Compendium of Financial Regulations



Compilation of regulations issued by the Central Bank of Chile using the powers conferred by the Constitutional Organic Law to regulate the financial system and the capital market, and other legal regulations.

It consists of an Introduction and a First Part on Financing Systems, with regulations on mortgage operations with letters of credit or through mortgage bonds without the special guarantee of the General Law of Banks, as well as on readjustment systems authorized by the Central Bank.

The Second Part includes regulations for the operation, intermediation and control of the financial system and capital markets. Among these, the most important are the regulation on financial collection and intermediation and that referring to collection or term- or sight-deposit instruments, payment of interest in bank current accounts and the granting of loans or associated overdrafts. In addition, it contains rules on the active and passive ratios of banks, management and measurement of their liquidity position in terms of market risks and liquidity; on the transfer of bank portfolios for securitization purposes; and on foreign financial investments and credit operations of banking companies.

Moreover, it also contains regulations on contracts on bank derivatives in the local market and the recognition of framework agreements for contracting derivative products for purposes of bankruptcy or involuntary liquidation; large value payment systems operated or regulated by the Central Bank (Bank Clearing Houses, Real-Time Gross Settlement System, and Contingency Procedures for Large Value Payment Systems); and retail means of payment corresponding to Payment Cards issued or operated by banking and non-banking entities.

Finally, it includes regulations concerning savings and credit cooperatives; and others concerning pension and the unemployment fund administrator in matters under the Bank’s jurisdiction.