This presence allows access to the best practices in regulation and supervision, participation in the discussion of the establishment of global guidelines and principles, as well as granting greater visibility to our markets worldwide.
The most important international organizations in which this Commission participates include: the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), the Association of Insurance Supervisors of Latin America (ASSAL), the Association of Supervisors of Banks of the Americas (ASBA), and the Basel Committee on Banking Supervision (BCBS). It should be noted that each of them has committees and working groups of a high technical level.
IOSCO
It is the international organization that brings together almost all the securities regulators around the world and is recognized as the organization that develops, implements and promotes the compliance of international standards recognized for the regulation of securities. IOSCO works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda at a global level.
The objectives and principles of the regulations of securities of IOSCO are the fundamental global principles, internationally recognized, that serve as guidance in the development and implementation of regulation, supervision and enforcement standards.
The CMF participates as an ordinary member since its inception and it has been part of several studies carried out by the aforementioned organization.
It is also a member of the Inter-American Regional Committee (IARC) and the Growth and Emerging Markets Committee (GEMC).
The CMF is signatory to the IOSCO MMOU since November 2018.
Web site IOSCO, www.iosco.org/
IAIS
It is the Association that gathers Insurance Supervisors at a global level. Its main objectives are to promote the effective and globally consistent oversight of the insurance industry with the aim of developing and maintaining a fair, stable and secure insurance market in benefit and protection of the policyholders; as well as contributing to global financial stability.
The CMF has been a member of IAIS since its beginnings (1994), having participated in the creation of this organization.
It should be noted that the IAIS is led by an Executive Committee, currently made up of twenty-six representatives, among which are Chile, Mexico, and Peru on behalf of the Insurance Supervisors of the Latin American Region.
Additionally, on June 14th, 2012, the CMF underwrote the IAIS MMoU. Chile became one of the first countries in Latin America to be part of this organization.
Web site IAIS, www.iaisweb.org/
ASSAL
ASSAL is an International Organization that gathers the highest supervisory authorities of insurance activity in Latin America. It includes twenty-one countries. Among its most relevant objectives is to provide high-level training to its members. Thus, through ASSAL at least three training seminars are held each year, in which important topics related to the regulations and oversight of insurance at global and regional level are exposed.
Moreover, since 2014, the CMF is a signatory to the ASSAL MMoU.
Web Site ASSAL, www.assalweb.org/
IIMV
The Ibero-American Securities Market Institute (IIMV for its acronym in Spanish), is an organization created to boost the development of transparent and upright securities markets, to improve the knowledge about their structure and regulation, to boost the harmonization and to foster cooperation among supervisors and regulators. Various Latin-American regulators take part in the IIMV, along with Spain and Portugal.
Web Site IIMV, http://www.iimv.org/
ASBA
The Association of Supervisors of Banks of the Americas (ASBA) is an international organisation that gathers bank supervisory institutions at a regional level.
Its mission is to contribute to the strengthening of banking regulation and supervision and the stability of the financial system in the Region by promoting the implementation of practices aligned with internationally recognized standards, using mechanisms for analysis, cooperation, training and dialogue.
The CMF, as a continuation of the former Superintendence of Banks and Financial Institutions, is member of ASBA.
It is worth mentioning that, within the context of ASBA, there are diverse Committees and Working Groups which run research, training and technical discussion activities, in which the CMF is actively engaged. In fact, the President of the Technical Committee is the General Director of Prudential Regulation, Luis Figueroa de la Barra.
Web Site ASBA, https://www.asbasupervision.com/en/
BCBS
The Basel Committee on Banking Supervision is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
The CMF, as a continuation of the former Superintendence of Banks and Financial Institutions, is observer of the Basel Committee; therefore, it participates in the Committee and the Basel Consultative Group (BCG) meetings of coordination and regulatory discussion.
Web Site BCBS, https://www.bis.org/bcbs/
