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Special Pledge -Description

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According to Law No. 20,956 published on October 26th, 2016, a set of measures were established to boost productivity, and thus the economy’s development. This law, highlighted among other things, the amendment to Law No. 18,876, whose purpose was to simplify the establishment of guarantees on securities deposited in custody companies (incorporated under the aforementioned Law), therefore reducing their costs and facilitating their execution. For that purpose, this law created a new type of pledge on securities in deposit service which consists in having securities registered in a book entry system called “Special Pledge”.

The most relevant features of this new Special Pledge service are the following:

  • It considers signing a master agreement by the DCV and its depositors.
  • Garments can be constituted on any value deposited in the DCV, being able to guarantee any type of obligation.
  • Establishing and cancelling the Pledge will be carried out through timely electronic communications between depositors (they may act on their behalf or on behalf of their principals) and the respective securities depository.
  • For carrying out or executing the Special Pledge, the pledgee may place the pledged securities in a stock exchange, so they can be publicly auctioned.
  • The certificates issued by the depository company by which the Special Pledges are registered will have the sufficient capacity to allow disposing the pledged securities represented therein.

The Depósito Central de Valores (DCV) makes available the “Special Pledge Service on Securities on Deposit”, whose implementation considered two stages:

  1. In the first stage, in 2017, through the SWIFT channel, the Service was implemented only for operations between the Central Bank of Chile (BCCH) and Depositors that belonged to banking companies. The operations involved the use of one or more credit lines in the national currency (with a pledged security), according to the standards published by the BCCH on November 8th, 2017, in the Official Gazette.
  2. n the second stage, in 2018, the instructions channel (which deals with securities’ registrations and pledge cancellations) was implemented by means of an incoming file mechanism and a web interface for instructions and queries. This new channel is available to all DCV’s Depositors who have signed the master agreement.
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