LAW NO. 21.130 MODERNIZES BANKING LEGISLATION Having present that the National Congress has given its approval to the following Bill: " Article 1.-Amend the decree with force of law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematised and agreed text of the General Law of Banks and other legal bodies indicated, in the following sense: 1. Replace the heading of Title I by the following: " Special functions and powers of the Commission for the Financial Market in the banking field ". 2. The expression "Paragraph 1" is assumed. Organisation ". 3. Repeal Article 1. 4. In Article 2: (a) Reposition its first indent by the following: "Article 2.-Corresponding to the Commission for the Financial Market (hereinafter the" Commission ") the audit of the Bank of the State of Chile and other banking companies, (b) Substitute in its second indent the expression 'The Superintendence' by the phrase 'The Commission'. (c) Amend the fourth indent in the following sense: i. The following sentence was added to the expression "Law No. 18,840": "the constitutional organic law of the Central Bank of Chile." ii. Delete the reference to numerals 12, 13, 15, 18, 18 bis, 22, 23, 26 and the expression 'and 26a'. iii. Replace the comma between the guismos "19" and "21" by the conjunction "and". iv. Add, after the expression "of this Title,", the phrase "118 of Title XIV," v. Intercalase, between the expression "law" and the words "that Authorizes", the following: " N ° 20,950, '. (d) Intercalase the following fifth, new point, passing the current fifth indent to be sixth: " The Commission will, however, maintain the powers conferred by law N ° 21,000, which the Commission creates for the financial market, with respect to the (e) Substitute in its final indent the expression 'Superintendence' by 'Commission'. 5. Repeal Articles 3, 4, 5, 6 and 7. 6. In Article 8: (a) Substitute in its first subparagraph the expression 'Superintendence' by 'Commission'. (b) In its third indent, the words 'of the Superintendent' shall be replaced by 'the Commission'. 7. In Article 9: (a) Substitute the term 'Superintendent' by 'President of the Commission'. (b) Replace the term 'Superintendence' with 'Commission', the two occasions in which it appears. 8. Repeal Articles 10, 12 and 13. 9. In Article 11, replace the word "Superintendence" with "Commission". 10. Delete, following the current Article 11, the words ' Paragraph 2. Audit ". 11. In Article 14: a) Eliminate your first indent, passing the second one to be first, and so on. (b) Replace its current second indent, which becomes first, by the following: " Article 14.-The Commission shall make known to the public, at least four times a year, information on the placements, investments and other assets of the institutions. audited under this law, as well as its classification and assessment according to its degree of recoverability, and the information must be understood by all the entities concerned. It may also, by means of a general rule, impose on those institutions the obligation to provide the public with permanent or occasional information on the same matters. ' (c) Amend its present third indent, which became second, in the following sense: i. Replace the term "financial institutions" with "institutions audited under this law". ii. Replace the expression "Superintendence" with "Commission", the three times it appears. iii. Replace the term "the banks" with "the entities mentioned above". iv. Replace the term "second indent" with "fourth indent". v. Replace the phrase "financial institutions subject to their audit" by "institutions audited under this law". d) Modify the current fourth indent, which became third, in the following sense: i. Delete the sentence "and financial corporations". Replace the word "Superintendence" with "Commission". e) Modify your fifth indent, which became fourth, in the following sense: i. Replace the word 'Superintendence' with 'Commission'. Replace the term "of the banks" with "of the institutions audited under this law". 12. Repeal Article 15. 13. Replace Article 16 by the following: " Article 16.-The institutions audited under this law shall publish, in a newspaper of national circulation, their statements of situation as of 31 March, 30 June and 30 September of each year, or at any other date requiring it, in special cases, by the Commission, in use of its general powers. The publication shall be made no later than the last day of the month following the date referred to in the statement. In conjunction with the publication of the state of affairs referred to in this Article, the Commission may order that they publish the information which, in their opinion, is necessary for the information of the public. The rules to be applied in this field must be of general application. In the institutions referred to in the first subparagraph, the General Balance sheet at 31 December of each year shall be reported by an external audit firm. The company will make copies of its report with all its annexes to the Commission and the audited institution will publish it together with the balance sheet. The Commission may require up to twice at any time of the year an institution audited under this law, general balance sheets relating to certain dates of the calendar year, which, if available, shall be reported by the external auditors designated by it. These balance sheets shall be drawn up in accordance with the general rules laid down by the Commission, in particular with regard to provisions or penalties which it considers relevant and shall have full effect on the application of the provisions governing the institutions audited under this law. " 14. In Article 16a: (a) Replace the voice 'Superintendence' with 'Commission', the twice appearing. (b) Replace the phrase "in accordance with Article 97 of the Law" by "in accordance with the provisions of Article 97 of Law No 18,045,". (c) To replace the term "general rules" with "general rule". (d) Intercalase, between the phrase "of this information" and the preposition "that" the following: ", the". e) Intercalase, between the preposition "that" and the word "demands", the word "se". f) The expression "the Superintendence of Securities and Insurance" is assumed. 15. In Article 17: (a), the first subparagraph shall be amended as follows: Interleave, between the word "fiscalized" and the conjunction "o," the expression "under this law." ii. Replace the words 'of the Superintendent' with 'the Commission'. (b) In its second indent, the words 'the Superintendent' shall be replaced by 'the Commission'. 16. Articles 18 and 18a are repealed. 17. Following the current Article 18a, the expression " Paragraph 3. Other Attributions ". 18. Replace Article 19 by the following: " Article 19.-Companies, persons or entities subject to the supervision of the Commission, pursuant to this law, who incur infringements of the laws, regulations, statutes and other rules which govern or fail to comply with the instructions or orders legally given by the Commission, may be sanctioned in accordance with the rules laid down in Title III of Law No 21,000, which the Commission creates for the financial market, without prejudice to the special sanctions contained in this or other legal bodies. Such decisions may be contested in accordance with the provisions of Title V of the law. " 19. Repeal Article 20. 20. In Article 21: (a) Intercalase, between the word 'audited' and the preposition 'which', the following sentence: 'under this law'. (b) Replace the word 'Superintendence' with 'Commission'. (c) Replace the words 'with their property' by 'jointly and severally'. (d) Add the following second paragraph, new: "In all the provisions of this law, the persons referred to in the foregoing paragraph shall be applicable to the provisions of Title IV of Law No. 18,046 on Limited Societies." 21. Repeal Article 22. 22. In Article 23: (a) Amend your first indent in the following sense: i. Interleave, between the word "fines" and the "what", the expression "and other sanctions". ii. Replace the word "Superintendence" with "Commission". iii. Replace the voice "three" with "four". (b) Substitute in its second subparagraph the term "Superintendence" by "Commission". (c) Amend its third indent in the following sense: i. Replace the word 'Superintendence' with 'Commission'. Interleave, between the words "fine" and "respective", the words "or sanction". d) Eliminate its final point. 23. Articles 24, 25 and 26 shall be deleted. 24. Article 26a is repealed. 25. In Article 27: (a) Substitute your second indent by the following: " For the creation of a new bank, the founding shareholders shall present a prospectus to the Commission. This document must be accompanied by a business development plan for the first three years of operation. "(b) In its third indent, the word" that "shall be replaced by the phrase" granting of the provisional certificate ". (c) Amend the fourth indent in the following sense: Replace the word 'Superintendent' with the words 'President of the Commission'. Replace the phrase 'institution audited by the Superintendence' by 'bank undertaking audited by the Commission'. (d) Amend its fifth indent in the following sense: i. Replace the phrase "institutions audited by the Superintendence" for " undertaking (ii) the banks audited by the Commission. Replace the term "banking company" with the word "institution". 26. In Article 28: (a), the first subparagraph shall be amended as follows: Interleave in your header, between the words "founders" and "from", the expression "or controllers". ii. Amend point (a) in the following sense:-Intercalase in its second paragraph, between the words "shareholders" and "controllers", the phrase "that are considered". -replace the third paragraph of the following paragraph: ' If the requirement laid down in the preceding paragraph is not complied with for a period exceeding that which the Commission determines for its regularisation, it shall be presumed, for the purposes of the Article 117, the occurrence of serious facts that make fear for the economic stability of the bank. " -Add the following fourth paragraph: " The Commission may, by means of a general rule, regulate the manner in which the solvency of the controller of a bank is credited in the terms set out in the preceding paragraphs, and the cases that it is sufficient for such a requirement to be met by any of the entities through which this control is exercised. " iii. Intercalase in point (b), between the conjunction "o" and the article "la", the phrase "control, not". iv. Intercalase in the numeral i of the letter d), between the words "of" and "liquidation", the words "reorganization or". v. Amend the numeral ii of point (d) in the following sense:-Intercalase, between the word "authorization" and the expression ", there is" the following sentence: "or from the date on which the control was acquired, as appropriate." -Remove the sentence ", in respect of which the Fisco or the Central Bank of Chile have incurred considerable losses". Replace the number (iii) of point (d) with the following: " (iii) In the last five years from the date of the application for the authorization or from the date on which the control was acquired, as appropriate, record documents not clarified in a number or relevance which, in the Commission's view, compromise their suitability; '. vii. Amend the number (iv) of point (d), in the following sense:-Add the sentence "committed in the exercise of the public function" to the principle of its numeral 2. -Replace its numeral 3 by the following: " (3) those referred to in law N ° 18.045, de Mercado de Valores; law N ° 18.046, sobre Sociedades Anonimas; decree law N ° 3,500, de 1980, del Ministerio del Trabajo y Previsión Social, que establishes un Nuevo Pension System; Law No. 18.092, which dictates New Rules on Letters of Change and Pagare; Law No. 18,840, Constitutional Organic of the Central Bank of Chile; Decree of Law No. 707 of 1982, of the Ministry of Justice, which fixes text recast, coordinated and systematized of the Law on Bank Current Accounts and Cheiques; Law No. 4,287, of Securities Banking Insurance; Law No 5,687, which approves the Organic Statute of the Institute of Industrial Credit; Law No 20,720, which replaces the insolvency regime in force by a law on the reorganisation and liquidation of undertakings and persons; and perfect the role of the Superintendence of the branch; law N ° 18,690, on General Warehouses of Deposit; Law No. 4.097, on Contract of Agrarian Prenda; Law N ° 18,112, which dictates rules on Prenda without Displacement; decree with force of law N ° 251, 1931, from the Ministry of Finance, on Insurance Companies, Limited Companies and Stock Exchanges Trade, the laws on Prenda, and in this law; "b) Intercalase the following second, new, the current to be third, and so on:" In case the controller of a banking company incurs in an over-coming manner in any of the situations referred to in paragraph (d) (iv), (v) and (d) of the preceding subparagraph, shall include the actions which grant the control within the two-year period, which may be extended by an additional one, from the date on which the (c) Substitute in its third subparagraph, which shall become the fourth, the "Superintendence" by "Commission". d) Replace in its final paragraph the word "will have" by "have". 27. In Article 29: (a) The word "be" shall be replaced by the word "being" in its first indent. (b) In its second indent, the word 'Superintendence' shall be replaced by 'Commission'. (c) In its third indent, the word 'Superintendence' shall be replaced by the words 'Commission', the two times appearing. (d) Substitute its fourth indent by the following: "In the event of non-compliance with the rules provided for in this Article, the provisions of the second and final provisions of Article 36 of this Law shall apply." "Superintendence" by "Commission". 28. In Article 30: (a) Amend your first indent as follows: i. Replace the voice "Superintendence" with "Commission", the two times it appears. ii. Replace the expression "in Law No. 19,880" by "in Article 64 of Law No. 19,880, which establishes Bases of Administrative Procedures governing the Acts of the Organs of the State Administration." (b) Amend its second paragraph in the following point: i. Replace the word "Superintendence" with "Commission" ii. Delete the article "the" preceding the word "all". iii. The following sentence is inserted between the expression "of its foundation" and the following sentence: ", when so agreed by the favourable vote of at least four Commissioners." iv. Replace the "o" conjunction, which precedes the expression "al", "and". v. Replace the word "when" by "according to". 29. Amend Article 31 in the following sense: (a) Replace the words 'the Superintendent' in his first indent by 'the Commission'. (b) Replace the word 'Superintendence' with the words 'Superintendence' in its second to fifth words, each time it appears. 30. In Article 32: (a) The word "Superintendence" shall be replaced by the word "Commission" in its first indent. (b) The words "The Superintendent" shall be replaced by the words "The Commission" in its third indent. (c) Substitute in its fourth indent the sentence " The decision approving the establishment of the branch, the sentence and an extract of the statutes certified by the Superintendence shall be entered and published in the form and within the time limit The following Article "shall be referred to as follows:" The decision approving the establishment of the branch shall be entered and published in the form and time limit laid down in the second indent of the preceding Article, accompanied by an extract from the (d) to be certified by the Commission. '(d) to be certified by the Commission.' The word "Superintendence" by "Commission" is final. 31. In Article 33: (a) Substitute the words 'The Superintendent' by 'The Commission'. (b) Replace the word 'Superintendence' with 'Commission' (c) Replace the phrase 'or if its subsistence is inconvenient' by ' or is in serious breach or repeated other rules or instructions given by the Commission, or if a serious risk is identified for public faith or financial market stability. " 32. In Article 35, replace the word "Superintendence" with "Commission". 33. Replace Article 35a by the following: " Article 35a.-Without prejudice to the rules laid down in Decree-Law No 1 of 2004 of the Ministry of Economic Affairs, Development and Reconstruction, which sets out the recast, coordinated and systematised from Decree-Law No 211 of 1973, only the merger of banks, the acquisition of all the assets and liabilities of a bank by another or a substantial part of them, as defined in the third indent of Article 138; or the takeover of two or more banks by the same person or controller group, or to increase substantially the existing control, in terms that the acquiring bank or the resulting group of banks are of systemic importance, in the terms laid down in Article 66c, if the persons concerned have the authorisation of the Commission. In that resolution, the Commission may impose one or more of the requirements referred to in Article 66c. The Commission may refuse the authorization to which it deals with this Article, by means of a reasoned decision, following agreement in the same sense as the Council of the Central Bank of Chile, approved by the majority of its members. The agreement referred to in the foregoing paragraph must be communicated within ten business days from the date of request, which shall be deemed to be extended in the case referred to in Article 19, third subparagraph, of Law No 18,840, Constitutional Organic of the Central Bank of Chile. The Commission shall decide within a maximum of 60 days on the application for authorisation referred to in this Article. The decisions rejecting the Commission may be claimed in accordance with the terms laid down in Article 70 of Law No 21,000, which is set up by the Commission for the Financial Market. " 34. In Article 36: (a) Substitute in its first subparagraph the word 'Superintendence' by ' Commission. (b) The third subparagraph shall be amended as follows: Replace the word "Superintendence" with "Commission", the two times it appears. ii. Replace the term "general rules" with "general rule". (c) Substitute in its fourth indent the word 'Superintendence' by 'Commission'. (d) Amend its fifth indent in the following sense: i. Replace the voice "Superintendence" with "Commission", the two times it appears. ii. Replace the word "have" with "have". iii. Replace the phrase "the circumstances referred to above" by the expression "the authorization". iv. Replace the expression "in law N ° 19,880" by " in article 64 of the law N ° 19,880, which establishes Bases of the (e) The word 'Superintendence' by 'the Commission' shall be replaced by the words 'Superintendence' in its final indent, the two times it appears. 35. In Article 37: (a) The words "of the Superintendent" shall be replaced by the words "of the Commission" in his first indent. (b) In his second indent, the word "Superintendence" shall be replaced by the words "Commission". (c) The third subparagraph shall be amended as follows: i. Replace the words "59 et seq." with "60". ii. Replace the word 'Superintendence' with 'Commission'. (d) Replace its final indent with the following: ' The Commission shall, by means of a general rule, determine the conditions and conditions to be met by the banking undertakings for the closure of offices. The bank which decides to close any of its branches shall also give notice to the Commission, which shall verify compliance with the pre-established requirements and conditions. ' 36. In Article 38: (a) Substitute your first indent by the following: " Article 38.-The Commission shall, by means of a general rule, fix the minimum timetable for the attention of the public at the Bank of the State of Chile and the rest of the banks, which must be uniform for all offices in the same locality. (b) replace the words "the Superintendent" with "the Commission" in its second indent. (c) Remove the phrase "without the limitations and formalities indicated, but under the conditions which it points out," in its third indent. the following point: i. Replace the sentence "of the Superintendent in the form indicated in the" by "of the Commission granted under". ii. Remove the expression "and financial corporations". iii. Interleave, following the expression "will not attend", the word "presentially". (e) The following final indent is inserted: " In all, the banks may provide other channels of public attention and must comply with the requirements which the Commission establishes, by means of a general rule, within the which elements such as the safety standards of the operations carried out by those channels and the minimum availability of such operations, inter alia, shall be included. '. 37. In Article 39: (a) First, the word 'other' shall be deleted in its first indent, the first time it appears. (b) to modify its third indent in the following sense: Replace the expression "u office iron or" by the phrase ", office, website, platform or technological medium, any kind of". ii. Delete the phrase "from a bank,". iii. Delete the phrase "or a financial company". iv. Intercalase, between the word "paper" and the preposition "that", the words "or document". (c) Amend its fourth indent in the following sense: i. Replace the phrase "have a local or office" by the phrase "make use of a local or office or use any website, platform or technology medium". ii. Replace the word "carry" with "deliver". (d) Replace the word "Superintendence" in its fifth indent by "Commission". (e) Replace its seventh indent with the following: " If, in the opinion of the Commission, it is presumed that there is an infringement of the provisions of this Article, it may (f) the word 'Superintendence' in the words 'Commission or the Court of Auditors' shall be exercised in respect of the alleged offenders of the same powers of inspection and other laws as they confer on the institutions audited. ' Public Ministry, as appropriate. ' 38. In Article 43: (a) The word 'shall be exercised' shall be 'exercised'. (b) Replace the words "the Superintendent" with "the Commission". 39. In Article 44: (a) Intercalase in its first indent, between the word "company" and the conjunction "and", the words "corresponding bank". (b) Replace the word "Superintendence" with "Commission" in its first indent. 40. Replace in the second paragraph of Article 46 the word 'Superintendence' by 'Commission'. 41. Replace the word "Superintendence" with "Commission" in the final article 47. 