Aggregated News From Investment Management Regulators

Chile

CMF reports on the performance of supervised banks and cooperatives as of March 2022

Loans in the banking system increased 2.53 percent in 12 months. The commercial, consumer and housing portfolios grew by 0.43, 4.48 and 5.13 percent, respectively. However, loans granted by cooperatives decreased 1.03 percent in the same span, affected by a 2.28-percent contraction of the consumer portfolio. Loans in the banking system increased 2.53 in 12 months, a slightly lower figure than the one recorded in February (2.59 percent) but well above the 3.87-percent decline seen in March 2021. All three portfolios grew during the month, but the slower expansion was mainly due to a 12-month rise of 5.13 percent...

CMF wraps up its 1st conference on climate-related financial risks

The event was organized by the Commission with support from the Inter-American Development Bank, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and the British Embassy in Chile. It brought together authorities, academics, and national and international experts to address the main challenges that risks arising from climate change mean to the financial system, as well as the role that regulation and supervision can play in addressing them. The 1st Conference on Regulation and Supervision of Climate-Related Financial Risks organized by the Financial Market Commission (CMF) wrapped up today with a keynote speech by...

CMF publishes for consultation regulation on Internal Policy on Security and Management of Debtor Information by financial institutions

The Financial Market Commission (CMF) has published for consultation a regulatory proposal that aims to improve standards on treatment and usage of data related to debtor information available in the Commission's Registry of Debtors. This regulatory amendment complements previous regulations issued by the CMF on reporting of information used to build the Registry and improve data used by supervised institutions for risk management. In September 2021 the Commission issued instructions to modify the timeframe applicable to debtor files sent by supervised entities, reducing the information delay from 50 to approximately 16 days. Information from non-bank card issuers was also added to these...

CMF Chairwoman Solange Berstein opened 1st CMF conference on climate-related financial risks

Solange Berstein, Chairwoman of the Financial Market Commission (CMF), opened this morning the 1st CMF Conference on Regulation and Supervision of Climate-Related Financial Risks. The event is organized by the Commission alongside the Inter-American Development Bank (IDB), the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and the British Embassy in Chile. The Conference, which will be held on Tuesday, April 26 and Wednesday, April 27, brings together authorities, academics, and national and international experts to address the main challenges that risks arising from climate change pose to the financial system, as well as the role that...

CMF alerts the public about unauthorized investment platform

The Financial Market Commission (CMF) alerts the public about Lux Investment (luxinvestment dot co), an entity that is neither supervised by the Commission nor registered in its rolls. Before making an investment, the CMF recommends investors to always do their research on products and companies they are considering investing with by taking the following actions: Check the CMF website to confirm whether the relevant company is registered in Chile, and which parties are responsible for its management. Use popular Internet search engines to identify any complaints or negative feedback about the company through its name, its directors, and the products being considered for...

CMF issues several regulations simplifying the process to enroll and report ongoing information

After a public consultation process, the Financial Market Commission (CMF) issued today several regulations governing the registration process and ongoing reporting obligations to be submitted by a number of supervised entities. Three of them govern the process of enrollment and reporting of entities requesting enrollment in the following registries: Special Registry of Reporting Entities. Registry of Foreign Securities. Registry of Foreign Reinsurance Brokers. The fourth regulation establishes a simplified enrollment procedure for enrollment in the Registry of Securities, and also applies to continuous disclosure obligations for certain open stock corporations fulfilling specific criteria. Simplification of Registries The regulations involving the Special Registry...

CMF issues regulation on enrollment in the Registries of Insurance and Life Annuity Sales Agents

The regulation outlines the procedure and requirements to prove compliance with requirements set by Law No. 21,314 on Market Agents. Insurance companies are to send a list of agents to the Commission for enrollment. After a public consultation process, the Financial Market Commission (CMF) issued today a regulation on the procedure and requirements to enroll in the Registries of Insurance Sales Agents and Life Annuity Sales Agents. Law No. 21,314, published on April 13, 2021, set new transparency requirements and reinforced responsibilities for market agents. It also amended Decree with Force of Law No. 251, and states in Article 57...

CMF announces Current Interest Rates to be released on Thursday, April 14

The Financial Market Commission (CMF) announces that the certificate corresponding to the Conventional Current and Maximum Interest Rates will be published this Thursday, April 14, in the Official Gazette. These rates will enter into force upon that publication. According to Law No. 18.010, the Commission must publish this information both on its website and in the Official Gazette during the first fortnight of each month. Continuing with the policy of transparency and timeliness in the delivery of this information to the community, the respective certificate is published in advance on the CMF website. This news item was originally published by the Commission for...

CMF issues regulation governing investment advisory services

The regulation covers enrollment, suspension, and cancellation in the Commission's Registry of Investment Advisors; the obligations to which such advisors are subject; and requirements regarding disclosure of information related to investment recommendations. This is pursuant to Law No. 21,314, which set new transparency requirements and reinforced responsibilities for market agents. After a public consultation process from March 4 to March 25, 2022, the Financial Market Commission (CMF) issued today a regulation governing the process of registration, suspension, and cancellation in the Commission's Registry of Investment Advisors, as well as the obligation to which registered parties shall be subject and...

CMF to file charges against a series of entities offering loans on their websites for alleged fraud

Claiming to be supervised by the Commission, these eight entities request advance payments from individuals applying for a loan, who subsequently don't receive the agreed funds. The Commission also alerts about an unregulated website. The Financial Market Commission alerts the public about a series of entities offering loans that are neither supervised by it nor registered in its rolls. According to information gathered by the CMF's Investigation Unit, these entities offer loans through their websites while requesting advance payments from applicants, who subsequently don't receive the agreed funds. Said entities claim to be supervised by the Commission but are neither...

CMF Chairwoman Solange Berstein spoke before the Chamber of Deputies’ Constitutional Committee on bill proposing a second advance payment of life annuities

Solange Berstein, Chairwoman of the Financial Market Commission (CMF), and Deputy Chairman Kevin Cowan spoke today before the Chamber of Deputies' Constitutional Committee about a bill that proposes a second advance payment of life annuities. In their presentation before the Committee, the Chairwoman stressed the importance of the Commission's role on supervising life insurance companies (LICs), whose main goal is to guarantee payments of pensions and other contracted policies to their beneficiaries. Berstein highlighted capital requirements as a key component of rules and regulations in force. "A weakened capital increases the probability of insurance companies not paying pensions and other policies...

CMF publishes for consultation regulation on requirements to be met by fees charged on credit operations

This is pursuant to Law No. 21,314, which establishes new transparency requirements and strengthens responsibilities for market agents Distinguishing between fees and interest is particularly relevant considering the legal limit for charging interest, known as the Maximum Conventional Rate. The Financial Market Commission (CMF) has published for consultation a second regulatory proposal on requirements to be met by fees charged on credit operations governed by Law No. 18,010. This is pursuant to Law No. 21,314, which establishes new transparency requirements and strengthens responsibilities for market agents. Law No. 21,314 amended Law No. 18,010 - which regulates credit operations and...

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