During 2012 Chile has made substantial and long-expected legal changes in the capital market and financial sectors, namely (i) the creation of a new financial consumer protection agency called the 'Financial Sernac' (Sernac Financiero); (ii) the passing of a new regulation on private placement of securities; and (iii) the enactment of the revised Regulation on Stock Corporations.
Chile still has a small- to medium-sized legal market, despite
several years of brisk growth in economic terms. The field of financial
firms is still composed of mostly local firms, with a very small number
of meaningful international firm offices and some international
representative offices mixed in....
CONTEXT AND TRENDS
The Chilean economy continues to grow nearly unchecked, driven largely by continuing high prices for key exports like copper, fish and paper-related products. The political environment has remained very stable, especially by regional standards, and president Sebastián Piñera has maintained his government's right-of-centre, pro-business approach....