42. In the first paragraph of Article 48: (a) Replace the words "The Superintendent" with "The Commission". (b) Remove the "a" preposition from the words "the legitimacy". 43. In Article 49: (a) Substitute in the second paragraph of its numeral 1 the word 'Superintendence' by 'Commission'. (b) Replace in its numeral 2 the sentence 'May, however, issue different series of actions.' and the point and then the The following shall be added to the following: ' except as provided for in Article 55a in conjunction with Article 66 (b). They may, in any case, issue different series of actions. " c) Remove their numerals 4 to 9, passing their current numeral 10 to 4, and so on. d) Modify the current numeral 11, which happens to be 5, in the following sense: i. Delete in your header the expression "or financial society", the two times it appears. ii. Replace the word "Superintendence" with "Commission" in its literal (a). Replace in your literal (c) the expression "financial institution" by "banking company", the two times it appears. (d) the basic capital and the cash assets of the merged institution may not be less than the amount corresponding to it in order to qualify as a solvency A level according to Article 61. '; (e) Substitute in its literals (e), (f) and (g) the word "Superintendence" by "Commission". (f) Intercalase in its current numeral 12, which becomes 6, between the word "Law" and the "envelope", the expression "N ° 18,046,". 44. Following Article 49, the following Article shall be inserted: " Article 49a.-The boards of the banks shall be composed of a minimum of five and a maximum of 11 directors and, in any case, an odd number of them. They may also have up to two alternate directors. The directors will last three years in their duties and may be re-elected. In order to reduce the number of directors referred to in the statute, the bank must obtain prior authorisation from the Commission, which in order to give its approval must take account of the company's shareholding and the protection of rights. of the minority shareholders. The position of director of a bank with that of a director or employee of any financial institution and with the positions appointed by the President of the Republic is incompatible. It is also incompatible with the position of director of a bank with that of an employee or officer of any of the entities referred to in Article 4 of the previous Article. These incompatibilities will not reach teaching activities. Nor can one person perform the position of director and employee of the same bank at the same time. This provision does not prevent a director from performing, on a temporary basis and for no more than ninety days, the position of manager. The member of the board who, without permission of the board, will leave to attend sessions for a period of three months, will cease in his position for that single circumstance. In addition to the inabilities laid down in Articles 35 and 36 of Law No 18,046 on Limited Companies, the person who: (a) has been convicted of a crime punishable by a penalty or a life sentence for public office or office, for offences of prevarication, co-fact and, in general, those committed in the exercise of public service, offences tax, crimes covered by Law No. 18,045, Market of Securities, crimes referred to in Articles 59 and 64 of Law No. 18,840, constitutional organic of the Central Bank of Chile, crimes against public faith and, in general, by any another offence covered by the rules governing the markets subject to the audit of the Commission. (b) It has been sanctioned, within the last five years, for infringement of the rules governing the markets subject to the supervision of the Commission and which, in turn, are classified as criminal offences. (c) ENGAGED IN SERIOUS CONDUCT WHICH MAY ENDANGER THE STABILITY OF THE INSTITUTION IN WHICH IT IS THE DIRECTOR OR THE SECURITY OF ITS DEPOSITORS. (d) has been declared insolvent and shall not be rehabilitated. No special requirements may be laid down for the purpose of being elected as a director, derived from nationality or profession. " 45. Replace in the second paragraph of Article 50 the words 'the Superintendent' with 'the Commission'. 46. Replace Article 51 by the following: " Article 51.-At the time of granting the social deed of a bank or of the operation of a branch of a foreign bank, the minimum capital specified in Article 50 shall be paid at 50%. There will be no deadline to find out the balance. However, as long as the bank does not reach that minimum capital, it shall maintain an additional basic capital of 2% of its risk-weighted assets, net of required provisions, on the sum of the general minimum requirement of 4,5% to which it is refers to Article 66, plus the requirements set out in Articles 66 (a), 66 (b), 66 (c) and 66 (d), as the case may be, which shall be reduced to 1% where it has a paid capital and reserves of 600,000 units of promotion. " 47. Replace in Article 52 the expression " Superintendence within 30 days. The Superintendence may extend this period, for a single time, for up to 30 days. "for the following:" Commission within 30 days, renewable, for one time, for up to 30 additional days. " 48. In Article 53, replace the words 'of the Superintendent' with 'the Commission'. 49. Replace Article 55 by the following: " Article 55.-Banks may issue subordinated bonds which, in the case of liquidating n according to title XV of this law, they shall be paid after the credits of the valists are covered, or they shall be capitalized. Subordinated bonds shall be issued at an average of not less than five years and shall not be eligible for prepayment. These bonds may not be acquired by the companies referred to in Article 2 of this Law, nor by their subsidiaries or coligadas, or by the Savings and Credit Cooperatives. The Commission shall, by means of a general rule, establish the other requirements and conditions applicable to the issuance of these instruments. " 50. Following Article 55, the following Article 55a is inserted: " Article 55a.-The banking undertakings, subject to the authorization of the Commission, may issue preferential shares or fixed term of maturity, which may qualify as part of the cash assets of the issuing bank as provided for in Article 66 (b). The Commission shall, by means of a general rule, lay down, and subject to the favourable agreement of the Central Bank of Chile, the requirements and conditions to be met by those instruments, which shall at least be subject to the following rules: 1. Preference shares shall grant to their holders preference for assets to be established under the respective terms of issue, as well as provided for in the social statutes. These preferences may consist of a priority in the payment of dividends or, even, the right to a certain or determinable proportion of the distributable liquid profits, in respect of the holders of ordinary shares. Also, the actions that enjoy these preferences may be issued without the right to vote or with limited voting rights. Preference shares without the right to vote, or those with a limited right to vote in matters where they are lacking, shall not be taken into account for the calculation of the quorum for a session or a vote in the shareholders ' meetings. In any event, the preferences granted by these actions shall not be subject to a specific period of validity, nor shall it be applicable in their respect as provided for in Article 21, third indent, of Law No 18,046 on Societies 2. Bonds shall be issued without a fixed maturity for the repayment of the capital due. The capital of these securities may be amortised only as a result of the advance payment or voluntary redemption of such instruments by the issuing bank, subject to the rules set out in the following number. In any event, these bonds will be considered for all legal purposes as instruments of public offering debt. 3. Both preference shares and fixed maturity bonds shall be converted into ordinary shares of the issuing bank by exchange or capitalisation, as appropriate, in the event of the objective contingencies referred to in paragraph 1. (a) the effect on the respective emission conditions, which must be approved by the Commission. The same shall apply if the bank is in any of the insolvency situations described in Article 130. Alternatively, the terms of issue of the fixed term of maturity may provide that, in the event of a verification of the objective contingencies referred to therein, instead of the conversion into ordinary shares, the capital and interests of such bonds will expire by the sole ministry of law, without granting rights to demand their payment; or they will depreciate up to a sum equivalent to the nominal amount of ten pesos for each instrument. In the latter case, the depreciated bond shall entitle the holder to a conditional right, subject to the recovery of the solvency levels by the issuing bank allowing the continuation in the terms which the Commission has determined in the rule of character general referred to in the heading of this paragraph. In the event of such a condition being verified, the depreciated bond shall be assessed, in the form that it has established under the terms of issue of the same instrument. However, the fixed term bonds of the same series shall be subject only to the effect of the capitalisation, the expiry, the depreciation and their eventual re-assessment, as specified in the terms of the issue respective. The exchange of preference shares shall take place prior to or at the same time as the capitalisation, expiry or depreciation of the bonds without maturity. 4. Preferred shares may be acquired on a voluntary basis by the issuing bank only after a period of not less than five years after their placement, subject to the authorization of the Commission. Subject to the same period and condition, the voluntary payment or voluntary redemption of the fixed term of maturity shall also be made. In any event, the banking company may proceed with the purchase, advance payment or voluntary redemption indicated, as appropriate, if as a result I shall cease to comply with the minimum cash equity ratio set out in the first of Article 66. Under the terms of issue of the respective shares or bonds, items that anticipate or make it foreseeable that the banking company will proceed to the acquisition, advance payment or voluntary redemption of the same, as appropriate, may not be included. 5. Subject to prior approval by the Commission, the respective conditions of issue may include situations in which the bank issuing the preference shares or the fixed term bonds may, exceptionally, be exempted. to carry out one or more of the periodic payments of dividends or interest, as appropriate, without the latter being accumulated to the dividends or interest accruing in the following periods, nor that as a result a business event is set up failure. 6. By virtue of the simple exchange of the preferred shares, or the mere capitalization, depreciation, appreciation or expiration of the bonds referred to, or by effect of the non-payment of dividends or respective interest, as appropriate, may not be required in in advance the fulfilment of other obligations which the issuer has contracted, or to terminate or terminate in advance the respective act or contract which originated the same. 7. The instruments regulated in this article shall in no case be acquired by the companies mentioned in Article 2 of this Law, by their subsidiaries or coligadas or by Savings and Credit Cooperatives. They shall also be subject to the prohibition laid down in Article 84 N ° 3 in relation to the financing of their acquisition. The above is without prejudice to what is expressed in relation to the acquisition of own shares of own shares. In so far as it does not object to the provisions of this article or the above provisions and to the other provisions of this law, it shall govern the bonds established in Title XVI of Law Nº 18.045, of the Stock Market. For preference shares, the provisions of Law No 18,046 on Limited Companies and their Rules of Procedure shall apply. " 51. Replace Article 56 by the following: " Article 56.-The ordinary shareholders ' meeting, on a proposal from the bank's board, may agree at the end of each financial year the distribution of a dividend to be taken from the liquid earnings of the fund for the purpose or other sources that the laws authorize. If a decrease in capital is produced, and the capital is below the minimum capital required by Articles 50 and 51, as appropriate, no dividend may be divided as long as the deficit has not been fixed. No dividend may be divided either from profit or loss from the financial year or from reserve funds if, for the purpose of that distribution, the bank infringes any of the proportions laid down in Article 66, or where the payment of the coupon or interest is suspended. the non-maturity bonds referred to in the preceding Article. In the case of a deficit in the additional basic capital referred to in Articles 66 (a) and 66 (b), the distribution of dividends shall be limited to the ratio below, as long as the capital is not restored: (a) If the deficit is less than or equal to 25% of the required level, the bank may allocate a maximum of 60% of the profit for the financial year. (b) If the deficit is greater than 25% and less than or equal to 50% of the required level, the bank may allocate at most 40% of the profit for the financial year. (c) If the deficit is greater than 50% and less than or equal to 75% of the required level, the bank may allocate a maximum of 20% of the profit for the financial year. (d) If the deficit is greater than 75% of the required level, the bank may not distribute profits from the financial year. In any of the situations provided for in this Article, the acquisition of shares of the bank by its controlling shareholders shall be prohibited unless they have the prior authorisation of the Commission. " 52. In Article 59: (a) The word "Superintendence" shall be replaced by the word "Commission" in its first indent, and the words "and financial institutions" shall be deleted. (b) Substitute in its second indent the word 'Superintendence' by 'Commission'. 53. Replace Article 61 by the following: " Article 61.-For the purposes of the above articles, the banks shall be classified according to their solvency at the following levels: Level A: Institutions meeting the requirements of the (a) basic capital and cash assets as referred to in Article 66, and which also satisfy the additional capital requirements referred to in Articles 66 (a) and 66 (b). Level B: Institutions that meet the requirements of basic capital and cash as referred to in Article 66, but not with the additional capital requirements laid down in Articles 66 a or 66 ter. Level C: Institutions which do not meet the requirements of basic capital or the cash assets referred to in Article 66. '; 54. In Article 62: (a), the first subparagraph shall be amended as follows: Replace, in the paragraphs corresponding to Level A, B and C, the phrase "Includes the institutions", by the word "Institutions". Replace, in the paragraph corresponding to Level B, the phrase "certain weaknesses in internal controls", by the following: "certain weaknesses in your corporate governance, internal controls, security of your networks". (b) Substitute its second indent by the following: " The Commission shall, by means of a general rule, lay down the conditions and procedures necessary for the implementation of this classification. Such rules shall in the same way treat banks in situations of equivalent nature and nature. Similarly, they will have to consider compliance with the rules on critical infrastructure of information which, in the field of cyber security, will be established by the Commission, subject to current legal regulations. " 55. Replace Article 64 by the following: " Article 64.-Banks and savings and credit cooperatives which do not maintain the right to be bound shall be penalised with a fine equal to twice the current interest for transactions non-readjustable in national currency of less than 90 days or for foreign currency transactions, as applicable, in force for the month in which the infringement is committed, adjusted in proportion to the duration of the period of the lacy period. The fine shall be calculated on the average of the deficit during the period in which the deficit occurs. If the lack of lace is caused by a bank closure and shall not be prolonged for more than 15 days from the date of termination of the closure, the Commission may reduce or waive the fine. The foregoing shall be without prejudice to other measures which may be taken by the Commission in accordance with the law. " 56. In Article 65: (a) Substitute in its first subparagraph the words "paragraphs 2 and 3" by "the first paragraph". (b) Add in subparagraph (b) of the second subparagraph of subparagraph (b) below, and in addition to the point and follow-up, the following final sentence: " In addition, the obligations under that modality, the payment of which shall be made, shall be deemed to be (c) Substitute your fifth and sixth points for the following: "If a bank is a bank, it shall be required to take the necessary steps to ensure that the bank does not comply with its obligations." The manager shall not comply with any of the obligations referred to in this Article. inform the Commission of this fact immediately, as well as the measures it will take to comply with them. Without prejudice to the foregoing paragraph, in the event of non-compliance with any of the obligations described in this Article, the bank shall be subject to a fine which shall be calculated by applying to each daily deficit the rate of Conventional maximum interest for non-readjustable operations, as long as it is maintained. The Commission may not apply the fine if it is a deficit which has not been extended for more than three working days and provided that the institution has not incurred another deficit in the same calendar month. If the deficit remains for more than five days, the banking undertaking shall submit a plan for regularisation in accordance with the provisions of Title XIV. " 57. Replace under Title VII the expression 'Financial Institutions' by 'Banking Companies'. 58. Replace Article 66 by the following: " Article 66.-The effective assets of a bank may not be less than 8% of its risk-weighted assets, net of required provisions, or at least that is payable to it in accordance with the Articles 51, 66 quater and 66 quinquies. The core capital may not be less than 4,5% of its risk-weighted assets, or 3% of total assets, both net of required provisions. A bank's cash equity is the sum of the following factors, with its respective limitations: (a) Its paid capital and reserves or core capital. For the purposes of this law, it is understood by paid capital that is made up of ordinary shares that are subscribed and paid. (b) the non-maturity bonds and preferred shares referred to in Article 55a, which the bank has placed, valued at the placing price, up to a third of its basic capital. The sum of the core capital, the maturity-free bonds and the preferred shares may not be less than 6% of their risk-weighted assets, net of required provisions. (c) the subordinated bonds which it has placed, valued at the placing price and up to 50% of its basic capital. The computable value of these bonds shall be reduced by 20% for each year that elapses after six years are missing for their maturity. (d) the voluntary provisions which it has constituted, up to 1,25% of its assets weighted by credit risk, net of required provisions, in the case of the application of the standardised methodologies referred to in the Article 67, or 0.625% in case of a methodology of its own in accordance with that same provision. It is voluntary provisions which exceed those which the banks are required to maintain by law or by the Commission's rule. Where a bank makes contributions to subsidiary companies or to support for rotation or to assign capital to a branch abroad, its effective assets shall be calculated by applying the general consolidation rules laid down by the Commission. The Commission may, by way of general rule, fix or exclude items of assets or liabilities, including risk mitigators, which have an impact on their value. " 59. Following Article 66, the following Articles 66 a, 66 b, 66 c and 66 d: " Article 66a.-The banks shall maintain an additional basic capital equivalent to 2,5% of their risk-weighted assets, net of provisions required, in respect of the minimum cash which is payable to it in accordance with the provisions of Article 66. If the foregoing is not complied with, the bank shall be subject to the provisions of the final paragraph of Article 56, as long as such a deficit is not remedied, without prejudice to the other powers which the Commission may exercise. Article 66 b.-The Central Bank of Chile, in consideration of the stage of the economic cycle, may determine the activation of an additional basic capital requirement of a counter-cyclical character, applicable in a general manner to all undertakings banks incorporated or authorized to operate in the country. For these purposes, it will especially cite the Minister of Finance to the respective session, in accordance with the provisions of Article 19 of Law No. 18,840, a constitutional organ of the Central Bank of Chile. Following the agreement of the Council, the Central Bank of Chile, following a favourable report by the Commission, shall set the additional basic capital requirement between 0% and 2,5% of the risk-weighted assets, net of required provisions, as well as the (a) a period of time for the banks to comply with that requirement, which may not be less than six months after their imposition. The Commission shall also establish, by means of a general rule, the other conditions necessary for the implementation and monitoring of the requirement described in this Article. If the additional basic capital referred to in this Article is not to be found within the time limit set by the Central Bank, the provisions of the final paragraph of Article 56 shall apply until such capital is fully constituted. Likewise, the Council of the Central Bank of Chile shall determine the deactivation of the additional requirement described in this Article and the time limit in which it shall be materialized, in accordance with the procedure described in the preceding paragraphs. The agreement must be communicated to the Commission to establish, by way of a well-founded resolution, the other conditions in which the deactivation will take place. Article 66 (c).