English Overview

Authorities

The Board of the CMF is in charge of the Commission's superior management, and shall apply its powers and fulfil its functions according to the provided by this law and others.

Review Board's main functions

Board

NAME POSITION
Joaquín Cortez Chairman of the Commission and Service Head
Kevin Cowan Deputy Chairman
Augusto Iglesias Commissioner
Bernardita Piedrabuena Commissioner
Mauricio Larraín Commissioner

Other authorities

NAME POSITION
Andrés Montes Prosecutor of the Investigation Unit
Lucía Canales Intendant of Supervision of the Securities Market
Patricio Valenzuela Intendant of Regulation of the Securities Market
Daniel García Intendant of Insurance
Osvaldo Adasme Intendant of Supervision of Banks and Financial Institutions
Luis Figueroa Intendant of Regulation of Banks and Financial Institutions
Pía Barros General Administration Intendant

Prosecutor of the Investigation Unit

Prosecutor of the Investigation Unit

Andrés Montes Cruz, Prosecutor of the Investigation Unit is a lawyer from the Universidad Diego Portales (UDP) and holds a master's degree in Legal Institutions from the University of Wisconsin, United States, and a specialization in Adversarial System and Criminal Justice from the UDP.

From 2010 and before arriving at the CMF, he held the position of Regional Head of the Public Prosecutor's Office in the North Center Metropolitan Region, an entity that he joined in 2004 as assistant Prosecutor of that Public Prosecutor's Office, actively participating in the last phase of implementation of the Reform to the Criminal Justice in Chile. He also held the position of Head of the Territorial A Prosecutor's Office which jurisdiction is Santiago Center.

During his career in the Public Prosecutor's Office, the Prosecutor Montes achieved a wide knowledge of the financial market, leading economic crime investigations in high complexity cases and of broad media coverage, including some cases on administrative procedure carried out by the CMF, as well as other regulatory bodies and public institutions.

Previously, he was prosecutor lawyer of the State Defense Council (CDE, for its Spanish acronym) and was part, for seven years, of the Judicial Academy, where he was Coordinator of the Habilitation Program to apply to the positions of Minister and Prosecutor of the Court of Appeal; Recording Secretary of Board of Directors, and Coordinator of the Training Program for Reform of the Criminal Justice.

Review Prosecutor of the Investigation Unit's functions.

Intendant of Supervision of the Securities Market

Intendant of Supervision of the Securities Market

Mrs. Canales holds a master's degree in Business Administration and Management from the Escuela Superior de Administración y Dirección de Empresas (ESADE-Barcelona) and is a commercial engineer from the Pontificia Universidad Católica de Chile. With over 30 years of experience in stock market supervision, she joined the former Superintendence of Securities and Insurance (now the Financial Market Commission) as an analyst in the Securities Studies Division and later became its Head, being in charge of the regulatory and normative studies and developments of the stock market. Mrs. Canales later commanded the Financial Control of Securities Division, supervising issuers of securities and other entities required to report financial information to the CMF. In that position, she was responsible for leading the implementation of IFRS standards for securities issuers in 2009, as well as developing the corporate governance oversight included in the legislation on open corporations. She held that position until becoming Deputy Intendant of Securities Market supervision on June 2020. Mrs. Canales also served on the Risk Classification Commission for over a decade.

Intendant of Regulation of the Securities Market

Intendant of Regulation of the Securities Market

Patricio Valenzuela Concha, Intendant of Regulation of the Securities Market, holds a degree in Business Administration, Bachelor of Science in Business Management, and a master's degree in Finance, all degrees from the Universidad de Chile.

Since he joined the Chilean Superintendence of Securities and Insurance in 1998, he had diverse responsibilities related to regulation and oversight of entities participating in the securities and commodities markets.

Considering those responsibilities, he has collaborated in producing and handling different legislative and regulatory initiatives that have had as a purpose to improve corporative governance of securities market entities, investor protection in this market, access to funding and third-party funds and resources management. He has also been technical counterpart in different working groups and committees constituted for discussion and analysis of those topics for the Organization for Economic Cooperation and Development (OECD), the Council of Securities Regulators of the Americas (COSRA, for its Spanish acronym) and the International Organization of Securities Commissions (IOSCO).

