Regulatory Alerts2003-08-21
Opinion on the necessity of appointing an agency, mandate, or other form of collaboration by financial intermediaries for the exercise of financial agency activities
Issued on August 21, 2003, the regulator clarifies that financial intermediaries must appoint only individuals registered in the Financial Agents List to conduct financial agency activities, thereby preventing unauthorized practice and criminal liability. The opinion mandates that any employees or collaborators utilized by these appointed agents must also be individually registered in the same list to prevent regulatory evasion through the separation of authority and promotional activities. Furthermore, appointed agents are required to provide prior notice to the appointing intermediary, including the personal details and registration credentials of any third parties they intend to use, subject to the intermediary's verification and approval.