The Chile Financial Market Commission (CMF) has opened a second public consultation on proposed rules that would set the conditions under which supervised savings and credit cooperatives (SCCs) can reimburse affiliates’ participation shares in exceptional situations under Article 19 of the General Cooperatives Act (LGC). The revised draft reflects changes made after the first consultation and input gathered through workshops with industry representatives. The proposal is framed under the Financial Resilience Act (LRF), which allows the CMF, subject to a prior favourable agreement from the Central Bank of Chile (BCCh), to regulate exemptions from the LGC restriction that would otherwise prevent reimbursements unless affiliates contribute equity at least equal to the total reimbursement amount. To qualify, SCCs would need to file an application and a share reimbursement plan, and meet conditions including not being in forced liquidation or early regularisation, maintaining a solvency index above 21% before and after reimbursements, and having no losses in the preceding fiscal year. SCCs using BCCh financing facilities would be ineligible to apply for approval or implement reimbursement programmes, and the draft also incorporates fast-track authorisation elements introduced by the Sector Permits Act (Law No. 21,770). The requirements would be set out in a new chapter of the Updated Compilation of Rules for Cooperatives (RAN CACs), and the proposal also amends the Compendium of Accounting Standards for Cooperatives to require monthly submission of financial information and financial statements. The consultation materials and accompanying regulatory report are available via the CMF website.

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