Intendant of Insurance

Intendant of Insurance

Daniel García Schilling, Intendant of Insurance, holds a master's degree in Economics and Public Service Regulation from the Universidad de Barcelona (Spain), an undergraduate degree in Social Communication and Journalism from Universidad de Chile. He also holds a master's degree in Strategic Communication from Universidad Adolfo Ibáñez and a master's degree in Business Law from the same university.

He has experience in regulatory and oversight development and in the financial field, strategic project management in the public field and regulatory work in relation to the protection of consumers rights.

Between 2012 and 2014, he held the position of Director of Institutional Affairs and Communication of the Superintendence of Banks and Financial Institutions (SBIF). In that position, he had to act as an advisor to the Superintendent in strategic topics, relations of the SBIF with Congress, development of the regulatory agenda and internal management.

Between 2007 and 2010, he worked as Chief of Staff at the SVS, a period in which he participated in producing documents that later served as supplies for preparing bills that created the Financial Market Commission.

Intendant of Supervision of Banks and Financial Institutions

Intendant of Supervision of Banks and Financial Institutions

Osvaldo Adasme Donoso is a Commercial Engineer from the University of Chile and holds a Master's degree in Business Administration from the IEDE Business School, with a specialization program in Project Assessment from the School of Physical and Mathematical Sciences of the University of Chile.

He joined the Superintendence of Banks and Financial Institutions (today the Financial Market Commission) as a Risk Analyst in 1990, and then served as Group Head of Analysts. Between 1993 and 1997, he was Head of Risks and Deputy Credit Manager in a banking sector entity. At the end of 1997, he returned to the SBIF as Head of the Supervision Department. In 2001, he was appointed Director of Supervision, and in 2018, he took over as Intendant of Supervision.

He has been a consultant in matters of credit risk supervision and economic sectors for other supervisory agencies in the region and has taught programs of instruction in matters related to credit risk management. He has also performed as consultor for the International Monetary Fund (IMF) regarding Financial Sector Assessment Program (FSAP) for other countries.

Intendant of Regulation of Banks and Financial Institutions

Intendant of Regulation of Banks and Financial Institutions

Luis Figueroa De la Barra is a Commercial Engineer, with a mention in Economics, from the University of Chile and holds a Master's degree in Economics from the New York University, USA. He joined the SBIF in 2014 as Intendant of Regulation and as of June 2019, he took over as Intendant of Regulation of Banks and Financial Institutions of the Commission.

He is also currently Chairman of the Technical Committee of the Association of Banking Supervisors of the Americas (ASBA), representing Chile.

Previously, he was the Head of the Regulation Intendance of the Superintendence of Pensions and was Head of the Financial Division in the same institution. He has been economist of the Financial Policy Division of the Central Bank of Chile; of the Studies Department of the Superintendence of Securities and Insurance, and of the Investment Department of the Ministry of Planning and Cooperation. He has been lecturer at the University of Chile and has produced several publications related to the capital market.

General Administration Intendant

Pía Barros Arteaga, holds a master's degree in Business Administration from Notre Dame University (United States) and a degree in Civil Industrial Engineering from the Pontificia Universidad Católica de Chile. Ms. Barros is a specialist in financial management and planning; evaluation of investment projects; Business Intelligence and Data Warehouse for the management of corporate areas; development of business plans; and implementation of project monitoring models, among others.

She has worked in the investment areas of Euroamérica Seguros de Vida; at Notre Dame University; and at the international company Better World Books. She was general director, and later vice-rector of finance and services at the Universidad de las Américas, after which she became finance manager for Laureate Chile's Andean Region and the IESA Real Estate Company. Since joining the CMF, Ms. Barros has led the administrative integration and strategic management processes of the Commission, first as Cabinet Advisor and, from 2020, as General Administration Intendant.