Chile’s CMF fines Instagram adviser for operating without registration

Chile’s Financial Market Commission has fined Gustavo Rodolfo Cruzat Mendoza 100 UF for providing investment advice through the Instagram account @patrimonialchile without registration or authorisation. The regulator announced the sanction on 20 October, identifying breaches of the Fintec Law and General Rule 502.[1]

The underlying resolution is dated 8 October. Its evidence section describes posts promoting dollar trading and property-backed lending, alongside invitations to obtain advice through appointments. The account presented its operator as a wealth manager. These details show the commercial activity examined by the regulator, beyond the mere existence of a financial social-media profile.[2]

The distinction turns on content and sustained activity

The CMF’s published guidance describes two elements together: content capable of influencing investment decisions, and habitual activity carried on professionally over time. Recommendations may address a defined audience or the general public. A creator’s disclaimer that they are not an adviser does not determine the classification.[3]

The guidance also distinguishes objective, neutral education that does not seek to influence a particular investment. Referral promotions appear among its examples where they invite or encourage investment transactions; the habitual-activity condition still matters. For brokers assessing social distribution, the relevant evidence is what the content encourages and how the relationship operates.[3]

The decision applies those registration and authorisation requirements to a named operator. It gives firms using social channels a concrete enforcement example while leaving the classification of other arrangements dependent on their own conduct.[1]

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