-The Commission shall determine, by means of a general rule, and after favourable agreement of the Council of the Central Bank of Chile, the factors and methodology to establish whether a bank or group of banks may be qualified as systemic importance. Such factors may include the size, market share, interconnection with other financial institutions, the degree of substitution in the provision of financial services or any other objective criterion considered relevant for that purpose. The Council of the Commission will, by means of a resolution founded, and upon a favourable agreement by the Central Bank of Chile, describe the quality of a bank's systemic system. By the same act, or subsequently and subject to the same procedure, it may impose one or more of the following requirements, while maintaining that condition: (a) Adding between 1,0 to 3,5 percentage points to the core capital on weighted assets by net of the provisions required, net of the general minimum requirement of 8% referred to in Article 66. (b) Addition of up to 2,0 percentage points to the core capital on total assets, net of required provisions, in respect of the general minimum requirement of 3% referred to in Article 66. (c) the technical reserve provided for in Article 65 is applicable from the time the deposits and other sums referred to in that rule exceed their actual assets. (d) the margin of pre- Interbank stos as set out in Article 84 N ° 1, last paragraph, is less than 20% of the assets. Subject to the same qualification procedure as provided for in this Article, the Council of the Commission shall determine whether a bank is no longer considered to be of systemic importance, in which case it shall be exempted from the requirements imposed on it in the the virtue of that qualification. '; Article 66 quinquies.-The Commission may impose additional capital requirements on those laid down in the preceding articles, on the basis of a resolution founded and with a favourable vote of at least four Commissioners, to those banks which, as the result of the monitoring process, which, in the Commission's view, presents risks not sufficiently covered by the requirements laid down in those provisions. Such requirements may be satisfied by basic capital, additional to that already constituted in compliance with the provisions of this law, or with the instruments referred to in points (b), (c) and (d) of Article 66, as authorised the Commission. In any event, the asset requirement imposed on a bank may not exceed 4% of its risk-weighted assets, net of required provisions. For the purposes of this Article, the Commission shall, by means of a general rule, establish the general criteria and guidelines to be taken into account for the determination of the additional capital charges described above. precedence. " 60. Articles 67 and 68 are replaced by the following: " Article 67.-For the purposes of determining the risk weight of assets, the Commission shall establish standardised methodologies to cover the relevant risks of the banking undertaking, between them, credit risk, market and operational risk. These methodologies shall be established by general rule, following a favourable agreement of the Council of the Central Bank of Chile. Without prejudice to the foregoing subparagraph, the Commission may authorise banks to use their own methodologies to determine the risk-weighted assets identified in this Article. For these purposes, the limits, requirements and other conditions for the use and implementation of these methodologies shall be established, by means of a general rule and after a favourable agreement of the Council of the Central Bank of Chile with the requirements set out in the previous paragraph. In such a rule, the Commission may authorise the own methodologies referred to above to provide for differentiated treatment in respect of the standard model referred to in the preceding paragraph. The Commission may also, at any time, provide the bank with the right to provide that its methodologies, or any amendments thereto, do not comply with the rules in force, in which case the bank must correct them within the time limit set by the Commission. indicate. If the bank does not make the orderly correction, the Commission may, without further processing, leave the methodology implemented, or only that party which has been objected, as the case may be. Article 68.-The bank which is not in accordance with some of the proportions referred to in Article 66 shall be covered within a period of 60 days from the date of the infringement and may be punished by in accordance with the provisions of Title III of Law No 21,000, which is set up by the Commission for the Financial Market. Without prejudice to the foregoing, the Commission shall, without further delay, order the enforcement of the framing obligation set out in the preceding paragraph, by adopting the measures it deems appropriate in accordance with the law. " 61. In Article 69: (a) Replace its numeral 2 by the following: " 2) Issue bonds or debentures with no special guarantee. In addition, subject to the general rules of the Commission, the banks may issue bonds without special guarantee, in order to allocate the funds received for the granting of mutual benefits under mortgage guarantees, either for general purposes, or for the financing or refinancing of the acquisition, construction, repair or expansion of dwellings. This circumstance must be entered in the corresponding issuance, together with the maximum period of seniority of the mortgage loans which may be financed or refinanced by the said issue and with the conditions of redemption. In the case of non-compliance with the above mentioned bonds. In accordance with the rules provided by the Commission, the bank issuing bonds for financing or refinancing of mortgage transactions shall make the allocation of the mortgage mutual funds linked to that issue, which may include for these purposes to those which it has granted up to within the twelve months preceding the placing of the bonds. It may also replace the allocation by associating the issue of bonds with other credits of the same nature. In such cases, a special register shall be kept on record which the undertaking shall maintain in accordance with those rules. The mortgage mutual funds referred to in the preceding paragraphs may not correspond to those indicated in paragraph 5 of this Article, without prejudice to the provisions of Title XIII of this Law, in any case. applicable, including the special procedure referred to in Articles 103 et seq. The Central Bank of Chile may exercise, in connection with the granting of the mortgage loans referred to in this number, the regulatory powers provided for in Articles 92, Nos 1 and 2, and 99 of this law. In addition, the Central Bank of Chile will determine the financial instruments in which the resources obtained by the banking company will be maintained through the placement of these mortgage bonds in transferable securities of fixed income. are not assigned to the respective mortgage mutual. The rules laid down in Articles 134 and 134 (a) of this Law shall also apply to mortgage loans and bonds issued for financing purposes, and for all legal purposes, it is understood that the references made by the referred to in the case of mortgage bonds in respect of which this number is treated, the issuing institution shall comply with the obligations contained in those articles in respect of the portfolio of mortgage loans linked to a particular bond issue. The same treatment shall apply to transferable securities of fixed income as referred to in the preceding subparagraph, if applicable. "(b) Intercalase in the first paragraph of its numeral 6, between the word" Central "and the" de " (c) Amend its numeral 7 in the following sense: i. In the first paragraph, replace the phrase 'General dictating the Superintendence' by the following: 'of a general nature to be dictated by the Commission'. Delete from its third paragraph the expressions ', financial corporations' and 'or financial company'. The following sentence shall be inserted between the expression '1931' and the 'or' the following sentence: 'of Insurance Companies, Limited Companies and Trade Bags'. (d) Replace the word 'Superintendence' with 'Commission' in its numeral 11. e) 18 in the following sense: i. Interleave, between the expression "Central Bank" and the comma that happens to it, the expression "of Chile." ii. Replace "2 °" by the word "second". (f) Amend its numeral 25 in the following sense: i. Add, following the "1980" diction, the expression ", of the Ministry of Labor and Social Welfare, which establishes the New Pension System". ii. Remove the expression ", N ° 5". (g) Amend its numeral 26 in the following sense: i. Replace the word 'Superintendence' with 'Commission'. Replace the phrase "other Superintendence" with "another audit entity". (h) Replace its final indent by the following: " The bank that acquires goods in excess of the provisions of the foregoing paragraph shall be fined 10% of the excess of the investment made for each calendar month that maintains it. Without prejudice to the sanctioning procedure to be applied for the imposition of such fine, the bank shall comply with the limits set out in the preceding paragraph within 90 days. If it does not do so, it may be applied to any of the awards or penalties provided for in Title III of Law No 21,000, which the Commission creates for the Financial Market. " 62. In Article 70: (a) Eliminate in the heading of its first paragraph the expression "and financial corporations". (b) Amend subparagraph (a) as follows: i. Replace your first paragraph with the following: " a) Securities agents; stockbrokers; general fund management companies as referred to in Law No 20,712 on the Management of Third-Party Funds and Individual Portportfolios; securitization of securities and insurance brokers governed by the decree with force of law No. 251 of the Ministry of Finance, of 1931, of Companies of Insurance, Limited Societies and Exchanges of Commerce. Companies carrying out the operations referred to in this point shall be governed by the laws applicable to such matters, be audited by the Commission and subject to the conditions laid down for the development of such operations. activities by means of general rules. '. Replace the word 'Superintendence' in the second paragraph with the word 'Commission'. Amend your third paragraph in the following sense:-Replace the phrase 'Superintendence of Securities and Insurance' by the word 'Commission'.-Remove the preposition 'from' to the expressions ' insurance '. (c) Replace in their literal b) the sentences " Superintendence, by general resolution, have estimated that they complement the banks ' rotation. In such cases, the Superintendence must, by general resolution, establish the conditions for the exercise of the said orders. 'For the following reasons:' Commission, by means of a general rule, have estimated that they complement the banks. In such cases, the Commission shall, by means of general rules, lay down the conditions for the exercise of such orders. '(d) Replace its final indent with the following:' The banks may also constitute subsidiaries as companies. property, which, in its constitution and operation, will be subject to the rules of this law and of law No. 19.281, which establishes rules on the Lease of Housing with Promise of Sale. They may also administer and invest the resources and funds referred to in Article 54 of that law, in accordance with the requirements laid down therein. " 63. In Article 70a: (a) Substitute its first indent by the following: " Article 70a.-The banks may constitute subsidiaries of pre-retirement advisory services in the country referred to in Decree Law No 3,500 of the Ministry of the Labor and Social Welfare, which establishes a new Pension System. These entities will also be supervised by the Superintendence of Pensions, in accordance with the provisions of the decree law referred to. "b) Replace in its second paragraph the expression" The Superintendents of Securities and Insurance and Pensions "by" La Commission and the Superintendence of Pensions ". 64. In Article 71: (a) Substitute in its first indent the word 'Superintendence' by 'Commission'. (b) In its second indent, the words 'The Superintendence, also by general rules' shall be replaced by 'The Commission, by a general rule'. 65. In Article 72: (a) The word 'Superintendence' shall be replaced by the word 'Commission', all the time it appears. (b) Substitute in the number (i) of its first subparagraph the expression "minimum percentages" for "capital requirements". c) Replace in its final paragraph the phrase "by resolution founded on which the others" by "founding their resolution in which the others". 66. Replace Article 73 by the following: " Article 73.-The Commission shall have a period of 90 days from the date of submission of the application for a decision on the formation of the companies referred to in the Articles or the direct exercise of the activities concerned. If the Commission requests additional antecedents, this period shall be extended to 120 days. In order to reject the application, the Commission shall issue a decision on the grounds that the requirements laid down by law have not been complied with. In the case of entities classified in category III, as provided for in Article 60, it may also establish the resolution in which there are deficiencies in its management which do not enable it to access the new activity. If the applicant bank is in the management and solvency category I, in accordance with Article 60, the application for authorisation shall be deemed to have been approved if the Commission does not expressly reject it within the following 60 days. on the date of its submission, based on its resolution that the legal requirements have not been met. If the Commission does not give the decision rejecting the decision within the legal period, the application of the positive administrative silence may be required in the form referred to in Article 64 of Law No 19,880, which establishes bases of the procedure Administrative rules governing the Acts of the Bodies of the State Administration. " 67. In Article 74: (a) Substitute in its first subparagraph the word 'Superintendence' by 'Commission'. (b) Replace its final indent with the following: ' The Commission shall, by means of a general rule, determine the conditions and requirements for the The establishment of subsidiaries in accordance with the provisions of this paragraph. ' 68. Replace Articles 75 and 76 with the following: " Article 75.-The Commission shall be responsible for the audit of the companies referred to in Articles 70 and 74 and shall be empowered to lay down the general rules to be applied to such companies. companies must hold their operations according to the rotation they perform. Article 76.-Banks may open branches or offices of representation abroad, make investments in shares of banks established abroad or in shares of companies there constituted that have any of the authorise Articles 70, 71, 72 and 74. The opening of branches or representative offices shall require authorization from the Commission. The other investments concerned will additionally require the authorization of the Central Bank of Chile. For these purposes, the Commission shall forward the records to the Central Bank of Chile after its delivery has been made. '. 69. In Article 77: (a) Replace the word 'Superintendence' with 'Commission', all the time it appears. (b) Subparagraph (a) shall be replaced by the following: "(a) comply with the capital requirements referred to in Articles 66, 66 (a) and 66 (b)." (c) Intercalase in the literal (e), between the word "partners" and the "with", the words " or shareholders. " 70. In Article 78: (a) Amend your first indent as follows: i. Replace the word 'Superintendence' with 'Commission', the three times it appears. ii. Interleave, between the words "norm" and "general", the words "of character". iii. Replace the term "financial institution" by "bank undertaking and the Central Bank of Chile". (b) Replace the number (i) of your second indent by the following: " (i) the bank exceeds the effective assets of the bank by one percentage point; (c) It shall be amended in accordance with Articles 66, 66 (a) and 66 b (c) as follows: i. Interleave, between the words "first" and "category", the words "or the second". Replace the word 'Superintendence' with 'Commission'. (d) Amend the number (iii) of your second indent in the following sense: Replace the word 'Superintendence' with 'Commission'. Interleave, between the words "partners" and "not" the expression "or shareholders". (e) Substitute in the number (iv) of its second indent the term "Superintendence" by "Commission". (f) Replace its final indent by the following new points: " In the case referred to in the preceding paragraph, the periods indicated in which the The foregoing shall be reduced by half and the decision rejecting the authorization shall be founded and reclaimable in accordance with Articles 69 and 70 of Law No 21,000, which is set up by the Commission for the Financial Market. The bank which obtains authorization to open a branch or a subsidiary or to invest in foreign companies in accordance with the procedure laid down in the second paragraph of this Article shall, for a period of one year from the date of the granting of the authorization, the actual assets referred to in the same provision. " 71. Replace Article 79 by the following: " Article 79.-If the Commission does not give a decision rejecting the applications referred to in the preceding Articles within the appropriate time limit, the applicant bank may require the application of the positive administrative silence in the form indicated in article 64 of Law No. 19,880, which establishes Bases of the Administrative Procedures governing the Acts of the Organs of the State Administration. " 72. In Article 80: (a) Replace the word "Superintendence" with "Commission" in the numeral 2 of its first indent. (b) Amend the numeral 3 of its first indent in the following sense: i. Replace the word 'Superintendence' with the phrase 'Commission and the Central Bank of Chile', and the words 'the Commission' by 'the Commission'. Interleave, between the expression "Law No. 18,045" and the point and apart, the following: ", of the Stock Market". (c) Replace its final indent with the following: " Without prejudice to the penalties referred to in Title III of Law No 21,000, which is set up by the Commission for the Financial Market, or the measures applicable pursuant to Article 81, the non-compliance with any of the preceding rules by the Chilean bank or the bank, branch or company established or in which it participates abroad, which puts at risk the stability of the parent company, will empower the Commission to order to the Chilean bank, by way of resolution founded, to alienate all the shares held in the bank or company or to close or dispose of the branch or office in which the offence was committed, within a time limit to be determined by the branch or office, which may not be less than 90 days. ". 73. In Article 81: (a) Substitute in its first indent the word 'Superintendence' by 'Commission', the three times it appears. (b) In the numeral 1 of its second indent, the phrase 'The Superintendence may, according to general rules', be replaced by the following: 'The Commission may, by means of a general rule'. (c) Intercalase in the numeral 2 of its second indent, between the expression "66," and the expression "69 N ° 11", the following: "66 bis and 66 ter,". 74. In Article 82: (a) Amend your first indent as follows: i. Replace the word 'Superintendence' with 'Commission'. Interleave, between the words "Law" and "on", the following expression: "N ° 18,046,". (b) Substitute in the second sentence of the sentence "In no case shall the Superintendence provide information subject to secrecy in accordance with the first paragraph of Article 154." for the following: " In the case of information protected by banking secrecy shall be carried out in accordance with Article 5 N ° 5 of Law No 21,000, which is set up by the Commission for the Financial Market or. ". 75. In Article 83: (a) Substitute in its first indent the word 'Superintendence' by 'Commission', the two times it appears. (b) In its second indent, the phrase "the Superintendence may be audited" by "the Commission shall supervise". (c) Replace the word "Superintendence" with "Commission" and the word "report" with "agreement" in its final indent. 76. In Article 84: (a) Enter the following changes in the first indent: i. Replace in the first paragraph of the numeral 1 the "16.4" by "164", and remove the phrase "or financial corporations". The following shall be inserted in point (b) of the third subparagraph of paragraph 1, between the words 'Law No 18,045' and the following point and comma: 'of the Stock Market'. Replace in the fifth paragraph of the numeral 1 the sentence "The Superintendent shall lay down rules on" by the following: "The Commission shall make general rule in respect of the". iv. Replace in the sixth paragraph of the numeral 1 the sentence 'other financial institution governed' by 'other governed bank'. v. Intercalase in the numeral 1 the following seventh paragraph, new, passing the current seventh to be the eighth paragraph: " With regard to the total of credits that a bank grants to the set of persons or entities belonging to the same business group, in accordance with the definition laid down in Title XV of Law No 18,045 of the Stock Market, they may not exceed 30% of the assets of the creditor bank. For these purposes, the loans referred to in the preceding paragraph shall not be taken into account. ' Replace in the seventh paragraph, which becomes eighth, from the numeral 1, the expression "incurs" by "shall be sanctioned with". vii. Replace in the second paragraph of the numeral 2 the phrase 'Superintendence to determine, by general rules', by the following: 'Commission to determine, by general rule'. viii. Replace the word 'Superintendence' with the word 'Commission' in the third paragraph of the numeral 2. Amend the first paragraph of the numeral 4 in the following sense:-Intercalase, between the words "spouse" and "ni", the following sentence: "or to your civilian life". -replace the phrase 'the Superintendence may, by means of general rules, lay down' by means of a general rule '. x. Replace the word 'Superintendence' with 'Commission' in point (a) of Article 5. Replace the word 'Superintendence' with the word 'Commission' in the third paragraph of the numeral 5. Replace in the fourth paragraph of the number 5 the phrase 'the Superintendence, by means of general rules' by 'the Commission, by means of general rules'. Replace in the fifth paragraph of the number 5 the word 'Superintendence' by 'Commission'. (b) Replace the final indent by the following: ' Without prejudice to the sanctioning procedure initiated for the imposition of the fines laid down in the (a) the bank which infringes the limits laid down in this Article shall be subject to the corresponding margins within a period of not more than 90 days. If it does not do so, it may be subject to any of the awards or penalties provided for in Title III of Law No 21,000, which is set up by the Commission for the Financial Market. " 77. In Article 85: (a) Intercalase in its literal (a), between the word "utilities" and the semicolon that happens to it, the following sentence: "and by individual undertakings of limited liability in which the debtor is a holder". (b) Substitute in literal (b) the expression "Superintendence, by means of general rules" by "The Commission, by means of general rules". 