He Introduced A Series Of Reforms In Terms Of Liquidity, Innovacia Integracia N Of The Capital Market And Financial

Original Language Title: INTRODUCE UNA SERIE DE REFORMAS EN MATERIA DE LIQUIDEZ, INNOVACIÓN FINANCIERA E INTEGRACIÓN DEL MERCADO DE CAPITALES

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(Amending article 2, in the following sense: to) replace the first subsection, by si-following: "article 2.-the quality of participant is ad - wants to" " (: a) at the time of receiving the administering the contribution in cash or banking View voucher, in national or foreign currency.

(b) at the time of perceiving the administering the contribution of the Bank delivered in the event of payment by cheque.

c) when you curse the corresponding transfer, in the case of transactions in the secondary market.

(d) when has the administrator accepted the transfer of domain, in favour of the Fund, the instruments referred to in article 13. For these purposes, the administrator will have the period of two working days, within which shall be dealt with regard to its acceptance of such transfer or rejection to this does not conform to the provisions of the article 2 Bis or the rules of procedure of the Fund.

(e) for forms to be determined by the regulations under this law. "."

(b) Insert, in the second paragraph, the expression "of the respective fund" and the followed point the phrase "and under the conditions provided for the regulation of this law".

(2) Insert the following article 2 bis: that the composition of the contribution does not differ significantly from the composition of the portfolio of the Fund; "

(b) that is not trespasses the policy of investment, diversification and liquidity of the Fund;

(c) that the instruments are provided at a market price, according to the rules established or authorized by the Superintendent;

(d) that none of the contributors of the Fund controls individually or jointly, directly or indirectly, more than 30% of the fees of the Fund, or the lower percentage indicated the Fund rules.

Administering society shall ensure that the percentage established in this letter is not exceeded by placements of assessments carried out on their own. The Superintendent will establish deadlines so that people who exceed that percentage proceed to the transfer of their shares, up to that part which allow compliance with the same, without prejudice to penalties which may be applicable thereto, and e) others which establishes the Superintendency. "."

(3) replace, in the final paragraph of article 4 °, the phrase "the third title of the law Nº 4.558" by the phrase "book IV of the commercial code".

(4) replace article 5 °, by the following: "article 5.-mutual funds and administering societies of them shall be governed by the provisions of this law and its regulations, by the legal and regulatory rules that govern special corporations, in which they are applicable, and in subsidy rules that establish their respective internal regulations.".

(5) replace article 8 ° by the following: ' article 8.-the administering companies may start its functions once they expect, at least, a fund whose shares are able to be sold, according to the article 8 bis. ".

(6) Intercalanse the following articles 8 bis and 8 ter: "article 8 bis.-the administrators must deposit a rules and a contract of subscription fees for each of the funds that manage. For these purposes, the Superintendent will take a "public record of deposit of regulations internal and contracts of subscription of shares of funds mutual", hereinafter "the register".

Unless founded resolution of the Superintendency, fund shares may be sold from the next working day, told from the respective deposit, whereas for all purposes as listed in the registry of securities carrying the Superintendence of such date.

The Superintendent shall establish the minimum contents of the internal regulations and contracts. Similarly, will regulate the way in which managers shall send the background subject to deposit.

Managers will be responsible for the content of rules and contracts that they deposit, which must be written in clear, understandable form and which do not induce to error. Also, the Superintendency will keep its institutional web page an updated digital version of the record referred to in this article.

The Superintendent may, at any time, represent to society that its regulations or contracts do not conform to the laws or regulations in force. Also, founded resolution, may suspend the marketing of the Fund fees until the moment they come into force modifications that overcome the remarks made by the Superintendence to the regulations or contracts, subject to administrative sanctions that are relevant. Continue marketing quotas or not correct observations in the term indicated by the Superintendency, which may not be less than one business day, this may, without further formality, proceed to the final disposal of the regulation or contract of subscription of the corresponding registration fees and the liquidation of the Fund.

