Regulatory Alerts2001-06-01
General Decision of the Financial Market Council No. 7 of June 1, 2001 relating to Financial Canvassing
The Financial Market Council (CMF) issued General Decision No. 7 on June 1, 2001, prohibiting the hawking of securities, defined as immediate settlement-delivery sales at residences, workplaces, or public places, while permitting other forms of solicitation like sending documents. For permitted financial canvassing, an information note, detailing specific information for debt or equity securities, must be submitted to the CMF in four copies at least three trading days before public dissemination. Any promise to subscribe or acquire securities resulting from canvassing is only effective if it includes the solicited person's signature, date, and place, and is confirmed with the intermediary, with a copy provided to the solicited person, otherwise the promise is null.