Legal Alert
2026-07
The bill proposes creating a specific criminal offence for the illicit trafficking of hydrobiological resources by incorporating a new Article 139 quater into the General Fisheries and Aquaculture Act. The initiative seeks to prosecute the chain of extraction, transportation, storage, false documentation, commercialization and market introduction of illegally sourced resources, and adds this offence to Law No. 20,393.
Legal Alert
2026-07
On June 24, 2026, Law No. 21,826 was published. Among its main amendments, replaces calendar-day deadlines with business days across different permit applications, introduces a formal admissibility review prior to the examination period, and establishes a structured chain of appeals against decisions issued by the Municipal Works Directorate.
Legal Alert
2026-07
The Superintendence of Pensions issued Exempt Resolution No. 842, dated June 15, 2026, approving the internal procedure for the formation of new Pension Fund Administrators (AFPs). The act formalizes the stages of analysis, authorization of existence, and approval of operation, in accordance with Decree Law No. 3,500, as amended by Law No. 21,735. The procedure establishes deadlines, responsible parties, and controls for each phase of the incorporation process.
Legal Alert
2026-07
Ministerial Order No. 2/2026, issued by the Ministry of National Assets, establishes the criteria and a unified framework for the administration and disposal of government-owned real estate in Chile. It consolidates the rules applicable to the various mechanisms for managing government property—sale, concession, lease, designation, easement, and regularization—by establishing framework definitions, limiting administrative discretion, and prioritizing public bidding as the standard procedure.
Legal Alert
2026-06
Through General Rule No. 567 (NCG No. 567), the CMF established a consolidated regulatory framework aimed at modernizing the regulatory regime applicable to savings and credit cooperatives by bringing together in a single regulatory instrument both the rules already in force—previously scattered across various circulars—and the new provisions arising from the powers granted to the CMF under the Financial Resilience Law in this area.
Legal Alert
2026-06
The CMF published on June 1, 2026, two regulatory proposals that establish new reporting obligations for securities intermediaries and commodity exchange brokers, defining the information they must periodically submit to the CMF for prudential supervision purposes. Among other matters, they regulate the submission of information to determine business volume tier classification and to oversee compliance with the capital, guarantees, liquidity, and indebtedness requirements set forth in NCG 562.
Legal Alert
2026-05
The Financial Market Commission issued a new regulation that updates the minimum capital, guarantees, leverage, and liquidity requirements for securities and products intermediaries. This regulation incorporates a risk‑weighted assets approach, with the aim of ensuring that capital requirements are more appropriately aligned with the risks each entity assumes in its business activities, while also aligning the requirements and standards with those applicable to other entities supervised by the CMF.
Legal Alert
2026-04
The Financial Market Commission issued new regulations adjusting the regulatory treatment of repo transactions and securitizations, further advancing the implementation of Basel III in Chile. The regulation introduces changes to capital requirements, risk transfer criteria, and the issuance of related instruments, operationally developing these markets and reducing relevant regulatory frictions.
Legal Alert
2026-04
The Chilean Pension Superintendency issued General Rule No. 361 on 27 March 2026, regulating the protected-return contribution under the Social Security Pension Scheme created by Law No. 21,735, as well as the pension security bond and the amortizable bond. The rule sets out operational requirements for the calculation, registration, custody, exchange, payment and treatment of special situations relating to these instruments.
Legal Alert
2026-03
The CMF opened a public consultation on 9 February 2026 for a draft Compendium of Rules for Exchanges and Intermediaries, aimed at unifying and simplifying existing regulations, removing redundancies, and creating a clearer, more consistent framework with targeted improvements for greater legal certainty. Comments are due by 3 April 2026.
Legal Alert
2026-02
CMF has published a regulatory proposal setting forth the exceptional requirements and conditions under which savings and credit cooperatives may request the refund of membership contributions under Article 19 bis of the General Cooperatives Law. The proposal introduces strict prudential standards, solvency thresholds, approval of a repayment plan, and specific accounting adjustments, aiming to safeguard financial stability and depositor protection.
Legal Alert
2026-02
CMF issued Circular No. 2.368, updating the existing regulatory framework on the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. The circular introduces adjustments and clarifications applicable to banks, savings and credit cooperatives, and card issuers, strengthening requirements related to the Compliance Officer’s role, due diligence processes, transaction reporting, and the traceability of electronic fund transfers.
Legal Alert
2026-01
CMF has launched a public consultation on a regulatory proposal that strengthens and clarifies the rules applicable to the outsourcing of services by insurance companies. The proposal enhances operational risk management requirements, introducing more detailed criteria on critical services classification, provider due diligence, business continuity, cybersecurity, and CMF’s access to information, under a proportionality-based approach.
Legal Alert
2025-12
The Chilean Internal Revenue Service (SII), through Official Ruling No. 2,670, clarified the tax treatment of dividends distributed to foreign investors through international custodians. The exemption under Article 63 of the Income Tax Law applies only to the beneficial owner who is resident in a country with a tax treaty in force. The ruling also addresses refunds arising from undue restitutions and the burden of proof borne by the responsible agent.
Legal Alert
2025-12
On December 16, 2025, the agreement adopted by the Board of the Central Bank of Chile amending Chapter III.D.2 of the Compendium of Financial Regulations was published in the Official Gazette, incorporating the recognition and regulation of master agreements on repos.
Legal Alert
2025-12
The CMF has launched a public consultation on the modernization of the regulatory framework for Savings and Credit Cooperatives through the creation of the RAN CACs and the MSI CACs. The proposal updates governance, risk management, and reporting requirements and incorporates the principle of proportionality under the Financial Resilience Law.
Legal Alert
2025-12
On 12/01/2025, the chilean CMF published General Rule No. 555, which establishes the mechanism for submitting information on the identification and gender of directors of open and special corporations, in compliance with Law No. 21.757 and the new gender representation requirements for boards.
Legal Alert
2025-11
On 11/25/2025, the chilean CMF released for public consultation the draft that creates the Regulatory Compendium for Funds and General Fund Administrators. The proposal consolidates into a single body the rules applicable to GFAs, mutual funds, and investment funds, and incorporates international standards such as IFRS and GIPS. The deadline to submit comments is 02/02/2026.
Legal Alert
2025-11
On 10/28/2025, the chilean CMF issued for public consultation a draft regulation that sets out the manner and deadlines by which open and special corporations must report information on the composition of their boards, in compliance with Law No. 21.757, which seeks to increase the participation of women on boards and amends General Rule No. 30.