Article 8 ter.-modifications introduced into internal regulations or already registered share subscription contracts shall be contained in a consolidated text which is deposited in lieu of the registered, in the same manner indicated in the preceding article.

Such changes shall be communicated to the unit-holders of the Fund by administering society. The form and terms of the communication, as well as the entry into force of the amendments, will be established in the regulation of the law. The formalities and the content of the communication will be determined by the Superintendent. "."

((7) amending article 11, in the following sense: to) replaced, by the if-following the first paragraph: "article 11.-six months from the date in which the administrator can market fees of the Fund in accordance with the provisions in article 8 bis, this must have permanently at least 50 participants, unless among these there is an institutional investor , in which case it is sufficient to have only five participate. "."

(b) add the following final paragraph: "(Para efectos de lo dispuesto en este artículo, calificarán como inversionistas institucionales aquellos a que se refiere la letra e) of article 4 bis of law No 18,045.".

(8) Replace subparagraph first of article 12, by the following: "Article 12.-agents will be Presidents of administering society for purposes of subscriptions, rescue, or other kind of operations that the unit-holders of the Fund carried out through him.".

(9) replace, in the first paragraph of article 12 A, expression "counted since the adoption of the internal rules of each Fund" by the expression "counted from the date in which quotas for the Fund are marketed in accordance with the provisions of article 8 bis".

10) amended article 13, follows: to) replace the number 1) by the following: "1) (must be in all kinds of instruments or goods or certificates representing these, that meet any of the requirements which are designated below, without prejudice to the quantities that remain in cash or currency extran-jera: to) that are traded on a stock exchange" national or foreign.

(b) that the issuer is subject to the control of the Superintendent or of any institution or body public, national or foreign, of similar competition.

(c) that are issued by international organizations, those concerning the 24TH title of law No 18,045.

(d) that they are issued or guaranteed by the State Central Bank of Chile, or by the State or the Central Bank or public body of similar competition from a foreign country.

The Superintendent, by means of a general rule, may establish conditions, as well as the minimum information which must comply with the investments outlined under this number.

Also the Superintendent may authorize the investment of funds in other instruments or goods other than those specified above.

In any case, international operations that make the Fund shall be governed by the provisions contained in the eighth paragraph of title III of law No. 18.840; "."

((b) change the numeral 2), follows: i) replace the subparagraph by the following: "(2) shall maintain, at least 50% of your investment in securities having stock market transaction, deposits or securities issued or guaranteed to total extinction by banks or other financial institutions or by the State, in mutual funds, currencies or other instruments that authorize or establish the Superintendency.".

(ii) replace the second paragraph, the phrase "Without prejudice to the provisions in the previous issue, the Fund may invest up to 10% of its total assets" by "In any case, the Fund may invest no more than 20% of its total assets".

((c) replace paragraph 8), by the following:
'(8) a mutual fund may purchase instruments classified in risk categories which are determined in the internal rules of the same.'.

((d) repealed paragraph 9).

e) replaced the number 10), by the following: "10) the Fund may be derivatives, both inside and outside the bag;" purchase instruments with promise of sale; and acquire or dispose of options for the purchase or sale of assets, values and indices, give in loan values and make short sales on these contracts.

All operations and investments in this issue shall comply with requirements that authorize or establish the Superintendent, to be determined, in addition, the maximum limits that can engage in these. "."

((f) repealed paragraph 11).

(11) replaced article 13 A, by the following: "(article 13 a. in the case of mutual funds aimed at qualified investors, do not apply the limits laid down in the paragraphs 2)(, 6) and 7) article 13, as well as also laid down in article 13 B, always in the rules of procedure be established a policy of diversification of the investments and borrowing from the Fund." The policy of diversification of the investments must contain, at least, investment limits on the total assets of the Fund according to each issuer, business group and its related parties. Debt policy should contain types and origin of the obligations that may get the Fund, deadlines associated with these and the limits of liabilities payable and liabilities of medium and long term, with respect to the assets of the Fund, without prejudice to information requirements that establish the rules of procedure.

