Securities Intermediaries - Securities Agents and Brokers

A securities intermediary is a regulated professional individual who is engaged in transactions of buying and selling stocks, commissions or other operations intended to bring together buyers and sellers of securities which are sold through public or non-public offerings.

Intermediaries who are members of a stock exchange are called Stockbrokers. To become a Stockbroker it is necessary to comply with the requirements of the corresponding stock exchange.  Securities intermediaries that are not members of a stock exchange are called Securities Agents.

These entities require authorization to operate for reasons of legality, timeliness and appropriateness by the Superintendency of Financial Services. See requirements for authorization (Art. 63 et seq RNMV).

In these cases, supervision is primarily aimed at investor protection, based on the systematic and regular implementation of different supervisory mechanisms, which seek to promote entities to manage their risks in a professional way (such as the risk of being used for money laundering or terrorist financing), to prepare financial reports in a timely and consistent manner, to operate with caution and  maintain adequate compliance with regulations. Through these procedures, it is possible to have early warnings of problems and thus company managers can take appropriate measures to solve them in a timely manner. 

These procedures are implemented depending on the size and complexity of the supervised entities.

The role of protecting financial users is also performed by responding to inquiries and denouncements.

See List of Securities Intermediaries authorized to operate in the Uruguayan financial system.