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CMF submits for public consultation regulations on the submission of information on securities intermediaries' own portfolio instruments

On September 27, 2023, the Financial Market Commission (theCMFor theCommission") published the regulation in consultation that provides instructions regarding the submission of information on instruments in the own portfolio of securities intermediaries and repeals Circular No. 1720 of 2004. The above implies a modernization of the current information requirements that are demanded from securities intermediaries and that are used for statistical and prudential control purposes, in order to adapt them to the new processes and optimize the regulatory burden for the supervised parties.

The referred regulatory proposal seeks that securities intermediaries submit to the Commission the detail, characteristics and valuation of the instruments that are part of their own portfolio, as of the last day of the month and states that such information "must be submitted within the first five working days of the month following the one being reported". “deberá presentarse dentro de los cinco primeros días hábiles del mes siguiente al que se informa”.

At the same time, the aforementioned proposal aims at updating the information requirement, in order for the CMF to be able to carry out an adequate supervision. This update will be carried out through the implementation -in this matter- of the Online Information Sending System (SEIL), so that securities intermediaries deliver to the CMF the information related to their own portfolio through this system and not through the current one, which consists of a report made in practice by means of an Excel file and the sending of an e-mail to the supervision area on a monthly basis.

The purpose of this proposal is to improve the current process, allowing the CMF to ensure the accuracy and sufficiency of the information sent, through the implementation of a system to validate the information by means of SEIL; it enables the Commission to have a system to control the sending, which allows the intermediary to request information resubmissions by means of SEIL to the Commission; it optimizes the regulatory burden for the intermediaries by repealing Circular No. 1. 720, since such information is obtained with greater periodicity and detail through other sources; and it would allow the Commission to store the information provided by the intermediary in databases, which facilitates its use by the various units that require it.

The deadline set by the CMF for the receipt of comments regarding the referred regulation in consultation ends on October 16, 2023.

Should you require further information on this matter, please contact Christian Schiessler (cschiesslerq@jdf.cland/or Fernando Valenzuela (fvalenzuela@jdf.cl).

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