CMF Expands Securities Custody Provisions and BCCh Implements New International Transfers Hub
22 marzo 2019

On March 18, the Commission for the Financial Market (CMF) issued resolution 432 which expands the financial instruments that can be deposited in securities deposit and custody companies. Invoices, certificates of deposit, standby letters of credit and bank notes issued by local or foreign banks may be deposited. For its part, the Central Bank of Chile (BCCh) announced that it will begin the implementation of the entity’s new transfer system, which will be known as the Payments Portal System. It will start operating in April, initially in parallel with the existing scheme which is set to be discontinued soon after.

 

The CMF’s provision expands the reach of securities deposit companies to the financial market in general, allowing market agents to centralize the management of these instruments. From now, invoices, certificates of deposits, standby letters of credit and bank slips issued by local or foreign banks can be deposited in securities deposit and custody companies.  

 

For its part, the BCCh issued Circular 607 establishing the new Payment Portal System. This system, which will be used for national and international transfers between banks, will replace the current communication system for fund transfer requests (OPB Forms) and correspondent bank subscription notices (ABN Forms).  The system will begin to be implemented in April.

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