CHILE Law and Practice Contributed by: Alvaro Moraga Fritz and Sebastián Moraga Nazar, Moraga & Cía.
1. Legal Framework 1.1 Key Laws and Regulations Principal laws and regulations governing the banking sector are as follows. • Law No 18.840 – the Constitutional Organic Law of the Central Bank of Chile ( Ley Orgáni - ca Constitucional del Banco Central de Chile ). This regulates the organisation, operation, objectives and powers of the Central Bank of Chile as an autonomous entity responsible for ensuring currency stability and the proper functioning of internal and external payments. • DFL No 3 of 1997 – the General Banking Law ( Ley General de Bancos ). This establishes the legal framework for the creation, operation, supervision and dissolution of banking institu - tions in Chile. • Law No 18.046 – the Stock Corporations Law ( Ley de Sociedades Anónimas ). This regulates the incorporation, operation, dissolution and liquidation of corporations, establishing rights and duties for shareholders, directors and administrators. • Decree Law No 3,538 – the Organic Law of the Financial Market Commission ( Ley Orgánica de la Comisión para el Mercado Financiero ). This defines the organisation, powers and functions of the Financial Market Commission (CMF), tasked with supervising and regulating financial markets in Chile. • Law No 18.010 on credit transactions and other monetary obligations ( operaciones de crédito y otras obligaciones de dinero ). This regulates the conditions and characteristics of credit contracts and other monetary obliga - tions, setting interest rate caps and provisions to protect debtors. • Law No 18.092 on bills of exchange and promissory notes ( letra de cambio y pagaré ). This governs the issuance, use and collection
of bills of exchange and promissory notes as instruments of credit and payment in Chile. • DFL No 707 – the Law on Bank Checking Accounts and Checks ( Ley sobre cuentas corrientes bancarias y cheques ). This estab - lishes the legal framework for the use of bank checking accounts and checks, regulating rights, obligations and penalties. • Law No 21.521 – the Fintech Law ( Ley Fintec – promueve la competencia e inclusión finan- ciera a través de la innovación y tecnología en la prestación de servicios financieros ). This promotes competition and financial inclusion through the regulation of financial services based on innovation and technology, foster - ing the development of the fintech ecosys - tem. • Law No 21.680 – creates a Consolidated Debt Registry ( crea un Registro de Deuda Consoli- dada ). This establishes a centralised registry that collects and manages information on the debts of individuals and companies to improve transparency and facilitate access to credit. • Law No 21.236 – the Financial Portability Law ( regula la portabilidad financiera ). This facilitates the process for consumers and businesses to switch financial service provid - ers, promoting competition and simplifying administrative procedures. • Decree No 1154 – Regulations for Law No 21,236 on Financial Portability ( Aprueba Reglamento de la Ley No 21.236, que regula la Portabilidad Financiera ). This details the provisions of the Financial Portability Law, setting forth the procedures and requirements for its implementation. • Law No 20.950 on means of payment with prepaid funds ( autoriza emisión y operación de medios de pago con provisión de fondo por entidades no bancarias ). This author - ises the issuance and operation of means of
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