What is CCR?

Comisión Clasificadora de Riesgo

The Comisión Clasificadora de Riesgo (CCR) is a legally established entity having its own equity built from the contributions by the Pension Funds Managing Companies (AFP’s), in proportion to the value of their AUM.

The CCR was created in 1985 through the introduction of Title XI to Decree Law N° 3,500 of 1980 (Spanish version), within the social security system based on individual capitalization, which has prevailed in Chile since 1980.

Functions and Powers

CCR’s functions and powers are established in Article 99 of Decree Law N° 3,500, and they can be divided into the decisions that have to be made and the aspects that have to be regulated.

As for the decisions to be made, the CCR shall approve or reject the shares of domestic closed-end and open-end funds, foreign capital instruments and, upon request by the Superintendence of Pensions, other domestic and foreign public offerings authorized by said governing body, and approve or reject instruments, operations and constracts representative of alternative assets. Likewise, CCR shall approve or reject counterparties regarding operations with derivatives. Finally, the CCR has the authority to reject risk ratings of domestic debt instruments whose two highest risk ratings are equal to or higher than Category BBB or Level 3.

Regarding regulations, the CCR shall establish the specific procedures for the approval of domestic shares of closed-end and open-end funds; of foreign capital instruments; of other public offerings authorized by the Superintendence of Pensions; and of counterparty entities operating derivatives. Additionally, the CCR shall establish the equivalencies between the ratings of foreign debt titles given by international rating entities, authorized by the Central Bank of Chile, and the risk categories defined in Decree Law N° 3,500. Finally, the CCR shall establish the specific procedures for the approval of the foreign instruments representing capital traded in formal domestic markets.


CCR’s meetings are held at least once a month, with a minimum quorum of four members. Agreements are approved by absolute majority, being confidential until their publication in the Diario Oficial (Official Gazette) no later than the first working day of the month immediately after the agreements are approved.

Regular or alternate members having an interest in one specific issuer, whose instruments are being submitted to the consideration of the Commission, shall refrain from participating in the debate and in the approval of any agreement related to said instruments, and shall leave the meeting room.