On Wednesday, October 3rd, the Chamber of Deputies passed the bill that modernizes banking legislation. The floor accepted all the amendments made by the Senate, which include changes in banking secrecy. The bill will be enacted in the next few days, and after that, the president will have a year to regulate the merger of the Superintendency of Banks and Financial Institutions (SBIF) with the Commission for the Financial Market (CMF).
The bill updates the Chilean financial system, adopting the international standards of the Basel III Agreement. Furthermore, to promote a better cohesion of regulatory policies, it establishes that the CMF will absorb the SBIF. This merger will make the CMF main responsible for implementing the new operational safety requirements in the financial system.
The merger will be regulated by a future presidential decree, which, according to the bill passed, must be published no later than one year after its enactment. This will occur in the next few days.