Título V
Título V
Appeals
Article 44.- The persons or entities that consider the SVS' administrative actions or omissions do not adhere to the law, regulations or rules that it is competent to apply, may challenge said actions via the recourses indicated in this title.
Article 45.- Appeals may be made before the SVS when a SVS administrative act resolves a petition as long as the appeal presents new information that was not considered at the time the resolution in question was issued. The petition must be made in writing and clearly and concisely present the facts and laws upon which are based.
The time limit for lodging an appeal will be five working days from the notification of the respective decision and the SVS will have five more working days to make a decision. If the SVS has not made a pronouncement after this time it will be understood that the appeal has been denied for the purposes of the following paragraph.
The filing of this appeal will suspend the time limit for claiming illegality of the matters affected by said appeal, and the period of allowance for contesting a fine or its amount will be that set forth in article 30.
Article 46.- The persons who believe that a SVS general rule, instruction, communication, resolution or omission is illegal and prejudices them may make an appeal before the Santiago Appellate Court, which will first decide if the appeal is admissible, for which purpose the interested party must precisely indicate in writing the stipulation that has allegedly been transgressed, the way in which the infraction took place and the reasons why it is prejudicial.
The court will reject the appeal outright if the presentation does not comply with the conditions indicated in the preceding point.
Appeals must be made within 10 working days from the notification of the action being appealed or from the time the interested party became aware of the omission.
Filing an illegality appeal will not suspend the effects of the act under appeal, unless it regards the cases established in articles 15, 36, 51 or 87 of Securities Market Law Nº18,045, numbers 3, 4 or 5 of article 44 of Ministry of Finance Statutory Decree Nº251 of 1931, Insurance Law, point three, article 12 and point four, article 126 of Corporations Law Nº18,046, the final point of article 3 of the Statutory Law Nº1,328 of 1976 on Mutual Fund Administration, or in the final point of letter e), article 4 and numbers 3 of articles 27 and 28, respectively, of this law.
If the Appellate Court declares the appeal to be admissible, it will forward the appeal for six working days to the SVS, with notification being made by official letter.
When the SVS has completed this procedure, or in the event of default, the Court will issue a decision within 15 days that may not be appealed.
Article 47.- (This article repeals Title XII of the Securities Market Law)
