Chile financial regulation overhaul clears 1st hurdle

Friday, November 25, 2016

Chile's lower chamber of congress approved a new legal framework that would create a financial market commission to replace insurance and securities regulator SVS.

The commission would oversee insurance and securities and, in a second phase of implementation, would also begin to gradually regulate the banking industry, according to a congressional press release.

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Both SVS and banking regulator SBIF will eventually cease operations.

The approved proposal includes changes to fines applied to individuals who violate the insurance and securities law.

The proposal will now to the senate.