Stephanou, Constantinos2012-06-252012-06-252005-03https://hdl.handle.net/10986/8966The author describes the presence of financial conglomerates and assesses the extent to which the risks they introduce to the Chilean financial system are mitigated by existing oversight arrangements (and at what cost). In particular, he questions whether the current silo-based supervisory framework, which has served the system fairly well until now, can continue unchanged given growing inter-linkages in the financial system. The author proposes a high-level short- and medium-term supervisory reform agenda that addresses identified vulnerabilities relating to financial conglomerates and continues the migration from a rules-oriented to a risk-based supervisory approach that has gradually been taking place in Chile in recent years.CC BY 3.0 IGOACCOUNTINGAFFILIATESAFFILIATES/ASSOCIATESARBITRAGEBALANCE SHEETBANK ASSETSBANK HOLDING COMPANIESBANK HOLDING COMPANYBANK LENDINGBANK SUPERVISIONBANKING LAWBANKING REGULATIONBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKING/INVESTMENTBANKING/SECURITIESBANKSBANKS/BHCSBOLSABROKERSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCONNECTED LENDINGCONNECTED LENDING/INVESTMENTSCONSOLIDATED SUPERVISIONCONSOLIDATIONCONSUMER LOANSCONSUMER PROTECTIONCONTAGIONCREDIT CARDSCUSTODYDEBTDEBT SECURITIESDEVELOPED COUNTRIESDISCLOSUREEMERGING MARKETSEQUITYEQUITY METHODEQUITY PARTICIPATIONEQUITY PARTICIPATIONSEXPOSUREEXTERNAL AUDITORSFACTORINGFAILURE RESOLUTIONFINANCIAL ACTIVITIESFINANCIAL CONGLOMERATESFINANCIAL INSTITUTIONSFINANCIAL LEGISLATIONFINANCIAL MARKETFINANCIAL POLICYFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STATEMENTSFINANCIAL STRENGTHFINANCIAL STRENGTH RATINGFINANCIAL SYSTEMFINANCIAL SYSTEMSFINANCIAL/REAL ESTATEFIREWALLSFIXED ASSETSFIXED INCOMEFORESTRYFUNDS MANAGEMENTINCOMEINCREMENTAL BENEFITSINSURANCEINSURANCE COMPANIESINTANGIBLE ASSETSINTEGRITYINVESTMENT BANKINGINVESTMENT OPERATIONSINVESTMENT REGULATIONINVESTOR PROTECTIONLATIN AMERICANLAW/REGULATIONLEASINGLENDING/INVESTMENTSLIABILITYLIFE INSURANCELINKAGESMARKET PARTICIPANTSMIGRATIONMORTGAGESMUTUAL FUND SHARESMUTUAL FUNDSMUTUAL/INVESTMENTMUTUAL/INVESTMENT FUNDOPEN/BANKINGOTCOVERSIGHT/MONITORINGPENSION FUNDSPENSIONSPRIVATE INFORMATIONPROFITABILITYPROXYPRUDENTIAL REGULATIONSPRUDENTIAL REQUIREMENTSREAL ESTATERESEARCH AGENDARISK MANAGEMENTSECURITIESSECURITIES FIRMSSECURITIES MARKETSSECURITIES OPERATIONSSECURITIZATIONSHAREHOLDERSSHAREHOLDINGSSOCIAL COSTSSTOCK BROKERSSUBSIDIARIESSUBSIDIARYSUPERVISORY FRAMEWORKSYSTEMIC RISKTECHNICAL ASSISTANCETRANSPARENCYTRANSPORTWorld Bank10.1596/1813-9450-3553