In its annual report, the external auditors of the Fund must pronounce on compliance with these policies. "."

(12) replaced the first article 13 B, with the following: "article 13 B-the Fund can only borrow up to 20% of its heritage, the conditions that establish its rules of procedure, in order to pay for bailouts of quotas and perform other operations that the Superintendent expressly authorizes.".

(13) replace the second article 13 B, by the following article 13 c: "(article 13 C.-in the case of a mutual fund whose internal rules established an investment policy that condition the investments of the Fund or the profitability of the same to the behavior of an index, you shall not apply the limits that include numerals)(, 6) 5 and 7) article 13."

The Superintendent shall determine, by a general rule, characteristics which must comply with the rates, the maximum percentages of investment instruments issued or guaranteed by a single entity and in the set of investments in securities issued or guaranteed by entities belonging to the same corporate group, both on the assets of the Fund. Also, may establish maximum ranges within which the distribution of the Fund Portfolio can deviate from the fulfilment of its object. "."

(14) replaced article 14 bis, by the following: ' article 14 bis.-the administrators shall participate and exercise their right to voice and vote in the elections of the Board of the open joint-stock companies whose shares have been acquired with resources from mutual funds, and put at the disposal of the information contributors about the exercise of such rights, provided that together possess more than one per cent of the shares with voting rights issued by the " society.

Hurricanes of this article the funds referred to in article 13 C.

In the elections of the directory of the companies whose shares have been acquired with resources from mutual funds, the administrators not to vote by the following persons: to) the shareholders who have control of the company or its related parties.

(b) the shareholders the administrator having 10% or more of their actions, or their related persons.

(c) the directors or executives of the administrator, or any society of the business group to which it belongs.

The administrators may act together among themselves or with shareholders that are not subject to the restrictions referred to in this article. Despite the above, not may perform any management involving participate or have interference in the administration of the society in which one or more directors have chosen.

(Without prejudice to the provisions of point (c)) of the third subparagraph, the administrators can vote for people who serve as directors in a society of the corporate group to which belongs the society in which you choose Directory, when people meet the following: i) person whose only relationship with the driver of the business group comes from their participation in one or more of the mentioned group companies directory ((, and ii) that the person has not agreed to the directories referred to in point (c)) of the third paragraph with the decisive support of the driver of the business group or its related parties.

Means that a director has received decisive support from the driver, when to subtract from your vote from voters that or its related parties, had not been elected.

In case that the person chosen is affects to the restrictions of this article or inhabilitare for any reason, cease to full-fledged in office, must definitely take the alternate if there is one, or that substitute authorized designated directory. "."

(15) replaced article 15 °, by the following: "article 15.-mutual funds shares will be valued in the form to determine the regulation of this law, with the frequency that authorize or establish the Superintendent, which shall not exceed one day.".

((16) amended article 16, of the following form: a) Insert the following new third subsection: that the composition of the rescue does not differ significantly from the composition of the portfolio of the Fund; "

(b) that is not violates the policy of investment, diversification and liquidity of the Fund;

((c) that the instruments are rescued at a market price, according to the rules that establish or authorize this regard the Superintendency, and d) other that attaches the Superinten-dencia. "."

(b) replace, in the current final paragraph, the expression "in the background values" by the expression "otherwise, conditions and deadlines".

(c) add the following final new subsection: "subject as set out in the preceding paragraphs, funds that allow the contribution and rescue instruments may provide restrictions on the contribution and redemption of quotas according to as determined by the Superintendent with general instruction, which will become effective once the respective shares are registered on a stock and the administrator has established mechanisms that ensure participants a" adequate and permanent secondary market for their shares. "."

(17) replaced the second paragraph of article 17, with the following: "the highest value received the participants in the rescue of quotas should be calculated as the difference between the acquisition value and the rescue. For these purposes, the acquisition value will be expressed in Unidades de Fomento according to the value that this represents the day of the acquisition, turning them into pesos according to the value of this same unit a day carrying rescue. "."

(18) article 20 be repealed.