Chile

The Financial Market Commission (CMF) issued today General Rule No. 497, which allows commodity exchanges to act as custodians of endorsable mortgage loans that back technical reserves and risk equity of insurance companies. Said General Rule also repeals the ownership relationship requirement for local risk rating agencies to rate foreign securities. The...

Insurance companies recorded USD 13,321 million in sales last year, a real increase of 15.3 percent compared to 2021. The Financial Market Commission (CMF) released today its Financial Report of the Insurance Market as of the fourth quarter of fiscal year 2022. Insurance companies recorded USD 13,321 million in sales last year, a...

Loans in the banking system fell 3.80 percent over 12 months due to larger contractions in the consumer and commercial portfolios. Loans in the banking system fell 3.80 percent in 12 months, higher than the 2.55-percent drop recorded March of this year, and down from the 4.35-percent increase observed in...

The Board applied a fine of UF 1,000 for breaching the duty to refrain described in Article 165 of Law No. 18,045. This was due to acquiring shares of Clínica Las Condes S.A. while possessing inside information. The Board of the Financial Market Commission (CMF) sanctioned Christian Traeger Gimeno, director...

The decision stems from serious deficiencies observed in STFC's internal control and risk management system, which prevent the company from reliably complying with equity, liquidity, and solvency conditions necessary for operation of its business. STFC may not carry out transactions without prior authorization from the CMF, which may...

The Financial Market Commission (CMF) states that the entities known as "Invesa Capital" (invesacapital dot com international slash es) and "Ascending Bull" (ascendingbull dot com) are not supervised by the CMF. Before making any investment, the CMF recommends investors to always do their research on products and companies they are considering investing with by...

Yesterday, the Central Bank of Chile activated the Countercyclical Capital Requirement as a precautionary measure against increased external financial uncertainty. The level and timeframe were defined with a prior favorable report from the CMF, which considered the use of the CCR as a resilience tool to be appropriate. ...

This allows the market to know the risk profile of local banking institutions, their position and equity structure in better detail, enabling various market players to better analyze the information. The CMF will consolidate and publish quarterly Pillar 3 reports for each bank on its website, fulfilling one...

The regulation adds loans that supervised institutions assign or sell to securitization companies, as well as health-related obligations, to debtor information reported to the Commission. The Financial Market Commission (CMF) issued today Circular Letter No. 2,333, which amends the regulation governing information on financial system debtors that supervised institutions report to the...

The Financial Market Commission (CMF) reports that the certificate corresponding to the Conventional Current and Maximum Interest Rates will be published this Monday, May 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...

During the meeting, Chile was ratified as one of the Vice-Presidents of the Association of Insurance Supervisors of Latin America. The Financial Market Commission (CMF) attended the 21st Conference on Insurance Regulation and Supervision in Latin America, organized by the Association of Insurance Supervisors of Latin America (ASSAL) and the International Association...

The Commission will hold an informative webinar on May 15 to reveal the content and organization of these consulting tables. They aim to receive feedback from interested parties and move forward with a public, transparent, and participatory regulatory development process. The Financial Market Commission (CMF) announces the start of its consulting...