News

/ CMF launches 2020-2022 Strategic Plan for the Capital Markets

5 October, 2020

Nicole Cartier

Senior Associate

Alessandri

 

The Strategic Plan proposed by the CMF is very ambitious, especially in terms of the internal policies to be adopted to produce a complete integration between the former SVS and the former SBIF, which should be fully implemented by 2022.

Thirty-two initiatives include the Strategic Plan for the next two years that the Commission for the Financial Market (CMF) released in September.

The areas covered by these initiatives are Regulatory, Prudential Supervision, Market Conduct Supervision, Sanctioning, and Institutional The proposal seeks to develop the initiatives in the remainder of this year 2020 and during 2021.

Within the proposed initiatives in the regulatory field, the intention to develop a proposal for a Law on Conglomerates, to strengthen the supervisory role of the CMF with respect to the already known Business Groups, stands out. Currently, the CMF’s involvement and knowledge has been limited to those entities that, being part of such groups, are also audited entities, which does not allow an analysis and integrated review of such Business Groups or Financial Conglomerates. The legal proposal that seeks to regulate and close the gaps in the capital market of the Fintech and Crowfunding industry would finally see the light of day. This initiative is much awaited especially by those seeking to enter the market through entrepreneurship and innovation.

The CMF seeks in this period to design and implement policies related to operational risks and cyber security in the entire financial market.

In the area of Market Conduct Supervision, CMF proposes the design and implementation of policies that allow for better supervision of the market conduct of institutions both in terms of financial client protection and in terms of transparency and integrity of the securities market, improving the tools for monitoring market abuses.