Aggregated News From Investment Management Regulators

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

Claiming to be supervised by the Commission, these six entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds. The Financial Market Commission (CMF) 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 claim to be supervised by the Commission and offer loans through their websites while requesting advance payments from applicants. After making said advance payments, applicants do not receive the agreed funds. Therefore, the CMF will file charges...

CMF announces Current Interest Rates to be released on Thursday, September 15

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

CMF successfully wrapped up its 7th Annual Conference on Financial Development and Stability

The event brought together academics, specialists, and regulators to discuss issues related to an inclusive, sustainable, and stable development of the financial system. Representatives of the World Bank participated in the Conference to address the main findings of the Financial Sector Assessment Program. The Financial Market Commission (CMF) wrapped up today its 7th Conference of Financial Development and Stability. The event, held since 2015, aims to encourage discussion among the public, the academia, supervised entities, and regulators themselves on topics about an inclusive, sustainable, and stable development of the financial system. This year's Conference was split in three thematic sessions scheduled for August 26,...

CMF and Superintendence of Pensions publish for consultation new mortality tables to calculate programmed withdrawal and life annuity pensions

The Financial Market Commission (CMF) and the Superintendence of Pensions (SP) have published for consultation a joint regulation with the mortality tables to be enforced between 2023 and 2029, in accordance with the provisions of Decree Law No. 3,500 of 1980 and Decree with Force of Law No. 251 of 1931. Mortality tables are used to calculate amounts paid to pensioners and their beneficiaries who have opted for programmed withdrawals; determine the technical reserves that life insurance companies must constitute to back life annuities of policyholders and their beneficiaries; and calculate additional contributions that insurers must make for disability and...

CMF presents new monthly statistics on individual indebtedness

New data include monthly indicators of debt level, financial burden, and leverage of debtors in the banking system. Median debt reached CLP 2,094,367 as of June 2022. The financial burden was 16.97 percent, and leverage reached 3.01 times income. Monthly indicators on number of debtors and arrears according to debt term, institution, and gender, are also available in the CMF's Temporary Series Statistical Database. The Financial Market Commission (CMF) presents a series of new statistics on individual indebtedness. Monitoring people's indebtedness is particularly relevant to the CMF since greater and better access to credit allows people to absorb temporary mismatches between...

CMF held the second session of its 7th Annual Conference on Financial Development and Stability

The event brings together academics, specialists, and regulators to discuss issues related to an inclusive, sustainable, and stable development of the financial system. This year's Conference is split in three thematic sessions featuring representatives from the World Bank to address the main findings of the Financial Sector Assessment Program. Today's session delved into digital financial inclusion. The Financial Market Commission (CMF) held today the second session of its 7th Annual Conference on Financial Development and Stability. The event aims to encourage discussion among the public, the academia, supervised entities, and regulators themselves on topics about an inclusive, sustainable, and...

CMF issues regulation which concludes implementation of automated debt securities placement system and improves other regulations

These amendments improve General Rules No. 30, No. 303, No. 473, and No. 475 to implementing a debt securities placement system; define the information to be reported to the Commission; and specify ongoing reporting obligations. The Financial Market Commission (CMF) issued today General Rule No. 486, which amends four other General Rules (Nos. 30, 303, 473 and 475) with the purpose of implementing an automated debt security placement system and improving other regulations as well.To implement said system, the new regulation defines the means to be used by issuing entities (including banks) to submit information related to issuance of debt securities...

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

Loans in the banking system increased 2.61 percent in 12 months, less than the 4.35-percent increase recorded in June. This was due to less dynamism in all three portfolios. Loans in the banking system increased 2.61 percent in 12 months, lower than the 4.35-percent increase recorded in June but also higher than the 1.83-percent decline reported during the same month last year. This was due to less dynamism in all three portfolios compared to June 2022. Commercial loans slowed their growth from 3.55 to 0.87 percent over the past year, consumer loans fell from 6.17 to 4.30 percent, and housing...

CMF issues regulation providing instructions to determine closing prices for stocks and fund shares

The regulation defines a methodology to determine the closing price as of December 31, 2021 for stocks of publicly traded corporations, investment fund shares, and mutual fund shares. Pursuant to Law No. 21,420, this closing price may be used as the acquisition and/or contribution value to determine the higher value subject to the single income tax applicable to the disposal of these securities starting on September 2022. The Financial Market Commission (CMF) issued today General Rule No. 485, which provides instructions to determine closing prices as of December 31, 2021 for stocks of publicly traded corporations, investment fund shares, and...

CMF Chairwoman Solange Berstein inaugurated 7th Annual Conference on Financial Development and Stability

The event brings together academics, specialists, and regulators to discuss issues related to an inclusive, sustainable, and stable development of the financial system. This year's Conference is split in three thematic sessions featuring representatives from the World Bank to address the main findings of the Financial Sector Assessment Program. Solange Berstein, Chairwoman of the Financial Market Commission (CMF), inaugurated today the 7th Annual Conference on Financial Development and Stability organized by the CMF. The event aims to encourage discussion among the public, the academia, supervised entities, and regulators themselves on topics about an inclusive, sustainable, and stable development of...

CMF sanctions CAT Corredora de Seguros y Servicios S.A. for infringing its advisory and information duties in phone marketing of insurance

The Board fined the broker UF 3,000 after detecting a series of phone marketing cases in which the entity did not provide advice nor clear and understandable information to individuals, leading recipients of these insurance offers to confusion or error. The Board of the Financial Market Commission (CMF) sanctioned CAT Corredora de Seguros y Servicios S.A. (CAT) with a fine of UF 3,000 for infringing the advisory and information duties to which insurance brokers are obliged, particularly during the phone marketing of insurance. This is pursuant to Article 57 of Decree with Force of Law No. 251; Article 10, Numbers...

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

Claiming to be supervised by the Commission, these entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds. Fraudulent entities use bank accounts belonging to natural persons to collect money from their scams. Therefore, the CMF reminds the public that checking, vista or RUT accounts are strictly personal and must not be made available to third parties to receive funds from unknown origins. The Financial Market Commission (CMF) alerts the public about a series of entities offering loans that are neither supervised by it nor registered in its rolls. According to information...

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

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