The House of Representatives has voted on amendments to the General Banking Law in the context of the Second Capital Markets Bill. The next legislative step is the debate of the bill at the Senate. Additionally, Chilean regulators are considering the adoption of the agreements of Basel II, which would require amendments to the General Banking Law itself, among other regulations.
Including: Market Overview; Commercial Banks; Commercial Bank Financial Requirements; Ownership Restrictions; Foreign Banks; Dissolution and Liquidation of Banks; The Future.
The House of Representatives recently debated the second Capital Markets Bill. The bill aims to give the Superintendency of Banks and Financial Institutions more authority with a view to guaranteeing adequate commercial practices, and boosting the efficiency, transparency and accessibility of the banking and financial markets.
The board of the Central Bank of Chile has increased the permissible investments for domestic banks offshore, in order to include securities issued or secured by international entities to which the republic is a party, and structured notes issued by investment banks.
New regulations for 2001 introduce supervisors to evaluate the management of banks. The criteria cover administrative procedures, objectives and strategy plans.
Including: Regulation and Supervision; Licensing and Incorporation; Representative Offices; Banking Activities