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Legal Alert/ CMF published General Rule Nº 451
Monday February 1st, 2021
On 25 January 2021, the Financial Market Commission (“CMF”) published General Rule No. 451, which establishes characteristics or conditions to be met in order to register debt securities under the automatic registration modality (“NCG No. 451”).
NCG No. 451 authorised issuers of securities to register in the Securities Register kept for this purpose by the CMF, through automatic registration, any short or long-term debt securities, with the exception of subordinated bonds and preferred shares or bonds with no maturity date issued by banks, establishing for this purpose three conditions:
(i) That the issuer’s registration in the Securities Register is in force on the day of deposit of the issue for which registration is requested;
(ii) The issuer’s registration must have been in force continuously for the 12 months prior to that date.
(iii) In the case of mutual funds and investment funds supervised by the CMF, they must have the minimum assets and number of participants required by the Single Fund Law.
In addition, NCG No. 251 establishes that securities issued by issuers or fund managers that, at the date of the request for automatic registration, may not be automatically registered if they:
(i) Have been charged for possible infringement of article 65 of the Securities Market Law (“LMV”), i.e., having made a public offering of securities by means of information that misleads or deceives the public, while the sanctioning procedure is pending resolution.
(ii) A sanctioning resolution has been issued by the CMF for infringement of article 65 of the LMV, unless 3 years or more have elapsed since the sanction was issued.
(iii) Issuers or funds that have not yet sent their financial statements.
Finally, NCG No. 251 established the procedure for automatic registration of the securities mentioned above.
For more information, please contact Sebastián Delpiano