Chile Financial Market Commission approves restructuring merging regulation functions and moving licensing under the Board

The Chile Financial Market Commission Board has unanimously approved structural changes, proposed by Chair Catherine Tornel, that take effect on May 8, 2026 and are intended to make the regulator more agile and better balance its mandates. The central change is the merger of the General Directorates of Market Conduct Regulation and Prudential Regulation into a single General Directorate of Regulation, while market conduct supervision will continue under separate leadership. Francisco Cabezón will head the new General Directorate of Regulation, and Patricio Valenzuela has been appointed to lead the General Directorate of Market Conduct Supervision. The Prudential Licensing and Conduct Licensing Directorates are being combined into a Licensing Area that will report directly to the Board. The CMF is also creating an Insurance Prudential Regulation Directorate under the General Director of Regulation, and moving the International Area from direct reporting to the Chair to the General Directorate of Research. The Commission said the redesign reflects international recommendations under Chile's twin peaks model, which supports separating prudential and market conduct supervision but not regulation, where uniform processes and criteria are considered important.