Norms about Netting in Derivatives Contracts are Modified
Resolution number 2270-02-191212 (the “Resolution”), taken by the Council of the Central Bank on its meeting held on December 12, 2019, was published in the Official Gazette on December 17, 2109. By means of this resolution, the Central Bank amended Chapter III.D.2 of its Financial Rules Compendium on “Recognition and regulation of master agreements for entering into derivative agreements for the purposes indicated” (“Chapter III.D.2”).
These amendments seek to adapt Chapter III.D.2 to the current terms of the General Banking Act and those of Law No.20,720 (the “Bankruptcy Law”), introduced by Law No.21,130.
The abovementioned amendments are related to the general terms and conditions, established by the Central Bank, that derivatives master agreements (“Master Agreements”) in which a bank established in Chile or any institutional investor is a party must comply with for netting of related obligations.
The main amendments are:
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