On December 27, 2021, the Chilean Competition Agency, Fiscalía Nacional Económica (“FNE”), filed the first lawsuit with the Chilean Competition Court, Tribunal de Defensa de la Libre Competencia (“TDLC”), for an infringement of the horizontal interlocking prohibition established in Law Decree No. 211 of 1973 (“DL 211”), against Mr. Hernán Büchi, Banco de Chile, Consorcio Financiero S.A ...
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
As a response to the financial tensions triggered by the dissemination of Covid-19, the ChileanCentral Bank (BCCh) has announced a series of measures aimed at granting liquidity to theeconomy, support the flow of credit and the conveyance of the monetary policy. A core component of these measures is that of a Credit Facility Conditioned to the Increase inPlacements (FCIC) ...
The Chilean Central Bank increased the upper thresholds for the investment in alternative assets by Pension Funds type A, B, C, and D, with the purpose of “promoting the diversification of Pension Funds' portfolios, granting them access to a better combination of risk and return ”. In the case of Pension Funds type E, the former limit was kept ...
On October 27, the Ministry of Science presented what will be the first National Artificial Intelligence Policy containing the strategic guidelines to be followed by the country over the next 10 years with the aim of empowering people in the use and development of Artificial Intelligence (AI) tools and participating in the debate on their legal, ethical, social, and economic consequences ...
The Chilean Economic Development Agency, Corfo, and the Foreign Investment Promotion Agency, InvestChile, have announced the opening of the first call for national and foreign companies, to express their interest in manufacturing lithium products, such as battery cathodes and electrolytes. Companies that are selected will be guaranteed 25 per cent of US producer Albemarle’s lithium production at the lowest cost available in the market ...
With the purposes of expediting the registration and management of trademarks worldwide, on November 27th, 2020, the Executive filed a bill to approve the incorporation of Chile into the "Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks" (the "Madrid Protocol") ...
On December 31, 2021, The Chilean Ministry of Public Works published one of the last calls for bids before closing 2021, corresponding to the modernization and improvement of the current Route 68. The 140.7 km project will connect the municipalities of Santiago, Valparaíso and Viña del Mar and has a budget of approximately US $ 1.2 billion - the highest amount ever in a call for bids under Sebastián Piñera's administration ...
FATCA is a United States Act that requires US persons, including individuals who live outside the United States, to report their financial accounts held outside of the US, and requires foreign financial institutions (“FFIs“) to report information regarding their US clients to the US Internal Revenue Service (“US IRS”). FATCA was meant to combat offshore tax evasion and to recoup federal tax revenues ...
I OVERVIEW The private equity industry has continued to develop in Chile but at rates lower than in previous years. Growth rates of 2.1 per cent for the year ended 31 December 2015 and an expected rate of 1.6 per cent for the year ended 31 December 2016 have certainly affected the investment activity generally. Chile continues to offer, however, an attractive business environment and a stable legal framework ...
During the last 10 years there has been a significant market debate about the position Chile should take in connection with open digital television. This debate is all teh more significant because this service may predominate in the future because of its ability to allowing users to better administer the content they wish to watch. Since the beginning of the debate, different countries have tried to introduce their respective technologies in Chile ...
In the CyberMonday event, from October 3 to 5 2022, will be fully in force the reforms to Law No. 19,496 on Consumer Rights Protection in the field of e-commerce, introduced mainly by the "Pro-Consumer" Law and the Electronic Commerce Regulation. The following are the main aspects and obligations to be taken into consideration for the event: Promotions, offers, contests and sweepstakes must disclose the terms and conditions governing them and their term of duration ...
The CyberDay event from May 30th to June 1st, 2022, will be the first event in which the new obligations contained in the reforms to Law No. 19,496 on Consumer Rights Protection, introduced by the "Pro-Consumer" Law and the Electronic Commerce Regulation, will be applied. The following are the main aspects and obligations to be taken into consideration for the event: Promotions, offers, contests and sweepstakes must disclose the terms and conditions governing them and their term of duration ...
In the BlackFriday event, from November 25th to 28th 2022, will be fully in force the reforms to Law No. 19,496 on Consumer Rights Protection in the field of e-commerce, introduced mainly by the "Pro-Consumer" Law and the Electronic Commerce Regulation. The following are the main aspects and obligations to be taken into consideration for the event: Promotions, offers, contests and sweepstakes must disclose the terms and conditions governing them and their term of duration ...
Changes to the Chilean Labor Code require employers to adopt measures that facilitate the inclusion of disabled employees Law No.21,275 was added to the Labor Code and published in the Official Gazette on October 21, 2020. The new law is intended to facilitate the inclusion of disabled employees in the labor force. Companies to which the law applies The Law is applicable to those companies that, in accordance with article 157 bis of the Labor Code, have 100 or more employees ...
On December 19th, 2018, the Ministry of Labor published Ordinance No. 1,085/2018, for the purpose of amending Regulation No. 22 ("NR-22"), which regulates aspects related to the mining sector occupational safety and health. The reformed NR-22 therefore brings changes to the sections regarding the Disposal of Tailings, Wastes and Products and the Emergency Response Plan, within the framework of the National Policy on Dams Safety ("PNSB") ...
The Ministry of Culture issued Decree 475, 2020, to amend the cultural sector’s conditions due to coronavirus. Due to the health crisis, the Ministry of Culture issued Decree 475, 2020, to amend the payment conditions of the pro-culture stamp duty, the contribution to public shows and the film development fee are modified. According to Decree 475, 2020, Governors and Mayors must transfer 20% of the culture stamp duty for the social security of creators and cultural managers ...
The Central Bank of Chile ("CBC"), on August 3, 2023, agreed to publish for public consultation the proposed amendment to Chapter III.B.4 of the Compendium of Financial Regulations ("CFR") regarding the securitization of assets, contemplating the possibility of acquiring "self-securitized" or "retained securitization" instruments by banks ...
The Central Bank of Chile submitted to public consultation amendments to Chapters III.J.1.3 and III.J.2 of the Compendium of Financial Regulations of the Central Bank of Chile about issuance of payment cards with provision of funds and operation of payment cards, respectively. The aforementioned, with the purpose of adapting such regulation to new business models and promote the development of an efficient, safe, and inclusive payment means market ...
On October 16, 2023, the Council of the Central Bank of Chile ("CBCh") published in consultation a proposal to systematize and update the exchange information requested to entities that are part of the Formal Exchange Market (the "Project"), in compliance with the regulation of the Foreign Exchange Regulations Compendium ("FERC"), together with a reformulation and restructuring of this regulatory body ...
