Background and Requirements which Savings and Credit Cooperatives should Fulfill to fall under the Scope and Supervision of the Banks and Financial Institutions Regulator

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According to the General Law of Cooperatives, all credits and savings cooperatives should present the following documents to the regulatory agency:

i) a legalized copy of the cooperative's constitution and amendments; 

ii) a copy of the cooperative's social statutes;

iii) a certificate from an auditor previously approved by the Bank and Financial Institutions Regulator; 

iv) the general balance sheet of cooperative transactions within the last two years. 

After this information has been verified and approved,  institutions must present the following complementary information: a draft of the cooperative's organizational structure, a description of the security levels of its information systems, and a valuation analysis of the entity's assets. The regulator should determine the adequacy of this information within ninety days of submission. 

Document Details

Title (Non-English): 
Antecedentes y requisitos que deben cumplir las sociedades cooperativas de ahorro y crédito para quedar sometidas al control y fiscalización de la Superintendencia de Bancos e Instituciones Financieras.
Document Type: 
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Year of Document: 
2010
Date of Document: 
Thursday, October 21, 2010
Document Authors: 
Superintendency of Banks and Financial Institutions - Chile
Language (This Document): 
Spanish

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