Chile’s Financial Market Commission (CMF) Board accepted an appeal for reversal filed by Credicorp Capital Asset Management Administradora General de Fondos S.A. and ordered the liquidation of the Táctico Perú and Facturas USD Redeemable Investment Funds managed by Sartor AGF. The Board also appointed Sartor AGF as liquidator for both funds. The decision follows Credicorp’s earlier request to liquidate the funds, which the CMF had rejected on the basis that liquidation of redeemable funds is within the Commission’s exclusive competence and that proper valuation was required before liquidation in light of Sartor’s Essential Facts and related exempt resolutions. In its appeal, Credicorp argued that the funds’ assets have a determined market value and that the funds differ from other Sartor-managed redeemable funds because they have a single contributor, making a portfolio valuation process non-essential. The CMF Board agreed and empowered the liquidator to manage the funds’ assets and comply with Article 26 of the Single Fund Act. The liquidator will assume its duties upon issuance of the corresponding resolution and must submit a report to the CMF upon completion of its administration, with the CMF able to request it earlier if necessary.
Chile Financial Market Commission 2025-03-26
Chile Financial Market Commission orders liquidation of the Táctico Perú and Facturas USD redeemable investment funds and appoints Sartor AGF as liquidator
The Chile Financial Market Commission (CMF) Board accepted Credicorp Capital Asset Management's appeal, ordering the liquidation of the Táctico Perú and Facturas USD Redeemable Investment Funds, and appointing Sartor AGF as liquidator. This decision reverses the CMF's initial rejection, acknowledging the funds' unique structure with a single contributor and determined market value. The liquidator must manage the assets and comply with Article 26 of the Single Fund Act, reporting to the CMF upon completion.