Chile's senate has reportedly voted to overhaul the the Superintendencia de Valores or SVS.

The regulator has spent the last decade guiding much of the financial services industry towards compliance with the Basel Committee on Banking Standards, the European Union in some of its policies, the International Association of Insurance Supervisors and the Financial Action Task Force. Chile's politicians, however, do not think it 'fit for purpose.' Their plans for its reform, however, are not known to Compliance Matters.

BNAmericas writes: "Chile's securities and insurance regulator supervises corporations, insurance companies, stock exchanges and intermediaries, mutual funds and mutual funds administrators, rating agencies, foreign capital investment and investment funds, that operate in the Chilean market. In the first months of 2015, SVS issued new rules for brokers in order to regulate the relationship between a broker and client via a contract, and for annuities companies in Chile, regarding the calculation of technical reserve requirements. It has also published a series of instructions regarding the investment regime applicable to mutual and investment funds in the country."