Investigation Unit

The Investigation Unit is responsible for the instruction of the sanctioning proceedings regulated by Title IV. The Investigation Unit shall be overseen by a public servant named Prosecutor, appointed by the Council through a selection process of senior public officials.


The Prosecutor, in charge of the Investigation Unit of the CMF, has the following responsibilities and duties:

1. To conduct, with respect to those facts about which he has become aware through the denunciation of individuals made before the Commission, due to those antecedents that he has gathered by his own initiative and provided to him by other units of the Commission as a result of their supervision processes or from those provided in the framework of the collaboration regulated by the paragraph 4 of Title IV, the investigations that he deems appropriate to verify the infractions to the laws and regulations whose supervision corresponds to the Commission and to decide the imposition of sanctions according to the provided by the law. In case the prosecutor decides not to initiate the investigation of the facts brought to his knowledge, he will issue a well-founded report stating the reasons for such decision, which shall be sent to the Council and to the interested parties. As a result of the conducted investigation, the prosecutor will proceed, in accordance with article 45, to issue the corresponding notice of charges, or, if is the case, to issue the well-funded report on the decision of not doing so, and, in general, to carry forward the proceeding as set forth in the Title IV of this Law.

2. In the framework of the investigations or proceedings in which he is taking part, to exercise the powers referred to in numerals 4, 5, 7, 9, 16, 21, 22 and 27 of article 5, without prejudice of the powers granted by other laws.

3. To propose to the Council the formulation of the complaints that correspond to the Public Prosecution Ministry for the facts brought to his knowledge in the exercise of his powers and which may be considered as offenses, without prejudice to the general duties that the law determines on the matter.

4. To verify the compliance with the resolutions issued by the Council within the framework of the sanctioning procedures submitted to his knowledge, and of the court decisions issued with regard to said matters.

5. To collaborate in the detection, investigation, determination and pursuit of the responsibilities for infractions to the norms that govern the markets subject to the supervision of the Commission in the terms of numeral 22 of the article 5, in order to contribute to the fulfilment of the obligations that said entity has committed to in the agreements or memoranda of understanding referred to in number 23 of the same article.

6. To propose to the Chairman of the Council to hire and remove the officials who are part of the Investigation Unit, responsible for the conduction of the sanctioning procedure. Likewise, he must evaluate the officers of said unit.

However, the officials of the Investigation will be, for all legal purposes, officials of the Commission and will be governed by the provisions that this law and the Commission, as the case may be, establish for its staff.

7. To exercise the powers expressly conferred upon him by other laws and norms.

Prosecutor: Andrés Montes Cruz
Telephone Number: 2 2617 4240


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