April 1, 2016

Island of San Andrés (Colombia) April 1, 2016 - The Financial Superintendence of Colombia (SFC), the National Banking and Securities Committee of Mexico (CNBV), The Stock Market Superintendence of Peru (SMV), and the Superintendence of Securities and Insurance of Chile (SVS) met on the Island of San Andrés – Colombia on the occasion of the VII Forum of Supervisors of the countries that comprise the Pacific Alliance.

The meeting began with the analysis of the macroeconomic context of the four countries, reaffirming the importance of the capital market in order to successfully face the financing needs that may arise this year and the next, considering the volatility of the foreign markets.

The authorities agreed on the advantages of regional financial integration and restated their commitment to invigorate the market looking for a balance between the promotion and protection of investors.

The forum allowed for the discussion of the results of various studies performed to identify the main barriers hindering the growth of business volumes, as well as the mechanisms to promote such growth, particularly the role of pension funds, investment fund administrators and other institutional investors.

Following the experience achieved in Colombia in 2015, it was agreed to continue with the internship program in the Mexican jurisdiction during the second quarter of this year.

Furthermore, a meeting will be held in Santiago, Chile to assess the technical proposals requested by the industry with respect to the easing of the securities clearing and settlement process, the adoption of a common passport for collective investment funds, counterparty risk management and the facilities for the exercise of foreign investors’ rights, among other aspects.

The delegations of each country were led by the Financial Superintendent of Colombia, Gerardo Hernández Correa; the Superintendent of Securities and Insurance of Chile, Carlos Pavez Tolosa; the President of the National Banking and Securities Committee of Mexico, Jaime González Aguadé, and the Superintendent of the Stock Market of Peru, Lilian Rocca Carbajal.

The VII Forum of Supervisors of the Pacific Alliance was sponsored by the Inter-American Development Bank – IDB, and was attended by the Andean Development Corporation (ADC). Moreover, the meeting was attended by representatives of the Central Securities Depositories of Colombia, Chile, Mexico and Peru, with whom experiences and expectations were shared regarding the development of Financial Integration within the scope of the Pacific Alliance.

Finally, the meeting also allowed for the analysis of issues related to the execution and progress of the Technical Cooperation Agreement subscribed between the various supervisors and the IDB. 

	Download SVS Press Release (Spanish Only)

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