Functions of the Chairman of the Commission

As Service Head, the Chairman of the Commission oversees the organization and administration of the Commission. Additionally, he or she must apply surveillance and hierarchical control of his or her personnel's performance.

According to Law N° 21,000, which creates the Financial Market Commission, among its functions, he/she has:

1. Executing and complying with the rules and agreements adopted by the Council.
2. Calling and presiding the meetings of the Council, as well as establishing the agenda to be discussed in each meeting.
3. Informing periodically the Council, when any of its members require so, about the execution of the policies and general rules dictated by said body, and rendering account of the operation and development of the institution. In addition, he will send to the members of the Council on a monthly basis a list of the agreements fulfilled or to be fulfilled.4) To represent the Commission legally, judicially, and extrajudicially.
4. Legally representing the Commission, judicially and extra judicially.
5. Temporarily suspending, in serious and urgent cases duly qualified, the quotation or trading of one or more public offering securities, without prejudice to the provided by numeral 12 of article 20 of the D.L. 3.538. The Chairman must inform the Council about the action taken at the next meeting to be held, which must be specifically set to that effect within forty-eight hours after its adoption, and at which the Council must decide on the appropriateness of maintaining or rendering ineffective such measure.
6. Ensuring compliance with the rules applicable to the Commission and adopting the necessary measures to ensure its efficient operation.
7. Establishing, prior approval of the Council, regional offices when the proper functioning of the Commission so requires.
8. Resolving about entering into the acts and conventions necessary for the fulfillment of the purposes of the Commission.
9. Delegating to officials of the Commission the faculties or powers derived from his position of head of service.
10. The conduction of the relations of the Commission with public bodies and other organs of the State and with the individuals or entities subject to its supervision, as well as with the supervising, regulatory, self-regulatory bodies or entities participating in the national, foreign or international financial markets, without prejudice to the powers which may be held by other State agencies on the subject.11) To publish the report referred to in numeral 11 of the preceding article.
11. Publishing, the annual public report mentioned by numeral 11 of article 20 of the D.L. 3.538.
12. Communicate to the Minister of Finance, prior approval of the Council, within the periods and according to the modalities established for the public sector, the budgetary needs of the Commission.
13. Other matters and powers that are expressly established in this or in other laws.


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