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On June 1st, the Chilean financial market will undergo a big change: The Commission for the financial market (CMF) and the Superintendence of Banks and Financial Institutions (SBIF) will come together giving life to a single regulator. This was after President Sebastián Piñera enactment (last week) of the new General Banking Law that, among other measures, stipulates that all entities that are currently supervised by the SBIF will now be under CMF’s oversight. According to the presentation made by CMF’s Vice-president, Rosario Celedón F, on January 8th, at the “General Banking Law: principal changes and challenges” seminar, internationally there is a global trend towards financial supervision models with greater integration, and whose purpose is to take advantage of synergies. The Financial Stability Institute argues that the evolution of financial supervision architecture after the global financial crisis has tended towards more integrated models, where an appropriate design is considered a key factor for the financial system’s efficient functioning as well as the strengthening of powers for the purpose of preventing financial crises and mitigating their impact. In this way, according to Celedón, by the incorporation of the SBIF to the CMF, the financial supervision and regulation model is achieved and will allow, among other things, to have a systemic vision of the financial market and audited institutions; greater regulatory consistency between sectors and thus avoid arbitration; it will allow the strengthening and harmonizing of the market’s conduct supervision; taking advantage of synergies and have a broader base for developing and strengthening specialized skills; it will reduce coordination and exchange of information costs among regulators, and will allow improving conditions for supervising financial conglomerates. At a corporate governance level, the new institution will be empowered with greater autonomy, continuity and a more coordinated vision..
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