On December 26, the Central Bank of Chile (BCCh, for its acronym in English) published the regulatory framework for a new Real Time Gross Settlement System for interbank payments in dollars (LBTR USD System). In addition, the Financial Market Commission (CMF, for its acronym in Spanish) issued an amendment to the regulations governing conditions for outsourcing services to be met by banks, subsidiaries and support companies and payment card issuers and operators (Circulars 2245 and 2244).
In principle, the BCCh expects this new system to make a positive contribution in the face of operational contingencies, allowing for the continuity and fluidity of dollar payments. It also seeks to increase the competitiveness of local financial market infrastructures and promote the development of new financial infrastructures, as well as increase market transparency and confidence, enabling information on dollar payments made by participants to tracked. Access an explanatory minute of the BCCh regulations by clicking here.
The CMF’s norm regulating conditions for outsourcing services states that each entity’s board of directors will be responsible for evaluating the benefits and difficulties involved, including so-called contingency sites. The main objective is to facilitate market development by broadening the spectrum of actors competing to provide services in accordance with best international operational practices. Please see a presentation and an explanatory report by the CMF on the regulation.
Also, two documents prepared by the CMF in connection with Circular 2243, updating the instructions included in the Compendium of Accounting Standards for Banks (CNCB). This measure seeks to incorporate the latest changes in International Financial Reporting Standards (IFRS) updating the formats for presenting financial information, taking into account greater information openness. Access a presentation on the standard by clicking here and its regulatory report by clicking here.