78. In the second paragraph of Article 89: (a) Replace the words "the Service of the Treasury" with "the General Treasury of the Republic". (b) Intercalase, between "1980" and the point and in addition, the following sentence: ", which establishes a new system ". 79. In Article 90: (a) Substitute your first indent by the following: " Article 90.-If the start of a procedure for the liquidation of a bank is declared, the Commission or the liquidator, with the authorization of that bank, may entrust another (b) Reposition in the second, third and fourth points of the statement 'the Superintendent' by 'the Commission'. 80. 'the Commission' shall take the form of a statement of the opinion of the Commission of the European Parliament. In the second paragraph of Article 96: (a) The word 'Superintendence' shall be replaced by the word 'Commission', the two times it appears. (b) Replace the phrase "in Article 22" with the following: "in Articles 69 and 70 of Law No 21,000, which is set up by the Commission for the Financial Market". 81. Replace in the second paragraph of Article 104 the expression "of the department" by "of the commune". 82. Replace in Article 110 the phrase 'assigned to the counterfeiters of public credit banknotes' by the following: 'laid down in paragraph II of Title IV of the second book of the Criminal Code'. 83. Replace in Article 111 the word 'Superintendence' by 'Commission'. 84. Article 111 of the second paragraph of Article 111 is inserted as follows: ' TITLE XIV Measures for Early Regularisation Article 112.-Banking undertakings shall inform the Commission immediately, by means of the means available to them. (a) any of the property requirements that apply to it has been no longer met if any of the following circumstances occur: In the case of banking companies, these requirements relate to those laid down in Article 66 of this Law. (b) For the purpose of losses observed in the available financial information for two or more months in a row, it is apparent that, in order to maintain this trend within the following six months, the audited company will remain in one of the situations provided for in the preceding literal. (c) a repeated failure to comply with the laws, regulations issued by the Commission or the orders and instructions given by the Commission. (d) The rules on liquidity established by the Central Bank of Chile have been repeatedly violated in accordance with the provisions of Article 35 of the Law Nº 18,8840, a constitutional organ of the Central Bank of Chile, which must be maintained by the Central Bank of Chile. institutions. e) The Central Bank of Chile has been used for emergency financing in three or more months of the same calendar year, or has renewed the maturity of some credit of the same nature that has been granted to it within the same calendar year period. (f) For the purpose of the decrease in its financing flows, it is shown that, if this trend is maintained within the next thirty days, the institution will not be able to meet the payment of its obligations. (g) Within a period of up to 12 months, losses exceeding 10% of the capital paid and reserves shall be observed. (h) In three or more months, interest rates have been paid to the public which exceed 20% or more of the averages corresponding to the institutions audited for the same species, within the last 12 months. (i) Credit has been granted to persons directly or through third parties to the property or management of the company in terms more favourable in terms of time, interest rates or guarantees than those granted to third parties in transactions similar; or credit has been made to such persons for more than once their paid capital and reserves. (j) Contracts for the provision of services or the acquisition or disposal of assets of any kind have been concluded with persons concerned, directly or through third parties, with their ownership or management, and which have been established on the basis of by the Commission prior to its conclusion or after its conclusion. (k) The external auditors of the company may indicate reservations about the management or the stability of the entity as a running company. (l) The development plan referred to in Article 31 has been seriously breached. (m) If any of the deficits laid down in Article 65 were maintained for more than 15 days. (n) The property requirement referred to in Article 78 has been breached. (n) Any other occurrence of financial instability or poor management has been detected. Article 113.-The communication referred to in the first indent of the preceding article, the banking undertaking must submit, within a period of five days, which may be extended by the Commission up to 10 days In all, a plan for regularisation, approved by its directory or the one which it does, must contain specific measures to enable it to remedy the situation in which it is located and to ensure its normal operation. Such approval shall, for all intents and purposes, have the reserved character. In addition, if the Commission is aware, by any means, that a banking undertaking has incurred any of the facts described in the preceding article and that the latter has not been communicated to it in a timely manner, it may require the the presentation of such a regularization plan approved by its board or the one that it does its times, without prejudice to the responsibilities and penalties that correspond. In its proposal, the bank must indicate the time limit laid down for the implementation of the plan, which may not exceed six months from the notification of the decision approving it, unless the Commission has expressly authorised it. The Commission shall give its opinion on the adequacy of the plan and may make observations or require it to comply with any additional measures it considers necessary, in order to ensure that within the time limit it determines, the directory, or who does your s, present the modified plan. The rejection of the plan must be carried out by means of a founded resolution. The bank will have to submit to the Commission regular reports on the implementation of the regularization plan, in the terms agreed upon. During the implementation of the plan, the Commission may make observations or require that it be supplemented by the additional measures it deems necessary for its success, as well as extending the deadline for its implementation. The Commission shall inform the Financial Stability Board in a reserved and immediate manner with regard to the content of the application and the presentation of a plan for the adjustment by a banking institution under the terms of the Financial Stability Board. title, as well as the approval, rejection or comments to be made to it. The requirement, presentation and content of the regularisation plan, as well as the communication referred to in the first paragraph of the previous article and the periodic reports referred to in the fifth indent of this article, shall have the and shall be subject to the obligation laid down in Article 28 of Law No 21,000, which is set up by the Commission for the Financial Market, without prejudice to the provisions of the foregoing paragraph. If the Commission does not approve the regularisation plan in question, if it is not submitted within the prescribed period, or if the banking undertaking does not comply with the terms and conditions approved for its implementation, including the time limit for its implementation, the provisions of Article 117 may be applied. Article 113 bis.-If, as one of the measures in the regularization plan approved by the Commission, the need for a capital increase has been established, the board of the bank must convene the shareholders ' meeting to agree This increase. The meeting shall be held within 15 working days of the date of the call. The call shall indicate the period, form, conditions and modalities in which the shares will be issued and the increase shall be made, and shall have the prior approval of the Commission. The rejection of the conditions of the call shall be on the basis of a reasoned decision. In such a case, the Board shall submit a new call within the five-day period from the date of the decision. If the shareholders ' meeting rejects the increase in capital in the proposed form, the Commission may apply the prohibitions referred to in Article 116, without prejudice to other measures corresponding to this law. If the capital increase is approved but is not found within the time limit set, or if the Commission rejects for the second time the terms of call submitted by the Board, the regularisation plan shall be deemed to be non- the Commission may proceed in accordance with Articles 116, 117 or 1 of the following Title, as appropriate. Article 114.-Without prejudice to Article 113a, in the event that any of the measures of the regularisation plan requires the approval of the shareholders ' meeting, the board shall convene it for its conclusion within the Fifteen days ' time. The notices of summons laid down in law No 18.046, on Limited Companies, may be issued at the date of the call, the last of which shall be published at least seven days in advance of the date fixed for their publication. celebration. The summons by mail to the shareholders referred to in Article 59 of that legal body shall comply with the time limits of this Article. The meeting may be held validly within a period of less than that indicated in the preceding paragraph and without complying with the formalities of the summons, provided that all the shares issued with the right to vote are present. If the shareholders ' meeting has rejected the proposal which is the subject of its call, or if the proposal is not implemented within the prescribed period, the Commission shall apply the prohibitions referred to in Article 116 which it considers to be relevant, without prejudice to the adoption of the other measures corresponding to the law. Article 115.-If a banking undertaking is in one of the situations described in Article 112, it may, as part of the regularisation plan, agree to a loan for a maximum of three years with one or more banking undertakings. In the event that the debtor bank has to be subject to the provisions of Title XV of this Law, such a loan shall be paid after the claims of the valists are covered. The terms of these loans must be agreed by the boards of the institutions involved and be authorized by the Commission, without requiring them to be submitted to the shareholders ' meeting. No bank may grant credits of this nature for a sum exceeding 25% of its effective assets. These loans will be counted as the core capital of the company would be for the purposes of the margins established by this law. The creditor institution may impose on the debtor the obligations, limitations and prohibitions referred to in point (e) of Article 104 of Law No 18.045 of the Securities Market. The said loan may only be paid in so far as the debtor company is duly capitalized in accordance with Article 66 of this Law, with the allowance of the said loan. If the loan is not paid within the time limit, it may be used for the following purposes: (a) To be capitalised in advance in the event that the merger of the company would be agreed with any of the creditor banks. In this case, the creditor banking companies may agree to the terms and conditions that enable one of them for the purpose of the merger with the debtor. These terms and conditions shall have the prior approval of the Commission. (b) To find a capital increase agreed by the company, provided that the shares issued are signed by a third party. The terms of the financing of the shares will be agreed between the banking companies that capitalize on their credit and the subscribers of them. Persons linked, directly or indirectly, to the property or management of the bank that capitalizes on their credit may not be able to pay these shares. c) To subscribe and pay a capital increase. In such a case, the shares acquired by the banking companies must be placed on a formal secondary market within the period of one hundred and eighty days from the date of the capitalisation, unless they have been divided between its shareholders in accordance with the general rules. The Commission may, for substantiated reasons, extend the period until the same period. If there are no bidders in the first auction, it must be repeated in each calendar month. The acquirer of shares shall comply with the provisions of Articles 28, 35a and 36 of this Law. The shareholders ' meetings necessary to comply with the provisions of this article shall have the quorum referred to in Article 61 of Law No. 18,046 on Limited Societies. If a concentration is verified in the context of any of the hypotheses referred to in subparagraphs (a), (b) and (c) of the sixth subparagraph, the provisions of Title IV of Decree-Law No 211 of 1973 shall not apply to it. The Ministry of Economy, Development and Reconstruction, which has consolidated, coordinated and systematized legislation, was set up by the decree with force of law No. 1, 2004, of the Ministry of Economy, Development and Reconstruction. These loans may not be made by the Bank of the State of Chile, banks which are subject to interim administration or by applying a regularisation plan in accordance with this Title, or by banks having common shareholders. which, directly or indirectly, controls the majority of its shares. Article 116.-Where a bank is in one of the situations described in Article 112, the Commission may, by means of a decision which has been founded, and without prejudice to any penalties imposed, impose it in full or in part and for the period maximum of six months, renewable for once up to the same period, one or more of the following prohibitions: 1) Grant new credits to any natural or legal person linked, directly or through third parties, to the property or management of the institution. 2) Refresh for more than one hundred and eighty days any credit. 3) To raise or limit the guarantees of existing claims. 4. acquire or dispose of personal or incorporated property corresponding to his or her fixed assets or financial investments. 5) Get documents from your placement portfolio. 6) Grant loans without guarantee. 7) To celebrate certain acts, contracts or conventions or to renew the existing ones with the people that points to No. 1. 8) Grant new loans or acquire financial investments, provided that the growth of the sum of the financial placements and investments, in relation to the month immediately preceding, exceeds the variation of the promotion unit in the same period. 9) Grant new powers to enable any of the acts mentioned in the previous numbers. 10) Make investments, whatever their nature, except in instruments issued by the Central Bank of Chile and the General Treasury of the Republic. 11) Anticipate the maturity of any obligation or restructure liabilities without authorization prior to the Commission. The provisions of this number shall not apply to derivatives transactions in respect of which the provisions of Article 140 of Law No 20,720, which replaces the Insolvency Regime, shall apply. a law on the Reorganization and Settlement of Companies and Persons, and perfects the role of the Superintendence of the Ramo; or in Law No. 20,345, on Systems of Compensation and Settlement of Financial Instruments, as appropriate. However, the Commission will be able to anticipate the end of the prohibitions imposed under this Article by way of a well-founded resolution, when in its judgment the situation of the bank presents a sufficient recovery which would render the maintenance of such measures. During the validity of these prohibitions, the revocation or resignation of the directors of the institution or the resignation or termination of their managers, administrators or proxies shall not have any effect if such acts have not been authorized. by the Commission. If, during its term of office, Shareholders ' Meeting is convened to increase the institution's capital, merge or sell its assets, the Commission may amend the notice period and the number of notices to be published with the latter. the same object. Article 117.-If a banking undertaking fails to submit the regularisation plan referred to in Article 113, it shall be rejected by the Commission, or shall fail to comply with any of the measures defined under it; repeated fines; it shall be rebel in order to comply with the orders legally imparted by the Commission; or any serious event which raises fears for its financial stability has occurred in it, the Commission may, by means of a reasoned decision, appoint a delegated inspector to whom the Commission shall confer on him the powers of his or her point to the effect and to suspend any agreement of the board or act of the proxies of the institution. At the same events, the Commission may, after agreement of the Council of the Central Bank of Chile, have appointed or not the delegated inspector, appoint an interim administrator of the institution, which shall have all the powers of the ordinary course which the law and the statutes point to the directory, or to whom it does its times, and to the general manager. The interim administrator shall have the duties and shall be subject to the responsibilities of the directors of public limited liability companies. In any event, the interim administrator shall, when exercising his or her duties, put the interests of the depositors or other creditors before them and in general the public interest associated with financial stability. Persons designated by the Commission as delegated or provisional administrators, as the case may be, may be Commission officials, with the exception of the Prosecutor, or duly qualified external professionals, subject to compliance with the the eligibility and technical capacity requirements which the Commission shall determine by means of a general rule. Produced the designation of a delegated inspector or interim administrator, the contracts concluded and the other obligations incurred by the audited undertaking shall remain in force and conditions of payment, and may not be resolved or be terminated in advance by a unilateral decision of the creditor; the creditor shall be required to comply in advance; or the guarantees granted by the creditor shall be effective, invoking the designation referred to in the case. The provisions of the foregoing paragraph shall not be governed by derivatives transactions, in respect of which the provisions of Article 140 of Law No 20,720, which replaces the Insolvency Regime by a law of reorganization, shall apply. Liquidation of Companies and Persons, and it perfects the role of the Superintendence of the Ramo; or in law N ° 20,345, on Systems of Compensation and Settlement of Financial Instruments, as appropriate. The appointment of a delegated or interim administrator shall not be longer than one year. The designation of a delegated inspector may be renewed only for another year and the provisional administrator shall be able to be appointed as necessary by the Commission. The resolutions that are issued with such an object will be founded and must have the favorable prior agreement of the Council of the Central Bank of Chile. Furthermore, in situations arising before the appointment of the interim administrator and only within the first year of this administration, the Commission may, by means of a reasoned decision, suspend the application of the margins provided for in the the law in respect of the banking undertaking which was the subject of such a measure or of those institutions which have granted it loans. Under no circumstances may the obligation laid down in Article 65 be suspended. However, the Commission may anticipate the termination of the duties of the delegated inspector or the provisional administrator by means of a reasoned decision, where in his judgment the situation of the bank presents a sufficient recovery which would render the maintenance of such measures. Where the Commission designates as a delegated inspector or as a provisional administrator a professional outside the Commission, that person shall be subject to the prohibitions laid down in Articles 28 and 31a of Law No 21,000, which it creates the Commission for the Financial Market. The designation of the delegated inspector or the provisional administrator described in this Article may be claimed in accordance with Article 70 of Law No 21,000, which is set up by the Commission for the Financial Market, and shall be without prejudice to the sanctioning procedure to be initiated for the purposes of determining the infringements and responsibilities that correspond to the audited entity, its directory, or its principal executives. Article 117a.-In cases where the Commission has appointed a provisional administrator or a liquidator in a banking undertaking; the Commission, the interim administrator or the liquidator may contract, from the audited entity, professionals responsible for initiating judicial proceedings aimed at pursuing the criminal and civil liability of administrators, executives and other persons who, for any degree, have acted in the respective company. The provisional administrator and the liquidator shall be required to report to the Commission on a regular basis and may be removed by the Commission if, in the opinion of the Council, they do not satisfactorily carry out the task. " 85. Replace the headings "Measures to regularise the situation of the banks and their forced liquidation", "First Capitalization Preventive", and Articles 118 and 119, for the following: " Article 118.