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What are we thinking about?

Crowdfunding, as an instrument for the non‑sophisticated investor (I)

Crowdfunding (hereinafter “PFC”) is justified because stock exchanges exist, as it seeks a different market, though with similar logics. It aims to bring together people who share certain characteristics—peers, rather than completely anonymous individuals as usually happens in financial markets; it seeks to exempt securities regulations, in Chile the Securities Market Law (LMV); it seeks channels different from what doctrine calls “formal” markets (regulated, self-regulated);

May 208 min read

Monetizing knowledge

Do you know XTX or Citadel? If your answer is no, and you are in the financial market, something is wrong. Their traders can earn half a million dollars annually. Many of their traders know nothing about the market; however, they look for people with high cognitive abilities. In other words, they are not seeking vital diversity, gender diversity, or any other criterion beyond outstanding cognitive skills. They do not hire randomly, they do not leave the cognitive level of the

May 175 min read

Quarterly or Semiannual Reports

SEC Reform In Chile, as in the U.S., some propose that company reports become semiannual rather than the current quarterly reports. In this piece we think it prudent to present some arguments that the U.S. Securities and Exchange Commission (SEC) has set out in its regulatory proposal. In principle, the SEC proposes making semiannual reporting an option so that each company can choose according to its commercial needs and investors. The proposal is partly based on how costly

5 min read

Sales between funds, the Sartor and Continuation Fund case (II): exegesis of Article 22(g) of the Chilean Funds Law

Rule One of the rules breached by Sartor was Article 22, letter g), of the Chilean Single Funds Law (LUF). This rule sets out the prohibitions applicable to the fund manager (asset management). The law states that the following acts or omissions are contrary to it when carried out by (i) the managers or (ii) those who participate in the fund’s investment decisions, and that involve the acquisition or disposal of assets on behalf of the (affected) fund in which the (i) manage

5 min read

Subsidy for the mortgage interest rate. Mechanisms for housing subsidies

In general, governments need it to be relatively easy to buy a home, because we know that most people do not have sufficient resources to buy one on their own. Credit is the way forward; that is, someone must lend money to those who want to buy a home but cannot. It is the government that must find who will provide that money. We are faced with the need for a policy. Moreover, because the State is usually the one actively seeking borrowers—an extremely important market agent—

6 min read

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