A conversation with Diego Peralta Valenzuela, partner, and Vesna Camelio Ursic, senior associate, from Carey y Cía. Limitada on key issues regarding foreign direct investment (FDI) control in Chile. 1. What is the applicable legislation? There are two main instruments governing equity foreign investment in Chile: • Chapter XIV of the Compendium of Foreign Exchange Regulations of the Central Bank of Chile (Compendium of Foreign Exchange Regulations), and • Law No. 20,848 The Compendium of Foreign Exchange Regulations, issued by the Central Bank of Chile pursuant to the powers conferred on it by its Constitutional Organic Law, establishes the general rules applicable to foreign exchange operations. These rules must be observed by entities that form part of the Formal Exchange Market (as defined in the Constitutional Organic Law of the Central Bank). The Compendium of Foreign Exchange Regulations also applies to entities that are not banking institutions, including individuals, and sets out certain limitations governing major international exchange transactions that form part of Chile’s balance of payments