Amends Decree Law No. 3,500 Of 1980, In The Field Of Pension Funds; Decree Law No. 1.328, 1976, On Mutual Funds Act No. 18,045 On The Stock Market; The Law-Decree No. 251 Of 1931, Finance Companies Of S

Original Language Title: MODIFICA EL DECRETO LEY N° 3.500, DE 1980, EN MATERIA DE FONDOS DE PENSIONES; EL DECRETO LEY N° 1.328, DE 1976, SOBRE FONDOS MUTUOS LA LEY N° 18.045, SOBRE MERCADO DE VALORES; EL DECRETO CON FUERZA DE LEY N° 251, DE 1931, DE HACIENDA, SOBRE COMPAÑIAS DE S

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"Article 1-Introducense the following amendments to the Decree Law No. 3,500 of 1980: 1." (Article 23: to) added to the sixth paragraph, then of separate point (.) which happens to be followed dot (.), the following sentence: "the resolution to revoke the authorization shall be established.".
(b) added to the end of the eighth subparagraph the following sentence, turning point apart (..) to be comma (,): "and all the history of it must be kept in reserve.".
(c) replace in the 13th paragraph, the comma (,) that precedes the expression "complement", by the conjunction "and".
2. Reemplazanse in the final paragraph of article 24, the "eleventh" Word for "twelfth" and the word "required" for the "required".
3. replace in the second paragraph of article 34, the letter "n") by "o").
4 replace first article 44, subparagraph by the following: article 45 and in the companies of deposit of securities referred to in law No. " 18,876. in the latter case, deposit companies and managers observe the special rules on custody contained in Title XIII of this Act. "."
5 to article 45: to) in the second paragraph, insert the following letter "n" new, passing the current letters n) and n) to be n) and or), respectively: "n) other instruments of public offer, the issuers be audited by the Superintendency of securities and insurance or the Superintendency of banks and financial institutions, as appropriate, that authorized by the Central Bank of Chile;".
(b) in the fifth subparagraph, replace the letter "n") with "n").
(c) in the sixth paragraph, insert the words "and n)", between the letter "n") and the word "should", replacing the conjunction "and" that it precedes the letter "n"), by a comma (,).
(d) Suprimense the three paragraphs that are next to the eighth paragraph, beginning with three dots (...).
(e) Insert the following new paragraph, following the eighth paragraph: "the ceilings for investments referred to in the second subparagraph shall adhere to the ranges listed below, corresponding to the Chile Central Bank is the determination of those who are defined in paragraphs 1 to 12: 1. The limit for the sum of investments in instruments mentioned in the letter a), may not be less than thirty-five percent or higher to fifty percent of the value of the Fund.
2 the limit for the amount of investment in the instruments referred to in b) and (c)), may not be less than thirty per cent nor superior to fifty percent of the value of the Fund.
(3. the limit for the amount of investment in the instruments referred to in point (d)), may be not less than thirty-five percent or higher to fifty percent of the value of the Fund.
4 the limit for the sum of investments in instruments mentioned in the letters e) and f), may not be less than thirty per cent nor superior to fifty percent of the value of the Fund. However, with respect to the instruments mentioned in (f)), the limit of the sum of investments may not be less than ten per cent nor superior to fifteen per cent of the value of the Fund.
(5. the limit for the sum of investments in instruments mentioned in the letter g), may not be less than thirty per cent nor superior to forty per cent of the value of the Fund.
(6. the limit for the sum of investments in instruments mentioned in the letter k), may not be less than ten per cent nor superior to 20% of the value of the Fund.
(7. the limit for the sum of investments in instruments mentioned in the letter l), may not be less than six percent or higher to twelve per cent of the value of the Fund. However, the maximum limit of investment in shares issued by foreign companies and shares of participation in mutual funds and investment funds abroad, may not exceed six per cent of the value of the Fund.
(8. the limit for the sum of investments in instruments mentioned in the letter m), may not be less than five per cent nor superior to 10% of the value of the Fund.
(9. the limit for the sum of investments in instruments mentioned in the letter n), may not be less than five per cent nor superior to 10% of the value of the Fund.
10 the limit for the sum of investments in instruments indicated in letters g), h), i), j), m) and n), as also for the letters l) and n) in the case of instruments representative of capital, may not be less than forty per cent nor superior to fifty percent of the value of the Fund.
11 the limit for the sum of investments in instruments mentioned in the letters h), i) and n) in the case of instruments representative of capital real estate, may not be less than ten per cent nor superior to 20% of the value of the Fund.
(12. the limit for the amount of risk coverage operations outlined in the letter or), calculated on the basis of the instruments subject to this coverage and measured on a net basis, may not be less than five per cent nor superior to fifteen per cent of the value of the Fund.
13 the limit for the sum of investments in instruments mentioned in the letters f), g), h), i), j), m) and n), as also for the letters l) and n) when in the case of instruments representative of capital; (((((and the letters b), c), d), e), k) and n) in the case of representative of debt instruments, classified in categories A or BBB and at levels N-2 or N-3 risk altogether, may not exceed Seventy per cent of the value of the Fund.
14. the limit for the sum of investments identified in the preceding number 10 m s the sum of debt instruments rated BBB category and level N-3 risk and pointed instruments in letter f), may not exceed of fifty-five per cent of the value of the Fund.
15. the sum of investments identified in number 11 above more the sum of mortgage backed by mutual companies bond or commitment to purchase real estate rental contracts, may not exceed thirty per cent of the value of the Fund. "."
(f) in the sixteenth paragraph, reemplazanse the three dots, by the letter "n").
(g) in the seventeenth paragraph, replace the expression "g) and k)," by the expression "()(, k) g and n)".
(h) in the 18th paragraph, replace the term "f) and k)" by the expression "()(, k) f and n)".
