Chile:Technical Assistance Report-Forming an Integrated Supervisory Authority

Author: International Monetary Fund. Monetary and Capital Markets Department and International Monetary Fund. Legal Dept.

Technical Assistance Report-Forming an Integrated Supervisory Authority

Volume/Issue: Volume 2020 Issue 056

Publication date: February 2020

ISBN: 9781513531687

$18.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Public Finance , ISCR , CR , CMF law , governance model , governance structure , CMF charter , CMF President delegate , committee structure , conglomerate supervision , steering committee , committee chair role , Board of the CMF , Legal support in revenue administration , Financial sector stability , Bank supervision , Organizational structure of revenue administration , Global

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Summary

This Technical Assistance Report paper on Chile advices on the planned integration of the superintendency for banking supervision, Superintendencia de Bancos y Instituciones Financieras (SBIF), into the Comisión para el Mercado Financiero (CMF). While the approved Bills contain important enhancements to the governance and regulatory framework, several legal aspects would benefit from further clarification. These include aspects related to the mandate, objectives, powers, and governance of the CMF. This report discusses the mission’s main observations and recommendations regarding the integration of the SBIF into the CMF. The report also provides an overview of the existing supervisory architecture and discusses the legal mandate, objectives, and powers of the new CMF, followed by a discussion on the governance arrangements that existed prior to the integration and of the main changes brought in the Law recently approved. It also discusses a possible blueprint for the organizational structure of the new CMF aimed at realizing the desired synergies in the supervision function and strengthening conglomerate supervision.