The CBF benchmarks (TAB Nominal, TAB UF and TADO) and indices (ICP and ICP (Real)) were administered by the Chilean Banking Association, ABIF, prior to the CBF assuming the administration responsibilities on 18 November 2019.
ABIF had developed and implemented separate Rules documents for the benchmarks and indices that established the responsibilities of the reporting banks, the administrator and the oversight committee in the stages of delivery of information, calculation and publication of the benchmarks and indices.
During the transition period, prior to the CBF assuming the administration responsibilities of the benchmarks and indices, the oversight function was performed by the ABIF Transitional Oversight Committee which comprised of an independent member and representatives from ABIF and the CBF. The ABIF Transitional Oversight Committee approved amendments to the Rules documents, to make then suitable for purpose in recognising the CBF as administrator. These amended Rules documents came into effect on 18 November 2019.
To meet the obligations of the international guidelines, specifically the IOSCO Principles for Financial Benchmarks (July 2013), CBF since 1 July 2021 had introduced a new Panel Bank Code of Conduct for CBF benchmarks, along with publication of governance documents, Calculation Methodology and Re-determination Policy as tabled below. CBF with the CBF Oversight Committee approved a new amendment to the rules, in order to reflect these new documents.