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The House Finance Committee approved -in general- the bill entered in 2015 by the Executive, which establishes new demands for transparency and responsibility of the agents who participate in the financial markets.
However, the most controversial point is an indication presented by the Government that seeks restrict changes of funds in the AFPs, establishing a period of up to 30 days for the administrators to carry out the transfer and that these can only be made between adjacent funds.
That amendment was declared inadmissible by the Commission’s secretariat, for going against the main ideas of the project.
The Minister of Finance, Ignacio Briones, indicated that the restriction of freedom is justified by the changes between funds.
Said these they are not innocuous for the construction of the pension in the long term.
However, the authority decided to withdraw the indication, but warned that a new initiative will insist on the point.
Prior to what Briones mentioned, a tense debate was generated around the amendment.
The deputy of the Communist Party, Daniel Nunez, president of the Finance Commission, affirmed that the Executive’s indication limited a right that all members of the AFP system have.
The deputy of the UDI, Patricio melero, criticized the position of the president of the Commission and defended the indication of the Executive. He explained that both the Central Bank and the Superintendency of Pensions indicated that the indication “was fundamental” in regulatory terms.
The legal text – in second constitutional process – seeks to strengthen confidence in the financial markets and end the abuses of some participants.
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