operations while serving as a director. Matías Chadwick Lira received a censure for trading Banco de Chile shares within the 30-day ban and failing to report them in his role as Head of the bank’s International Area; Tagle and Chadwick opted into the Compensated Cooperation System benefits under Article 58 of Decree Law No. 3,538.
Chile Financial Market Commission 2025-01-31
Chile Financial Market Commission sanctions three executives for unreported share transactions and breaches of the 30-day pre-disclosure trading ban
Chile’s Financial Market Commission sanctioned three individuals for violating the Securities Market Act by failing to report trades and conducting transactions during the 30-day blackout period before financial statement disclosures. Eugenio Tagle Rojas was fined UF 150, Carlos Rabat Vilaplana UF 300, and Matías Chadwick Lira received a censure. Tagle and Chadwick used the Compensated Cooperation System benefits under Article 58 of Decree Law No. 3,538.