-Without prejudice to the sanctions which may be imposed the issuers and operators referred to in the second paragraph of Article 2 of this Law which infringe the rules laid down by the Central Bank of Chile, or who have incurred repeated infringements or fines, or are in rebel in order to comply with orders legally delivered by the Commission, or to present instability (a) financial or administrative failure, or failure to comply with the operational safety standards required in accordance with applicable regulations and best practices, or any serious event which may cause fear for the compliance with the obligations assumed, may be suspended from all or some of its activities by the Commission, by means of a resolution established by the Council, for up to 90 days. The Commission may also order in the same resolution one or more of the following measures, as appropriate: 1. Do not issue new payment instruments. 2. Not to affiliate new business establishments. 3. No new operations. 4. Do not receive funds. Without prejudice to the foregoing, the issuer or operator which infringes the rules laid down by the Central Bank of Chile shall give notice to the Commission only after taking cognizance of the fact and submit, within the period prescribed by it. (a) a plan for regularisation in accordance with Article 113 for its approval. If the regularisation plan described above is not approved, or if it has not been complied with in accordance with this Article, the Commission may revoke the authorisation for the existence of the issuer or the operator of the means of payment, following favorable agreement of the Council of the Central Bank of Chile. It may also revoke such authorisation if the issuer or the operator does not comply with the payment obligations incurred by the public or with the return of the interim funds, if any. It shall also be the responsibility of the Commission to issue resolutions granting or revoking the authorization of existence to the above entities, following a favourable agreement of the Central Bank of Chile in the event of rejection, in accordance with the rules established by the latter in use of its legal powers. The refusal of the authorisation for existence or the revocation of such authorisation, or the suspension of all or some of the activities, may be claimed in accordance with Articles 69 and 70 of Law No 21,000, which creates the Commission for the Financial Market. In cases where the Commission has suspended all or some of the activities, or revoked the authorisation for the existence of an operator or issuer of means of payment, it may exercise the powers laid down in Article 117 of this Law. " 86. Replace the heading 'Second Insolvency and Propositions of Convention' by the following: 'TITLE XV Compulsory Liquidation Paragraph I. Of The Settlement'. 87. Replace Article 120 by the following: " Article 120.-The banks may only be subject to a procedure of reorganization or insolvency liquidation governed by Law No 20,720, which replaces the insolvency regime in force by a law of Reorganization and Liquidation of Companies and People, and perfects the role of the Superintendence of the Ramo, when they are in voluntary liquidation. In all other cases shall apply the rules of this Title, without prejudice to Articles 116 N ° 11, 117 (6) and 136 of this Law. " 88. In Article 121: (a) Redeploy the expression 'to the Superintendent, who' by 'to the Commission, who'. (b) Replace the word "Superintendence" with "Commission". 89. Repeal Articles 122 to 129 and the heading 'Third Paragraph Forcible Settlement'. 90. Replace Articles 130 and 131 with the following: " Article 130.-If the Commission finds that a bank does not have the necessary solvency to continue operating, or that the security of its depositors or other creditors requires its liquidation, shall revoke the authorisation for the existence of the banking undertaking concerned and shall declare it in forced liquidation. The Commission's decision shall be in accordance with the favourable agreement of the Central Bank of Chile, which shall give its opinion within a maximum of five working days of bank cash since the Commission has given it the background to which it has considered for adoption. In any event, it shall be presumed that a bank does not have the necessary solvency to continue to operate or that the security of its depositors or other creditors requires its liquidation when: (a) Basic capital, deducted from accumulated losses during the the financial statement of the financial statement of the financial statement of the financial statement of the financial statement of the financial statement of the financial statement of the institution. The determination of the assets to be considered for these purposes shall be determined in accordance with Article 67. (b) Cash, after deduction of losses accumulated during the financial year in a financial statement, is less than 5% of the net assets of the required and risk-weighted provisions. The determination of the assets to be considered for these purposes shall be determined in accordance with Article 67. (c) For the purpose of losses accumulated during the financial year, which appear in two consecutive financial statements, it is apparent that, in order to maintain the proportional increase in the following six months, the bank will be in one of the situations referred to in points (a) or (b) above. (d) The banking company maintains with the Central Bank of Chile emergency loans due and, when applying for its renewal, it refuses to refuse it, provided that the Commission's report has also been negative, for justified reasons. e) The banking company has suspended the payment of its obligations, including those for any clearing house. The decision giving effect to the Commission shall be established and shall contain, in addition, the designation of liquidator, which shall be the responsibility of a person who meets the requirements of suitability and technical capacity which the Commission requires by means of a general character. The lack of solvency or security of depositors or creditors shall be based on a background of the financial statements and other information available to the Commission. The person or persons designated by the Commission as liquidators of the banking undertaking may be officials of the Commission, with the exception of the Prosecutor, or duly qualified external professionals. Article 131.-The liquidator shall have a period of three years for the performance of his office and shall have the powers, duties and responsibilities that the legislation indicates for the liquidators of public limited liability companies. The time limit for the liquidation may be renewed for successive periods of not more than one year, on the basis of a reasoned decision of the Commission, in which case the liquidator shall carry out a publication in a national circulation journal in advance, and also include on the Commission's institutional website, on the progress of the liquidation. " 91. In Article 132: (a) Substitute in its first subparagraph the phrase 'that article' by 'Article 65'. (b) delete in the second subparagraph the sentence "or the sentence referred to in Article 123"; (c) the sentences "shall be drawn up in accordance with the provisions of the Convention" and "as appropriate". 92. Replace Articles 133 and 134 with the following: " Article 133.-The liquidator shall be particularly obliged to: (a) Confect a detailed payroll of all the creditors not included in the preceding article, with an indication of the amount and the nature of the accretion and the preferences of the beneficiaries, which shall be maintained in all the offices of the institution and may be displayed only to those who are creditors of the liquidation. The liquidator shall practice the notification to creditors by means of the electronic mail which he has registered with the institution in liquidation, and by means of the publication in the Official Journal and in a national circulation journal the depositors and other creditors are called upon to verify their claims within the period of 30 days following the publication in the Official Journal. It may be claimed from the content of the payroll before the judge of letters in the civil service of the bank's main domicile in liquidation within the same period. The claim will be dealt with as an incident. The permanent payroll shall determine the rights of the creditors to receive the corresponding repairs, except for legal exceptions. Without prejudice to the preceding paragraph, a division shall be made between the creditors on the payroll, the creditor who makes a claim to the court of justice a credit before the date on which the settlement was declared, have the right to demand, as long as there are funds available, their participation in the future deals and will not be able to sue the creditors already paid the return of any amount, even if the assets of the liquidation do not meet the amount of the unsolute repair. Two years after the publication of the payroll in the Official Journal, no further action shall be taken against the bank declared in liquidation by its obligations. For the purposes of the funds allocated to the creditors of the settlement, the amount of the loans included in the said payroll shall be increased in the form indicated below: (1) readjustments or interests, or both, will continue to accrue the readjustments or interests as agreed. (2) Those that do not accrue any readjustment or interest or cease to accrue for the time being, shall gain current interest for non-readjustable transactions. (b) To inform shareholders and creditors annually of their administration and to render the final account in the form provided for in law Nº 18.046, on Limited Companies. Article 134.-In the situations provided for in this paragraph, the liquidator shall tender the portfolio of letters of credit relating to mortgage transactions subject to Title XIII and the mortgage bonds referred to in Article 69 2, proceeding separately from the portfolio of letters of credit or mortgage bonds for the housing of that corresponding to other different purposes. Other public or private financial institutions may participate in invitations to tender, provided that they agree to take charge of the payment of the letters of credit or the mortgage bonds corresponding to the portfolio in question, all subject to the a balance sheet of these claims and liabilities. The tenders to be issued must be convened in such a way as to enable them to be resolved within 90 days of the date of notification of the decision declaring the settlement. If the tenders received import the acquirer taking charge of the payment of the letters of credit or mortgage bonds for an amount equal to or greater than 90% of their nominal value, the liquidator shall transfer the corresponding amount. portfolio to the acquiring institution. In this case, the value of the letters of credit or the mortgage bonds will be reduced to the percentage offered and the acquiring institution will be obliged to pay up to that amount, for which it will give notice by publication in the Official Journal. The institution shall withdraw the representative titles of the letters or the mortgage bonds, with the percentage to be reduced, when they are presented for recovery. In the case of securities issued in a dematerialised form, the respective amendment shall be sufficient to carry out the corresponding change in the relevant accounting system. On the other hand, if the tenders received import the acquirer taking charge of the payment of the letters of credit or the mortgage bonds for a quantity of less than 90% of their nominal value, the liquidator shall summon the holders of such letters. letters or bonuses to a vote to determine whether they accept the offer of purchase or remain as a result of the liquidation. The offer shall be deemed to be accepted if it has the favourable votes of the creditors referred to in this subparagraph, representing the absolute majority of the unamortised value of the letters of credit or mortgage bonds. For the purpose of convening a meeting, the liquidator shall publish notices in the Official Journal. Within 15 days of the publication in the Official Journal referred to in the preceding paragraph, holders of letters or mortgage bonds shall be entitled to vote on the acceptance or rejection of the offer of purchase presented in the Official Journal. for which you will have to express your choice in the offices of the bank expressly indicated to the effect. The vote must be witnessed and the scrutiny carried out by a notary public or another minister of faith. If no postulant is presented in the relevant invitation to tender, a new applicant shall be called in such a way as to be able to be resolved within the 90-day period from the date of the first. In this tender you apply the same rules as set out in the previous paragraph. It shall be for the Commission to lay down the other instructions on which the votes shall be governed and to resolve any matter arising during their discussion, acceptance or rejection. Payments to creditors for letters of credit or mortgage bonds shall be suspended until the mortgage portfolio is transferred or those creditors are subject to the outcome of the settlement where appropriate. The monies received from the mortgage debtors during this period shall be made available to the acquiring bank of the portfolio. '. 93. Following Article 134, the following Article 134a is inserted: " Article 134a.-Where the mortgage credit corresponding to the letters of credit of Title XIII or Article 69 N ° 2 is transferred to the in accordance with the provisions of this Title, the acquiring bank shall take charge of the full or partial payment of the letters of credit or mortgage bonds, all subject to a balance sheet of those claims and liabilities. The other creditors of the company may not object to this transfer. The acquirer shall enjoy all the rights, guarantees and privileges inherent or accessories to the credits acquired. The transfer shall consist in public deed supplemented by a payroll of the transferred credits, which must be protocolized. The payroll will express the names of the debtors, the primitive amounts of the credits and the data of the mortgage enrollments. The real estate conservators must take note of the transfer of these credits to the margin of the respective mortgage enrollments, at the request of the transferor or acquirer, with the sole merit of the deed of cession and of the (a) a protocol to the payroll. For exclusive purposes of information, the bank shall make publications in the Official Journal and in a national circulation journal, in which it is known that the mortgage portfolio has been transferred to another company, with an indication of the date of the writing and of the notary in which it was awarded. Notaries and real estate conservatives may charge only for the actions referred to in this Article the corresponding fixed rate, without a proportional surcharge. " 94. Replace Article 135 by the following: " Article 135.-Resolved by the Commission for the forced liquidation of a bank, no action shall be taken on the executive actions to be taken, nor shall any precautionary measures be imposed or imposed. prior to the decision determining the revocation of the authorisation for the existence of the undertaking concerned and declaring it to be in liquidation. ' 95. In Article 136: (a) Substitute in its first subparagraph the sentence 'Article 134 for the letters of credit' is read as follows: 'Articles 134 and 134a are laid down for letters of credit and mortgage bonds'. (b) Amend its fourth indent as follows: i. Replace the word "paragraph" with "paragraph". Replace the phrase "Law on the Reorganization and Settlement of Assets of Enterprises and Persons" by the following: " Law No. 20,720, which replaces the insolvency regime in force by a law of reorganization and liquidation of companies and persons, and improves the role of the Superintendence of the branch ". (c) Replace the words "The Superintendent" with "The Commission" in its final indent. 96. Replace in Article 137 the words "The Superintendent" with "The Commission". 97. In Article 138: (a) Amend your first indent as follows: i. Replace the words "the settlement" with "in liquidation". Replace the expression "Notaria itself will be protocolized" by the following: "the same notary in that it has been subscribed such writing will be protocolized". (b) In its final point: i. Delete the word "paths". ii. The following sentence is added to the point and beyond, which becomes a point and followed: "In addition, this information must be disclosed through the Commission's website." 98. Delete the heading 'Fourth Capitalization of a Bank by the Financial System' and Article 140. 99. Replace the heading "Paragraph Fifth Offences Related to the Forced Settlement" by the following: "Second paragraph of the Bank's Criminal Concourse". 100. Replace Articles 141 and 142 with the following: " Article 141.-Directors, managers or other persons who have participated in any title in the direction or administration of the bank shall be punished with the lesser term of office in their the average maximum when, in the performance of their positions or on the occasion of their duties, they have executed or authorized, in the name of the bank, any of the following acts or omissions: 1) Recognized non-existent debts. 2) Simulated enajenations, with the detriment of its creditors. 3) Committed in their business the goods received in the performance of a custody deposit or a trust commission. 4. Realized, in the knowledge of the declaration of forced liquidation and without authorization of the liquidator, any act of administration or disposition of goods to the detriment of the creditors. 5) Paid, within 15 days prior to the declaration of forced liquidation, to a creditor to the detriment of the others, in anticipation of the expiration of an obligation. 6) Hidden, altered, falsified, or misused the bank's books or documents and the other supporting antecedents of these. 7) Paid, within sixty days prior to the date of the declaration of forced liquidation, interest in time deposits or savings accounts with rates considerably higher than the average in the square in similar institutions, or sold assets of its asset at prices well below market prices, or used other ruinous arbitrations to provide funds. (8) Repeatedly infringed the credit margins referred to in Article 84, Nos 1, 2 and 4, or those governing the granting of guarantees or bonds, or executed any act in order to hinder, divert or circumvent the audit of the Commission, other than those referred to in Article 158, within the year preceding the date of the declaration of the forced liquidation. 9. concluded contracts or other conventions to the detriment of their assets, with natural or legal persons referred to in Article 84, number 2. (10) Deficit in compliance with the obligation imposed on it by Article 65, during the 90 days preceding the declaration of forced liquidation. 11) Executively executed any operation that diminishes its asset or increases its liability. The offence set out in this article is public action. Article 142.-The provisions of the foregoing article are without prejudice to the civil liability which may affect them and does not preclude the application of the rules provided for in Articles 14 to 17 of the Penal Code. If the acts committed by the persons referred to in the previous Article have been assigned a penalty higher than that referred to therein, the penalty for the most serious offence shall apply. " 101. Replace in Article 143 the word 'Superintendence' by 'Commission'. 102. Replace the heading "Sixth Guarantee of the State" by the following: "Third State Guarantee Section". 103. In Article 144: (a) Amend your first indent as follows: i. Remove the expression "and financial corporations". ii. Delete the sentence "and cover 90% of the amount of the obligation". (b) In its second indent, the term "a financial institution" is replaced by "a bank". 104. Replace Article 145 by the following: " Article 145.-No person may be eligible for this guarantee in the same banking company for obligations exceeding 200 units of promotion in each calendar year. However, the total amount of the benefit for the same beneficiary may not exceed 400 units of promotion in each calendar year. " 105. Replace Article 148 by the following: " Article 148.-The guarantee and the obligations which it comprises shall be required by a decision of the Commission when a bank undertaking is declared in liquidation. In this case, the payment will be made by the liquidator. " 106. In Article 149 (a), the phrase 'the financial institution, but only in the percentage referred to in that Article and' by the term 'the bank', shall be replaced by the phrase 'the limitation fixed' by 'the limitations fixed'. Replace in Article 151 the phrase "the convention; or in the liquidation, as appropriate" by the words "the settlement". 108. In Article 154: (a) Substitute, in its first indent, the phrase "Deposits and captions of any nature received by the banks are subject", which follows: " The operations of deposits and captions of any kind which receive the banks under this law shall be subject. " (b) Substitute its second indent by the following: " Other transactions shall be subject to reserve and the banks under this law may only make them known to whom it demonstrates a legitimate interest and provided that the interest is not foreseeable knowledge of the antecedents may cause damage to the client. "(c) Substitute the third and fourth subparagraphs of the third and fourth subparagraphs, reordering the other correlatively:" The provisions of the foregoing paragraph shall not be applicable to cases where the Commission, by virtue of the provisions laid down in Article 5 (35) of the Law, N ° 21,000, created by the Commission for the Financial Market, must submit a record to the Financial Analysis Unit, and may in such cases send the bank information subject to the necessary reserve to the Unit to evaluate the the initiation of one or more administrative procedures in the terms set out in Title II of the Law No. 19,913, which creates the Financial Analysis Unit. Furthermore, in order to assess the situation of the bank and without prejudice to the second paragraph of this Article, the bank may give access to specialized firms in the details of the operations indicated therein and their background. Those entities shall be subject to the reserve set out in the specified indent and shall be approved by the Commission and entered in the register of public character which the Commission shall open for such purposes. " (d) Intercalase in the current subparagraph Sixth, which has become seventh, between the words "19,913," and the words "the prosecutors", the following sentence: "that creates the Unit for Financial Analysis,". e) Add the following points eighth, ninth and tenth: " In any case, the banks may to make known the operations identified in the preceding points in global terms, personalised or biased, for statistical or information purposes only where there is a public or a committed general interest, as qualified by the Commission. Except as otherwise provided for in other laws that provide for special procedures, the history of secrecy or reservation required by a bank under the provisions of this Article shall be delivered by the bank within the time limit. 