On August 23, the Central Bank of Chile published, for public consultation purposes, a proposed amendment to Chapter III.J.2 of its Financial Regulations Compendium, on Payment Cards Operation, for the general public to make, within a month, comments or observations that may arise from their analysis.
The main amendments included in this proposal are the following:
Review of the definition and requirements of the Brand Holder, for Operation purposes
To allow for a foreign state, foreign public or private entity or foreign company owned or managed by a foreign state to be a Brand Holder, as long as the sovereign debt of the foreign state has at least a BBB risk qualification, or its equivalent. To empower the interested Operators upon authorization by the Superintendence of Banks and Financial Institutions ("SBIF"), to enter into an agreement with a Brand Holder that does not meet all requirements set in the relevant regulations. The SBIF shall issue general instructions in this regard. Incorporation of a new Operation method
The proposal states that the operation of Payment Cards may be provided by an Operator by means of an agreement with another Operator, to the extent that this agreement establishes, at a...