Executive Branch Launches Public Consultation on Stock Exchange Regulations
Chile
27 septiembre 2019

On september 23, the Financial Markets Commission (CMF) launched a public consultation for a regulatory proposal amending general rule No. 327 of 2012, concerning the presence of securities on the stock exchange. The proposal seeks to update the requirements established for a security to be considered to have a stock exchange presence, in a bid to harmonize the different uses of this concept within the current legal framework. The text will be in consultation until 18 October.  

The proposal adjusts the conditions that Market Makers must comply with in order for a financial instrument to be considered as having stock exchange presence, and establishes minimum daily trading requirements which better reflect those instruments with adequate liquidity and price formation.  

Specifically, the regulations increase the term of the Market Maker contract to 24 months, up from 180 days. It also delegates to the stock exchanges the possibility of establishing exceptional circumstances in which this type of contract may end prematurely or temporarily, without loss of the status of stock exchange presence.

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