CMF Fines Principal AGF UF 200
CMF fined Principal AGF for client statement failures and for offering an unregistered foreign fund.
The CMF fined Principal Administradora General de Fondos S.A. 200 UF for failures in client information handling and for offering an unregistered foreign fund. The regulator also said the firm did not meet the requirements for a discount of up to 80% on the fine, in part because it had already been sanctioned in July 2023.
Chile’s Financial Market Commission, or CMF, fined Principal Administradora General de Fondos S.A. 200 UF for failures in handling client information and for offering an unregistered foreign fund. The regulator also said the firm did not qualify for a reduction of up to 80% under Article 58 of Decree Law No. 3,538, in part because it had already been sanctioned in July 2023.
What failures did the CMF detect in account statements?
The CMF said 46 account statements belonging to 44 participants were exposed publicly on the internet because files were uploaded incorrectly. Of that total, 29 statements linked to 28 clients were accessed, although the identities of the people who entered the information are unknown.
According to Diario Financiero’s coverage, the lapses stemmed from operational flaws that were later corrected by the manager and had a limited impact, according to the regulator. The sanction was tied to those failures in client information handling and to the sale of foreign securities.
What foreign fund was offered and to how many clients?
The offering involved BSF Emerging Markets Short Duration Bond Fund A2, which was marketed to 127 clients between December 2024 and September 2025. The CMF said that marketing violated Article 183 of the Securities Market Law and General Rule No. 352.
The regulator classified the conduct as an offense linked to offering an unregistered foreign vehicle. It also rejected Principal’s request for the maximum fine reduction, partly because of the July 2023 sanction.
