SBIF Publishes Law to Modernize Banking Legislation in Chile

In Chile, the National Congress has approved the law to modernize the banking legislation. This law modifies the General Law of Banks and transfers the supervision of financial entities, including banks, issuers, and operators of credit or payment cards with provision of funds, from the Superintendent of Banks and Financial Institutions (SBIF) to the Commission for the Financial Market (CMF). The law updates certain existing regulations on capital requirements and risk management, covers intervention mechanisms for the crisis management framework for banks, and addresses corporate governance requirements.

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