Chilean pension fund administrators could directly invest in MILA

Dear Participants

Depósito Central de Valores (DCV) wishes to share the information published in the Official Gazette. The Central Bank of Chile published the final regulation for External Formal Secondary Markets (MSFE), where pension fund administrators (AFP) can invest.

The Central Bank of Chile decided to add, as an additional category, those stock exchanges recognized as External Formal Secondary Markets (MSFE), those located in jurisdictions which current sovereign risk rate is equal to or greater than the “BBB” Category, and that are also featured in “Recognized Markets" by the Superintendence of Securities and Insurance (SVS),  according to its regulation (NCG No. 352), thus amending Chapter III.F.3 of the Compendium of Financial Standards of the Central Bank of Chile, on “Formal Secondary Markets for Trading of Pension Fund Securities” In light of the foregoing, pension fund administrators shall be entitled to invest directly in stock exchanges of the MILA countries (Colombia, México and Peru), included in the new jurisdictions added by the Central Bank of Chile.

Exceptionally, upon request of the Superintendence of Pensions, the Central Bank of Chile will authorize other stock exchanges whose sovereign risk rate is below the “AA” category, even if they fail to meet some of the requirements mentioned in Chapter III F.3. Number 1 of letter B.

Download text from the Official Gazette (Spanish only)

For further information on the scope and benefits of this amendment, please contact DCV’s business area at the email This email address is being protected from spambots. You need JavaScript enabled to view it.

Greetings,

Depósito Central de Valores; Depósito de Valores S.A.