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Tuesday, April 17 de 2018

Minister of Finance appoints a new capital market consultative committee and schedules two meetings per month

The Minister of Finance, Felipe Larraín, has announced the formation of the new Capital Market Consultative Committee (CMCC), this instance was constituted in 2008 with the objective of institutionalizing public-private interaction and dialogue in order to improve the functioning of capital markets.

The Committee will be integrated by 22 members with experience in different areas of the financial sector, and will be presided by Guillermo Tagle, who is also chairman of Credicorp Capital. The executive secretary, who will provide the Committee with technical support, will be Catherine Tornel, head of the division of Capital Markets at the Ministry of Finance.

After a meeting between the Committee and Minister Felipe Larraín, the authority highlighted the different approaches that will be gathered within this group. 

Additionally, he outlined the work schedule that will involve bimonthly meetings and sub committees that will address the different issues.

The objective, as explained by the authority, "is to remove the obstacles that prevent Chile from  developing its full potential on the financial market". With this aim, work will advance mainly on two fronts: promoting Chile as a regional financial center and exporter of financial services, and also delivering quality financial services to Chileans. The Minister pointed out that some subjects will be addressed through the creation of bills and others through the issuance of new regulations.

He also detailed that the Committee could make proposals regarding how to return to Chile's risk classification, as well as measures to advance in self-regulation and financial inclusion.

"We have a commitment for the development of our financial market. We consider this to be a very important area in the Ministry of Finance and we want this Committee to be attentive to the initiatives that benefit Chileans. Additionally, we do not want this initiative to be  only embodied in documents, but we want to put it into practice”, the authority said.

The president of the CMCC, Guillermo Tagle, added that it is important that Chile evolves from being an economy that exports natural resources to one that spreads its financial services to the world. "Chile has opportunities to take a leadership position in the region," he said.

Besides Guillermo Tagle, other members of the CMCC, are: José Miguel Alcalde, Ignacio Álvarez, Kathleen Barclay, Isabel Margarita Bravo, Mónica Cavallini, Álvaro Clarke, Fernando Coloma, Jaime De la Barra, Jaime Del Valle, Alberto Etchegaray, Alfredo Ergas, Alejandro Ferreiro, Matías Larraín, Luis Alberto Letelier, Francisco Lyon, Claudio Melandri, Paul Miquel, Francisco Murillo, Diego Peralta, Manola Sánchez and Jorge Selaive. 

After announcing the formation of the CMCC, Minister Larraín participated in the launching of the fourth version of the Financial Education program "A fondo en mi Futuro",  carried out at San Joaquín of Renca school and organized by the Association of Mutual Fund Administrators and the Astoreca Foundation.

In the activity, Minister Larraín reaffirmed his commitment to education and financial inclusion, adding that this will be one of the central issues on which the CMCC will focus on. In addition, he supported the expansion on the coverage of the Cuenta-Rut program by BancoEstado and the means of payment project.

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