Aggregated News From Investment Management Regulators

Chile

CMF issues regulation easing securities registration requirements to facilitate access to financing for smaller companies

The regulation adjusts conditions, requirements, and parameters currently governing securities offerings that do not require registration in the CMF. This proposal is part of a series of initiatives implemented by the Commission that aim to reduce financing costs, provide companies with greater tools to obtain resources, and strengthen market development. The Financial Market Commission (CMF) has issued General Rule No. 452, which eases the conditions, requirements, and parameters currently governing securities offerings that do not require registration in its rolls. The aim of said regulation is to reduce the costs required by Law No. 18,045 for public offerings of...

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

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

CMF publishes Fintech Act proposal for the securities market

The Board of the CMF submitted the preliminary draft to the Ministry of Finance three months ago. Pursuant to Law No. 21,000, the Board may propose regulatory amendments within the scope of its powers to the executive branch. The Commission's preliminary draft aims, among other things, to provide a legal and regulatory framework for collective financing platforms (a.k.a. crowdfunding) and other Fintech activities related to the securities market. The Financial Market Commission (CMF) has made available to the general public its proposal of a Fintech Act for the securities market, which was submitted to the Ministry of Finance in...

CMF reports on the performance of supervised banks and cooperatives as of December 2020

Loans in the banking system continued to decelerate steadily in December, with a decline of 0.40 percent in 12 months, below the rate reached in November. Consumer loans plummeted by 16.05 percent over the same span. FOGAPE Covid-19 guaranteed loans still influence the activity of the banking system. Excluding such operations, loans would have dropped by 4.84 percent over 12 months. Regarding credit risk, the loan-loss provisions index reached 2.71 percent and the arrears ratio of 90 days or more declined to 1.58 percent. Loans by savings and credit cooperatives fell for the third month in a row,...

CMF releases its Annual Regional Banking Statistics Report

It is the third version of such Report, which aims to provide an overview of banking activity at a regional level with a focus on supply and demand of products and services. The Financial Market Commission (CMF) released today the third version of its Annual Regional Banking Statistics Report. The 2020 Report aims to provide an overview of banking activity at a regional level from a supply-and-demand approach to banking products and services. The compiled statistics focus on savings and credit products as well as on the infrastructure related to banking activity in each geographic area. This contributes to the analysis...

CMF issues regulation allowing automatic enrollment of debt securities in the Securities Registry

The regulation states characteristics and conditions to be met by entities issuing securities for enrollment of their debt securities under the Automatic Registration system regulated by Law No. 18,045 on the Securities Market. This is intended to streamline and speed up the issuance of debt securities, facilitating access to financing for companies needing to raise funds through the securities market. The Financial Market Commission (CMF) issued today a regulation establishing characteristics or conditions to be complied with to enroll debt securities under the Automatic Registration system regulated by Article 8 ter of Law No. 18,045 on the Securities Market....

CMF Chairman Joaquín Cortez spoke before the Chamber of Deputies’ Labor Committee regarding legislation regulating switches between pension funds

Joaquín Cortez, Chairman of the Financial Market Commission (CMF), spoke today before the Chamber of Deputies' Labor Committee about a legislation that regulates the switch between pension funds. In his presentation before the Committee, Cortez pointed out that while personalized pension counseling is currently regulated jointly by the Superintendence of Pensions (SP) and the CMF, mass pension advisors are not subject to supervision in terms of suitability and knowledge. The Chairman also stated that mass switches between pension funds cause unwanted volatility in asset prices. He added that empirical evidence shows that financial asset prices can show large fluctuations in...

CMF announces Current Interest Rates to be released on Friday, January 15

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

CMF publishes for consultation a regulation to implement the IFRS 17 accounting standard in the Chilean insurance market

The Financial Market Commission (CMF) has published for consultation a regulation providing instructions on the implementation of the IFRS 17 accounting standard in the Chilean insurance market. Said standard applies to the constitution of technical reserves. The aim of this regulation is to modernize the rules on technical reserves, aligning them with the best international practices and principles in this field. These practices and principles are used in insurance markets that serve as a reference for Chile, favoring in turn a better risk management. Furthermore, the implementation of IFRS 17 is expected to improve the transparency of information reported by...

CMF Chairman Joaquín Cortez participated in the launch of the Commission’s Innovation Challenge for Citizen Services

Joaquín Cortez, Chairman of the Financial Market Commission (CMF), participated today in the launch of the open innovation contest titled "SupTech for the supervision of financial market conduct." This call is part of the Public Challenges program of the Ministry of Science, Technology, Knowledge and Innovation, alongside CORFO and the Government Laboratory. It aims to encourage the innovation community to develop and propose technological tools that will make the Commission's citizen service work more efficient. During his presentation, Chairman Cortez stressed that the CMF regulates and supervises over 70 percent of Chile's capital market. This means nearly 8,000 institutions in...

CMF publishes for consultation a regulation allowing banks to offer checking accounts without check books

The Financial Market Commission (CMF) has published for consultation an amendment to the regulations on checking accounts, set forth in Chapter 2-2 of its Updated Compilation of Rules for Banks. The aim is to allow banks to offer checking accounts without checkbooks to the public if this is established in the respective contract. The consultation process will be open until January 29, 2021. Due to widespread use of debit cards and electronic fund transfers, the use of checks as means of payment has steadily declined in recent years, particularly for smaller amounts. It is expected this amendment will contribute to...

CMF informs about Banking Holiday

The Financial Market Commission (CMF) reminds the community and financial system customers that banks do not attend public on December 31 of each year. This is pursuant to Article 38 of the General Banking Act. This year, December 31 falls on Thursday. Therefore, the Commission recommends taking care of all formalities and errands in advance because the last banking day of 2020 will be Wednesday, December 30. Given the current sanitary conditions, remote channels should be prioritized. This news item was originally published by the Commission for the Financial Market (CMF CL). For more information, please see the Source Link.

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