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Historical Overview

Since mid XIXth Century, the SVS has played a dominating role as an organization that monitors entities involved in the securities market of our country, that is, corporations, insurance companies, stock exchanges and brokers, mutual funds and their managers, as well as other entities that have become a part of such market in the last years, such as, risk-rating agencies, foreign capital investment funds, and investment funds. All this time, the function of the SVS has been consigned in a number of legal texts.

Indeed, in 1865 already, the Commerce Code established a form of supervision of corporations. Article 436 of its original edition set forth that the "President of the Republic was entitled to appoint a commissioner in charge of watching administrators operations, and reporting non execution or infringement of by-laws". Law No. 1,712 of 1904, in turn, regulated operation of insurance companies, which were subject to the appointment of "fiscal office inspectors to supervise operations, books, and accounts of national companies and foreign companies' agencies". Stock exchange operations were regulated by DL No. 93 of 1924. Existence of an inspector in Santiago and another in Valparaíso was established therein. Legal regime of corporations was complemented on that same year through DL No. 158, specially, in relation to liability of the organizers that invited the public to subscribe stocks and such of technical experts that informed thereon; and, finally, it created the Corporation Department intended to "permanently exercise public surveillance as set forth in article 436 of the Commerce Code". Later, in 1927, Law No. 4,228 derogated Law No. 1,712 and created the Superintendence of Insurance Companies, while in 1928, Law No. 4,404 founded the General Inspection of Corporations and Securities Operations. DFL No. 251 issued on May 22, 1931 merged both organizations under the name of Superintendence of Corporations, Insurance Companies, and Stock Exchanges. DL No. 3,538 issued on December 23, 1980, finally established definite creation of the Superintendencia de Valores y Seguros (SVS), the legal successor of such founded in 1931.

Then in 1927, Law No. 4,228 repealed Law No. 1,712 and created the Superintendence of Insurance Companies, while in 1928, Law Nº 4,404 founded the General Inspection of Corporations and Securities Operations.

DFL Nº 251, issued on May 22, 1931, merged both entities, under the name of the Superintendence of Corporations, Insurance Companies and Stock Exchanges.

Finally, DL No 3,538, issued on December 23, 1980, definitively established the Superintendencia de Valores y Seguros (SVS), the legal successor of the entity founded in 1931.