Allows You To Offer Public Stock Foreigners In The Country

Original Language Title: PERMITE LA OFERTA PUBLICA DE VALORES EXTRANJEROS EN EL PAIS

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"Article 1.-amending Law No 18,045, de |! | (Mercado de Valores, de la siguiente forma: a) be inserted as article 44 bis, the following: "article 44 bis.-stock exchanges must |! | set each other, expedited communication systems |! | and information in real time regarding the |! | securities transactions that occur in each of |! | them, can sell or reproduce these |! | information, without express authorization from bag |! | that it originates them.
Stock exchanges agreed systems of |! | communication, information, delivery of moneys and securities; |! | uniformity of procedures and others which are |! | suitable in order to facilitate the closure of operations |! | between different bags, allowing runners to the |! | public investor the best execution of their orders |! | e urging by the existence of a fair market, |! | (competitivo, ordenado y transparente.'', y b) add the following title XXIV, new: "title XXIV of the public offer of foreign securities in the country |! |
Article 183.-The public offer of securities |! | in Chile, or certificates representing foreign |! | of these, called certificates of deposit of |! | Values on QOL, shall be subject to the rules of the |! | This title and can only be put into effect when |! | These or those registered in a public register |! | Special, called "register of values |! | Foreigners ", which will take the Superintendency.
Be construed as falling within the concept of |! | foreign securities, among others, certificates of |! | representative of Chilean, issued securities deposit |! | abroad.

Article 184-will be up to the Central Bank of |! | Chile, in the cases and ways indicated in the Act No. |! | 18.840, constitutional organic of the Central Bank, |! | determining the rules applicable to the operations of |! | international changes that originate as |! | result of the application of the provisions of |! | This title.
The foreign securities and the CDV may only |! | expressed in foreign currencies that authorizes the |! | Central Bank of Chile, and in those currencies should |! | over the counter in the domestic market, whereas is for |! | all legal purposes as foreign titles. A |!| These operations provisions will be applicable in the |! | Article 39 of the eighth paragraph of title III of the law |! | Organic Constitutional of the Banco Central de Chile, |! | somebody is the nature of the title.

Article 185.-for the purposes of the market of |! | values, means that the QOL are titles |! | transferable, personal, issued in Chile by a |! | depository of foreign representative values of |! | homogeneous transferable securities of an issuer |! | overseas, which are subject to deposit in a |! | depository of foreign values and against which |! | the latter airs the CDV.
The CDV may be redeemed or converted in your |! | equivalent to foreign securities, as well as these |! | past those, according to the deposit agreement |! | foreign securities between the issuer and the |! | depositary of foreign securities or, where appropriate, of |! | According to the relevant rules of procedure.
May only be foreign securities depositories |! | banks, authorized foreign bank branching |! | to operate in Chile and other legal persons that |! | authorized by the Superintendent, through standard of character |! | general, provided that the following are complied |! | (condiciones: a) main rotation of such persons either the |! | realization of financial investments or assets |! | financial, with third-party funds, and |! | (b) that the volume of transactions, nature of |! | assets or other features, allows qualify |! | of relevant participation in the market.

Article 186.-Registration of securities |! | foreign or CDV can only be performed when the |! | originating in the securities issuer is enrolled in the |! | entity his country competent regulatory or supervisory |! | of origin or another country where it is possibly |! | indeed their values.
Without prejudice to the sender be registered |! | originally, the values foreign registered or |! | which give rise to the CDV must be susceptible of |! | be publicly offered in stock market |! | of the country of the respective transmitter or other markets of |! | international values. May also register |! | not likely to be offered foreign securities |! | publicly in the country stock markets of the |! | respective issuer or in other securities markets |! | International, when they meet the requirements |! | that establishes the Superintendency by norm de |! | general character.

Article 187.-Registration of values |! | foreigners must be requested by the issuer. No |! | Notwithstanding the foregoing, in the case of the issuance of |! | CDV, the registration may be filed by the issuer or |! | by a depository of foreign securities.
The issuer may choose between register values |! | foreigners or the corresponding QOL.
When the issuer has requested the registration of |! | values foreign or CDV, may not another depositary |! | foreign securities apply a registration |! | later the same foreign value-related. In |! | case that a foreign securities depositary |! | you have requested an inscription of CDV, another |! | foreign securities depository may enter another |! | emission of the same value-related QOL |! | foreigner, individualizing the latter way of |! | distinguish it enough.

