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Chile's new financial markets commission to launch in December

Chile's new financial markets commission, known as the CMF, will start operating in early-to-mid December, Diario Financiero reported, citing Carlos Pavez, head of securities regulator SVS.

According to Pavez, the comptroller's office has already taken note of the decrees naming the commissioners and the president of CMF under a legal process called "toma de razón." Subsequently, Chilean President Michelle Bachelet will issue a separate decree which will allow the institution to operate.

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

Pavez was also reported as a potential candidate to serve on the board of the CMF.