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Chilean Central Bank Sets Rules on Financing for Banking Institutions to Support Funding and Refinancing of Loans and Postpones Deadlines to Facilitate Applications to Public Contests
Carey, March 2020

26 March 2020 Chilean Central Bank sets rules on special financing for banking institutions to support funding and refinancing of consumer andcorporate loans, along a temporary flexibilization of its regulation onliquidity management in the banking industry As a response to the financial tensions triggered by the dissemination of Covid-19, the Chilean Central Bank (BCCh) announced on Monday 23 March 2020 a series of measures aimed atgranting liquidity for the economy and supporting the

Chilean Environmental Evaluation Service Releases New Guide for Determining the Environmental Flow for Hydropower Plants
Carey, July 2016

The Environmental Evaluation Service (SEIA) has published the “Guide for Determination of the Ecological Flow for Hydropower Plants”.The objective of the Guide is to establish uniform criteria for determining the environmental flow regime in hydropower plant projects that are evaluated by the SEIA. The Guide incorporates the use of hydrological criteria, valuation of ecosystem services and anthropic uses, while also taking into account the particular project’s specific characteristics...

Chilean Financial Market Commission Announces a Package of Measures to Facilitate Credit Flow to Both Companies and Individuals / Time Extension to File Financial Information Due to COVID-19 Outbreak
Carey, March 2020

Financial Market Commission Announces a Package of Measures to Facilitate Credit Flow to Both Companies and Individuals By Diego Peralta and Diego Lasagna   On March 23, 2020, the Financial Market Commission’s Council (“CMF”) approved new measures destined to grant more flexibility to the financial system, in the context of the coronavirus Covid-19 global outbreak...

Chilean Financial Market Commission Publishes, for Public Consultation, Two New Regulations on Risk-Weighted Assets Determination and Banks Capital Buffers Implementation
Carey, March 2020

On January 27, 2020, the Financial Market Commission (“FMC”) published, for public consultation purposes, a proposed amendment to its Updated Regulations Compendium, by means of introducing two new Chapters: Chapter 21-6, on credit risk-weighted assets determination, and Chapter 21-12, on additional basic capital...

Chilean Government Announces New Measures
Carey, March 2020

  Regarding the State of Catastrophe and sanitary alert decreed in Chile in the face of the COVID-19 pandemic, on Sunday 22 March 2020, the Chilean Government announced the following 12 measures: Strict quarantine for the extreme-South city of Puerto Williams (except for essential cargo freighting). Strict sanitary customs in the aerial and maritime crossing to the city of Puerto Williams...

Chilean Pensions Superintendence Published Provisions that Consolidate Regulations Regarding Investment in Alternative Assets
Carey, February 2020

On December 27, 2019, the Chilean Pensions Superintendence (the “SP”) issued General Regulations No.68 and No.256, amending the Unemployment Insurance Regulation Compendium and Pension Funds Regulation Compendium, respectively, in order to organize the different regulations applicable to the investment of Pension Funds in alternative assets and consolidate the various instructions and resolutions issued by the SP between 2018 and 2019...

Chilean Superintendence of Environment and Environmental Assessment Service Order the Suspension of Terms and Enforce Virtual Channels in the Context of Covid-19
Carey, March 2020

Superintendence of Environment orders the suspension of terms and enforces virtual channels in the context of Covid-19 The Superintendence of Environment has suspended all of sanctioning proceedings and implemented virtual channels to receive consultations, complaints and replace its reception office...

Chilean Superintendence of the Environment Issues a General Instruction in the Context of COVID-19 (Exempt Resolution No. 497).
Carey, March 2020

On March 19, 2020 the Superintendence of Environment (“SOE”) issued the Exempt Resolution No. 497 (“Res. 497”), which is referred to a number of general instructions within the sanitary context caused by the coronavirus (COVID-19). I. Purpose. Carry out a permanent monitoring of the status of projects or activities and of the compliance with their applicable obligations given the current sanitary context. II. Recipients...

Chilean Supreme Court Reaches Agreement Regarding the Operation of the Judiciary during the National Health Emergency
Carey, April 2020

ACT Nº 53-2020 of the Chilean Supreme Court, recently enacted, attempts to establish a set of norms that balance the protection of public health (to both members of the Judiciary and the general public) with the continuity of the judicial service, with the purpose of facing and getting through the contingency that endangers it...

Circular No. 32 Issued by the Chilean IRS: Tax Treatment of Expenses Incurred due to Covid-19
Carey, May 2020

On April 29, 2020, the Chilean IRS issued instructions regarding the tax treatment of expenses incurred in connection with the health emergency caused by Covid-19. Additionally, the Tax Authority refers to the general requirements for all expenses and the tax treatment of some donations. I. Regarding the general requirements on deduction of expenses In accordance with Article 31 of the Income Tax Law, recently amended by Law No...

Circular No. 38 and Resolution No. 56: Tax Authority Gives Instructions on the Temporary Reduction of the Stamp Tax Rate
Carey, June 2020

On May 25, 2020, the Chilean IRS issued instructions on the temporary decrease to 0% of the Stamp Tax rate accrued between April 1 and September 30, 2020 (the "0% Rate Term"). In general terms, the Circular establishes the following: Although this is a transitory decrease, it benefits extensions and renewals made during the 0% Rate Term, which are linked to documents originally granted and taxed. This represents a change of criteria by the Chilean IRS...