10 working days banking, counted from the receipt of the application of the holder or to whom the holder is authorized, in the case of secrecy; or, since the requirements laid down in the second indent of this Article are accredited for effects of the information subject to reservation. However, if the requested bank so requests, the Commission may extend that period by 10 additional working days if the nature, age and/or volume of the information requested so warrant. The total or partial omission in the delivery of such antecedents may be sanctioned by the Commission in accordance with the provisions of Article 36 et seq. of Law No 21,000, which is set up by the Commission for the Financial Market. ' 109. In Article 155: (a) Amend your first indent as follows: i. Replace the word "Superintendence" with the phrase "Commission under this law". ii. Replace the words "The Superintendent" with "The Commission". (b) Replace the words "The Superintendent" with "The Commission" in its final indent. 110. In Article 156: (a) Substitute in its first indent the phrase 'Financial institutions shall be subject' to the following: 'Banks shall be subject'. (b) To replace the term "financial institution" with "banking company" in its second indent. Replace Article 156a by the following: " Article 156a.-The savings accounts for children, offered by the banks, cooperatives or other financial institutions governed by this law, may be opened by the ascendants in a straight line up to the second degree of consanguinity or by whom the child or child's personal care is taken by judicial decision, regardless of who has the parental authority. In addition, the administration of such accounts shall fall to that of those referred to in the preceding paragraph which has signed the respective opening contract and in its holder, when it is a minor adult, and the contraaor may limit the administration of the account to its holder until the date on which it reaches the age of majority. " 112. In Article 157: (a) Amend your first indent in the following sense: i. Replace the term "the Superintendence" with the phrase "the Commission, under this law". ii. Interleave, between the word "tax" and the point and apart, the word "monthly". (b) Remove its second indent. 113. In the first paragraph of Article 158: (a) The expression "the Superintendence", the first time it appears, by the phrase "the Commission, under this law" shall be replaced. b) Replace the word "exercise" by "exercising". (c) Replace the word "Superintendence", the second time it appears, by the word "Commission". (d) Replace the words "shall incur" by "shall be applied to them". 114. Replace in Article 159 the term "a financial institution" with "a bank". 115. Add the following Articles 161 and 162: " Article 161.-Directors, managers, administrators or proxies who, without written authorization from the Commission, agree, execute or enforce any of the acts prohibited under the Article 116 of this law, shall be sanctioned with a lesser prison in its maximum degrees. Article 162.-The conduct of the offences set out in this law may, in addition, be sanctioned by the Commission in accordance with Title III of Law No 21,000, which is set up by the Commission for the Financial Market. ' Article 2.-Introduces the following amendments to Law No 21,000, which is set up by the Commission for the Financial Market: 1. In Article 1: (a) The words "and insured" by the phrase ", depositors and insured persons" shall be replaced by the words " as well as the protection of the public interest. " (b) Substitute your third indent by the following: " You shall also be responsible for ensuring that the persons or entities audited comply with the laws, regulations, statutes and other provisions that govern them, since they begin their organization or their (ii) the Commission shall be subject to the following second indent: 'The Commission shall, in accordance with Article 2 (2) of Regulation (EC) No 1362/2014, provide the Commission with the necessary measures to ensure that the Commission is able to carry out the necessary measures.' audit of the Comptroller General's Office exclusively with regard to the examination of the the accounts of their expenditure. ' 3. The following numerals 8 and 9 are inserted in Article 3, passing the current numeral 8 to 10: " 8. Banking companies, whatever their nature, as well as companies engaged in the issuance and operation of credit cards, payment cards with the provision of funds or any other similar system, provided they import the issuer or The operator usually contracts with the general public or certain specific sectors or groups of the public. 9. The savings and credit cooperatives subject to their supervision pursuant to the decree with force of law N ° 5, of 25 September 2003, of the Ministry of Economy, Development and Tourism, which fixes the text recast, agreed and systematised of the General Law of Cooperatives. " 4. In Article 5: (a) Amend its numeral 2 in the following sense: i. Interleave, between the word "insured" and the conjunction "u", the following: ", depositors". ii. The following sentence will be added, following the point and beyond, the following sentence: " For these purposes, the Commission will establish criteria and procedures for coordinating the work among its various units, with the aim of managing in an efficient manner complaints received from the public. " (b) Amend its numeral 4 in the following sense: i. The following sentence shall be inserted in the first paragraph between the words "Browse" and "all": "without any restriction and by the means which it considers relevant". Replace in the first paragraph the expression "your information" by the following sentence: " obtain information about your situation, your resources, the way your business and investments are managed, the performance of your staff, the degree of security and prudence with which they have invested their funds, where appropriate and, in general, from any other point which is necessary to clarify for the purposes of determining compliance with the applicable rules by the audited entity. " iii. The following shall be inserted in the third paragraph between the word 'audit' and the phrase ', without altering': 'or statistics'. (c) Amend its numeral 6 in the following sense: i. Interleave in the second paragraph, between the word "investors" and the conjunction "and", the following: ", depositors". ii. Add the following final paragraph, new: " For the purposes of the application of the system of monetary correction of Decree Law No. 824, which approves the text that indicates the Law on Income Tax, will be the guidelines for recovery. referred to in Article 41 of that law. However, the Director of the Internal Revenue Service may establish that the value of the Commission has been determined. '. (d) In his number 7 the following second paragraph is added:' In the inspections carried out by the Commission in the framework of the (e) Intercalase in the first paragraph of its numeral 8, between the words "timely on" and "your situation", the following sentence: " your corporate governance practices and ". f) Intercalase in its numeral 9 the following second paragraph, new, passing the current second paragraph to be the third paragraph: " In general, you may have to be quoted to declare to any person who has knowledge of some fact that it is necessary to clarify in (g) Substitute in its numeral 19 the sentence "established in this law" by "as laid down in this or other laws". (h) In its numeral 24, the following second paragraph is added: " The Commission shall endeavour, through the power of this numeral, to avoid the existence of regulatory voids which may jeopardise the proper functioning of the market. The Commission will be responsible for the implementation of the financial market, as well as its due oversight; it will promote regulatory consistency between the various markets under its competence; and will ensure the continued updating of the financial market regulation, with the aim of the challenges and demands that may arise as a result of new activities, (i) Substitute in its numeral 30 the sentence "provided for in law and which are necessary for the fulfilment of its purposes" by the following: " which are deemed necessary for the due protection of shareholders, investors, depositors and policyholders, as well as the public interest and financial stability. Such measures may be established without further processing in the context of their general powers of audit, and contested in accordance with Article 70. " (j) Intercalanse the following numerals 33, 34 and 35, new, passing the current numeral 33 to be numeral 36: " 33. To appoint a delegated inspector, a provisional administrator or a liquidator, in accordance with the provisions of Titles XIV and XV of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which lays down the recast text, systematised and agreed upon the General Law of Banks and other bodies indicated, as appropriate. 34. Provide information on the audited entities to the Ministry of Finance, the Central Bank of Chile and the Financial Stability Board, without prejudice to the provisions of Article 28 of this Law and the rules on secrecy The Bank of Finance, which is a member of the Bank of the United States, is a member of the Bank of the United States, which is a member of the Bank of the United States. In any event, the Commission may, in order to comply with the objectives of the said bodies, make them aware of information subject to banking secrecy, provided that it is carried out by means of anonymisation of the personal data involved, i.e. by the prior modification of the same to prevent the identification of the individuals to which they refer. 35. Evaluate the effectiveness of the controls that the banks implement in order to avoid the use of the financial system and other sectors of economic activity, for the commission of any of the crimes described in article 27 of the Law No. 19,913 and in article 8 of Law No. 18,314. In cases where the Commission notices the occurrence of any conduct or omission which may be indicated in situations referred to in this numeral, it shall inform the Financial Analysis Unit (UAF), and shall inform the Commission of any such conduct or omission. the background to which they may be useful in initiating and carrying out an investigation in respect of such situations, including that information referred to in Article 154 (2) of the General Law of Banks. In respect of the information collected, as well as of the communications referred to in the preceding paragraph, shall govern the duty of reserve laid down in the first paragraph of Article 28 of this Law. " 5. In Article 8: (a) Intercalanse in its first indent, between the word "encomenden" and the point and apart, the words "to it". (b) Intercalase in its third indent, between the point and followed and the word "Esta", the following sentence: " The same shall apply with respect to the provisional administrator, the delegated inspector and the liquidator established in Articles 117 and 130 of the decree with force of law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and other bodies indicated. ". 6. In Article 15: (a) Reposition in its second indent the expression 'twice' for 'once'. b) Eliminate its final point. 7. Reposition Article 17 by the following: " Article 17.-The commissioners shall be entitled to receive the remuneration corresponding to the grade 1 of the staff plant of the Commission for the Financial Market, including bonuses and Article 5 of Law No. 19.528, of Article 17 of Law No. 18.091, of Article 9 of Law No. 20,212 and other of that grade. The commissioners will be entitled to receive a High Direction allocation from the Financial Sector, which will correspond to the monthly sum of $2,318,561, in the case of the President of the Commission who will have the quality of Head of Service, and of $1,174,173, for the remaining commissioners. Such allocation shall be taxable and shall not serve as the basis for the calculation of any other remuneration, except for the financial compensation referred to in Article 30 (2). " 8. In Article 20: (a) Replace its numeral 1 by the following: "1) Exercise the powers and fulfil the functions which the law entrusts to the Commission." (b) Intercalase in its numeral 2, between the word "policies" and the "de" preposition, the the following sentence: "planning, organisation, management, supervision, coordination and control of the operation of the Commission, as well as". c) Intercalse the following numerals 10, 11, 12 and 13, new, passing its current numeral 10 to 14: " 10. Appoint a delegated inspector, provisional administrator or liquidator, in accordance with the provisions of Articles 117 and 130 of the Decree Law No 3 of 1997 of the Ministry of Finance, which lays down the recast text, systematised and agreed upon the General Law of Banks and other legal bodies indicated, as appropriate. 11. To draw up, within the first quarter of each year, an annual public account detailing the work carried out by the Commission in the previous year, including, inter alia, a general assessment of the performance of the the markets which are the subject of their competition, the Commission's actions in regulatory and regulatory matters, the amount of penalties imposed and their causes, the number of ongoing sanctioning procedures, their participation in the design of policies public, the resources used, the level of compliance with the objectives imposed and the performance indicators, as well as the challenges and goals for the following year. 12. provisionally suspend, in serious and urgent cases duly qualified, in whole or in part, by way of resolution, the activities of a person or entity audited or the listing or transaction of one or more securities, and adopt, in general, any preventive or corrective measures provided for by law, in cases where the necessary standards are not met for the proper conduct of such activities or where the public interest, financial stability or the protection of investors, depositors and policyholders. However, in the case of entities whose activities are regulated under the decree with force of Law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and of other legal bodies indicated, the faculty of provisional suspension of activities described in this numeral, shall be exercised in accordance with the provisions of that law. 13. To decide on the decisions to be taken in respect of the authorisation for the existence, operation and mergers or reorganisations of the audited entities, as appropriate and, in general, to rule on any other authorization or (d) Substitute in its second indent the form of "9" by "12". (e) Substitute its third subparagraph by the following: " In any event, the Council may delegate certain powers of administration, authorization, registration and functioning in the President, other commissioners and other authorities or officials of the Commission, in accordance with its internal rules of operation. The Council may also confer special powers on officials of the Commission for the implementation of certain agreements. " 9. In Article 21: (a) Amend your first indent as follows: It shall be inserted between the words 'of the Commission' and the point and followed, the following sentence ', in accordance with Article 18'. ii. Replace the words "of your staff" with the phrase "of the staff of the Commission". (b) Amend the numeral 3 of your second indent in the following sense: i. Add, following the sentence "informing the Council," the following: "on a regular basis and". ii. Replace the word "quarterly" with "monthly". (c) Replace the number 5 by the following: " 5. To suspend provisionally, in serious and urgent cases duly qualified, the listing or transaction of one or more securities of the public offering, without prejudice to the provisions of the numeral 12 of the preceding article. The President shall inform the Council of the measure taken at the next meeting, which shall be particularly appropriate, at the latest within 45 hours of its adoption and in which the Council shall inform the Council of the action taken. (d) Intercalase in numeral 7 between the words "establish" and "offices", the following sentence: ", after approval by the Council,". (e) Replace the numeral 11 by the following: " 11. Publish the memory referred to in the numeral 11 of the preceding article. "(f) Replace in the numeral 12 the expression" Communicate to "by the phrase" Prior approval of the Council, communicate to the ". 10. It is inserted in Article 23, between the expressions "the systems" and "of supervision", the expression: "and policies". 11. In Article 24: (a) Amend the numeral 1 as follows: i. Remove the phrase "from your dependent units,". ii. The following sentence shall be inserted between the words 'ex officio' and 'or the contributions': 'which have been supplied to it by other units of the Commission as a result of their monitoring processes'. Replace the phrase "to check for violations of laws and regulations whose audit corresponds to the Commission" 'in order to verify infringements of the laws and regulations for which the Commission is responsible and to propose to the Council the imposition of the penalties laid down by the law'. (b) Intercalase in its numeral 2, between guarism "5" and the end point, the following sentence: ", without prejudice to the powers granted to it by other laws." 12. Replace in Article 25 the phrase "which shall be formulated in particular" by "being formulated". 13. In Article 28: (a), the first subparagraph shall be amended as follows: i. Replace the words "The Commissioners" with the words "The Commission, as well as the Commissioners". Replace the term "the Commission" with "that entity". Replace the phrase ", provided that such documents and records are not of a public nature", as well as documents, reports and records which they draw up, prepare or maintain in their possession or of which they have become aware in the exercise of those functions, provided that they do not have the status of public ". iv. Attaché, following the point and apart from what happens to be a point and followed, the following sentence:" The above is without prejudice to the duty of abstention participate and vote as referred to in Article 16. '; b) Intercalase the following second indent, new, passing the current second paragraph to be third, and so on: " Without prejudice to the duties of reservation that this article treats, and in order to ensure the fulfillment of their respective work, the Commission, the Central Bank of Chile and the Superintendence of Pensions will be able to share any information. The foregoing shall not be governed by that information referred to in the first paragraph of Article 154 of the decree with force of law No. 3, of the Ministry of Finance, 1997, which fixes the recast, systematized and agreed text of the General Law of Banks and other legal bodies indicated, except as provided for in Article 5 (34) of this Law. Where the information shared is reserved, it must be maintained in this respect by those who receive it. ' (c) Replace its current third subparagraph, which becomes fourth, by the following: " For all legal purposes, it shall be understood to have the nature of any information derived from the documents, background, reports referred to in the first subparagraph and the disclosure of which may affect the due performance of its functions, as well as the rights to privacy, commercial, the economic operators of the persons or entities subject to their supervision, or which may affect the financial stability, to the extent that it does not have a public character. "(d) Intercalase in its final point, between the word" investors "and the conjunction" and ", the following:" depositors ". 14. Replace in the third indent of Article 30 the word 'deducted' by the sentence 'From the compensation referred to in the preceding paragraph shall be deducted'. 15. Following Article 30, the following Article 31a shall be incorporated: " Article 31a.-Commission staff shall inform the President of the appropriations requested by the banking undertakings and other institutions subject to their audit, as well as the goods it acquires from such undertakings. The Council shall establish, in its internal rules, the procedures necessary for the proper implementation of this duty, as well as for the protection of the information received. Without prejudice to the foregoing, such information shall be of a reserved nature. " 16. Add in Article 33 the following final indent: " You shall be exempt from entering into the payments referred to in this Article by entities which are affected by the contribution of the quotas referred to in Article 8 of the Decree with force of law N ° 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and other bodies indicated. ". 17. It is inserted in the first paragraph of Article 36, between the words "anonymous" and "subject", the phrase "and banking companies". 