At a panel discussion at Universidad de Los Andes, leaders from banking, insurance, and investment funds proposed ways to ease regulatory hurdles and boost their markets. CMF president Catherine Tornel responded, noting short-term progress potential. The event, titled “Simplificación regulatoria: oportunidades y riesgos”, featured key industry figures.
On Wednesday at Universidad de Los Andes, a panel moderated by Mauricio Larraín, president of the Advisory Council for the Capital Markets, took place. José Manuel Mena, president of the Banking Association (Abif); Marcelo Mosso, executive director of the Insurers Association; and Luis Alberto Letelier, president of the Investment Funds Administrators Association (Acafi), addressed regulations hindering their industries' growth. CMF president Catherine Tornel joined the discussion.
Mena highlighted alignment with Basel III as key, noting differences in risk-weighted assets compared to global standards. “Chile has looked to Europe as a reference, which is valid. But Europe also faces a main difficulty: the deterioration of European banking competitiveness,” he said.
Letelier pointed to shallow capital markets, blamed on a 10% capital gains tax on share sales. He welcomed the government's bill presented that day to scrap it and restore the pre-2022 exemption, but only for listed shares. He suggested separating fund administration from investment management, as in developed markets.
Mosso targeted investment limits on technical reserves, set by DFL 251 since 1931. He urged progress on risk-based supervision like Solvency II, with a bill stalled in Congress since 2011.
Tornel said Basel is in the CMF's regulatory plan, though long-term. On Acafi's idea, they would review it, needing legal changes. For insurance, she was optimistic and noted possible CMF norm adjustments.
