On February 23, 2017 Act No. 21,000 (the “Act“) was published in the Official Gazette. The Act creates the Financial Market Commission (the “Commission”), which replaces the current Superintendency of Securities and Insurance (“SVS”).
The Commission is a technical public service, with legal personality, which will oversee the financial and securities markets with broader powers than the SVS. Unlike the SVS, who was governed by one person holding the position of Superintendente, the Commission is governed by a Council of Directors comprised of five members.
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