The Board of the CMF

The collegiate body is the one in charge of the superior management of the Financial Market Commission (CMF), called Board, integrated by five commissioners appointed as detailed in the law: (i) one of the Commissioners is appointed by the President of the Republic and will have the role of Chairman of the Commission and Service Head; and (ii) the four remaining Commissioners are appointed by the President of the Republic by means of a supreme decree through the Ministry of Finance, following ratification by the Senate.

The Law establishes that the composition of a diverse Board that balances experience and technical knowledge must be permanently ensured.

The term of office of the Chairman of the Commission is four years, while the period of the other Commissioners is six years in their positions, being able to be reelected and are renewed in pairs every three years.

The Deputy Chairman elected by the Board among its members, subrogates the Chairman in case of absence or temporary inability.

The Board's main functions:

1. To exercise the powers and perform functions entrusted by law to the Commission.
2. To establish policies for planning, organization, management, coordination and control of the functioning of the Commission.
3. To establish policies for the administration, acquisition and transfer of goods.
4. To issue general rules, circulars, official circulars, and other resolutions that are required.
5. To resolve sanctioning procedures that originate from indictments, applying the corresponding sanctions, depending on the case.
6. To formulate reform proposals to legal and regulatory rules to the President of the Republic, through the Ministry of Finance.
7. To resolve on the subscription of agreements or memorandum of understanding.
8. To submit complaints to the Public Ministry [Department of Justice] for the facts brought to its knowledge in the exercise of its attributions and which may be considered as offenses.
9. To elaborate an annual public report, within the first four-month period of each year.
10. To temporarily suspend, in serious and urgent cases duly qualified, totally or partially, by reasoned resolution, the activities of a supervised person or entity or the quoting or trading of one or more securities, and adopt, in general, any preventive or corrective measure provided by law.
11. To issue the resolutions concerning the authorization of existence, operation and mergers or reorganizations of the supervised entities, as appropriate and, in general, to reach a decision on any other authorization or registration that the Commission must grant within the scope of its powers.

Board's Internal Rules

Law Nº 21,000 that creates the Financial Market Commission


Members of the CMF Board

Solange Berstein Jáuregui, Chairwoman of the CMF

Mrs. Berstein holds a PhD in Economics from Boston University; a Master's Degree in Economics from the Ilades/Georgetown University Program; and a Bachelor's degree in Business Administration from Universidad de Santiago. She is a recognized expert in the fields of financial market and pension public policies. Prior to joining the Commission, Berstein headed the Financial Policy Management Division of the Central Bank of Chile from 2017 to 2022, and was a Senior Pension Specialist at the Inter-American Development Bank between 2015 and 2017.

Mrs. Berstein was Head of Studies at the Superintendence of Pensions between 2003 and 2006 and chaired said institution from 2006 to 2014. In the latter period she was part of the International Organization of Pension Supervisors' Technical Committee (as both Vice-President and President). Berstein has also been a member of the Financial Stability Board; the Capital Markets Committee; and the Chilean Risk Classification Commission, where she served as President. Between 2005 and 2007 she worked as a consultant for the World Bank, and was Senior Economist at the Research Division of the Central Bank of Chile from 2001 to 2003.

She has authored several economic publications and participated as a speaker in several national and international forums and conferences, as well as being a board member of the Fulbright Commission and the "Sonrisas" and "Yo Uso Bien Mi Dinero" Foundations. In the academic field, Berstein has been a master's professor at Universidad de Chile and Pontificia Universidad Católica de Chile.

Bernardita Piedrabuena Keymer, Vice President

Ms. Piedrabuena holds a PhD in Economics from the Universidad de Chile, a Master's Degree in Economics, and a Commercial Engineering Degree from the Pontificia Universidad Católica de Chile. Mrs. Piedrabuena has an extensive professional career in public policies related to the financial market. She has been Capital Markets and International Finance Coordinator and Macroeconomic Area Coordinator of the Ministry of Finance of Chile; member of the Fiscal Advisory Council; and Advisor to both the Ministry of Economy and the Senate of the Republic of Chile.

