Policy paper

Memorandum of Understanding on cooperation in financial sector development between The Ministry of Finance of the Republic of Chile and His Majesty's Treasury of the United Kingdom

Published 13 December 2022

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The Ministry of Finance of the Republic of Chile and His Majesty’s Treasury of the United Kingdom], hereinafter referred to as the “Participants”;

Acknowledging the importance of financial sector development as a means of improving the wellbeing of the citizens of both the United Kingdom and Chile;

Considering that there are mutual benefits to be gained by the Participants in the sharing of best practices and new developments in financial sector regulation, supervision, and pro-competitive practices that safeguard the integrity and stability of the financial system and the protection of consumers while promoting growth;

Convinced that the Participants share a common purpose to promote a transparent, resilient, dynamic and vibrant financial sector that provides opportunities and benefits for all citizens;

Resolved to strengthen bilateral cooperation between the Participants, promoting joint initiatives in the field of financial sector development through events and activities such as Chile Day London, visits of financial stakeholders, and encouraging the cooperation of other public entities such as financial sector regulators.

Have decided as follows:

1. One

1.1 Objective

This Memorandum of Understanding is aimed at providing reciprocal cooperation on financial sector development.

2. Two

2.1 Scope

For the purpose of this Memorandum of Understanding, the Participants may focus their bilateral cooperation on the following areas:

  • financial technology and open finance
  • financial services trade
  • financial inclusion and financial education
  • financial sector regulation and supervision
  • sustainable finance
  • any other financial sector issue agreed by the Participants

3. Three

3.1 Cooperation methods and forms

Cooperation between the Participants may be provided in the following ways, working through Embassies and Consulates to deliver on behalf of the respective Participants:

  • exchanging information relevant to cooperation between the Participants in the areas set out in clause two, excluding any confidential information in accordance with international laws and the Participants’ respective domestic laws relating to the protection of personal data and confidentiality of information
  • organizing and participating in an annual meeting of senior officials to update the other Participant on progress that has occurred during the past calendar year and discuss any new suggested topics. This meeting can take place either virtually or in person
  • supporting training, education, and upskilling programs through our respective Embassies and Consulates, and exploring opportunities for collaboration with the private sector to provide relevant technical assistance
  • collaborating and sharing experiences that strengthen the development of sustainable finance and support the goals of the Paris Agreement and 2050 net zero emissions targets
  • encouraging cooperation between national financial sector authorities
  • promoting joint work by both public and private sector financial experts and entities to address the objectives set out in clause two
  • incorporating private sector experts and entities in discussions, initiatives and opportunities related to financial market development, including during the annual Chile Day
  • promoting discussions, initiatives, opportunities and interaction between stakeholders related to financial market development

4. Four

4.1 Financial Considerations

The implementation of cooperation actions under this Memorandum of Understanding will be subject to the availability of financial and human resources by each Participant. Additionally, the Participants upon mutual agreement, may consider the assistance and involvement of private and public sector entities in the development of cooperation activities.

Expenses to be incurred to implement this Memorandum of Understanding will be conditioned upon the annual availability of funds by the Participants, according to their respective laws and regulations and their strategic priorities. Each Participant will bear their own costs in implementing this Memorandum of Understanding.

5. Five

5.1 Nature of the instrument

This Memorandum of Understanding serves only as a record of the Participants’ intentions to carry out collaborative activities in accordance with the understandings herein, and does not constitute or create, and is not intended to constitute or create, obligations under domestic or international law and will not give rise to any legal process and will not be deemed to constitute or create any legally binding or enforceable obligations express or implied.

The cooperation mechanisms, projects and activities to be developed or implemented within the framework of this document will be laid down by separate instruments to be negotiated by the Participants when deemed appropriate.

6. Six

6.1 Change or amendment

Any change or amendment to be made as a result of the development or implementation of this Memorandum of Understanding will be agreed upon by mutual consent of the Participants and expressed by any written means including emails or other electronic mechanisms/procedures. Amendments will become effective in accordance with paragraph eight.

7. Seven

Settlement of disputes

Any dispute that may arise about the implementation and/or interpretation of this Memorandum of Understanding will be settled by the Participants on the basis of good faith.

8. Eight

8.1 Effectiveness, duration and termination

This Memorandum of Understanding will come into operation upon signature and will continue in operation until terminated by either Participant giving three months’ written notice to the other.

The termination of this Memorandum of Understanding will not affect any ongoing projects and initiatives decided upon during its life, unless otherwise decided upon by the Participants.

The foregoing represents the understandings reached by the Participants. SIGNED in duplicate at London, on this 13 December, 2022, in the English language, both texts being equally valid.

For The Ministry Of Finance Of The Republic Of Chile

Mr. Mario Marcel Cullell

Minister Of Finance

For His Majesty’s Treasury Of The Government Of The United Kingdom

Mr Andrew Griffith

Economic Secretary To The Treasury

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