(i) in the nineteenth paragraph, add the following sentence then separate point, it passes to be followed dot (.): "(El Banco Central de Chile podrá excluir de la determinación de porcentajes máximos de inversión contemplada en este inciso, a los instrumentos de cada tipo señalados en la letra n).".
(j) in 20th paragraph, replace the term "f) and k)", the first time that it appears, by the expression "(f)(, k) and n),".
(k) in the twenty-second subparagraph, replace the phrase "the letter n)", by the phrase "(las letras n) and n),".
6. replace in the third subparagraph of article 45 bis, the letter "n") by "n").
7 replaced by "o") in the third subparagraph of article 46, the letter "n").
8 article 47: to) in the ninth subparagraph, replace the phrase "effect set the Superintendent by regulations of a general nature," by the phrase "established in the fourth subparagraph of article 45,".
(b) in the seventeenth paragraph, replaced the phrase "this last value" by the phrase "the value contained in the statutes".
(c) in subsection trigesimoprimero, reemplazanse the three ellipses (...) by the letter "n").
(d) in subparagraph (32nd), replaced the letter "n") by "o"), and the word "may" by "shall".
9 be replaced in the sixth paragraph of article 47 bis, the word "medium" by the word "one".
10 be inserted in the second paragraph of article 48 the expression "y n)" between the letter "n") and the phrase "and the series", replacing the conjunction "and" that it precedes the letter "n" by a comma (,); and replaced the letter "n"), the second time it appears in the text, by "n").
11. delete number 8 of article 94, the word "the" is between the words "Apply" and "sanctions".
12 to article 98: a) in (b)), replace the sentence that begins with the phrase "where investments..." and ending with the word "respectively.", by the following: "also, should be considered within the potential loss estimated twenty percent of investments in instruments classified in category A or risk level N-2 , and sixty percent of investments in instruments classified in category BBB or N-3 level of risk. "."
((b) in (f)), replaced his eighth with the following paragraph: "without prejudice to the third subparagraph, the percentage referred to in the first subparagraph, both of this letter, will be zero percent of the value of the investment, in case of shares from pension funds, insurance companies, managers of mutual funds, managers of investment funds , stock markets, societies of brokers, agents values, financial advisory, sporting, educational and charitable societies exempted societies provide information in accordance with the provisions of article 3 of the law N ° 18,045. "."
(13 insert the letter c) of article 99, between the phrases "(en la letra l)," e "and the", the phrase "of instruments referred to in the letter n) that do not apply to shares of joint-stock companies or debt securities,"; and the letter "n") shall be replaced by "o").
14 is replaced in the subparagraph first of article 101, the term "pension" by "Administrators".
15. in the third subparagraph of article 103, insert the word "exercise" between the words "for" and "charges", and replace the word "of" that follows the word "time" by the phrase "that lasts".
16 Reemplazanse in the final paragraph of article 104, the three ellipses (...) by the letter "n").
Article 105 17: to) in the chapeau of the subparagraph first, insert the phrase "and n)", between the letter "l") and the word "of the" replacing the conjunction "and" that it precedes the letter "l") by a comma (,).
(b) in the heading of the second paragraph, insert the words "and n)," between the letter "l") and the word "Yes", replacing the conjunction "and" that it precedes the letter "l") by a comma (,).
(c) in the fourth sentence of the fourth subparagraph, insert the word "Separator" between the words "Commission" and "may".
18 be inserted in the fourth sentence of the second paragraph of article 109, then the phrase "so determined," as follows: "with respect to the classifier,".
19 replaced article 135 by the following: ' article 135.-directors or managers of the real estate companies and their related persons may not acquire, lease or use directly or through other natural or legal persons, securities or property of real estate companies that manage or dispose of or lease of their own to these. " Nor may give in loan money or grant guarantees to those companies, and vice versa or contract renewal, renovation and development of real estate. Except ban publicly offered securities transactions carried out in formal markets that have high liquidity, as determined by the Superintendency of securities and insurance through a general rule. "."
20 replaced by "o") in the second paragraph of article 138, the letter "n").
21 the following second paragraph added to article 153: "For the purposes of the provisions of this article, shall mean portfolio management which makes a person with third-party funds, which is has been given the mandate to invest them, and manage them".
22 article 155: to) in its first paragraph: i) in letter to), replace the comma (,) following the word "majority" by the conjunction "or", and delete the phrase "or person nominated by him,".
((ii) replace the letter b) with the following: "(b)) be shareholder or person related to it, that with the votes of the administrator can choose the majority of the Board.".
(b) Insert the following new second paragraph, passing the current subsection second to be third: "administrators may act together among themselves or with shareholders that are not subject to the restrictions referred to in this article. However, these may not perform any management involving participate or have interference in the administration of the society in which one or more directors have chosen. Violation of this rule will be sanctioned by the Superintendent in accordance with the law. "."
(c) in the second paragraph - which happened to be third-, delete the initial phrase "in any case," placing then capitalized the article "the" that follows it.
23 to article 156: to) replace in its letter to), the word "Administrators" both times it appears in the text, "administering"; and the phrase "pension fund" for "Of pension fund".
((b) replace the letter b) with the following: "b) (the directors of any of the institutions referred to in the letter to) precedent." Without limiting the foregoing, do not govern this inability to respect those who do not participate in the debate or voting on the respective administering investment decisions, relating to a specific transmitter with which are related or to the economic sector to which belong the issuer. This decision must be evidence by affidavit sworn before a notary, which shall be recorded in the minutes of the first sitting of directory which corresponds to attend. "."
(c) add the following second paragraph: "For the purposes of this article, it refers to executive managers, Assistant managers or persons with the Faculty represent the company or make decisions of relevance in matters of their rotation".