Aggregated News From Investment Management Regulators

Chile

CMF reports on the performance of supervised banks and cooperatives as of October 2021

Loans in the banking system increased by 1.42 percent over 12 months, buoyed by a 7.18-percent growth of the housing portfolio and a slower decline in the consumer and commercial portfolios - 1.16 and 1.38 percent, respectively. Meanwhile, loans granted by cooperatives fell by 3.02 percent in the same span, affected by a 5.92-percent drop in the consumer portfolio. Credit risk indices for banks and cooperatives decreased compared to last month and versus the past 12 months as well. Loans in the banking system increased by 1.42 percent over 12 months, breaking a downward trend started in December 2020....

CMF releases its new Mortgage Loans Simulator

- This tool allows users to quote and compare interest rates and installment value for a housing loan of up to UF 20,000 at entities supervised by the Commission. - The simulation uses the most widely available type of mortgage loan - non-endorsable, fixed rate mutual mortgages - to ensure comparability. The Financial Market Commission (CMF) released today its new Mortgage Loans Simulator. This tool, available on the CMF Educa website, allows users to quote and compare the costs of housing loans at entities supervised by the Commission. To ensure comparability, the simulation uses offers of non-endorsable, fixed rate mutual mortgage...

CMF announces Current Interest Rates to be released on Monday, November 15

The Financial Market Commission (CMF) announces that the certificate corresponding to the Conventional Current and Maximum Interest Rates will be published this Monday, November 15, 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 incorporating sustainability and corporate governance requirements in Annual Reports

After the conclusion of a public consultation process, the Financial Market Commission (CMF) issued today General Rule No. 461, which incorporates sustainability and corporate governance issues in the Annual Reports of supervised financial institutions. It applies to entities such as banks, insurance companies, issuers of publicly offered securities, general fund managers, and stock exchanges. The aim is for supervised entities to report on their policies, practices and goals adopted in environmental, social and governance (ESG) matters. This is due to the growing relevance that the disclosure of this type of information has acquired both locally and internationally. ESG information allows investors...

CMF to file charges against two entities offering loans on their websites for alleged fraud

The Financial Market Commission (CMF) alerts the public about a pair 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 registered with it nor authorized to operate. Accordingly, the CMF will file charges against any responsible parties before the Public Prosecutor's Office for alleged fraud. The identified entities are: Súper Financiera Chile (superfinancierachile dot com) ...

CMF concludes 6th Annual Conference on Financial Stability and Development

The event addressed the new risks emerging at international and local levels for banking risk management; the financial effects of the Covid-19 pandemic; and the challenges that the implementation of Basel III standards brought to local markets. CMF Chairman Joaquín Cortez expressed his concern about parliamentary initiatives "that undermine national savings, the welfare of pensioners, and the stability of critical functions and services that the financial industry provides to the population." Tobias Adrian, Financial Counsellor and Director of the Money and Capital Markets Department of the International Monetary Fund, highlighted the improvement in growth expectations in the developed...

CMF opens 6th Annual Conference on Financial Stability and Development

The event, which will take place on November 4 and 5, will address the new risks emerging at international and local levels for banking risk management; the financial effects of the Covid-19 pandemic; and the challenges for supervision and regulation in the Basel III implementation framework. During the first day, Columbia Business School professor Charles Calomiris delivered a presentation on the transformations in the financial and banking systems due to the irruption of the Fintech industry. He emphasized that new payment technologies contribute to greater efficiency and cost reduction, financial inclusion, and risk reduction in transactions. The Financial Market...

CMF issues regulation on corporate groups’ limit control under the General Banking Act

The Financial Market Commission (CMF) has issued a regulation on the limit control of loans that banks may grant to finance corporate groups. The last amendment to Article 84 No. 1 of the General Banking Act, in force since January 12, 2019, originally set a limit of 30 percent of the effective assets of the creditor bank for the total of loans granted to individuals or entities belonging to the same corporate group. This was in accordance with the definition set forth in Article 96 of Law No. 18,045. These amendments are contained in the new Chapter 12-16 of the Updated Compilation...

CMF reports on the performance of supervised banks and cooperatives as of September 2021

Loans in the banking system contracted by 0.13 percent over 12 months due to negative variations in the commercial (minus-3.16 percent) and consumer (minus-3.67 percent) portfolios. Meanwhile, the housing portfolio grew by 6.94 percent in that span. On the other hand, loans granted by cooperatives fell by 3.22 percent overall during the last year as a result of a 5.91-percent drop in the consumer portfolio. Loans in the banking system contracted by 0.13 percent over the past 12 months. It's a lesser decline than the one observed in August 2021 - 1.30 percent - and a lower figure than...

CMF wraps up Financial Education Month activities with the launch of a new version of CMF Educa

The new CMF Educa is a responsive website featuring a new architecture, design, sections, and content for users. The Financial Education Month brought together public and private actors in the financial system to promote education as one of the necessary pillars for financial inclusion. The Financial Market Commission (CMF) launched today the new version of CMF Educa, its financial education website. This was the final activity carried out by the Commission as part of the 2021 Financial Education Month, which is celebrated in October every year. CMF Educa was created nine years ago to provide information to citizens and improve...

CMF presents its 2021 Report on Gender in the Financial System

The 20th version of the Report addresses women's access to financial services in Chile with the aim of contributing to the design and implementation of public policies on gender equity. The Covid-19 pandemic had dissimilar impacts on women's access to credit products during 2020. It was especially significant in the commercial portfolio, where the access gap increased from 8 to 36 points over the past year. The Financial Market Commission presented today its 2021 Report on Gender in the Financial System. This is the 20th version of the Report, which addresses women's access to financial services in Chile with the aim...

CMF reports on Maximum Conventional Rate update

Pursuant to the provisions of Article 7 of Law No. 18,010 on regulations for credit operations and other money obligations indicated therein, the Financial Market Commission (CMF) states: The current interest rate for non-adjustable operations in local currency for operations of 90 days or more and above the equivalent of UF 5,000 was 5.98 percent per year for the monthly period beginning on October 14, 2021. The Central Bank of Chile, by means of official communication No. 10/258 dated October 20, 2021, informed the Commission about the bidding of a 10-year Treasury Bond in Chilean pesos. An amount of CLP...

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