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Chilean financial regulators CMF, SBIF set to merge June 1

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Chilean financial regulators CMF, SBIF set to merge June 1

Chilean Finance Minister Felipe Larraín said financial markets commission CMF will complete its absorption of banking regulator SBIF on June 1, Diario Financiero reported.

Larraín made the comments at a gathering of banking industry executives and financial authorities to discuss Chile's new general banking law, which was published in the government's official gazette on Jan. 12.

The merger of the two regulators is part of the new law, which will revamp the regulatory framework for the country's financial sector and bring it in line with international Basel III standards. The law marks the biggest overhaul of bank rules in Chile in the last 30 years.

Larraín said both the SBIF and the CMF "feel confident that they will be able to complete the integration process without risks to the system" by June 1.

Also at the event, CMF President Joaquín Cortez said his agency has the authority to define its own institutional model, adding that it will include a chief banking regulator position.

Meanwhile, current SBIF chief Mario Farren said he will continue working on the integration process through May, but did not disclose additional details on his future with the CMF.