News Alerts

Time extension to file financial information due to COVID-19 outbreak
March 24, 2020

Given the sanitary measures that the Chilean authorities have adopted as a result of the worldwide outbreak of Severe Acute Respiratory Syndrome from corona virus-2 (SARS-CoV-2) triggered by the disease of coronavirus 2019, or Covid-19, rated pandemic by the World Health Organization; and taking into account the possible effects of said situation on the financial markets and other entities monitored, on 24 March 2020, the Financial Market Commission (“CMF”), pursuant to the responsibilities the law vests on it, issued Official Circular No. 1142 (the “Official Circular”) to extend in 15 additional calendar days the maximum timeframe set to file the annual reports and annual audited financial statements that supervised entities must disclose and file with the CMF during March 2020.

Notwithstanding, the Official Circular states that the Board of Directors or the Administrator of each of the supervised entities shall assess the specific circumstances affecting their personnel and external auditing firm, to disclose and send to the CMF, as soon as practicable, the foregoing information. If because of that assessment the conclusion is that the entity shall be prevented from meeting their duty of information within the new timeframes granted pursuant to this Official Circular, the matter shall be informed to the CMF forthwith, stating, also, the circumstances leading to such a conclusion.

Finally, it states that the instructions set forth in the Official Circular shall enter into force and effect on the date hereof, i.e. 24 March 2020.

AUTHORS: Cristián Figueroa, Matías Garcés.

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