August 1, 2023 - The Financial Market Commission (CMF) published today "Guidelines for a Financial Conglomerates Act in Chile," a document analyzing the relevance of including financial conglomerates as part of the institutions under the CMF's prudential supervision. It also describes the relevance of financial conglomerates in Chile and presents a proposal for a supervisory legal framework.

The experiences of foreign jurisdictions; the global best practices contained in the principles of the Joint Forum of Financial Supervisors; and the specific recommendations for the Chilean market contained in the last two Financial Sector Assessment Program reviews conducted by the World Bank and the International Monetary Fund were considered to prepare this document. It also received technical support from the IMF and incorporates lessons learned from the experience of coordinated work between regulatory and supervisory institutions in Chile.

The Commission hopes this document will be the basis for a discussion on the need to move forward with developing an Act to strengthen the current supervision of regulated institutions. Interested parties can download the white paper and send their feedback to conglomerados@cmfchile.cluntil December 29, 2023.