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Chile: FNE proposes “Structural Reform” of the notary sector

By  |  June 26, 2018

The National Economic Prosecutor’s Office (FNE) of Chile published on Wednesday, June 20, a diagnosis regarding the state of competition in the notary market, determining that the level of competition in that sector is insufficient.

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    The FNE report notes that only 17 notary services account for 90% of the demand for services. In response, the authority proposes, among other measures, the revision of the number of procedures and functions assigned to notaries; modify rules for entry to the market; modify the rules of business conduct and services; standardize the handling of information.

    The FNE also proposes changes for a period of adaptation, carrying out the proposed changes in the structure of the notarial functions, standardizing the generation, storage and transmission of information, and modifying the oversight body to cover the entire country.

    The document will be available for review and comment until July 17.
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