Authorities

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.

NAME

POSITION

Joaquín Cortez

Chairman of the Commission and Service Head

Kevin Cowan

Deputy Chairman

Augusto Iglesias

Commissioner

Bernardita Piedrabuena

Commissioner

Mauricio Larraín

Commissioner

Review Board's main functions

Other authorities

NAME

POSITION

Andrés Montes

Prosecutor of the Investigation Unit

Osvaldo Adasme

General Director of Prudential Supervision

Daniel García

General Director of Market Conduct Supervision

Luis Figueroa

General Director of Prudential Regulation

Patricio Valenzuela

General Director of Market Conduct Regulation

Nancy Silva

General Director of Studies, Statistics & Data

José Antonio Gaspar

General Legal Director

Prosecutor of the Investigation Unit

Andrés Montes, Prosecutor of the Investigation Unit.

Andrés Montes Cruz, Prosecutor of the Investigation Unit, has a Master's Degree in Legal Institutions from the University of Wisconsin, United States; a law degree from Universidad Diego Portales; and a postgraduate degree in Accusatory Systems and Criminal Justice from the same university. Mr. Montes has led the Investigation unit since its creation in January 2019.

Prior to joining the Commission, Mr. Montes was Head of the North Central Metropolitan Regional Prosecutor's Office of the Public Prosecutor's Office, which he joined in 2004. He was also Chief of the Territorial Prosecutor's Office A, Santiago and actively participated in the implementation of the Criminal Procedure Reform.

During his career as a prosecutor, Mr. Montes acquired extensive knowledge of the financial market. He has led investigations of economic crimes in highly-complex, media-influential cases, including several affairs of the CMF's administrative competence, as well as with other regulatory agencies and public institutions.

Previously, Mr. Montes was a prosecutor for the State Defense Council (CDE, for its Spanish acronym). He was also a member of the Judicial Academy, where he was Coordinator of the Qualification Program to apply for the positions of Minister and Prosecutor of the Court of Appeals; Secretary of Minutes of the Board of Directors; and Coordinator of the Training Program for the Criminal Procedure Reform.

Review Prosecutor of the Investigation Unit's functions.

General Director of Prudential Supervision

Osvaldo Adasme, General Director of Prudential Supervision.

Osvaldo Adasme Donoso, General Director of Prudential Supervision, holds a Master's degree in Business Administration from IEDE Business School and a Bachelor's degree in Business Administration from Universidad de Chile.

Mr. Adasme joined the former Superintendence of Banks and Financial Institutions (the current Financial Market Commission) as a Risk Analyst in 1990, and later became Head of its Analysts Group. Between 1993 and 1997, he was Chief Risk Officer and Deputy Credit Manager in a banking sector entity, returning to the Superintendence in late 1997 as Head of the Supervision Department. In 2001 he was appointed Director of Supervision and held the position of Supervision Intendant of Banks and Financial Institutions between March 2018 and March 2021, when he was appointed General Director of Prudential Supervision.

Mr. Adasme has been a consultant on credit risk and economic sector supervision for other supervisory agencies in the region and has taught courses on credit risk management. He has also been a consultant for the International Monetary Fund's Financial Sector Assessment Program (FSAP) applied to other countries.

General Director of Market Conduct Supervision

Daniel García, General Director of Market Conduct Supervision.

Daniel García Schilling, General Director of Market Conduct Supervision, holds a Master's Degree in Economics and Regulation of Public Services from the University of Barcelona (Spain); a Master's Degree in Strategic Communication; and a Master's Degree in Business Law from Universidad Adolfo Ibáñez. He is a journalist and holds a Bachelor's Degree in Social Communication from Universidad de Chile.

Mr. García has vast experience in regulatory and supervisory development in the financial sector, as well as in the management of strategic projects in the public sector and regulatory work for the protection of consumer rights.

He joined the Commission in 2014, first as Chief of Staff and as of 2016, as Intendant of Insurance, a position he held until assuming as General Director of Market Conduct Supervision in 2021. Between 2012 and 2014, Mr. García was Director of Institutional Affairs and Communications at the former Superintendence of Banks and Financial Institutions (the current Financial Market Commission), and between 2007 and 2010, Chief of Staff at the former Superintendence of Securities and Insurance (also the current Financial Market Commission).

General Director of Prudential Regulation

Luis Figueroa, General Director of Prudential Regulation.

