On September 22, 2022, the Board of the Financial Market Commission approved the public consultation of the regulatory proposal that provides instructions regarding the form, conditions and terms in which the General Fund Administrators (“AGF”) must submit to the Financial Market Commission (“CMF”) information regarding the provisions of articles 26 bis, 38 bis and 80 bis of the Single Fund Law.
Pursuant to articles 26 bis, 38 bis and 80 bis of the Single Fund Law, the AGFs shall annually submit to the CMF the following:
(i) Information regarding mutual or investment fund shares of deceased unitholders.
a) Identification data of the deceased participant.
In case the 10-year term referred to in Article 38 bis of the Single Fund Law has expired:
b) Quotas redeemed. (identification of the fund(s) and series whose quotas were redeemed, number of quotas redeemed for each fund or series as the case may be, total amount corresponding to the set of quotas redeemed and date of redemption).
c) Amounts delivered to the Chilean National Fire Brigades Board.
ii) Information regarding dividends and other uncollected cash benefits.
In the event that the 5-year term referred to in Article 80 bis of the Single Fund Law has expired:
a) Identification data of the unitholder.
b) Identification of the fund.
c) Amounts delivered to the Chilean National Board of Firefighter Corps.
iii) Updated list of dividends agreed to be paid and uncollected values.
a) Updated list of dividends agreed to be paid.
b) Updated list of dividends and other uncollected benefits.
iv) Information regarding uncollected mutual or investment fund monies as of the liquidation of the fund.
In case the 5-year term referred to in Article 26 bis of the Single Fund Law has expired:
a) Fund identification data and date of fund liquidation.
b) Amounts delivered to the National Board of Fire Departments of Chile.
The information to be submitted under the regulatory proposal must be sent to the CMF during the month of March of each year, through the Online Information Sending System (“SEIL”), according to the instructions contained in the Technical Sheet available on the CMF’s website. The information to be submitted in March of each year must refer to the information corresponding to the immediately preceding calendar year, i.e., from January 1 to December 31 of each year.
The aforementioned regulatory proposal indicates that, in accordance with the provisions of Article 18 of the Single Fund Law, the AGFs must truthfully, sufficiently and timely inform the participants of the mutual or investment funds, as the case may be: (i) the fact that they will proceed with the redemption of quotas referred to in Article 38 bis of the Single Fund Law, as well as the fact that they will proceed with the delivery of such monies to the National Board of Firefighters of Chile; ii) the fact that uncollected dividends and other cash benefits referred to in Article 80 bis of the Single Fund Law will be delivered to such Board; and iii) the fact that uncollected mutual or investment fund monies from the liquidation of funds will be delivered to such National Board, in accordance with the provisions of Article 26 bis of the Single Fund Law.
With regards to the validity, the instructions of the regulatory proposal would become effective as from the date of its enactment, without prejudice to the provisions of the transitory article of Law 21. 433, according to which articles 38 bis and 80 bis are also applicable prior to the entry into force of the law in those cases indicated, so that the corresponding information obligations referred to in letters b) and c) of numeral i) and numeral ii) of Section I of the regulatory proposal will only come into force one year after the publication of Law 21,433.
In turn, the AGFs shall adjust their internal regulations in order to comply with the provisions of Articles 26 bis, 38 bis and 80 bis of the Single Fund Law in the next amendment and deposit made in the Public Registry of Deposit of Internal Regulations kept by this Service.