Market study methodologies for competition authorities – Chile FNE - June 2017 OECD discussion

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OECD Directorate for Financial and Enterprise Affairs

This presentation by Chile Fiscalía Nacional Económica was made during the discussion on “Market study methodologies for competition authorities” held at the 125th meeting of the OECD Working Party No. 3 on Co-operation and Enforcement on 20 June 2017. More papers and presentations on the topic can be found out at oe.cd/1ZX.

Presentations & Public Speaking

FISCALÍA NACIONAL ECONÓMICA
June 20, 2017
Contact: estudiosdemercado@fne.gob.cl
www.fne.gob.cl
Fiscalía Nacional Económica
Market Studies

MARKET STUDIES IN CHILE
• Before 2016 amendment:
o No specific power.
o General rules used.
o No mandatory cooperation by private parties.
o Most market studies were general in nature and outsourced.
• After 2016 amendment
o Specific power.
o Mandatory cooperation from private parties.
o New division with a small team of 3 (1 PhD from Berkeley, 1
PhD from Oxford, one junior economist).
o Power to make recommendations to government.
| FISCALÍA NACIONAL ECONÓMICA 2

FIRST MARKET STUDY: ANNUITIES
• Work before launch of first market study
o Guidelines drafted following OECD recommendations from the
“Competition and Market Studies in Latin America” (2015) project.
o FNE had a list of markets with possible competition issues but no specific
competition law infringements were clear.
o A general review of these markets was performed by the new market studies
division. First market picked.
• Coordination work before launch:
o Level of secrecy before launch: Advice given by the CMA (UK).
o Privates meetings with Finance Ministry, Pensions Regulator and Insurance
Regulator.
o Good relations developed with regulators.
| FISCALÍA NACIONAL ECONÓMICA 3

FIRST MARKET STUDY: ANNUITIES
• Why it was picked:
o A significant number of retirees opt for annuities;
o Insurance companies manage over USD 57 bn on funds collected for
annuities.
o The Chilean system has a public exchange which allows insurance
companies to offer annuities at the same time to retirees and this exchange
ranks the offers.
o Irrational behaviour was found amongst a significant part of retirees.
o Intermediaries are found to have a negative effect on retirees decisions.
• Launch:
o Press release.
o Significant interest.
o News covered in all major newspapers and television channels.
o FNE did not grant any formal interviews.
| FISCALÍA NACIONAL ECONÓMICA 4

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