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Notaries market study press release

02 / 08 / 2018

The Fiscalia Nacional Economica (FNE) published today the final report of the Market Study on Notaries, reiterating the need to carry out a structural reform in this market, which could result in savings near to US$ 149 million per year for the country.

The final version of the Study was published after submitting the Preliminary Report to a public consultation process that culminated on July 17. In this period, the Association of Notaries, Real Estate Registrars and Judicial Archivists of Chile and the Chilean Bar Association presented their comments, which were analysed by the FNE and served as a basis for clarifying points in the report.

The answers to those comments are also published today, in a file attached to the Final Report.

The study began in July 2017 and had the hypothesis that “the intensity of competition in the notary market is insufficient, existing areas for regulatory improvement to correct this aspect”.

In the development of this study, the FNE verified this hypothesis and estimated that the regulatory framework requires a structural modification so that this market can operate properly.

“At the end of this study, we are convinced that the notarial system requires a deep and structural reform and not a simple make-up, due to the impact that the notaries activity has on the productivity and competitiveness of the country,” said the National Economic Prosecutor, Felipe Irarrázabal.

Among the recommendations made by this Agency, there is a reduction in the number of proceedings that must be performed before a notary and allow free entry to the market of those who meet some minimum requirements. Likewise, other proposals point towards having more flexible rules that regulate the way in which the activity is developed in order to improve the quality of the service and reduce the price of proceedings.

It should be noted that, according to FNE data, a modification such as the one suggested may have a relevant monetary impact and boost an increase in the country’s productivity “reducing the administrative burden for businesses and households”, as highlighted by the OECD in the Economic Survey of Chile 2018.



The comments received regarding the Preliminary Report pointed mainly to the existence of a methodological bias on the part of the FNE, especially in relation on how the incomes of the notaries are calculated. Additionally, it was questioned that the costs derived from the loss of the “preventive justice” role that would be currently fulfilled by notaries were not considered.

In the opinion of the FNE, there is no such methodological bias, and the report is clear regarding the way in which the information was collected and used. For example, to calculate the monopoly rent of the market, aggregate data supplied by the Internal Revenue Service of all the notaries in the country -excluding those that exercise other functions as real estate registrars or archivists- was considered and not just a sample of them.

Besides, for this Agency, a modification of the market would not imply the loss of the “preventive justice” role that the notaries fulfill today, since that function would be executed by those who replace the notaries.

The final report, comments and responses and public contributions are available on the website