CHL CMF issued consultation on the Guarantee Fund for Small and Medium Enterprises (FOGAPE) regulations and the associated requirements to request information.
Also issued two circulars that formalize the requirements to request information from CHL CB and the FOGAPE, and Special Guarantees Fund (FOGAES) administrator.
FOGAPE Proposal
Modifies the procedure for determining the maximum amount of leverage of FOGAPE.
Aligning it with what is established in Law 21.543 for the FOGAES, see #161776.
Limit set in the current regulations should impact behavior of debtors in accordance with characteristics established by each program, for adaptable maximum threshold.
Aims to have a process of continuous review of FOGAPE's maximum leverage level, so that it can comply at all times with the committed obligations, same as in FOGAES.
Objective is that FOGAPE leverage limit always considers particular behavior of the debtors of each program instead of fixed limit currently required by the regulations.
Information Requirements
Information requirements updated for monitoring solvency of both guarantee funds.
To ensure consistency of list of debtors, CMF proposed to exclude the administrator (CHL CB) from the requirement to report the debt information of subrogated credits.
Participating entities - banks and savings and credit cooperatives - report entire credit.
Operational change in criteria would materialize with FOGAPE article 31 modification.
Purpose of updating information requirements of CHL CB, in its capacity as administrator of the funds, is to improve and systematize current instructions.
Miscellaneous
Corrects omission in circular 2307 re wording of first paragraph of FOGAPE article 22.
Article 22 currently does not contemplate exceptions for the initiation of collection actions, as a requirement to impose reimbursement of the amount surety.
Consultation
Comments on the drafts are due by Dec. 26, 2023.
Jun. 2024 CHL CMF Final Updates
On Jun. 3, 2024, CHL CMF released Resolution 5051 to approve Circular 2.349 that updates the Administration Regulations of Guarantee Fund for Small Business Owners.
Approved Circulars 2.350 and 2.351 that systematize the information requirements to the Administrator regarding FOGAPE and FOGAES; along with the regulatory report.
Changes address the way to determine maximum ratio of secured obligations, leverage limit, with respect to assets of the Guarantee Fund for Small Entrepreneurs (FOGAPE).
Likewise, the periodic information requirements for the adequate monitoring of both Funds are updated, also establishing requirements for the administrator of FOGAES.
The submission of the first leverage proposal has been extended until Sep. 30, 2024.
New monthly files must be sent before last business day of following month, starting in Oct. 2024, retroactively incorporating all files corresponding to Jan. to Sep. 2024.
