Due to the enactment of DFL N ° 10 of the Ministry of Finance, as published in the Official Gazette on December 13, 2017, the Commission for the Financial Market (CMF) replaced the Superintendency of Securities and Insurance (SVS), starting operations on December 14, 2017.
After a month's transition period, the definitive devolution of the SVS took place on January 15, 2018. Therefore, the securities and insurance markets are now subject to the oversight of the CMF.
The CMF will be governed by a council of five commissioners appointed by the President, four of which must have been approved by the Senate. The commissioners are Carlos Pavez Tolosa (president of the council and former Superintendent of the SVS), Rosario Celedón Förster, Mauricio Larraín Errázuriz, Christian Larraín Pizarro and Kewin Cowan Logan.
The main change for this new regulator is the creation of an Investigation Unit, led by a Prosecutor who will have the role of investigating, issuing fines and overseeing the different players in the market. The CMF Prosecutor is Andrés Montes, a former Regional Criminal Prosecutor.
Furthermore, it is expected that in the short-term the CMF will also regulate the banking industry, once the General Bank Law has entered into force.