CMF invites to submit comments to new rule on investment advisory services under the Fintech Law

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On 16 January 2023, the Financial Market Commission (“CMF“) published in its web site and invited to submit comments to a regulatory proposal involving the issuance of two rules: (i) the general rule that will regulate the requirements and procedures for registration in the Registry of Financial Services Providers (the “RPSF“) and (ii) the general rule that will regulate the authorization to provide investment advisory services by persons registered in the RPSF (the “Proposed Rule“). The public consultation process will end on January 27, 2023, and both rules are expected to enter into force on February 3, 2023.

The regulatory proposal is the commencement of the implementation of Law No. 21.521 (the “Fintech Law“), which, among other things, establishes a regulatory framework for services based on Fintech technologies, including investment advisory services, and incorporates them into the regulatory perimeter of the CMF. For more information about the implementation process of the Fintech Law and the rule that will govern the registration in the RPSF, please refer to the following news alert.

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