Representatives of financial institutions incorporated abroad are natural or legal entities who provide advisory services and technical assistance in order to prepare, promote or facilitate business for their clients. These representatives cannot perform the following operations for themselves or their clients: financial intermediation activities, credit and exchange operations, receive sums of money, securities or precious metals from third parties, for any reason.
Registered representatives are also authorized to develop activities as Investment Advisors. These entities do not require previous authorization to operate but must be listed in the Registry.
See requirements for Registration (Art. 115 of the Central Bank of Uruguay Communications Compilation of Financial System Regulation and Control Rules RNRCSF in Spanish).
In these cases, supervision is aimed at monitoring the status of the entities with regards to money laundering or terrorist financing, implementing supervisory mechanisms in response to warnings that may arise from denouncements and other information that would justify action.
The role of protecting financial users is also performed by responding to inquiries and denouncements.
See List of Representatives of financial institutions incorporated abroad that are included in the Register of the Superintendency of Financial Services.