A new committee for the self-regulation of companies in Chile has failed to garner support from the major players in the country's financial market, Pulso reported.

Twenty-five companies have declared their intent to join the so-called financial self-regulation committee, or the CAF. However, participation from big market players was scarce. Not even stock exchange operators heeded the call.

Among the major companies, only the brokerage unit and the general fund administrator, or AGF, of Banco del Estado de Chile, and the AGF of Zurich Santander Seguros Generales Chile S.A. have pledged to join the committee.

The CAF was created by a new law that allows agents required to self-regulate to join the committee. However, those same agents have the option to create their own self-regulation system if they choose not to enlist with CAF.

Some companies have expressed concern that the law could be redundant given that some entities, like the stock exchanges, practice self-regulation.

The committee is expected to be operational by mid-June.