18. In the second paragraph of Article 37: (a) Intercalase, between the expression "Values," and the conjunction "and", the following sentence: " in Articles 157, 158, 159 and 160 of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which sets the text recast, systematized and consistent with the General Law of Banks and other legal bodies indicated, ". b) Intercalase, between the word" Hacienda "and the point and apart, the following expression", of Companies of Insurance, Companies Anonymous and Bags 19. In Article 59, the following third and fourth points are added: " If the Council resolution is to be signed, the General Treasury of the Republic will be able to execute the infringer to the court of letters with jurisdiction in the civil case. The Court of Justice of the European Court of Justice of the European Court of Justice of the European Union, of the Court of Justice of the European Union, is a member of the Court of Justice. In the respective executive judgment, the opposition of the executed person shall be filed within the fifth day of its notification. " 20. In Article 67: (a) The following final sentence shall be added to the first subparagraph: "In addition, the legal continuance of the Superintendence of Banks and Financial Institutions shall be for all purposes." (b) Intercalase in its second subparagraph, between "Superintendent of Securities and Insurance," and "to the Superintendence of Insurance Companies", the following sentence: "to the Superintendence of Banks and Financial Institutions and to the Superintendent of Banks and Financial Institutions,". 21. In Article 70: (a) Intercalase the following second indent, new, passing the current second indent to be third, and so on: " It may also be claimed, subject to the same procedure, the resolutions of the Commission that impose the prohibitions or limitations contained in article 116 of the decree with force of law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and other bodies indicated; Delegate or interim administrator, or renew those designations; revoke the authorization (b) Replaces its present second indent, which becomes third, by the following: " Similarly, the same claim of illegality for the challenge of the contested decision shall be taken in the same way. other decisions, orders or instructions which impose on a person or entity audited by the Commission a corrective or preventive measure in the exercise of the power laid down in Article 5 (30) and Article 21 (5). '; (c) Replace in the final sentence of its present third subparagraph, which becomes fourth, the expression "preceding paragraph" by "this paragraph". Article 3.-Amend article 35 of Decree Law No. 2.079, 1978, of the Ministry of Finance, which establishes the text of the Organic Law of the Bank of the State of Chile, as follows: 1. Replace your third and fourth points with the following: " The savings accounts for boys and girls, governed by this law, may be opened by the ascendants in a straight line up to the second degree of consanguinity or by those who have the personal care of the child or child by judicial resolution, with the independence of those who have parental authority. In addition, the administration of such accounts shall fall to that of those referred to in the preceding paragraph which has signed the respective opening contract and its holder, when it is a minor adult, and the contraaor may limit the administration of the account to its holder until the date on which it reaches the age of majority. '. 2. Remove your fifth indent. Article 4.-Amend Law No 20,720, which replaces the insolvency regime in force with a Law on the Reorganization and Settlement of Companies and Persons, and perfects the role of the Superintendency of the branch, in the following sense: 1. Add in the second subparagraph of Article 57 (1) (c) (1), after the point and beyond that it becomes a point and followed, the following sentence: " The provisions of this letter shall not apply to the framework agreements for the contracting of derivatives transactions in which the debtor is an institutional investor, which shall be governed by the special rules referred to in Article 140 (2) and (2) of this Law. " 2. 2. Next, fourth, new, passing its current fourth indent to be fifth: " Dealing with the framework agreements in a bank company or any other institutional investor, the cause of termination and anticipated enforceability that may be related to financial instability, poor management or other situations prior to the forced liquidation of those entities that points to the regulation dictated by the Central Bank of Chile, can only be made effective after the expiry of the deadline set by the said regulations, which will be fixed considering the recommendations and the best international practices on the subject. Where the contractual position of the institution concerned by the situation described above is transferred during that period to another institution, the operations covered by the framework agreement shall retain its terms and conditions of Originally stipulated. " Article 5.-Intercalase in the first paragraph of Article 27 of Law No 18.046, on Companies, the following number (5): " 5) Be carried out in accordance with the provisions of Article 55a of the Decree Law No. 3 of 1997 of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and other legal bodies indicated , subject to the conditions and conditions set out in that legal precept. ' Article 6.-Amend the first paragraph of Article 45 of Decree Law No. 3,500 of 1980, of the Ministry of Labor and Social Welfare, which establishes the New Pension System, as follows: 1. "9" by "10". 2. Add the following numeral 10: " 10) No fixed maturity bonds issued by banking companies pursuant to Article 55a of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which fixes the recast, systematized text and agreed upon the General Law of Banks and other legal bodies indicated. The Central Bank of Chile shall determine the limit established in the Investment Regime, which shall not exceed 5% of the value of the Pension Fund, for each Type of Fund A, B, C, D and E. " Article 7.-The following amendments are made to the decree with force of law N ° 251, 1931, of the Ministry of Finance, of Insurance Companies, of Companies of Anonymous and Bags of Commerce: 1. In point (b) of the numeral 1 of Article 21: (a) Reposition the term "financial" by the following sentence: " financial, including the fixed term of maturity bonds described in Article 55a of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which fixes the text recast, systematized and consistent with the General Law of Banks and other legal bodies indicated. "b) Add the following second paragraph:" In respect of the instruments mentioned in this letter, the Commission may, by means of a rule of general character, limits, deadlines, requirements, characteristics, rules and procedures which they must comply with in order to be representative of technical reserves and risk assets. ' 2. 2. in Article 23: (a) Intercalase in its numeral 1 the following point (a), new, passing point (a) to (b), and so on: " (a) Between 5% and a 10% of the total for the fixed term-of-maturity bonds referred to in Article 21 (b); '; (b) Replace in point (g) of its numeral 2 the phrase "points (a) and (i)" by the following: "points (b) and (i)" (c) Replace in point (h) of point (h) of point (h) of point (h) of point (h) of point (a) and (i) of the following: "points (b) and (i)". 3. Replace Article 24 (a) by the following: " (a) Between 10% and 20% of the total deposits and captions and the total of mortgage bills issued by a bank or financial institution, and between 20% and 30% for non-term bonds (a) a fixed maturity, in the case of the instruments referred to in Article 21 (1) (b); '; Article 8.-Amend the decree with force of law No. 5, of the Ministry of Economy, Development and Reconstruction, enacted in 2003 and published in 2004, which fixes the consolidated, agreed and systematized text of the General Law of Cooperatives, the following way: 1. Substitute the third indent of Article 86 by the following: " For the purposes of the operation laid down in point (b), savings and credit cooperatives must have a wealth of up to 200,000 units of The Commission will be responsible for the monitoring of the financial market and the Commission's audit of the financial market. In order to carry out the operations laid down in points (g), in respect of endurable mortgage securities, (h), (i), (k), (n), (o) and (p), savings and credit cooperatives shall have a wealth paid equal to or greater than 400,000 2. The following: Articles 87, 87a and 87b shall be subject to the supervision of the Commission: " Article 87.-Savings and credit cooperatives whose assets exceed 400,000 units of the (a) to be subject to the supervision and control of the Commission in respect of operations which perform in compliance with their object. For these purposes, the Commission, in addition to the powers conferred on it by this law, will have all the powers granted to it by Law No 21,000, which is set up by the Commission for the Financial Market. Such cooperatives shall have the facilities, human resources, technology, procedures and controls necessary for the proper development of their functions and operations; their assets may not be less than 10% of their assets (a) a risk weighted average of less than 5% of its total assets and will be subject to the provisions of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks, in whatever is compatible with their nature. In particular, the rules of Title I, Articles 64 and 67, Title XIV, excluding Article 113a of Title XV, except for the second indent of Article 132, Articles 154, 155 and 156, and Title XVII shall apply to them. In addition, their administrators shall comply with the integrity requirements referred to in Article 28 (b) of that law. The rest of the savings and credit cooperatives shall be subject to the rules on accounting, auditing, publicity and control determined by the Department of Cooperatives, in accordance with their powers. Article 87a.-The supervision and supervision by the Commission, savings and credit cooperatives whose assets exceed 400,000 units of promotion must be accredited, to the satisfaction of the indicated organism, which have the facilities, human resources, technology, procedures and controls necessary for the proper development of their functions and operations. Likewise, the provisional administrator designated in accordance with Article 117 of the decree with force of law No. 3, 1997, of the Ministry of Finance, which establishes the recast, systematized and agreed text of the General Law of Banks, will be authorized to dispose of all or any substantial part of the assets of the said entity, prior to report to the general meeting of members of the cooperative of savings and credit, on its economic convenience and its effects on the financial stability of the cooperative. The provisions of Article 58a of this Law shall also apply to such cooperatives, as appropriate. In such a case, the powers referred to in that Article shall be exercised by the Commission. In any event, the comments made by the Commission on any of the aspects referred to in the first subparagraph shall be resolved within the time limit determined by the Commission, from the date on which the adjustment plan is communicated. and, if it does not do so, any of the measures provided for in Articles 116 and 117 of the Decree Law No 3 of 1997 of the Ministry of Finance, which establishes the recast text, may be applied to the cooperative. systematised and agreed upon the General Law of Banks, and, ultimately, to resolve on its dissolution in accordance with Article 130 of the same legal body, and decree its forced liquidation. The general rules on savings and credit cooperatives which are to be issued should take account of the specific characteristics and risk profile of these non-bank financial institutions and must be compatible with the of the cooperatives referred to in Article 1 of this Law. Article 87b.-Without prejudice to Article 87, those savings and credit cooperatives whose assets are less than 400,000 units of promotion may voluntarily benefit from an early review procedure by the Commission. the Commission, at the expense of the cooperative, in any event subject to the supervision of the Department of Cooperatives. The cooperative may submit a prospectus to the Commission, seeking to benefit from the advance review procedure, which shall be accompanied by a business development plan for the following three years of operation. " Article 9.-The following amendments are introduced in Law No 20,789, which is created by the Financial Stability Board: 1. The words "the Superintendent of Securities and Insurance, the Superintendent of Securities," shall be replaced by the second paragraph of Article 1. Banks and Financial Institutions "by" the President of the Commission for the Financial Market "2. In Article 2: (a) Reposition in its numeral 1 the expression" to the Superintendents of Securities and Insurance, of Pensions and of Banks and Institutions Financial "for" the Commission for the Financial Market and the Superintendence of Pensions ". (b) Replace in the first paragraph of its numeral 2 the expression "Financial Superintendents" by "the Commission for the Financial Market and the Superintendence of Pensions". (c) Replace in the second paragraph of its numeral 2 the expression "Superintendence of Banks and Financial Institutions" by "Commission for the Financial Market". 3. In Article 4: (a) The word 'three' shall be replaced by 'two' in its first indent. (b) Reposition in its final paragraph the phrase "three of its four members" by "the Commission for the Financial Market and the Superintendence of Pensions". Article 10.-Introduces in Article 62 of the Tax Code, contained in Article 1 of Decree Law No 830, of the Ministry of Finance, of 1974, the following amendments: 1. Intercalase the following fourth indent, passing the current incisos fourth and fifth to be fifth and sixth, respectively: " With all, the Service, through its National Directorate, may require the banks, agencies or representations of foreign banks, exchange houses, financial institutions and other entities with domicile or residence in Chile, who report, by 15 March of each year, the transactions they carry out, on behalf of third parties, corresponding to remittances, payments, transfers of funds s to the outside or income of funds to the country, of the immediately preceding commercial year, in an amount equal to or greater than ten thousand dollars of the United States of America or its equivalent. For these purposes, the Service shall obtain the judicial authorization referred to in the third subparagraph of this Article. " 2. 2. Amend the current fourth indent, which has become seventh, as follows: (a) Eliminate the locution 'subject to'. (b) The expression 'this procedure' shall be replaced by 'these procedures'. Article 11.-To count on the date on which the Commission for the Financial Market will assume the powers of the Superintendency of Banks and Financial Institutions, the welfare service of that Superintendence will continue to operate in the Commission. In this welfare service, only the staff that will be transferred from that Superintendence to the Commission and the retired staff of that Superintendence who will be affiliated with it will be affiliated. Without prejudice to the above, the staff member may choose to join the welfare service of the Commission for the Financial Market. Article 12.-Transformer, in the managerial steps referred to in Article 1 of the decree with force of law No. 13, of the Ministry of Finance, 1981, which fixes the plant of the staff of the Commission for the Financial Market, the four posts 2 ° established for the commissioners of the Commission for the Financial Market, in four charges grade 1 ° for the mentioned commissioners. TRANSITIONAL PROVISIONS Article 1.-The rules to be issued by the Commission pursuant to Article 67 of the Decree Law No. 3 of 1997 of the Ministry of Finance, which fixes the recast, systematized and agreed text of the Law General of Banks, must be dictated and enter into effect within eighteen months of the date on which the Commission for the Financial Market assumes the functions and attributions of the Superintendence of Banks and Financial Institutions. As long as no such regulation applies, additional capital requirements associated with market and operational risks and for the purposes of their credit risk weight, the assets of a bank, net of required provisions, shall not apply. shall be classified in the following categories: Category 1. Funds available in cash, deposited with the Central Bank of Chile or at the sight of financial institutions governed by the decree with force of law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks, and financial instruments issued or guaranteed by the Central Bank of Chile. Also included in this category are assets constituted by contributions to companies, acquisition of participation in them or assignment to branches abroad the amount of which has been deducted from the assets in accordance with Article 66 of the Decree of Law No. 3 of 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks. Category 2: Financial instruments, issued or guaranteed by the Chilean Fisco. Also included in this category are the financial instruments in currency of their countries of origin issued or guaranteed by States or central banks of qualified foreign countries in the first category of risk, according to methodologies of international qualifying companies which appear on a registered payroll in the Commission for the Financial Market. Category 3. Irrevocable letters of credit and payable at their sole presentation for foreign trade operations, pending negotiation, granted by foreign banks qualified in the first category of risk by international qualifying companies Article 78 of the decree with force of Law No. 3 of 1997 of the Ministry of Finance, which fixes the consolidated, systematized and agreed text of the General Law of Banks, and loans or transactions with a pact of Retraction agreed by financial institutions governed by that law. Category 4. Home mortgage collateral loans granted to the final acquirer. Also included in this category will be the lease agreements with a promise of sale that will fall on a house and that will be held directly with the buyer. Category 5. Physical fixed asset, other financial assets and all other assets not included in the above categories. For the purposes of the new Articles 51, 66, 66 bis, 66 b, 66 c and 66 quinquies of the decree with force of law No 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and of other legal bodies indicated, the assets included in those categories, shall be estimated at the following percentages of their accounting value: Category 1: 0%; Category 2: 10%; Category 3: 20%; Category 4: 60%; Category 5: 100%. The Commission may include within the categories or create an intermediate category for investments in futures contracts, options and other derivative products. The Commission, following a favourable agreement of the Council of the Central Bank of Chile, adopted by an absolute majority of its members, may, by general rule, change the category of certain assets, provided that it means to raise or lower a single level in the table above or to set an intermediate level between two categories or to establish that certain assets are located in Category 1. In any event, the category to which an asset belongs may be amended only once a year, unless the unanimous agreement of the members of the Central Bank of Chile amends the previous agreement. Changes of category which are introduced under the provisions of the preceding subparagraphs shall enter into force within the time limit determined by the Commission, which shall not be less than 60 days and not more than 90 days from the date of the agreement described in the previous paragraph has been adopted. Article 2.-From the dictation of the legislation referred to in article 67 of the decree with force of Law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks and of other legal bodies indicated, the banks shall have a period of four years for the incorporation of the additional basic capital described in Article 66a of that law, for which they shall be considered as incremental capital requirements a basic of 0,625% of its risk-weighted assets, net of required provisions, for each year from the rule of law referred to in this article. Article 3-The basic capital requirement of 4,5% on the risk-weighted assets, net of required provisions, as referred to in Article 66 of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which lays down the Recast, systematized and agreed upon of the General Law of Banks and other legal bodies that are indicated, will have immediate effect. The rules to be issued by the Commission pursuant to Article 55a of the said law must be issued and entered into force within 18 months of the date on which the Commission for the Financial Market takes up the duties and Powers of the Superintendence of Banks and Financial Institutions. During the first year of validity of such rules, subordinated bonds and voluntary provisions may be counted as equivalent to the maturity of the bonds without maturity or the preferred shares referred to in Article 66 of the that law. From the second year of the regulation, the substitution limit shall be progressively reduced, with a reduction in each year of the equivalent of 0,5% of the risk-weighted assets, net of required provisions. Article 4-The rules to be issued by the Commission pursuant to Article 66b of the Decree Law No. 3 of 1997 of the Ministry of Finance, which lays down the consolidated, systematized and agreed text of the General Law of Banks and of other legal bodies indicated, must be issued and entered into force within eighteen months of the date on which the Commission for the Financial Market assumes the functions and powers of the Superintendency of Banks and Financial Institutions. The Commission may, as from the validity of that legislation, require the basic capital referred to in the specified Article up to 0,625% of the risk-weighted assets, net of required provisions, with the limit being increased in the the same percentage each year, up to 2.5% to the fourth year of entry into force of the legislation referred to in this article. Article 5-The rules to be issued by the Commission pursuant to Article 66c of the Decree Law No. 3 of 1997 of the Ministry of Finance, which lays down the consolidated, systematized and agreed text of the General Law of Banks and of other legal bodies indicated, must be issued and entered into force within eighteen months of the date on which the Commission for the Financial Market assumes the functions and powers of the Superintendency of Banks and Financial Institutions. The Commission may, as from the date of validity of the said rules, require the basic capital referred to in the article specified for up to 0,625% of the risk-weighted assets, net of required provisions, with the limit being increased in the the same percentage in the second year, and 1,125% in the following years, until the ceiling of the band of 3.5% is reached in the fourth year of entry into force of the legislation referred to in this article. Those banks that to the moment or the publication of this law shall be affected by additional cash requirements under the provisions of Article 35a of the law, may reduce that requirement from the entry into force of the law referred to in the preceding paragraph in at least 25% of the property requirement that they are complying with, increasing this reduction by the same percentage in the second, third and fourth years thereafter. The Commission may also require the basic capital referred to in the article specified for up to 0,5% of the total assets, on the basis of the validity of the said rules, with the limit being increased by the same percentage to the second, third and third The fourth year of the fourth year of entry into force of the regulations referred to in this article. Article 6.