Carlos Pavez, the head of Chilean securities and insurance regulator, SVS, is among the potential candidates to serve on the board of Chile's proposed financial markets commission, known as CMF, La Tercera reported Jan. 23.

The new commission, which was approved by Congress in December 2016 as part of the government's efforts to improve regulation of the financial sector, will initially replace the securities and insurance regulator, and later incorporate the banking and pension regulators, SBIF and SP, respectively.

Once the law to create the CMF is promulgated, the president of Chile will have 18 months to nominate its board.

The commission will have 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.

According to La Tercera's survey of market analysts, former heads of regulators, lawyers and lawmakers, the list of potential candidates includes current and former heads of the securities, banking and pensions regulators, as well as ministers and a former head of the central bank.

Aside from Pavez, the list includes Fernando Coloma, Guillermo Larraín, Hernán Somerville, Tomás Flores, Rodrigo Vergara, Raphael Bergoeing, Alvaro Clarke, Rodrigo Valdés and Juan Andrés Camus.

Lawmakers cited in the report said the CMF's directors must be recognized in the financial industry and have extensive experience, although their nomination and selection will be partly based on political affiliation.