Commission for the Financial Market Establishes Deadlines for the Submission of Information by Insurance Entities and Suspends Examination for Insurance Brokers and Claims Adjusters
Carey, April 2020

On April 9, 2020, the Commission for the Financial Market ("CFM") issued Directive Nr. 1146 which, according to the situation associated with the outbreak of Covid-19 and the State of Constitutional Disaster Emergency, resolved the following:   I. Establishing by 2020 the following deadlines for the submission of reports on the following regulations: General Rule Nr...

Commission for the Financial Market Pronounces Regarding the Scope of the Application and Effects of the New Article 30 of Law No. 21,227 - Covid Unemployment Insurance Law
Carey, June 2020

The Commission for the Financial Market (“ CMF ”), on May 28, 2020, has issued the Official Letter No. 22,260 (the “ Official Letter ”) in response to the pronouncement request sent by the Treasury Minister of the Chilean Government, Mr Ignacio Briones Rojas, to clarify the scope of the enforcement and the effects of the new article 30 of Law No. 21,227, which empowers the access to the unemployment insurance benefits provided in Law No...

Competition Court Publishes New Decree (Auto Acordado) No. 21/2020 on Extraordinary Consultations Made Under Article 18 No. 2 of Law Decree No. 211
Carey, April 2020

On April 7, 2020, the Chilean Competition Court published on its website Decree (Auto Acordado) No. 21/2020 on extraordinary consultations made under Article 18 No. 2 of Law Decree No. 211, effective as of the same date.   I...

Consumer Law and SERNAC's Supervisory Role Facing COVID-19 Pandemic
Carey, March 2020

Covid-19 has had an impact on ongoing consumer contracts and their relations with suppliers. The rapid spread of the virus led the authorities to declare State of Disaster in the country, raising concern about the (i) fulfillment of consumer contracts of goods and services and (ii) an eventual price manipulation...

Cooperatives are Allowed to Refinance Payment of Credits
Carey, April 2020

Resolution 849 of the Department of Cooperatives of the Ministry of Economy, Development and Tourism recently published, allows credit cooperatives under the supervision of the same, to refinance up to three installments in the payment of credits if they are delayed for terms of less than 30 days. since the publication of said resolution, on April 6, 2020. New credits or amendments may not be treated as such, for purposes of their rankings and provisions...

CORFO Creates Green Credit to Boost Investment in Renewable Energy, Energy Efficiency and Circular Economy Projects.
Carey, June 2020

On June 11, 2020, Resolution No. 29/2020 (“RES 29”) of the Chilean Economic Development Agency (“CORFO”), which approved the regulations that will govern the “Green Credit” program, was published in the Official Gazette. The RES 29 aims to endorse the investment in renewable energy projects during the economic contingency arising post Covid-19. (https://www.corfo.cl/sites/cpp/sala_de_prensa/nacional/10_06_2020_corfo_crea_credito_verde)...

Corporate Criminal Liability Act (Law. No. 20,393 or “CCLA”) Amendments: Willful Receiving of Stolen Goods As an Underlying Crime
Carey, August 2016

On July 5, 2016 the Chilean Congress enacted Law No. 20,931 (“Anti-crime Agenda”), strengthening the prosecution of robbery, burglary, theft and willfully or negligently receiving or possessing stolen goods. The Chilean Criminal Code sanctions any individual who knowingly or negligently possesses, transports, buys, converts or trades goods proceeding from theft, robbery, embezzlement and/or cattle theft. Negligent behavior can also be prosecuted...

Current Scope of COVID-19 in the Insurance Market
Carey, March 2020

From a commercial perspective, the main challenge for insurance companies and insureds has been to determine whether events such as pandemics, epidemics, economic losses due to quarantines, etc. in connection with Covid-19 are covered or not by their insurance policies...

Cybersecurity and Teleworking under Conditions of COVID-19 Pandemic
Carey, March 2020

COVID-19 and the restrictions to freedom of movement this sanitary emergency has entailed have substantially accelerated the implementation of telework by companies in Chile and worldwide...

Debate about the creation of a State run Infrastructure Fund starts in Chilean Congress
Carey, June 2016

On June 8, discussion started in the Public Works Commission of the Senate over the law project which creates the state company, “Fondo de Infraestructura S.A.”. The Project shall be approved by a special quorum (quórum calificado) as indicated in article 19 No. 21 of the Political Constitution of the Republic of Chile...

Debate in The Antitrus Court Regarding Participation of Incumbent Mobile Telephony Operators in Public Bid for 3G Licenses
Carey, December 2007

The soon-to-come public bid for the distribution of third generation ("3G") mobile telephony licenses has generated an interesting discussion in the Chilean telecommunications market...

Decree No. 420 to Support Families, Employees and Micro, Small and Medium Enterprises Due to the Difficulties Generated by the COVID-19
Carey, April 2020

On March 30, Decree No. 420, which contains various tax measures that seek to provide greater liquidity to companies, SMEs and employees, was published. The Decree No. 420 considers the following measures: 1. Deferral of the payment of VAT corresponding to the months of April, May and June 2020, under the following rules: to...

Details of New Telework Law Approved by Congress
Carey, March 2020

On March 23, 2020 the bill on Telework was finally and completely approved by the Congress and ratified by the President of Chile. Therefore, according to transitory article number 2, this law will become valid and enforceable starting April 1st 2020. This law regulates telework in the following terms: I...

Electronic Signature and Operational Continuity
Carey, March 2020

The e-signature is a tremendously useful tool to aid in the operational continuity of companies that, in the face of the restrictions to freedom of movement resulting from the expansion of Covid-19, need to digitalize their processes, including the way in which they render their consent to contracting long distance...

 

 

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