September 27, 2022 - The Financial Market Commission (CMF) published for consultation a regulation with instructions regarding amounts paid by General Fund Managers (GFMs) to the Chilean National Fire Brigade Board (CNFBB). Law No. 21,374 amended the Single Fund Law (SFL) to establish that money in investment or mutual funds not collected by their owners five years after these funds are liquidated will be transferred to the CNFBB. In addition, Law No. 21,433 also amended the SFL to require GFMs to submit to the CMF every march information on money paid to the CNFBB from mutual or investment fund shares belonging to deceased participants, as well as dividends and other uncollected benefits. Accordingly, the regulation under consultation issues instructions to comply with information requirements stated in the SFL.

Regulatory Proposal

The regulatory proposal states GFMs must submit to the Commission, via the Online Information Submission System (SEIL) available on the CMF website, information required by the SFL on mutual or investment fund shares belonging to deceased participants, including dividends and other uncollected benefits arising from the liquidation of these funds. The proposal also reiterates the obligation for GFMs to inform fund participants about uncollected shares or amounts which are liable to be paid to the CNFBB.

Interested parties can access the Draft Rules and Norms section of the CMF website until October 14, 2022 to check the details of the regulatory proposal and submit their feedback. The Commission also makes available a Technical Sheet, Informative Brochure, Presentation, and FAQ Document with its core elements.

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