Luis Figueroa de la Barra, General Director of Prudential Regulation, holds a Master's degree in Economics from New York University in the United States, and a Bachelor's degree in Business Administration, with a major in Economics, from Universidad de Chile.

Mr. Figueroa joined the former Superintendence of Banks and Financial Institutions (the current Financial Market Commission) in 2014, as Intendant of Regulation and as of June 2019, as Intendant of Regulation of Banks and Financial Institutions of the Commission. In 2021, after the Commission launched its new organizational structure, he was appointed General Director of Prudential Regulation. He is also Chile's representative before the Association of Supervisors of Banks of the Americas (ASBA), serving as Chairman of its Technical Committee.

Previously, Mr. Figueroa headed both the Regulatory Intendance and the Financial Division of the Superintendence of Pensions. 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 was a professor at the Universidad de Chile and has authored several publications related to capital markets.

General Director of Market Conduct Regulation

Patricio Valenzuela, General Director of Prudential Regulation.

Patricio Valenzuela Concha, General Director of Market Conduct Regulation, holds a Master's Degree in Finance from the University of Chile, and a Bachelor's Degree in Business Administration from the same university.

Mr. Valenzuela joined the former Superintendence of Securities and Insurance (the current Financial Market Commission) in 1998, and assumed as Intendant of Securities Market Regulation in 2016, serving until the creation of the General Directorate of Conduct Regulation in March 2021. During his career, he has collaborated in the development and processing of various legislative and regulatory initiatives aimed at improving the corporate governance of securities market entities; investor protection; and access to financing and the management of third-party funds and resources.

Mr. Valenzuela has overseen several regulatory and oversight projects for entities participating in the securities market, and has acted as technical counterpart in various working groups and committees representing the CMF before the Organization for Economic Cooperation and Development (OECD), the Council of Securities Regulatory Authorities of the Americas (COSRA), and the International Organization of Securities Commissions (IOSCO).

General Director of Studies, Statistics & Data

Nancy Silva, General Director of Studies, Statistics & Data.

Nancy Silva Salas, General Director of Studies, Statistics & Data, has a PhD in Economics from The London School of Economics and Political Science (United Kingdom); a Master of Arts in Economics from the Catholic University of Louvain (Belgium); and a Civil Engineering degree in Mathematics from Universidad de Chile.

Mrs. Silva joined the former Superintendence of Banks and Financial Institutions (the current Financial Market Commission) in 2014 as Director of Studies, a position she held until her appointment as General Director of Studies, Statistics & Data in March 2021. Previously, she worked as a senior economist in the Financial Policy Division of the Central Bank of Chile and in various teaching positions at Universidad de Chile, Universidad Diego Portales, Universidad de los Andes, and the London School of Economics.

Mrs. Silva has vast experience in financial research. She has participated as chair of the Financial Stability and Development Conference, been guest editor of the Financial Stability Journal, and a member of the Scientific Committee in several international conferences. She has spearheaded several research and regulatory activities in the industries under the supervision of the present-day CMF, including the latest amendment to the General Banking Act; implementation of Basel III liquidity and capital regulations; and several projects associated with strengthening the bank resolution process.

General Legal Director

José Antonio Gaspar, General Legal Director.

José Antonio Gaspar Candia, General Legal Director, is Master in Laws from the Columbia Law School (New York, United States), and a lawyer from the Pontificia Universidad Católica de Chile.

Mr. Gaspar joined the Commission in 2014 as Securities Prosecutor of the former Superintendency of Securities and Insurance (the current Financial Market Commission). Since 2017, he headed the CMF's Legal Area and held this position until being appointed as the institution's General Legal Director in March 2021. Prior to joining the Commission, he was a partner at the Noguera, Larraín & Dulanto law firm, as well as an international associate at Simpson, Thacher & Bartlett, New York.

In the academic field, Mr. Gaspar has been and is an undergraduate and graduate professor at the Pontificia Universidad Católica de Chile and Universidad Diego Portales, among others. He has also authored several articles in his field of expertise.

General Director of Administration & Operations

Pía Barros, General Director of Administration & Operation.

Pía Barros Arteaga, General Director of Administration & Operations, holds a Master's degree in Business Administration from the University of Notre Dame (United States) and a degree in Civil Industrial Engineering from the Pontificia Universidad Católica de Chile.

Mrs. 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, later as General Administration Intendant and, since 2021, as General Director of Administration & Operations.