Organization chart

Organizational Chart of the Financial Market Commission

According to Decree Law No. 3,538, the senior management of the Commission is overseen by a Board consisting of five Commissioners, who are appointed according to the following rules:

  • The Chairperson of the Board, an individual of recognized professional or academic prestige in matters related to the financial system, is appointed by the President of the Republic, and remains in office until the end of the current presidential term. The Chairperson also has the status of Head of Service and exercises the authority, powers, and duties inherent to said status.
  • Four Commissioners designated by the President of the Republic from a list of individuals of recognized professional or academic prestige in matters related to the financial system. They are appointed by a Supreme Decree issued through the Ministry of Finance after ratification by the Senate by 4/7ths of its members in a session specially called for such purpose. Commissioners serve six-year terms and may be reelected for another consecutive term only once. They shall be renewed in pairs every three years as appropriate.

The Commission has an organizational structure for supervision and regulation based on two main pillars (Prudential and Market Conduct) to address the challenges of the financial market from a systemic perspective.

  • The Prudential Pillar focuses on safeguarding the solvency and adequate risk management of supervised financial institutions.
  • The Market Conduct Pillar ensures the transparency and integrity of supervised markets and the protection of financial customers.

The Law states that the Commission shall also have an Investigation Unit headed by a Prosecutor, which is responsible for the instruction of the Commission's sanctioning procedures. The Prosecutor is appointed by the Board through the selection process for high-ranking public servants and serves a six-year term, being eligible for reappointment only once.

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