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New securities and insurance regulator in Chile

financial market , svs
15 December, 2017

On December 14, the Commission for the Financial Market (CMF) became operational, replacing the Superintendency of Securities and Insurance (SVS).

On December 13, DFL No. 10 of the Ministry of Finance was published in the Official Gazette.

On January 15, 2018 the SVS will cease to exist.

Due to the enactment of DFL N ° 10 of the Ministry of Finance published in the Official Gazette on December 13, 2017, the Commission for the Financial Market (CMF) that comes to replace the Superintendency of Securities and Insurance (SVS), started operations on December 14, 2017. The definitive suppression of the SVS will occur on January 15, 2018. This gives a final transition period of one month.

The enactment of this DFL, in accordance with the provisions of the first transitory article of Law No. 21,000 (Law) that created the CMF, also generates the entry into force of article four of the Law, in the sense that from now on, the CMF will collaborate with the Chilean tax authority (SII) in its supervisory role of compliance with tax regulations.

It should be noted that as of December 14, 2017, the securities and insurance markets are now subject to the oversight of the CMF.

For the fulfillment of such important work, the CMF will be governed by a council of five commissioners appointed by the President of the Republic, four of which must have been approved by the Senate. The  commissioners are Carlos Pavez Tolosa (president of the council and current Superintendent of the SVS), Kewin Cowan Logan, Mauricio Larraín Errázuriz, Rosario Celedón Förster and Christian Larraín Pizarro.

Felipe Cousiño, Partner

Nicole Cartier, Senior Associate

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