CMF publishes new regulations that simplify the registration of public offering securities

by and | Jul 20, 2021

Yesterday the Commission for the Financial Market (CMF) published a new regulation aimed at issuers of public offering securities, in order to simplify their registration, requirements and eliminate asymmetries.

The general rule No. 457 of 2021 (NCG No. 457), among other matters, establishes as permanent the temporary provisions regulated by the General Rule No. 443 of 2020, with which certain related information is no longer required for the registration of securities, such as the background of the qualified experts, the facsimiles of materialized titles and security certificates of the printing press, the notices and communications to the shareholders that will inform the preferred subscription option, among others.

At the same time, some requirements are eliminated in the registration of debt securities and the requirements for the registration of all of them are homologated, including bank bonds, with the exception of subordinated and perpetual bank bonds. The regulation, among others, simplifies some declarations, eliminates the formats of contracts for the issuance of debt securities and the covenant format. Therefore, it modifies the General Norm N ° 30 of 1989, the General Norm N ° 303 of 2011 and Chapter 2-11 of the Updated Compilation of Banking Norms (RAN).

The standard also incorporates the modifications made last year to the laws No. 18,045 of Securities Markets and No. 18,046 of Public Limited Companies, with respect to the obligation of issuers of securities to publish at least 30 days in advance the date on which they are will disclose the financial statements, and the reduction of the period from 15 to 10 days in which the shareholders must be notified of the holding of a shareholders’ meeting respectively, specifying in both cases the way in which said information should be disclosed.

To read the NCG N ° 457 standard, in the following link: https://www.cmfchile.cl/normativa/ncg_457_2021.pdf

Paula Infante and Catalina Wastavino, associates.

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