CHL CMF Business Group Information

On Nov. 27, CHL CMF consulted on business group information.

  • CHL CMF seeks to improve regulations requiring information from business groups.
  • Specifies the sending format and publishing the information received by CHL CMF regarding the formation of business groups of which its audited entities are part.
  • Also published associated FAQ, presentation and brochure highlighting key aspects.
  • Proposal Background
  • Circular 1246 of 1995 provides instructions regarding the form, periodicity and content of the information that audited companies must send to CHL CMF semi-annually.
  • Information in regards natural and legal persons which form the same business group.
  • Must be sent by open corporations, limited by shares, companies issuing commercial papers, bonds or any other publicly offered securities, securitizing companies.
  • Also by fund management companies supervised by CHL CMF, pension fund management companies registered in the Securities Registry, insurance companies.
  • Finally, stockbrokers, securities agents, companies voluntarily in Securities Registry.
  • Require that each supervised entity provide ID and name of the natural/legal persons of the same business group and reasons why they form the business group.
  • Also must provide information for in the event that one or more companies or persons have been identified as controller, the cause of control must be mentioned.
  • Circular 1664 of 2003 establishes that CHL CMF will maintain an updated list of entities that make up various business groups, with historical record of the payrolls.
  • Proposal Overview
  • Requires that the entities supervised by CHL CMF select the business group to which they belong or, failing that, create their group and enter information about it.
  • Specifies the form of sending information on a business group by electronic means.
  • Electronically submitted information automatically available on CHL CMF's website.
  • This regulatory proposal repeals formerly issued circulars 1246 and 1664.
  • Consultation
  • Comments on the regulatory project are due on or before Dec. 15, 2023.
  • Feb. 2024 CHL CMF Final Standard
  • On Feb. 12, 2024, CHL CMF issued General Standard 505, approved by Res 1643.
  • Standard regulates information on business groups, as contained in regulatory report.
  • Also published updated informational brochure providing overview of key aspects.
  • Improves the current regulation that requires information from business groups.
  • Specifies sending format and publishing information on formation of business groups.
  • Comes into force May 1, 2024 and repeals circulars 1246 of 1995 and 1664 of 2003.
  • Entities governed by this regulation will have a period of 20 business days from the entry into force of the regulations to update the initial payroll, i.e. by May 21, 2024.

Regulators CHL CMF
Entity Types B/D; Corp; IA; Ins; Pension
Reference General Standard 505, 2/12/2024; Res 1643, Rep, Info, 2/8/2024; PR, CP, FAQ, 11/27/2023; Rpl Cir 1246; Rpl Cir 1664
Functions Compliance; Legal; Operations; Registration/Licensing; Reporting
Countries Chile
Products Corporate; Equity; Fund Mgt; Insurance; Pensions; Securities
Regions Am
Rule Type Final
Rule Date 11/27/2023
Effective Date 5/1/2024
Rule Id 192764
Linked to N/A
Reg. Last Update 2/12/2024
Report Section International

Last substantive update on 02/15/2024