Global FinTech Guide
Country Name
Financial advisory and broking services including robo advisory and auto-trading
FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.

Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment. 

Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.

Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making. 

There are also FinTech-advertising-services which advertise various financial services or products.


Attitude of the country towards modern financial advisory and broking services

No reservations; there is an increasing interest in this type of services.

Legal affairs

Obligations and requirements to provide financial advisory and broking services, or ancillary services described above

The licenses that may apply to these activities are the same as the ones indicated in the answers to question b), that is, the licenses of Portfolio Manager and Broker Dealer. Please refer to our answer thereto. 

Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area

Please refer to our comments under 1. b) Legal affairs iii). 

Also please note that when offering securities (through internet platforms or otherwise) regulations regarding the public offering vis a vis the private offering of securities must be taken into consideration. If a public offering of securities is deemed to take place in Uruguay, then certain additional registration requirements regarding the issuer and the security would be triggered.

Economic conditions

Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area

There is only a marginal market.

Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area




© 2022, (Erased); Guyer & Regules. All rights reserved by (Erased); Guyer & Regules as author and the owner of the copyright in this chapter. (Erased); Guyer & Regules has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


Choose country