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CMF reports on permanent monitoring of the financial market due to spread of the coronavirus

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  • The CMF requested entities to inform their operational continuity plans and evaluate possible financial impacts, as well as instructing on necessary measures to serve customers and users. It is also in constant coordination with economic authorities.
  • It has also implemented a plan to guarantee its operational continuity and service to both supervised entities and the general public, including teleworking measures.

March 18, 2020.- The Financial Market Commission (CMF) reports on the measures adopted following permanent monitoring of the effects of the Covid-19 coronavirus – declared a pandemic by the World Health Organization – and the impact it may have on its supervised entities.

  • Operational Continuity Plans: The Commission has requested its supervised entities, including banks and support companies of banking activities; insurance companies; fund managers; securities and product intermediaries; and financial market infrastructures, to apply their contingency plans in a timely manner. Said plans include the deployment of business continuity measures necessary to guarantee operational continuity pursuant to their regulatory obligations and the proper service of its customers, depositors, investors, policyholders, or participants.
  • Disclosure of information to the market: The CMF has required issuers of publicly offered securities to disclose as soon as possible any significant information on financial and operational effects that the outbreak of COVID-19 could mean, including measures taken to mitigate such effects. This is pursuant to transparency requirements imposed on them by the Securities Market Law and CMF regulations.
  • Third-Party Fund Administrators and Securities Intermediaries: These entities were instructed to continue applying risk management frameworks required by the regulations in force. Therefore, they can timely meet the requirements of investors or participants in the funds under their management.
  • Instructions regarding customer and user service: Supervised entities were instructed to adopt all necessary measures to provide adequate service and information to their clients, strengthening channels like websites and mobile applications, among others. As for the banking industry, bank branches must be open from 9 AM to 2 PM on business days, in accordance with the provisions of the General Banking Act. In the cases where banking entities face inconveniences in the current situation, either in the opening of their branches or in the provision of other services, they must adopt the measures required for this purpose so that users can access the respective banking services in the various geographical areas in which they operate. Banks must take all necessary measures and keep their customers informed by any means available – highlighted notices in branches, websites, and mobile applications.
  • Measures relating to the CMF’s operation: Under the Commission’s operational continuity plan, appropriate measures are in place to ensure the continuity of its functions and the services it provides to citizens and financial actors. Said measures also allow our personnel to continue working within the guidelines laid down by the health authority, including teleworking measures.
  • Channels for citizens and supervised entities: Citizens and supervised entities can access information and services provided by the CMF through its digital platforms. Supervised entities can use the CMF sin Papel (Paperless CMF) service to make submissions, and send their documentation through the Online Information Submission System (SEIL) on our website. Citizens can use the CMF + Cerca service to make all their general inquiries in securities, insurance or banking matters; file complaints against supervised entities; review the status of their submissions; or make a denunciation.
  • Coordination among financial authorities: The Financial Market Commission is also in permanent coordination with the country’s financial authorities through the Financial Stability Board, i.e. the Ministry of Finance, the Central Bank, and the Superintendence of Pensions.

The CMF continues to monitor events that may affect the financial market as a result of the COVID-19 situation and is ready to use its attributions and powers to ensure the proper functioning and stability of said market. It also encourages citizens and supervised entities to use the digital platforms of financial institutions given the current situation in the country.

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