Regulatory Agencies begin integration pending enactment of Banking Law
Chile
16 noviembre 2018

On November 13, the Superintendency of Banks and Financial Institutions (SBIF) and the Commission for the Financial Market (CMF) instigated a process of integration in compliance with a law that modernizes banking legislation. They have formed a joint Steering Committee that will establish the mechanism for integration and create a common working team to develop the operational aspects of the process. This is to go ahead pending the enactment of the banking law, currently under review by the Constitutional Court, expected to be complete by the end of the year.

The SBIF and the CMF officially initiated the joint working process as a means to make their future integration more feasible. To this end, they have created two spaces for inter-institutional cooperation: a Steering Committee that will study and define the mechanisms to be applied to ensure proper integration, and a work team that will be in charge of defining the mechanisms to make the Committee’s plans viable. The institutions have stated that this anticipated cooperation will allow them to proceed with an orderly integration, thus reducing the risks associated with operational continuity and supervision of the financial system.

This integration is stipulated in the law on Modernizing Banking Legislation, passed in the National Congress last October 3. Since then it has been in the Constitutional Court, which is analyzing its content to ensure there are no constitutional incompatibilities. Once this is complete, it will return to the Executive for enactment, which would happen before the end of the year.

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