Title II
Title II
Organización de la Superintendencia
Article 7.- An official with the title of Chairman of Securities and Insurance is the director of the SVS and is the legal, judicial and extra-judicial representation of the SVS.
The President of the Republic will select a person of his utmost confidence to act as Chairman.
The Chairman has the authority, powers and responsibilities inherent to his capacity as Director of the Organization and, by consequence, he is charged with the powers, responsibilities and obligations indicated in this Basic Statute and those granted to him by laws related to the securities and insurance markets, respectively.
He will be replaced, in the event of vacancy, absence or impediment, by the “Intendente” who holds the second level of hierarchy. If there are several “Intendentes”, the subrogation will be in order of precedence as indicated by the Chairman.
The Chairman will designate the substitutes of any director or position at the SVS, establishing an order of preference, through generic or specific resolutions that will give authorization regarding the person or position, as indicated.
If legal actions are taken against the Chairman for actions or omissions in the carrying out of his position, the SVS will provide him defense. This defense will extend to all actions that are taken against him for the motives indicated, even after he has left the position.
Article 8.- The Chairman, subject to the highest position and endowment of the SVS, will have the freedom to establish its internal organization in conformity with what is set forth in articles 28 of law Nº 18,575 and 10, letter a), of this law, and through resolution, he will determine the charters that correspond to each of the Branches, Divisions, Subdivisions, Departments and other areas, in order to carry out the functions assigned to the SVS.
Article 9.- The Chairman may require an employee under his direction to make a deposition before the corresponding courts.
Article 10.- The Chairman is especially responsible for:
| a) | Planning, organizing, directing, coordinating and controlling the SVS' operations; |
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| b) | Overseeing compliance with the rules applicable to the SVS and adopting the necessary measures for ensuring its efficient operation; |
| c) | Establishing regional offices when such measures are required for the proper functioning of the Service; |
| d) | Carrying
out the actions and celebrating the conventions necessary
for fulfilling the SVS' purposes In the exercise of these powers the Chairman may freely manage, acquire and dispose of goods, except those buildings whose acquisition or disposal requires the Minister of Finance's approval. |
| e) | Delegating specific powers or faculties to employees of the SVS' managerial, professional or technical areas; |
| f) | Applying the sanctions indicated in this statutory law, in accordance with the stipulations of Title III. |
Article 11.- The statements of SVS employees who pertain to or are associated with Supervisory, Professional and Technical positions, and of Directors designated as supervisors, regarding confirmed actions performed during the carrying out of their functions and in the verification of infractions will be evaluated in accordance with the rules of reasoning and will be granted civil status.
Article 12.- Notwithstanding other allowances, entitlements and benefits, permanent and contracted personnel of the SVS will have rights to the incentive bonus with the same terms, amount and timeframe as stipulated in article 5 of Law Nº 19,528.
Article 13.- Permanent and contracted SVS staff may carry out executive functions, and in each case these will be assigned by the Chairman. The staff assigned to such functions must not exceed the 7% maximum allowance of the SVS.
Article 14.- The persons, institutions and entities wish to be listed in the registries maintained by the SVS, or that solicit approvals or certifications, will pay the fees as indicated in the following, expressed in U.F.s :
| a) | Fees for inscription in the Registries maintained by the SVS. The amount charged inscription in the Securities Registry will be fixed and equivalent to 20 U.F. Notwithstanding the amount indicated above, the issuance of securities will be charged an additional fee of 0.5 per thousand of capital involved in the operation, with a maximum limit of 200 U.F. |
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| b) | Annotations to the Registries. The amount will be set at 3 U.F. for each annotation made. |
| c) | Fees for approvals and authorizations of Stock-Market Regulations or securities deposit and custody. The amount will be set at 30 U.F. |
| d) | Fees for approvals and authorizations of Internal Regulations and fund contracts authorized by law. The amount will be set at 15 U.F. |
| e) | Fees for approvals and authorizations of incorporations, statute reforms, mergers, split-ups, cancellations and dissolutions of entities subject to authorization by the SVS. The amount will be set at 20 U.F. |
| f) | Fees for approvals of contracts and insurance policies. The amount will be set at 6 U.F. |
| g) | Fees for certifications found in the Registries. Certifications issued for registrations or approvals granted by the SVS that are found in the public registries that the SVS by law is required to maintain, will have a value equal to 0.2 U.F. per copy. The fee for a certification will not be charged when it is issued in instances where a registration has been made or an approval granted and fees have already been paid. |
| h) | i) Fees for modifications related to letters c), d), and f). The amount will be set at 0.5 U.F., as indicated in these letters. |
Article 15.- The fees indicated in article 14 will be paid in the SVS offices at the moment when the corresponding registration, approval or certification is received, according to the value of the U.F. on the last working day of the month previous to payment.
Article 16.- The fees determined and charged by the SVS will be of fiscal benefit and will not be part of the annual budget.
Article 17 to 21.- Articles repealed by article 12 of Law Nº 19,705.
Article 22.- The Chairman will name SVS personnel and determine their duties and responsibilities.
The President of the Republic, in a declaration issued through the Ministry of Finance and at the Chairman’s proposal, will decree within a period of six months from the time this statutory law enters into force a Personnel Statute that will contain the requisites and labor rules which SVS personnel will be subject to. Matters not addressed in the Statute or in this statutory law will be governed by the Labor Code. Without detriment to the contents of article 2 and the previous point, the Chairman and other SVS employees will have the status of public employees for the effects of criminal responsibility, dismissal and social security. Similarly, the Chairman, in accordance with the Personnel Statute, may name and dismiss personnel with complete independence from other authorities. Legislation on union organizing as referred to in statutory law Nº2,756 of 1979 will not be applicable to said personnel, nor will they be able to bargain collectively in accordance with the stipulations of statutory law Nº2,758 of 1979. The Chairman may celebrate freelance contracts for the lending of services for specific tasks. The persons thus contracted will not, under any circumstances, have the legal status of employees or contributors of the Caja de Prevision which personnel hold.
Article 23.- The employees or persons that under any title lend services to the SVS will be bound to confidentiality regarding the documents and information of persons or entities subject to the SVS' supervision when said documents or information are not public. The breaking of this obligation will be sanctioned in the manner established in the first point of article 247 of the Penal Code. The stipulations of the previous point will not prevent the Chairman from publishing or making public through the persons or means he deems appropriate, information or documentation regarding supervised subjects in order to protect the public trust and the interests of shareholders, investors and the insured. SVS personnel may not lend professional services to the persons or entities subjected to the SVS' supervision.
Article 24.- The General Budget Law will establish, in overall figures, the funds necessary for the maintaining of the SVS and for other SVS expenses.
Article 25.- The SVS will be subjected to review by the Comptroller General of the Republic exclusively with regard to the examination of income and expenditure accounts.
