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According to Law 20.551 issued in 2011, to guarantee the Chilean Government the full and timely compliance of the closing of mining worksites and facilities, mining companies shall pledge guarantees that ensure the performance of their obligations. For further detail, please check the content of Law 20.551.
Following the joint efforts of the Depósito Central de Valores and the Association of Banks and Financial Institutions, as to using the Electronic Pledge Registry Service (REP) –whose results were made known by both institutions in late June (a copy of which we attach hereto) - there has been a significant increase in the electronic registry and release of pledges, achieving an overall growth for the period of July-December of 89.5%.
Central Securities Depository (DCV) welcomes 6 new customers have joined their services in the months of November - December.
In our search to serve all the information needs required by the securities market, both from a regulatory and business point of view, DCV, together with a group of banks, has worked to produce a report that aids in compliance with the requirements set forth by the Superintendence of Banks and Financial Institutions (SBIF), specifically of Circular Letter No. 11 of 2015 "file D54" (attached), where the SBIF requires the disclosure of certain information regarding guarantees to banks.
Many brokers, investment funds and international investors, when investing in Chile, value that local brokers have systems that enable electronic and automated confirmation of their buy/sell orders.
