October 2, 2023 - The Board Financial Market Commission (CMF) sanctioned Administradora de Fondos de Inversión Privados FAI S.A. with a fine of UF 540 for repeatedly infringing its ongoing information duties concerning the submission of financial information to the CMF.

Per Exempt Resolution No. 6,890, FAI S.A. failed to comply with the obligations stated in General Rule No. 364 by not submitting in a timely manner its financial information for March, June, September, and December 2019; March, June and September 2020; and March and June 2021.

General Rule No. 364 provides the Commission with timely information on private investment funds, their participants, and the value of the fund's assets and liabilities. Said information is necessary to determine whether these entities comply with the conditions that make them subject to the rules for investment funds supervised by the CMF. In this case, the reluctance of FAI S.A. to comply with regulations implies an aggravated risk, since its non-compliance extends over a prolonged timeframe during which the information that must be provided for supervision purposes is not available.