The Chile Financial Market Commission's board has unanimously approved structural changes intended to make the agency more agile and better balance its mandates. The reorganization merges the General Directorates of Market Conduct Regulation and Prudential Regulation into a single General Directorate of Regulation, consolidates licensing into a single area reporting directly to the board, and takes effect on May 8, 2026. Francisco Cabezón will head the new General Directorate of Regulation, while Patricio Valenzuela will lead the General Directorate of Market Conduct Supervision. The Prudential Licensing and Conduct Licensing Directorates are being combined into the new Licensing Area, a new Insurance Prudential Regulation Directorate will report directly to the General Director of Regulation, and the International Area will move from reporting to the Chair to reporting to the General Directorate of Research. The Commission said the redesign also responds to international recommendations under Chile's twin peaks model, which supports separating prudential and market conduct supervision while applying uniform processes and criteria in regulation.
Chile Financial Market Commission 2026-05-07
Chile Financial Market Commission approves restructuring that merges regulation directorates and places licensing under the board
The Chile Financial Market Commission approved a structural reorganization to make the agency more agile and better balance its mandates, merging its General Directorates of Market Conduct Regulation and Prudential Regulation into a single General Directorate of Regulation and consolidating licensing into an area reporting directly to the board. The changes include new leadership, an Insurance Prudential Regulation Directorate, and transferring the International Area to the General Directorate of Research. The redesign aligns with international recommendations under Chile’s twin peaks model by separating prudential and market conduct supervision while applying uniform regulatory processes.