Chilean regulators and courts penalize financial entities

The Commission for the Financial Market (CMF) has upheld a fine of 25,000 UF against Asesorías e Inversiones A&C SpA, a firm linked to Cristián Araya Fernández. The regulator rejected the firm's appeal regarding charges of market manipulation through spoofing and layering. Between March 2022 and September 2024, the firm allegedly placed 34,038 fictitious orders to artificially alter stock prices on the Santiago Stock Exchange, generating an estimated benefit of $860,062,000.

Separately, Chile's Supreme Court has dismissed an appeal by Banco BICE, upholding a fine of 1,000 UTM (exceeding $72 million CLP). The penalty stems from the bank's unilateral modification of interest rates offered to mortgage clients and its failure to provide required summary information during the pre-contractual stage. The National Consumer Service (Sernac) also noted violations regarding financial portability regulations.