On October 15, the Chamber of Deputies passed the bill proposing new transparency requirements and strengthening the responsibilities of market players with amendments. The text was returned to the Senate for analysis in the next few days.
Although the chamber passed the bill in general, there were some new comments presented by the deputies during the session which ended up being approved. These include the limitation on former public officials from taking positions in private companies, to avoid the risk of insider information and influence peddling. The Deputies proposed a non-compete clause envisaging a period of one year after leaving office before such figures may join a company or agency regulated by law.
Finance Minister Ignacio Briones subsequently indicated that the bill emphasizes the need to sanction bad practices and establishes measures to achieve a more competitive market. He added that it establishes greater control over companies offering investment products, tougher penalties and sanctions for stock market crimes.