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Central Bank of Chile Issues Operating Rules for Financial Instruments Clearing and Settlement Systems

Santiago, Chile - The Central Bank of Chile has released a set of operating rules for financial instruments clearing and settlement systems to ensure the normal functioning of internal and external payments.

Securities Depositories and Custodians

The Central Securities Deposit is responsible for providing securities accounts, centralized custody services, and asset-related services in Chile. It is regulated and supervised by the Financial Market Commission (Comisión para el Mercado Financiero - CMF) and governed by Law No. 18,876.

Banking Institutions

Banking institutions are authorized to collect funds from the public on a regular basis, performing financial intermediation and transforming maturities. The Central Bank of Chile has been granted powers to issue regulations on various matters concerning banks, ensuring the normal functioning of internal and external payments.

The following regulations apply to banking institutions:

  • Housing Finance:
    • Regulations on Mortgage Transactions with Letters of Credit
    • Mortgage Loans for Housing
  • Credit Control and Collection:
    • Collection and Intermediation
    • Management and Measurement of Liquidity Position
    • Market Risks
    • Investments in Financial Instruments by Pension Funds
    • Requirements for the Sale and Acquisition of Banks’ or Financial Companies’ Portfolios
  • Savings:
    • Term Savings Accounts
    • Deposit Savings Accounts
    • Savings Accounts with Deferred Transfers
  • Current Accounts:
    • Interest Payment
    • Loans and Overdrafts Associated with Current Accounts
  • Guarantees and Collaterals:
    • Regulations on Guarantors and Collaterals in Foreign Currency

Financial Markets Infrastructure

The Central Bank of Chile regulates financial markets infrastructure to ensure the stability and efficiency of financial systems. The regulations include:

  • Financial Innovation and Means of Payment:
    • Issuance and Operation of Payment Cards
    • Regulating companies that issue or operate credit cards or similar systems
  • Regulations applicable to Issuers and Operators of Payment Cards:
    • Chapter III.J.1: Payment Card Issuers
    • Chapter III.J.2: Payment Card Operators

These regulations aim to contribute to the expansion of the retail payments market, ensuring security conditions for all economic agents involved in its functioning.

Effective Date

The operating rules will come into effect on [Date], and all financial institutions are required to comply with them.

Contact Information

For more information or inquiries regarding these regulations, please contact: