Chile pension watchdog approves risk-based supervision model
Chile’s pension watchdog SP has approved via a resolution changes to its risk-based supervision framework for private pension fund managers (AFPs) and unemployment insurance administrator AFC. The changes had been put out to public consultation in November. Comments from seven entities were received, according to SP.
Coming into force on May 1 next year, the changes follow the enactment of a new law last year which grants SP specific powers regarding risk analysis and supervision of risk management. Under the legislation, SP is authorized to instruct fund administrators to address risk management shortcomings and provide associated risk management data and information.
According to the new rules, fund managers must address new risks, such as those pertaining to reputation, strategy and market conduct.
Read more @BNamericas
