The implementation period for these modifications regarding the submission of the first leverage proposal is extended until September 30, 2024.
On June 3, 2024, the Financial Market Commission (CMF) published modifications to the regulations and information requirements of the Guarantee Fund for Small Entrepreneurs (FOGAPE) and the Special Guarantee Fund (FOGAES).
The changes published through these circulars are the following:
- The FOGAPE administrator, with favorable agreement from the CMF, will now determine the maximum ratio of the collateralized obligations to the fund’s assets.
- The requirement to send periodic and standardized regulatory files for FOGAPE is implemented, aligning them with banking standards. Additionally, information will be required to adequately monitor the status and projected solvency of the fund.
- The FOGAPE administrator will be exempt from reporting debtor information according to article 14 of the General Banking Law. However, participating entities must maintain the completeness of the reported debt report.
- The same periodic information requirements are established for FOGAES as those applied to FOGAPE.
- A transcription error in article 22 of the FOGAPE regulations is corrected, eliminating the reference to the exceptional collection procedure that is no longer in force.
These changes were subjected to a public consultation process between November 27 and December 26, 2023, which allowed observations to be incorporated and modifications improved before their implementation.
Regarding the implementation deadlines for these modifications, it is extended until September 30, 2024 with respect to the submission of the first leverage proposal.
Finally, it is important to mention that the new monthly files, which must be sent by the last business day of the following month, must be sent for the first time to the CMF in October of this year, also retroactively incorporating all the files corresponding to the months from January to September 2024.
For more information on this regulation and the implemented modifications, you can access the regulatory section of the CMF website [See here].
To discuss the implications of this regulation, you can contact our Corporate and Business team.
Álvaro Rosenblut | Partner | arosenblut@az.cl
Vicente Martínez | Senior Associate | vmartinezw@az.cl
Raimundo Busquet | Associate | rbusquet@az.cl
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