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Francisco Ugarte

Francisco Ugarte



  • Insolvency, Bankruptcy and Restructuring
  • Capital Markets
  • Banking and Finance
  • Government Procurement

WSG Practice Industries


WSG Leadership

Private Equity Group
Trade and Investment Group



Partner of Carey and co-head of the firm’s Corporate / Mergers & Acquisitions / Capital Markets / Banking & Finance Group. His practice focuses on advising international and local clients in mergers and acquisitions, including tender offers, auction processes, acquisitions of companies and assets, negotiated transactions, joint ventures, private equity transactions, securities and debt offerings, derivatives, project financing and development, representing both corporations and financial institutions.

Bar Admissions

Chile (1996).


  • Law, Universidad Católica de Chile.
  • LL.M., The University of Chicago (2001).
Areas of Practice

Banking and Finance | Capital Markets | Government Procurement | Insolvency, Bankruptcy and Restructuring | Mergers and Acquisitions | Private Equity

Professional Career

Significant Accomplishments

  • Recognized in Corporate and M&A, and in Capital Markets, Chambers Latin America.
  • Recognized in Corporate and M&A; Banking and Finance; Capital Markets and in Mining & Metals, Latin Lawyer 250.
  • Recognized as Best Individual Lawyer in Derivatives and in Mergers and Acquisitions in Chile, Client Choice (2012, 2014 and 2018).
  • Recognized as Thought Leader in Corporate and M&A, and in Capital Markets, LACCA.
  • Recognized in Banking and Finance and Corporate and M&A, IFLR1000.
  • Ranked as one of the leading corporate lawyers in Chile under the age of 40, Latin Lawyer (2003).
  • Recognized in Banking and Finance, Capital Markets, Corporate and M&A, Derivatives, Insolvency and Reorganization, Investment,  Private Equity, Project Finance and Development and Structured Finance, Best Lawyers.
  • Recognized in M&A and Mining, Who’s Who Legal.
  • Recognized in Corporate and M&A, The Legal 500.

Professional Activities and Experience

  • Member of the Board of SQM, Votorantim Andina and Compañía Industrial El Volcán.
  • Professor of the LL.M. program, Universidad Católica de Chile (since 2010).
  • Vice-Chair of the Latin America & Caribbean Committee, Section of International Law, American Bar Association (ABA) (2017-2018 and 2018-2019).
  • Member of the Steering Group of the M&A Joint Venture Committee, Section of International Law, ABA (2018-2019).
  • Member of the International Bar Association.
  • Professor of Corporation Planning and M&A, Universidad Adolfo Ibáñez (2009-2012).
  • Professor of Business Organization, Universidad del Desarrollo (2009).
  • Foreign Associate, Project Development & Finance Group, Shearman & Sterling, New York (2001-2003).
  • Member of the Chilean Bar Association.


Law N°21,000 Establishes the National Financial Market Commission of Chile
Carey, March 2017

On February 23, 2017, Law N°21,000 (the “Law”) was published in the Official Gazette of Chile, creating the Commission for the Financial Market (the “Commission”), a professional body and technical entity that will replace the current Superintendency of Securities and Insurance (“ SVS “). The Law will enter into force in August 2018, or at an earlier date if the Commission becomes operational sooner...

Additional Articles

  • Co-author of the Chilean chapter in ICLG – Derivatives, Global Legal Group (2020).
  • Author of the Introduction «Legal innovations that foreign investors should be aware of», ILFR Guide (2014).
  • Co-author of «Secured Transactions South of the Border: Chilean Highlights and Recent Developments», Conference on Consumer Finance Law, Quarterly Report, Vol.66, n°3 y n°4, Oklahoma City University Law School (2012).
  • Author of the Chilean chapter in «Essentials of Merger Review», International Antitrust Committee, American Bar Association (2009).
  • Co-author of the Chilean chapter in «Merger Control Worldwide»,  Cambridge University Press (2005).
  • Contributor in several legal reforms promoted by the Chilean government and other non-governmental entities, including the NCG 30’s reform by the Insurance and Securities Commission regarding the registration of securities and debt offerings; the new regulation on corporations; the new law that facilitates the registration of a new business and the code for the certification of mining projects that seeks to facilitate the financing and IPO of new and junior mining companies; among others.


Chilean Tax Reform

A new project to reform and modernize the Chilean tax system, and boost investment in the country, was presented by the government of President Sebastián Piñera on August 23, 2018. Through this website, and as with the two previous tax reforms, Carey will offer an analysis of the main proposed...

Constituent Process in Chile

On November 15, 2019, against the backdrop of social demonstrations that had been taking place during the previous weeks, a social and political milestone occurred: the majority of the political forces represented in the Chilean National Congress reached a broad consensus. They agreed that in April...

WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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