-Notwithstanding the provisions of Article 35a, new, of the decree with force of Law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks, in case the Bank Central Chile will agree to carry out a sale of shares subject to Law No. 19,396, which provides for a further treatment of the Subordinated Obligation of certain Commercial Banks, with the Central Bank of Chile, or will maintain shares in one of the of the banks which are the subject of the merger, takeover or substantial increase in shareholding, The report of the Central Bank of Chile and the Commission shall decide on its own application. Likewise, for the purposes of the provisions of Article 66 c, new, of the decree with force of law N ° 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks, and to present itself some of the circumstances mentioned in the previous paragraph regarding the ownership of a bank's shares by the Central Bank of Chile, nor will it proceed with its prior report for the purpose of qualifying the bank's systemic quality in (a) whether or not to impose one or more of the requirements referred to in that legislation, and where appropriate; and the Commission will decide on its own. Article 7.-The amendments introduced by this law to Article 35a of the decree with force of Law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and agreed text of the General Law of Banks, not affect the validity of the resolutions adopted by the Superintendence of Banks and Financial Institutions that have authorized a banking concentration subject to the observance of a certain requirement, according to the rules previously contained in that provision. The above is without prejudice to the power of the Superintendence or the Commission-in its character as the legal continuator of the first-to amend, supplement or leave out the above resolutions, for the exercise of the (a) the powers referred to in the new provisions of Articles 35a and 66c of the law. Article 8-Only for the purposes of the obligation referred to in Articles 8 and 9 of the decree with force of Law No. 3, of the Ministry of Finance, 1997, which fixes the recast, systematized and agreed text of the General Law of Banks shall be understood by institutions audited by the set of entities that held that character, or should have been able to maintain it by virtue of their legal nature and function, with respect to the Superintendence of Banks and Financial Institutions, with prior to publication in the Official Journal of the present law. Article 9.-The President of the Republic shall be empowered to establish, within a period of one year from the date of publication of this law, by means of one or more decrees with force of law, issued through the Ministry of Finance, the rules necessary to regulate the following matters: 1. To fix the date on which the Commission for the Financial Market will assume the powers of the Superintendency of Banks and Financial Institutions, also determining the date of its deletion. That date shall not exceed one year from the date of publication of the law. 2. Dispose, without solution of continuity, the transfer of the officials from the Superintendence of Banks and Financial Institutions to the Commission for the Financial Market. The respective decree with force of law will determine the way in which the transfer of all the personnel will be carried out and the number of officials that will be transferred by the estamento, and it is possible to establish, in addition, the period in which it will be carried out. process. The individualization of the transferred personnel will be carried out through decrees issued under the formula "By Order of the President or President of the Republic," through the Ministry of Finance. The transfer of staff from the Superintendence of Banks and Financial Institutions to the Commission for the Financial Market, and the charges they serve, will be carried out in the same degree as they had to the date of the transfer, transferring, the respective budgetary resources. In the same way, the maximum staff of the Commission will be increased by the number of officials transferred. In addition, in the exercise of this power, it may lay down transitional rules for the application of variable remuneration in the Commission for the Financial Market in respect of staff transferred. 3. The exercise of the power referred to in numeral 2 shall be subject to the following restrictions on the staff concerned: (a) It shall not have the effect of changing the usual residence of officials outside the region in question. who are providing services, except with their consent. (b) It shall not be considered as a cause of service termination, removal of charges, termination of duties or termination of employment, or any reduction in its remuneration. Any difference in remuneration must be paid by an additional payroll, which will be absorbed by future remuneration improvements that correspond to the officials, except those arising from general readjustments to be granted to workers in the public sector. Such a template shall maintain the same amount of imputability as that of the remuneration it compensates. In addition, the general readjustment indicated above will apply to the supplementary plan. (c) Transferred officials shall maintain the age allowance they have recognised, as well as the time taken for such recognition. (d) Transferred officials shall continue to be affected by the provisions of Article 15 of the Decree Law No. 1,383, 1975, of the Ministry of Finance. 4. Transfer the assets of the Superintendence of Banks and Financial Institutions to the Commission for the Financial Market. With the only merit of the authorized copy of the or the respective decrees with force of law, the corresponding repartitions shall carry out the inscriptions, subinscriptions and annotations that come from them. Article 10.-Officials of the Superintendency of Banks and Financial Institutions that are transferred to the Commission for the Financial Market may retain their affiliation to the associations of officials of the Superintendence. Article 13.-The President of the Republic, by decree issued through the Ministry of Finance, may transfer to the Commission for the Financial Market the necessary resources of the Superintendence of Banks and Institutions Financial, which may have the effect of creating, deleting or modifying the relevant chapters, programmes, allocations, items and budget glosas. Article 17-The greatest tax expense that the application of this law will make during its first financial year will be financed from the budget of the Commission for the Financial Market and, in what will be lacking, from the Public Treasury budget item. The following years will be financed from the annual budgets of the Commission for the Financial Market. Article 13.-In the event that any bank is over the credit limit of 30% of the equity to a set of persons or entities belonging to the same business group, as defined in the Title XV of Law No 18.045, of the Market of Securities, as set out in Article 84 (1), shall be one year from the date of entry into force of this law in order to comply with that limit. Article 14.-Amendments to Article 17 of Law No 21,000, introduced by Article 2 of this Law, shall enter into force when the Commission for the Financial Market assumes the functions and powers of the Superintendence Banks and Financial Institutions. The allocation of the High Direction of the Financial Sector set out in Article 17 shall begin to be adjusted to take into force the general remuneration adjustments of the public sector workers. Article 15-The sanctioning procedures initiated by the Superintendency of Banks and Financial Institutions prior to the date on which the Commission for the Financial Market assumes the functions of that Superintendence continue to be processed in accordance with the rules in force at the date of their initiation. Article 16.-The President of the Republic shall be empowered to, within a period of one year from the date of publication of this law, by means of one or more decrees with force of law, issued through the Ministry of Finance, amendments to the Staff Regulations of a special nature of the Commission for the Financial Market dictation (a) the provisions of Article 4 (2) of Law No 21,000 for its application to staff transferred from the Superintendence of Banks and Financial Institutions to the said Commission. It may also lay down the transitional rules necessary for the application of such staff regulations to staff transferred. In addition, it shall establish the dates of entry into force of the amendments mentioned above. As long as the modifications mentioned in the previous paragraph are not made, the staff transferred to the preceding paragraph shall continue to be governed by the statutory rules to which it was affected by the Superintendence of Banks and Financial Institutions. For the dictating of the decrees with force of law in accordance with this article, the authority shall take cognizance of the opinion of the associations of officials of the Superintendence of Banks and Financial Institutions. Article 17-The amendment to Article 1 of the decree with force of law No. 13 of the Ministry of Finance, 1981, which fixes the plant of the Commission staff for the Financial Market, pursuant to the provisions of the 12 of this law shall enter into force on the date on which the Commission for the Financial Market assumes the powers of the Superintendence of Banks and Financial Institutions. " Having complied with the provisions of Article 93 (1) of the Political Constitution of the Republic, and because I have had the right to approve and sanction it, I therefore promulgate and take effect as the Law of the Republic. Santiago, December 27, 2018.-SEBASTIAN PINERA ECHENIQUE, President of the Republic.-Felipe Larraín Bascunan, Minister of Finance. What I transcribe to you for your knowledge.-Saluda Atté. to you, Francisco Moreno Guzmán, Undersecretary of Finance. Constitutional Court Draft law that modernizes banking legislation, corresponding to bulletin No. 11269-07 The Secretary of the Constitutional Court, who subscribes, certifies that the Honorable Chamber of Deputies sent the bill enunciated in the rubric, approved by the National Congress, in order for this Court to exercise the control of constitutionality with respect to the following provisions: -numbers 3; 5, as regards the repeal of Articles 3, 4, 5 and 6; 18; 21; 23, as regards the repeal of Article 24; 24; 33; 44; 50, as regards the second indent of Article 55a; 59, as regards the Articles 66 (b) and 66 (c); 60; 61, as regards the fourth subparagraph of numeral 2, replaced by (a) and (h); 68, as regards Article 76; 70, in respect of the literal (iii) of (a) and (f); 72, in the (a) as referred to in point (b) and (c); 74 (b); 76 (b); 80 (b); 84, in respect of the incisor second, seventh and 13th of Article 117; 85, in respect of Article 118; 89, as regards the repeal of Articles 123, 128 and 129; 90, as regards the first subparagraph and point (d) of the second subparagraph of Article 117; Article 130; 91 (b); 92, in the case of Article 133 (a); and 115, as regards Article 162, all numerals of Article 1;-numbers 2; 4 (i) and (j); 8, in respect of the numeral 10 in point (c); 13 (b); 19 and 21 of Article 2;-Article 4;-Article 5;-Article 6, number 2;-Article 7, number 1, point (a);-Article 8, (a) number 2, as regards the second indent of Article 87a;-Article 10, numeral 1, point (a) (read numeral 1), and numeral 2;-transitional articles first, fourth and fifth; sixth and seventh, of the draft law; and 18 December in progress, in the cars Rol N ° 5540-18-CPR. It is stated: 1. The following provisions of the draft law submitted by the National Congress, are themselves of the Constitutional Organic Law and are adjusted to the Constitution of the Republic: 1.1.-of Article 1 of the draft, amending the General Law of Banks: -number 3, as soon as it repeals the second indent of Article 1;-number 5, as soon as it repeals the second indent of Article 3, and the first and third points of Article 5;-number 18;-number 21;-number 23, as regards the repeal of the second and third points of Article 24;-number 24, as regards the repeal of the first, third, fourth and fifth points of Article 26a;-number 33, as regards the second and final points of Article 35a;-number 37, (f);-number 50, as regards the second indent of Article 55a;-number 59, as regards the articles 66 and 66 quater;-number 60, as regards the first and second points of Article 67, and the first indent of Article 68;-number 61 as regards the fourth subparagraph of numeral 2, replaced by point (a), and (h);-number 68, in the case of Article 76;-number 70, in the case of literal iii of point (a); and (f), as regards the penultimate indent of Article 78;-number 72, in respect of the literal (i) of (b), and (c), with exclusion of the expression 'and without further processing' contained in the final paragraph of Article 80;-number 74, point (b);-number 76, point (b);-number 80, point (b);-number 84, in respect of the second, seventh and 11th points of Article 117;-number 85, in respect of the third, fourth and fifth points of Article 118;-number 89, in respect of the derogation Article 123 (5) and the third indent of Article 129;-number 90, as regards the first subparagraph and point (d) of the second indent of Article 130;-number 91 (b);-number 92, as regards the second subparagraph of Article 123 (1);- point (a) of Article 133;-number 115, as regards Article 162. 1.2.-Article 2 of the draft amending Law No 21,000, which is set up by the Commission for the Financial Market:-number 2;-number 4, points (i), and (j), the latter as regards the number 34;-number 8, in respect of the numeral 10 in the (c);-number 13, point (b);-number 19, as regards the third indent of Article 59, and the fourth indent of Article 59, the latter only in the sentence ' in the respective executive judgment, the opposition of the executed person shall be lodged within the fifth day counted since its notification ";-number 21, points (a), (b) and (c). 1.3.-Of Articles 4, 5, 6, 7 and 8 of the draft, which amend Law No. 20,720; Law No. 18,046; Decree Law No. 3,500 of 1980; Decree Law No. 251 of 1931, of Insurance Companies, Limited Companies and Exchanges of Commerce, and the General Law of Cooperatives, respectively:-Article 4;-Article 5;-Article 6, number 2;-Article 7, number 1, point (a);-Article 8, number 2, as regards the second indent of Article 87a. 1.4.-Of Article 10 of the draft, which amends the Tax Code:-number 1, as referred to in the sixth indent, excluding the expression "no". 1.5.-of the transitional articles:-Transitional article first, fourth and fifth;- Transitional Article 6;-Transitional Article 7. 2.-That the following provisions of the draft law submitted to the National Congress for control of constitutionality are themselves of Constitutional and Constitutional Organic Law, so they should be removed from the text of the bill: 2.1. Article 1 of the draft, which amends the General Law of Banks:-The expression "and without further processing" contained in point (c) of Article 1 of the project, which replaces the final article 80 of the General Law of Banks. Accordingly, point (c) of Article 1 (72) of the draft submitted, should be read as follows: 72. In Article 80: ... (c) Substitute its final indent by the following: " Without prejudice to the penalties referred to in Title III of Law No 21,000, which the Commission creates for the Financial Market, or the measures which are applicable in accordance with the Article 81, failure to comply with any of the preceding rules by the Chilean bank or the bank, branch or company established or in which it participates abroad, which puts at risk the stability of the parent company, will empower the Commission to order the Chilean bank, by way of resolution, to dispose of all the shares held in the a foreign bank or undertaking or to close or dispose of the branch or office in which the offence was committed, within a time limit to be determined by the branch or office, which may not be less than 90 days. " 2.2.-of Article 2 of the draft amending Law No 21,000, "The Commission for the Financial Market:-The phrase", and can only be found in any of the following exceptions: 1. Payment of the debt. If it has been effected at a later date than the date of the notification of the application, the defendant shall be ordered to pay the costs. 2. Do not start the title to the executed. Under this derogation the legality of the Council resolution cannot be discussed. 3. Prescription ", contained in the fourth indent of Article 59 of Law No. 21,000, added by Article 2 of the draft law referred to. Consequently, Article 2 (19) of the draft submitted must be read as follows: 19. In Article 59, the following third and fourth points are added: " If the Council resolution is to be signed, the General Treasury of the Republic will be able to execute the infringer to the court of letters with jurisdiction in the civil case. corresponding to his address, accompanying a copy of the Council's decision which applied the sanction or the judgment in his case, which he will have , by itself, executive merit. In the respective executive judgment, the opposition of the executed person shall be filed within the fifth day of its notification. " -point (d) of number 21, which provides: In Article 70: ... (d) In its final indent, the following sentence shall be inserted after the point and end to be followed: ' The measures laid down in Article 192 of the Treaty shall not be enacted. Code of Civil Procedure or other of the same nature, while the claim is pending. " Consequently, Article 2, number 21, of the draft submitted, should be read as follows: 21. In Article 70: (a) Intercalase the following second indent, new, passing the current second indent to be third, and so on: " It may also be claimed, subject to the same procedure, the resolutions of the Commission that impose the prohibitions or limitations contained in article 116 of the decree with force of law No. 3, 1997, of the Ministry of Finance, which fixes the recast, systematized and coordinated text of the General Law of Banks and other bodies indicated; Delegate or interim administrator, or renew those designations; revoke the authorization (b) Replaces its present second indent, which becomes third, by the following: " Similarly, the same claim of illegality for the challenge of the contested decision shall be taken in the same way. other decisions, orders or instructions which impose on a person or entity audited by the Commission a corrective or preventive measure in the exercise of the power laid down in Article 5 (30) and Article 21 (5). '; c) Replace in the final sentence of its present third indent, which becomes fourth, the expression "preceding paragraph" by "this paragraph". 2.3.-of Article 10 of the draft, which amends the Tax Code:-The fourth and fifth points of the number 1 of Article 10 of the project. -The word "no" contained in the sixth indent of Article 10, number 1, of the project. Consequently, Article 10, numeral 1, of the draft submitted, should be read as follows: 1. Intercalase the following fourth indent, passing the current incisos fourth and fifth to be fifth and sixth, respectively: " With all, the Service, through its National Directorate, may require the banks, agencies or representations of foreign banks, exchange houses, financial institutions and other entities with domicile or residence in Chile, who report, by 15 March of each year, the transactions they carry out, on behalf of third parties, corresponding to remittances, payments, transfers of funds to the outside or income of funds to the country, of the commercial year (a) immediately above, in the case of an amount equal to or greater than ten thousand dollars of the United States of America or its equivalent. For these purposes, the Service shall obtain the judicial authorization referred to in the third subparagraph of this Article. " 3.-That this court does not issue a statement, in preventive examination of constitutionality, in respect of the following Article 1 of the draft law, which amends the General Law of Banks: -number 3, as soon as it repeals the first indent of Article 1;-number 5, as soon as it repeals the first indent of Article 3, Article 4, the second and fourth points of Article 5 and Article 6;-number 23, in respect of the derogation of the first and fourth subparagraphs of Article 24;-number 24, as regards the repeal of the second and sixth subparagraphs of Article 26a;-number 33, as regards the first, third and fourth points of Article 35a;-number 44;- (a) number 60, as regards the third indent of Article 67, and the second indent of Article 68;-number 70 (f) as regards the Article 78 (b)-No 85, in respect of the first, second and sixth points of Article 118;-number 89, in respect of the repeal of the first to fourth, sixth and seventh points of Article 123 of the Article 128, and of the first, second and fourth points of Article 129;-number 92, in respect of the first and third subparagraphs of Article 133 (a) to the sixth subparagraph. 3.2.-Article 2 of the draft amending Law No 21,000, which is set up by the Commission for the Financial Market:-number 4, point (j), as regards numerals 33 and 35. 3.3.-Of Article 10 of the project, which amends the Tax Code:-number 2. Santiago, December 19, 2018.-Monica Sanchez Abarca, Secretariat (S)