Team Size: 7

Ginamaría leads the legal function at Pilay Uruguay and its financial trusts, Campiglia & Pilay I and M2 Pilay Uruguay. She is widely recognised for aligning regulatory compliance with business strategy, transforming legal precision into a competitive advantage. With deep expertise in fiduciary law and capital markets regulation, she has successfully structured complex investment vehicles and implemented governance frameworks that promote transparency, mitigate risk, and foster long-term trust with investors.

How do you approach managing legal aspects during periods of instability or crisis, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

My approach to legal risk during times of crisis is fundamentally aligned with the way I lead the legal department on a daily basis. The legal function is positioned as a strategic, proactive partner to executive leadership, not a reactive or siloed service. Our primary objective is to anticipate challenges and coordinate effective, timely responses that shield the organisation and ensure business continuity.

In the financial and investment sector, legality, transparency, and reputation are not simply competitive advantages in times of crisis—they are foundational to the organisation’s ability to operate. Risk management is therefore central to our legal strategy. We maintain a preventative stance through continuous monitoring of the regulatory and contractual environment, proactive inclusion of contingency clauses, and real-time legal oversight across all business areas. This ensures that the company remains agile, compliant, and resilient under pressure.

What do you see as the major legal challenges for businesses in Uruguay over the next five years, and how are you preparing to address them?

In the financial and investment industry, one of the most pressing challenges for Uruguay over the next five years will be rebuilding public trust in the regulated financial system. Recent actions by a few major players have negatively affected perception, casting doubt on where there should be clarity—especially in a sector where investor confidence is paramount.

This is unfolding at a time when regulatory authorities are promoting greater financial inclusion, including through relaxed entry requirements. While well-intentioned, this shift risks undermining the overall robustness of the system if not carefully managed. Striking the right balance between accessibility and sound governance will be critical.

I believe this is where compliance takes on a new, more strategic role—not as a burden, but as a market differentiator. Within my department, we focus on embedding compliance into the core of our business model. Our goal is to ensure that every area of the organisation understands that compliance is not about restriction, but about operating in a manner that is transparent, traceable, and fully aligned with the commitments we make to our investors. In doing so, we not only meet regulatory requirements, but actively build a reputation for integrity and long-term sustainability.