Chilean Pensions Superintendence Published Provisions that Consolidate Regulations Regarding Investment in Alternative Assets
by Cristián Eyzaguirre, Francisco Guzmán, Andrés Latorre
Published: February, 2020
Submission: February, 2020
On December 27, 2019, the Chilean Pensions Superintendence (the “SP”) issued General Regulations No.68 and No.256, amending the Unemployment Insurance Regulation Compendium and Pension Funds Regulation Compendium, respectively, in order to organize the different regulations applicable to the investment of Pension Funds in alternative assets and consolidate the various instructions and resolutions issued by the SP between 2018 and 2019.
Since its entering in force on November 1, 2017, the new investment regime allowed the investment of Pension Funds’ resources in “alternative assets”, which are instruments, operations and contracts representative of real estate assets, private equity, private debt, infrastructure and other assets traded on private markets, with the main purpose of achieving a greater diversification of the funds’ investments, reduce costs and obtain a better return.
Among the improvements introduced by the general regulations mentioned above there are the following:
The new General Regulations came into force on December 27, 2019 (except for certain reporting obligations, which shall enter in force on July 1, 2020).
Also, on January 1, 2020 came into force the amendments of SP to the Pension Funds’ Investment Regime set forth in ruling No.24 dated as of March 25, 2019. These are:
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