appropriate use of all water. Private stakeholders have greater power to invest in both domestic and agricultural water uses, water system maintenance, and play a role in the management of water supply and sanitation. Under the Ministry of Public Works, the Water Directorate carries out all measurement, research, and is authorized to grant water use rights. The Water Cadastre under the Water Directorate records all water rights and transactions. 2005 Water Code reform The reform of the 1981 Water Code was passed in 2005 to address social equity and environmental concerns. For example, while efficiencies were gained and investment increased, the allocation of water rights without limits started to create problems such as the monopolizing of water rights for surplus, speculation, and to prevent competition into various markets. Details of the reform involved fifteen years of meetings, negotiation, disputes, and concessions. Throughout the political struggle to reform the Water code, the government's position on water markets became more favorable and they proposed reforms in response to strong political opposition from conservative political parties and private sector business interests. Major aspects of the 2005 reform include: 1) Giving the President authority to exclude water resources from economic competition in cases where necessary to protect the public interest. 2) Obliging the General Directorate of Water Resources (DGA) to consider environmental aspects in the process of establishing new water rights, especially in terms of determining ecological water flows and protecting sustainable aquifer management. 3) Charging a license fee for unused water rights and limiting requests for water use rights to genuine needs, as a deterrent against hoarding and speculation. Important dates during the fifteen-year water code reform process: 1992 The government introduced the first reform project 1996 The government made amendments and introduced a second project 1997 Water reform approved by Chamber of Representatives 1999 Reform was approved in Senate Committees 2000 Reform was approved (in general) by the Senate 2004 Reform was approved (in detail) in Senate Committees 2005 Final project was approved unanimously in both chambers to address social equity and environmental sustainability concerns Source: Peña, Humberto. Ministry of Public Works : Chile Water Markets New water rights are granted by the (DGA). When competition for solicited water rights arises, they are allocated through an auction with rights awarded to the highest bidder. An example of average annual water volumes traded between 1993 and 1998 in the Maipo and Mapocho regions