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The Superintendence of the Securities Market (SMV) approved the Regulation for the Recognition of Foreign Mutual Funds. The standard allows for the marketing of products from managers in Pacific Rim countries such as Chile, Colombia and Mexico.
As of next November, foreign funds will be distributed short and very short term, and other types of funds in March 2019.
These will be offered by distribution agents, and the VMS will not exercise any oversight over the products, so that it will not be competent to deal with any claims arising therefrom.
Currently, 198 mutual funds exist in the country, with a equity of 23,776 m. S, Managed by nine companies.
The head of the SMV, José Manuel Peschiera, said that the regulations are intended to promote competition and increase the supply of products to invest. However, according to specialists, this would affect local businesses because of the tax facilities that exist in the region to create these funds.
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