The CMF will receive comments on the proposal that will modify the current regulations on the presentation of financial statements.
The CMF will receive comments on the proposal that will modify the current regulations on the presentation of financial statements.
On May 7, the Financial Market Commission (CMF) put out for consultation until June 6, 2024 a regulation that proposes modifications to Circular No. 2022 that establishes standards on the form, content and presentation of financial statements. of insurance and reinsurance entities.
With this consultation, the CMF seeks to collect opinions and observations from the various actors in the insurance and reinsurance market to perfect and adjust the regulations.
The proposal makes adjustments to Circular No. 2022 in the following aspects:
- Incorporates the sending of duly audited financial statements as of June 30 of each year by insurance companies. Currently, this requirement only applies to annual financial statements.
- Establishes the requirement for companies to send audit reports, with the respective findings, which must be presented on the last day of the month following the aforementioned closing date, or on the following business day, if this is not a business day.
The regulations seek, among other things, to facilitate both the regulator and the capital market to access more complete and timely information, which will improve the decision-making process. This allows us to anticipate issues that may impact the financial situation of insurance and reinsurance companies.
Once the consultation is completed, the regulations will come into force on January 1, 2025, therefore, the first audited interim financial statements that must be presented will be those corresponding to June 30, 2025.
The proposed standard is available for comments on the CMF website (www.cmfchile.cl) in the Regulations in Consultation section [See here]
To discuss the implications of this regulation, please contact our Corporate and Business team:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Javiera Lira | Senior Associate | jliras@az.cl
Raimundo Busquet | Associate | rbusquet@az.cl
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