Chile fines Itaú brokerage UF 90 over fund sales

Chile's Financial Market Commission, the CMF, fined Itaú Corredores de Bolsa UF 90, or about CLP 3.7 million, through Resolution No. 10,680. The sanction targets the marketing of funds reserved for qualified investors to individuals who did not meet that condition.

According to the regulator, the Itaú brokerage unit offered these instruments to 33 clients who had not proven their qualified status. The operations took place between November 2023 and January 2026.

The regulator stated that the conduct breached General Rule No. 380 and General Rule No. 216. Those same rules led to sanctions against MBI, Larraín Vial, and Valores Security in prior months to ensure products match each customer's risk profile. The CMF noted that it set a lower fine for Itaú due to the firm's active cooperation during the process.