Mission and Vision of the Superintendency of Financial Services
MISSION
Ensure adequate protection for users of financial services by promoting the soundness, solvency and transparency of the Financial System and its efficient and competitive operation.)
VISION
To be locally and internationally recognized, based on its values, as an effective regulatory and supervisory authority in the professional fulfillment of its mission and strategic objectives, which adds value through:
• Promoting prudent financial practices, consistent with stability, solvency and transparency of the financial system, while promoting market discipline.
• Promoting an orderly and competitive functioning of the supervised institutions and markets in which they operate.
• Building credibility and confidence with the public and the international community.
• Preventing and controlling money laundering and terrorist financing.
ORGANIZATION CHART
In order to carry out its objectives it has technical and operational autonomy. It was created in 2008 from Act No. 18.401 by grouping several different functions within the Central Bank, seeking to provide it with the tools necessary for effective supervision and regulation of the financial system. The organization of the Superintendency seeks to fully fulfill the functions it has been assigned through a design that favors coordination and articulation between the supervision and regulation of the Financial System:
FUNCTIONS
In order to effectively fulfill its objectives, the Superintendency complies with the following functions:
• Oversees the various entities that make up the financial system, i.e. financial intermediation companies, stock market, insurance companies and pension fund management companies.
• Regulates the financial system. Taking into account international best practices and designing a regulatory framework that is consistent and adequate for the objectives established for the financial system.
• Contributes to the fight against the use of the financial system for money laundering and financing of terrorism through the role of financial intelligence and reviewing prevention systems implemented by entities that make up the system, in close coordination with the relevant national bodies.
• Promotes transparency of the financial system, through the timely disclosure of information from different supervised entities, production of financial statistics and studies on the financial system, allowing the users of the system to make appropriate decisions.
• Conducts different authorization processes for the entry of new agents to the system, as well as board of directors or management members of regulated companies, and those involved in the authorization of new financial instruments of public offering and their respective issuing companies.
• Promotes fluent international relations through cooperation agreements and exchange of information with other supervisors, as well as effective participation in regional and international organizations related to regulation and supervision.
• Promotes user confidence in the financial system through the customer care system, either through diligent attention of complaints or queries from users of the financial system, as well as designing and implementing education programs for customers and investors.
• Receive and process information of supervised entities in order to facilitate supervision and transparency of the financial system.