Prior to joining the Financial Market Commission, Mrs. Piedrabuena worked as Corporate Risk Manager at the Central Bank of Chile, and has been a consultant for the Inter-American Development Bank (IDB); chief economist at the consulting firm Zahler & Co.; board member of Empresa Nacional del Petróleo (ENAP); vice president of COTRISA; and member of Moneda Asset's MDLAT Vigilance Committee, among other positions. She has also lectured at the Faculty of Economics and Business, the School of Industrial Engineering and at the Faculty of Law of Universidad de Chile; also at the Institute of Economics of Universidad Católica de Chile; the Faculty of Economics and Business of Universidad Diego Portales and at Adolfo Ibáñez University.

Augusto Iglesias Palau, Commissioner

Mr. Iglesias holds a Master's Degree in Economics from the University of California, and a Commercial Engineering degree with a major in Economics from the Pontificia Universidad Católica de Chile (PUC). Before assuming as commissioner at the Financial Market Commission, he performed as presidential advisor for the pension reform of the second Mr. Sebastián Piñera's administration (2018-2022). Mr. Iglesias has an extensive career as a consultant to various countries and multilateral institutions in the field of social security, and was Vice-Minister of Social Security between 2010 and 2014. He was also a member of the Commission for the Social Security Reform, being appointed to this position by the former-President Mrs. Michelle Bachelet.

Mr. Iglesias has also held different positions in the private sector and academy as well. He performed as a partner and board member at PrimAmérica S.A.; a consultant in the areas of economy, finance, and social security; a researcher at the Centro de Estudios Públicos (CEP) and the PUC's Institute of Economics; and a professor at several universities on the fields of macroeconomics, industrial organization, and labor economics.

Catherine Tornel León, Commissioner

Mrs. Tornel holds a Master's Degree in Finance from London Business School with a specialization in investment and quantitative finance; and a Master's Degree in Finance and Commercial Engineering from Pontificia Universidad Católica de Chile. She has extensive experience in capital markets, having worked in both the public and private sectors, and is an expert on financial regulation and policy.

Between 2018 and 2020, Ms. Tornel was Coordinator of Capital Markets at the Ministry of Finance, after which she joined the Central Bank of Chile (BCCh) as an advisor to the Board and member of the Committee for the Setting of Exchange Rate Limits, on behalf of the Bank. In addition, she served as senior economist of the Infrastructure and Financial Regulation Office of the BCCh between 2008 and 2018.

Prior to her arrival at the Commission in 2023, Tornel held the Vice-Presidency of Transbank and member of the Board of Directors of Banchile Administradora General de Fondos. She also held positions such as Area Manager at Banco de Chile; Risk and New Businesses Manager at high-value payment and settlement system COMBANC; Investment Manager at BBVA Seguros de Vida; and part of BBVA Provida and BBVA Pensiones y Seguros de América Latina. She has also taught Finance as an adjunct professor at Universidad Católica de Chile.

Beltrán de Ramón Acevedo, Commissioner

Mr. de Ramón holds a degree in Commercial Engineering from the Pontificia Universidad Católica de Chile and a Diploma in Corporate Governance from the same university.

Prior to his arrival at the CMF, he spent 18 years at the BCCh and held several positions in that span. In addition to being the Bank's Vice-Governor, he also managed its Financial Markets and National Financial Markets Divisions and represented the Bank as a director before the Chilean Copper Commission. Between 2002 and 2005, Mr. de Ramón was head of the Public Finance Division of the Budget Directorate, during which he also was a Counselor of the Public Enterprise System and Director of the National Mining Company. He also worked at Copec S.A. for 12 years, first as financial analyst and later as Treasurer.

In the academic field, de Ramón has been a professor of the Master's Degree in Financial Economics at Pontificia Universidad Católica de Chile, and the Master's Degree in Economics Applied to Public Policies at Universidad Alberto Hurtado.

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