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Chile names Joaquín Cortez as head of new financial regulator

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Chile names Joaquín Cortez as head of new financial regulator

Chile's President Sebastián Piñera on March 14 named Joaquín Cortez the new head of the country's financial markets commission, CMF, replacing Carlos Pavez.

According to a statement from the Finance Ministry, Cortez holds a master's degree in economics from the University of Chicago and has a 40-year track record as both an academic and a director on the board of various Chilean companies, including as chairman of AFP Provida SA from 2011 until 2013.

His appointment comes as Piñera's government takes office and Pavez, named by former president Michelle Bachelet, leaves the post.

CMF is a new regulator that began operating in January, having been approved by Chile's Congress in December 2016 as part of the government's efforts to improve regulation of the financial sector.

The commission has a five-member board, including the chairman who is appointed by the president. The other four directors, who will serve six-year terms, must be proposed by the president and approved by the Senate.