Subject: File No. 265-25-04
From: Angelica P Maturana
Affiliation: Attorney at Law, Investor and Insuranced Protection Area, Superintendency of Securities Insurances of Chile

May 3, 2010

Just a few comments from Chile.

Even though, Chile has not been heavily struck by the last financial crisis as the U.S. last year, our Securities Commission has reconducted its efforts strenghtening investor protection.
Due to the fact that I have been involved in this process, I have followed your webcast from past meetings which I found it very interesting. Personally speaking, many of the topics that you already have been through, arise in our daily labour. Lack of financial literacy, self-directed literacy, duty of care, fiduciary duties, complexity of financial terms,etc are probably the most common issues that many investor protection agencies might face, and it's quite interesting to observe how are you dealing with them and what are the new proposals and follows-up.
Thinking that globalization is already here, and through internet you may have investor from all over the world, I'd be glad to hear about if you have an especial recommendations as to transactions done over internet, and if a global investor protection is needed. Most of the times we have received warning from brokers that have committed frauds overseas but I guess it would be much useful and effective, if at least in the Americas we can act jointly.

Best regards,
Angelica Maturana Carter
Attorney at Law

P.S.The opinion that I have exposed is personal and it does not,in any sense neither represent nor bind Chile' Securities Commission.