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CMF revokes the listing of Factop Corredores de Bolsa de Productos S.A. in the Registry of Commodity Exchange Brokers

November 16, 2023 - The Board of the Financial Market Commission (CMF) decreed the revocation of the listing of Factop Corredores de Bolsa de Productos S.A. (FCBP) in the Registry of Commodity Exchange Brokers. According to Exempt Resolution No. 8,552, FCBP stopped fulfilling the requirement stated on Article 7, Letter E of Law No. 19,220, which states brokers must accredit not having been sanctioned with expulsion from a commodity exchange before the Commission.

Likewise, per Ordinary Official Communication No. 99,797 from November 7, 2023, the CMF notified FCBP of this situation and gave it the opportunity to present its position prior to the adoption by the Commission of any measures of suspension or revocation of its listing in said Registry. To date, the company has not replied to said communication.

FCBP did not submit its financial statements as of the end of the third quarter of 2023 nor has accredited an equity allowing it to operate, which means the reasons for the prior suspension of its activities on August 10, 2023 pursuant to Exempt Resolution No. 5,783 still stand. Given the facts, the Board of the CMF decided to revoke the listing of FCBP in the Registry of Commodity Exchange Brokers during an ordinary session held today.

Regarding STF Capital Corredores de Bolsa S.A. (STFC), the Board analyzed the claim of illegality filed by said company in response to the full cancelation of its activities through an Exempt Resolution dated August 8, 2023. Article 71 of Decree Law No. 3,538 states that the cancelation Is suspended until the claim is definitively resolved by the courts.

Considering the gravity of the violations sanctioned; the issues detected during the suspension of STFC; and the importance of safeguarding both public interest and the due protection of investors, the Board of the CMF decided, through Exempt Resolution No. 8,551, to suspend all activities of said company for as long as the processing of the claim of illegality mentioned above continues.

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