The head of Chile's securities and insurance regulator Superintendencia de Valores y Seguros, Carlos Pávez Tolosa was appointed head of the Commission for Financial Markets, a new body that will regulate financial markets, the country's finance ministry said in a press release.

By special appointment from President Michelle Bachelet, Pávez will head the new entity along with commissioners Kevin Cowan Logan, Mauricio Larraín Errázuriz, Rosario Celedón Förster and Christian Larraín Pizarro, the document noted.

Pávez holds 28 years of experience in regulatory and supervisory roles.

Officially created in February, the commission will start operating in two months after publication in Chile's official gazette.