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Chile's banking law reform draft moves to lower house

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Chile's banking law reform draft moves to lower house

Chile's draft of its banking law reform has been passed at the parliamentary committee stage and will now move to the lower house, Pulso reported.

Members of the committee unanimously voted in favor of all provisions in the draft, except those focused on bank secrecy and a specific role that could be assigned to the new financial markets commission, the CMF.

Opposition lawmakers have reiterated that changes made in the draft were not enough, with further amendments likely to be made once the bill is passed from the lower house to the Senate.

Some of the advances made in the provisions of the banking law include specifics on the salaries that will be received by the main members of the CMF and the law's implementation schedule was made flexible instead of setting a fixed term.