Financial Crime World

CENTRAL BANK ISSUES RULES FOR FINANCIAL INSTRUMENT CLEARING AND SETTLEMENT SYSTEMS

The Central Bank of Chile has issued a new set of rules governing the clearing and settlement systems of financial instruments in the country. These regulations aim to ensure the stability, efficiency, and public confidence in the financial markets.

SEcurities Depositories and Custodians

  • The Central Securities Deposit will continue to provide securities accounts, centralized custody services, and asset-related services to banks and other financial institutions.
  • These entities are regulated by Law No. 18,876 and supervised by the Financial Market Commission (FCM).

Banking Institutions

  • Banks in Chile are authorized by law to collect funds from the public on a regular basis and perform financial intermediation.
  • The Central Bank of Chile has been granted powers to issue regulations on various matters related to banks, ensuring the normal functioning of internal and external payments.
  • The FCM requires the opinion of the Central Bank before issuing certain regulations. The regulations applicable to banking institutions are outlined in the General Banking Law and the Constitutional Organic Law of the Central Bank.

Financial Markets Infrastructure

  • The Central Bank has issued regulations on financial innovation and means of payment, including fintech developments, new financial products, legal or regulatory changes, and innovations in existing financial services.
  • The bank’s rules aim to ensure the normal functioning of the payment system and contribute to the expansion of the retail payments market.

Issuance and Operation of Payment Cards

  • The Central Bank has regulated the issuance and operation of payment cards, including credit cards, debit cards, and cards with provision of funds.
  • The regulations seek to ensure security conditions for economic agents involved in the payment system.

Regulations in Effect

The following regulations are currently in effect:

  • Chapter II.A: Housing Finance Compendium of Financial Regulations
  • Chapter III.B: Credit Control and Collection Compendium of Financial Regulations
  • Chapter III.E: Savings Compendium of Financial Regulations
  • Chapter III.G: Current Accounts Compendium of Financial Regulations
  • Chapter III.I: Guarantees and Collaterals Compendium of Financial Regulations
  • Chapter III.J: Payment Card Issuers and Operators Compendium of Financial Rules

The Central Bank will continue to monitor the financial markets and update its regulations as necessary to ensure their effectiveness in promoting stability, efficiency, and public confidence.