The Superintendency of Financial Services of the BCU decided to apply the fine to Puente Corredor de Bolsa for different breaches. The resolution stated that it had been verified that the brokerage charged price differences to its clients that were not informed in their account statements.
Other irregularities found were the granting of loans to clients, the record of money loans between clients; the receipt of a cash loan to finance operations for its own account from its shareholder.
The brokerage reported this Friday that Puente Uruguay had a credit line for working capital from Puente Holding UK, when current regulations state that this type of agreement must be made through a natural person. She clarified that Puente Holding UK is the sole shareholder of Puente Uruguay.
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“Our service provision agreement with another group company, based abroad, should have been previously approved by the BCU. This request was omitted because it was understood that it was an agreement formalized by Puente Uruguay and another company of the group and (that) it did not imply a service outsourcing, ”he said in a statement. In this regard, he added that the contract was submitted to the regulator.
On another point he argued that Puente Corredor de Bolsa does not make cash loans with or to its clients. “The BCU observation is about a salary advance made to an employee. It should be clarified that this loan was without financial cost for the employee, ”he pointed out.
He also stated that Puente Corredor de Bolsa informs all its clients of the costs, expenses and commissions for its services in the account opening process and that this information is also available on its website. He complemented that Your platform sends an email to the client with the details of each operation (including associated expenses) of equities, mutual funds and options. “This did not happen with transactions linked to fixed-income assets, a situation that has already been corrected,” he explained.
“All the questions deal with aspects of an administrative nature and that in no case involve aspects of the entity’s solvency, prevention of money laundering, claims or complaints from our clients or counterparties,” he said. “However, we understand that regulators around the world have the difficult task of looking after the interests of citizens and at the same time maintaining the agility of the capital markets, for which we respect their decisions and we have already made all the administrative adjustments required,” he concluded.
