Chile: Prosecutor’s Office wraps up study on notary market; urges sector reform

The National Economic Prosecutor’s Office (FNE) of Chile has published its final report on the country’s Public Notary market. The authority stressed the need to carry out a structural reform of this sector, which could lead to savings of close to US$149 million per year for the country.

The Study, launched on July 2017, sought to verify the lack of competition in the sector, “… there are spaces for regulatory improvement to correct this aspect”.

“At the end of this study, we are convinced that the notary system requires a deep structural reform and not a simple make-over, due to the impact the activities carried out by notaries has on productivity and competitiveness for the country,” said the National Economic Prosecutor, Felipe Irarrázabal.

Among the recommendations issued by the regulator there is the reduction in the number of procedures that must be performed before a notary, as well as steps to allow free entry into the market to those who meet minimum requirements. Thus, it would seek to boost an increase in productivity for the country, reducing administrative burdens for citizens and businesses.

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