Article 188-The applicant for the registration of |! | foreign or CDV values shall have the obligation of |! | providing the Superintendency and the bags in which |! | These are listed in the country, legal information, |! | economic, financial, accounting and administrative |! | with respect to the issuer and its securities, in the form and |! | opportunity determined by Superintendence |! | the norm of a general nature concerning the |! | Article 189.
The information of the issuer and its values should be |! | be provided to the Superintendent and the bags of |! | securities, in the language of the country of origin or in the of the |! | country in which those values are possibly in Spanish language. |!| Will suffice for this purpose, where appropriate, a translation |! | certified by the applicant for the registration of the |! | foreign or values of QOL, which is taken as |! | documentation authentic since it is delivered |! | the Superintendent's office.
The depositary of foreign securities requesting |! | registration of QOL will be obligated to provide the |! | information previously indicated, as long as they maintain the |! | Corresponding QOL in circulation in the country. You should |! | credit to the foreign values register |! | documented, the commitment of the issuer of the |! | values of the stock exchanges where those values are |! | possibly or the regulatory authority of the respective |! | issuer, the timely shipment of such information.

Article 189.-The Superintendent shall establish |! | by rules of a general nature, shape, |! | conditions, deadlines and modalities that will be a |! | the public offer of securities and effect the registration |! | foreign or CDV, taking into account the nature |! | them and determining the markets that may be |! | over the counter.
The Superintendent, through standard of character |! | general, may circumscribe considered to lack |! | of sufficient information, the transaction of |! | certain foreign values or CDV, markets |! | Special, where they participate groups of |! | investors determined.
The Superintendent, through rules of character |! | generally, with the prior favourable report from the Bank |! | Central, may authorize transactions |! | foreign securities or CDV, out of bag. |!| In the case of the registration of CDV, the Superintendency |! | It shall fix the minimum requirements that must understand the |! | contract of deposit of foreign securities or the |! | rules of procedure, if necessary.
The Superintendent may refuse registration and |! | registration of a foreign value or the CDV, cases |! | exceptional and serious related facts concerning |! | with the Act No. 19.366 or circumstances which by its |! | nature is inconvenient to publicly disseminate |! | can omitted its Foundation resolution |! | respective. In such a case, the omitted fundamentals |! | must be to quietly inform the Ministry of |! | Finance and the Defense Council of the State, when |! | appropriate.

Article 190-The depository of values |! | foreigners shall be obliged to make available |! | holders of CDV, timely information |! | referred to the benefits and the exercise of rights |! | that emanate from the foreign titles that provide |! | originally from the same issuer.

Article 191-for transfer and transmission |! | all kinds of foreign securities, will be to the |! | rules applicable to the nature of the title, which |! | They shall indicate in the background to determine the |! | standard referred to in article 189.
In the case of the transfer and transmission of |! | CDV, the national rules shall apply on |! | acquisition, assignment, transfer and disposal of the |! | shares of open joint-stock companies.
The Central Bank of Chile may determine the |! | terms and conditions that shall be the |! | foreign exchange transactions relating to the |! | values referred to in this title, in |! | accordance with the powers conferred his law |! | Organic Constitutional.
Article 192-The depository of values |! | foreigners shall keep a register in the terms |! | designates the article 179 and, for the purposes of this title, |! | It shall exercise the rights and will have representation from the |! | owners thereof. The SVS will be |! | empowered to establish additional requirements, |! | in accordance with the nature of the titles concerned.

Article 193.-The public offer of securities |! | foreigners in Chile, issued by bodies |! | international or supranational, or States |! | foreign, as appropriate, or representative CDV |! | of those, must agree to the rules set by the |! | Superintendent, by a provision of character |! | General. In any case, can only take effect |! | When any of these titles register in the |! | registry referred to in article 183.

Article 194.-The SVS may suspend |! | or to cancel the registration of a value in the registry of |! | Values foreigners when it is not satisfied with thing |! | established in article 186, or for infringement of the |! | articles 14 and 15 of this law, in the form and time limits there |! | established.

Article 195.-The applicant for the registration of |! | a CDV may not request cancellation of the registration of the |! | same in the register of foreign values while not |! | It has rescued or removed all the QOL of the market or |! | you have proceeded to their redemption, and must contain such |! | obligation in the respective contract of deposit.

Article 196-Foreign issuers, |! | securities brokers, securities depositories |! | foreigners and any other person involved in |! | placement, registration, transaction, deposit and |! | other acts or conventions with foreign securities or |! | CDV, governed by the rules of this title and the |! | that dictates the Superintendency, which contravenes these |! | same provisions, shall be subject to the |! | responsibilities that designates the Decree Law Nº 3.538, de |! | 1980, and the present law.

Article 197-Operations concerning |! | This title may be carried out by bags of |! | values referred to in Title VII of this Act, the |! | who should regulate these operations according to |! | the rules of a general character issued by the |! | Superintendent, in accordance to what in the |! | Article 189.
Internal rules that take bags in |! | related to these operations, shall be governed by thing |! | provisions of the final paragraph of article 44.
Also these operations may be carried out in the |! | markets referred to in article 189.
In addition to the foreign values and QOL, can be |! | over the counter, according to the rules of this title, the |! | international investment funds quotas indicated in |! | the law Nº 18.815 and, in addition, any other value than |! | authorized by the Superintendency.
The operations to be performed in agreement with the |! | rules of this title will have the character of operations |! | of international changes, for the purposes of thing |! | derogation from the constitutional organic law of the Banco |! | Central. ".