Central Bank Introduces An Amendment To Payment Cards Operation Regulations

On December 26, 2018, the Central Bank of Chile published an amendment to Chapter III.J.2 of its Financial Regulations Compendium, on Payment Cards Operation, after a one-month public consultation that allowed the general public to make comments or observations to the proposal.

The main amendments can be summarized as follows:

1. Review of the definition and requirements of the Brand Holder, for Operation purposes: In addition to specify certain aspects related to the required risk classification, it is now ruled that the Brand Holder can be a foreign State, a foreign public or private entity or a foreign company owned or managed by a foreign State, to the extent that the long-term sovereign debt of such foreign State has at least a BBB risk rating, or its equivalent.¹