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”) ...
On December 6, 2019, the Financial Analysis Unit (“UAF”) issued Resolution (oficio ordinario) No. 1745, applicable to all reporting entities detailed in Article 3 of Law No. 19,913 (e.g. banks, real estate management companies, insurance companies, among others), in order to enable them to effectively and correctly comply with General Instruction No. 59 dated May 24, 2019 (“Instruction No. 59”) ...
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 ...
Carey partner, Diego Peralta, and associate, Vesna Camelio, contributed to the Q&A section of the Chilean chapter in the first edition of the “Foreign Direct Investment Regimes: A practical cross-border insight into FDI screening regimes”. To read the full article, click here: https://www.carey.cl/download/filebase/noticias/_notes/Chilean-chapter-ICLG-Foreign-Direct-Investment-Regimes ...
On August 26th, 2019, the National Institute of Normalization (INN) published Technical Specification INN/ET1 on compliance plans for the protection of consumer’s rights (the “Technical Specification”), in accordance to which suppliers can develop the compliance plans referred in Article 24 subparagraph four of Law No. 19,496 Consumer Protection Act (“CPA”), included therein after the latest amendment to that Law ...
Our partner, Felipe Moro, and our associate, Diego Lasagna, authored this year’s Thomson Reuter’s Practical Law guide about Banking Regulation in Chile, which provides, “a high level overview of the governance and supervision of banks, including legislation, regulatory bodies and the role of international standards, licensing, the rules on liquidity, foreign investment requirements, liquidation regimes and recent trends in the regulation of banks ...
The Ministry of Health has published a new public consultation process regarding proposed modifications to the Preliminary Titles; II "Food"; XXVII "Of Alcoholic Beverages, Fruit and Vegetable Juices and Bottled Waters"; and XXIX “Of the Food Supplements and Foods for Athletes” of Decree No. 977/1997 that establishes the Sanitary Regulations for Foods (hereinafter, “ RSA ”) ...
Law No. 21,121 (the “Law”), which came into force on November 20, 2018, amends the Criminal Code, Law No. 20,393 on Criminal Liability of Legal Entities, and Law No. 19,913 on Money Laundering, in connection with various criminal conducts relating to corruption and conflicts of interest. The following is a summary of the main aspects of the Law: 1.Domestic Passive and Active Bribery ...
Although blockchain and smart contracts are young, still-evolving and need to be tested and improved, they are already promising a revolution in different areas of the economy, and this is not unfounded; both could bring huge improvements across many areas. Imagine being able to get a mortgage, buy an apartment and get the relevant records immediately registered under your name with no need to make legal reviews of these transactions in just one click ...
In recent months a Customs Destination Certificate (CDA, in its Spanish acronym) will be required for medical devices1that do not have a sanitary registration to be imported into Chile. The CDA must be requested and obtained by the importer through the Institute of Public Health’s (ISP, id.) GICONA 2.0 electronic platform, and will require the payment of an official fee corresponding to the service code 4111027, “Customs Destination Certificate, law 18,164” ...
As the Commission for the Financial Market (the “Commission”) came into full force this January (read previous news alert here), the regulation of the Chilean financial market took a step forward in terms of institutionalism and modernization. In this context, one of the changes introduced by Law No. 21,000 (the “Law”), that created the Commission, is the self-regulation of entities in the financial market ...
Earlier this year, and five years after being presented before the National Congress, Law 21,064 that “Introduces modifications to the regulatory framework that rules water on inspection and sanctions matters”, was enacted and published in the Official Gazette (Bulletin 8149-09) (the Law). The main modifications introduced by the Law to the current regulatory framework are the following: 1 ...
Earlier this year, Decree No. 1 of the Ministry of Health (herein, the "Decree") was published on the Official Gazette. The Decree sets forth the graphic characteristics of the message for the promotion of healthy life habits that must be included in the advertisement of foodstuff products established in Article 5 of Law No. 20,606 -those that qualify as "High in" one or more critical nutrients- made through mass communication ...
I OVERVIEW The private equity industry has continued to develop in Chile but at rates lower than in previous years. Growth rates of 2.1 per cent for the year ended 31 December 2015 and an expected rate of 1.6 per cent for the year ended 31 December 2016 have certainly affected the investment activity generally. Chile continues to offer, however, an attractive business environment and a stable legal framework ...
The Chilean Economic Development Agency, Corfo, and the Foreign Investment Promotion Agency, InvestChile, have announced the opening of the first call for national and foreign companies, to express their interest in manufacturing lithium products, such as battery cathodes and electrolytes. Companies that are selected will be guaranteed 25 per cent of US producer Albemarle’s lithium production at the lowest cost available in the market ...
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 ...
The Law that “Amends the Gas Service Law and other legal provisions” (hereinafter, the “New Law” ) entered into force on February 9, 2017. The purpose of the New Law is to fill in the legal gaps existing in a market that, according to the parliamentary discussion, needs to improve the level of competition among their different actors ...
On October 26th, 2016, Law No. 20,950, otherwise known as the “Law to Boost Productivity” (the “Law”), was published in the Official Gazette, introducing various modifications to different laws and regulations in order to enhance the country’s productivity through the expansion of the financial system and the promotion of the exportation of services. Main measures for the expansion of the financial system: Several legal provisions of Law Decree No ...
Law No 20,590 (the “Law”), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the “Prepaid Cards”), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016 ...
The Law Decree No. 211 was amended on August 30th, 2016 by Law 20,945 (the “New Law“). The following are the main amendments: Amendments on collusionThe New Law amends the crime of collusion introducing the per se standard to punish hard core cartels, providing evidence of the existence of an agreement being sufficient, independently of the power of the parties in the market and the anti-competitive effects ...
On September 8th, 2016, Law No. 20,940 was published. The law is aimed at the “Modernization of Labor Relations” (hereinafter the “Labor Reform” or the “Law”). The aim of the Labor Reform is to develop labor relations that are more modern, fair and balanced between the parties, and promote dialogue and agreement ...
From August 30th of 2016, the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents, commonly known as the “Apostille Convention”, and which changes the legalization process of foreign public documents, will enter into force in Chile. This treaty was signed on October 5th, 1961, and on December 2015 Chile completed the procedures to ratify it. In order to enforce this convention in Chile, Law No ...
On July the 27th 2016, Law No. 20.936 that establishes New Power Transmission Systems and creates an Independent Coordinating Body for the National Power System (the “Transmission Law” or “New Law”) was published. Its stated objectives are to ensure that transmission does not become an obstacle to power generation, increase competition in the electrical market and boost the development of non-conventional renewable energies ...
