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ARTICLE · 18 JANUARY 2019

Law 21,130 Modernizes Chilean Banking Legislation

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With the incorporation of the CMF, the figure of a Superintendent is eliminated, being replaced by a Council, composed of 4 commissioners and a president.

ChileFinance and Banking
Diego Peralta
Diego Peralta
Fernando Noriega
Fernando Noriega
Kriss Andía
Kriss Andía

Last Saturday, January 12, and after a year and a half of legislative discussion, the law that modernizes the banking legislation contained in the General Banking Law ("LGB"), was enacted as Law of the Republic, after the control of the Constitutional Court was fulfilled.

The Law incorporates new banking capital and reserves requirements, in accordance with the Basel III guidelines, in addition to modernizing the corporate governance and the powers of the banking regulator and the bank resolution mechanisms.

In this way, the Law consists of the following main axes:

Transfer of all faculties from the Superintendence of Banks and Financial Institutions ("SBIF") to the Commission for the Financial Market ("CMF")

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