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Report: Chile's Senate to revive 2015 financial reform bill

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Report: Chile's Senate to revive 2015 financial reform bill

The Chilean Senate will revive a bill first introduced in 2015 in an attempt to strengthen transparency and accountability in the national financial industry, Diario Financiero reported.

The draft law, which seeks to improve corporate governance and eliminate pyramid schemes and fraud in the securities markets, resurfaced in May when a finance committee in the upper house asked the country's finance ministry to prioritize the project.

The bill intends to bolster stability and trust in the market through various measures, including giving market makers more flexibility, holding companies responsible for damage to investors and mandating higher accuracy standards for external audits, the publication reported.

It also entails the creation of a range of new tools to help combat and monitor pyramid schemes and other potentially fraudulent activity, according to the report.

The Chilean Senate has also been discussing a long-awaited new general banking law, which will overhaul rules for the sector and align them more closely with international standards.