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CMF sanctions Principal Administradora General de Fondos S.A. for not informing participants of contingencies in three of its funds

July 20, 2023 - The Board of the Financial Market Commission (CMF) sanctioned Principal Administradora General de Fondos S.A. with a fine of UF 1,000 for not informing the contributors of the funds it manages of essential facts nor reporting amendments to their internal regulations.

Per Exempt Resolution No. 5,056, Principal failed to comply with information obligations set forth in Articles 18 and 51 of the Single Fund Law and General Rule No. 365 regarding the following mutual funds: Principal Vision Money Market, Principal Short-Term Debt, and Principal Medium-Term Debt. The company did not report the bankruptcy reorganization of Enjoy S.A. to 51,726 contributors of said funds (86.62 percent of total participants). It also failed to disseminate amendments to their internal regulations to 51,956 contributors (87.47 percent) despite having changed the funds' investment policies by incorporating new financial instruments.

Exempt Resolution No. 5,056 states that Principal did not ensure that all its clients had access to the same information and, therefore, received equal treatment. The company also did not adopt measures or safeguards to notify about Enjoy's bankruptcy reorganization and amendments to the funds' internal regulations to its clients. The company committed these regulatory breaches twice - on April 3 and September 25, 2020. It also failed to keep a complete database to comply with its information duties and protect the interests of contributors, participants, and the public.

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