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Chile’s Banking Regulation Compliance: A Complex System

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The Central Bank of Chile plays a crucial role in shaping economic public policy regulations through its broad regulatory powers. This autonomy allows it to ensure the stability of the currency and normal functioning of internal and external payments.

Regulatory Framework

The bank’s regulatory framework is based on a set of rules issued by the Central Bank itself, which are mandatory for economic activities. These rules take the form of:

  • Agreements: Issued by the Board of Directors to exercise powers and fulfill duties entrusted to the Central Bank.
  • Circulars: Inform the public of regulations contained in the Compendia of Regulations and their respective Manuals.
  • Circular Letters: Used to inform the issuance of rules or instructions applicable to specific types of regulated entities.

Compendia of Regulations

The Compendia of Regulations are systematized and updated compilations of general regulations concerning specific matters, such as:

  • Monetary and financial regulations
  • Financial regulations
  • International exchange regulations

These compendia provide a comprehensive overview of the regulatory framework in place.

Types of Regulated Entities

  • Banks
  • Pension fund administrators
  • Insurance companies

Board Agreements

The Board of Directors is responsible for exercising the powers and fulfilling the duties entrusted to the Central Bank by law. The Board expresses its will through Agreements, which are adopted at Board meetings held in accordance with established rules and quorum requirements.

Official Transcripts

Official transcripts reproduce extracts of agreements or resolutions of a particular nature adopted by the Board, duly certified by the Minister of Faith. These transcripts are published for public dissemination and notified in accordance with Article 68 of the Constitutional Organic Law.

Internal Regulations

The Central Bank’s Board has the authority to issue internal regulations for its proper functioning and that of the bank. This includes:

  • Issuing general rules for bank operations
  • Approving staff regulations