Legal Alert
2025-11-27
On November 25, 2025, the CMF published for public consultation the draft regulation that creates the Regulatory Compendium for Investment Funds and General Fund Administrators. The proposal consolidates into a single framework the rules applicable to AGFs, mutual funds, and investment funds, modernizing the regulation to incorporate international standards such as IFRS and GIPS, ESG criteria, and best practices. The compendium covers definitions, requirements for AGFs, rules for supervised funds, obligations for private funds, and record-keeping. The deadline for submitting comments is February 2, 2026.
Legal Alert
2025-11-13
On October 28, 2025, the CMF (Chilean Financial Market Commission) launched a public consultation on a draft regulation that sets out the manner and deadlines by which publicly held corporations and special corporations must submit information regarding the composition of their boards of directors, in compliance with Law No. 21,757, which seeks to increase the participation of women on boards and amends General Rule No. 30.
Legal Alert
2025-11-04
On October 21, 2025, the Chilean Financial Market Commission (CMF) launched a second public consultation on a proposed regulation that would amend the Updated Compilation of Banking Regulations (RAN), the Compendium of Accounting Standards (CNC), and General Rules No. 303 and No. 451, with the aim of refining the implementation of Basel III standards, fostering the development of repo and securitization markets, and clarifying the treatment of derivatives and credit insurance.
Legal Alert
2025-09-01
On August 19, the CMF launched a public consultation regarding amendments to NCG No. 16 and NCG No. 182 in order to align them with the Fintech Law. NCG 16 introduces the authorization process for the provision of securities intermediation services, updates the documentation required for registration, imposes additional disclosure obligations regarding organizational structure and internal controls, and clarifies the solvency and minimum equity requirements. NCG 182 redefines the information to be submitted for registration of commodity brokers and strengthens the registration requirements applicable to legal entities.
Legal Alert
2025-08-26
Law No. 21,757, enacted on August 11, 2025, amends Law No. 18,046 in order to promote greater female participation on the boards of publicly held corporations and special corporations. It establishes a recommended quota limiting the representation of any one gender to 60%, with gradual application until 2032, and requires reporting to the CMF on board composition and reasons for non-compliance. The CMF shall evaluate compliance every four years and may, in certain cases, make such quota a mandatory requirement.
Legal Alert
2025-08-01
On July 18, 2025, the Board of the Central Bank of Chile agreed to launch a public consultation on the proposed amendment to Chapter III.D.2 of the Compendium of Financial Regulations, with the aim of incorporating into the mentioned regulatory framework the recognition of master agreements for Repo operations.
Legal Alert
2025-07-17
On July 10, 2025, the Chilean Financial Market Commission (CMF) opened a new public consultation on proposed amendments to General Rule No. 514, incorporating a Technical Annex that regulates key operational aspects of the Open Finance System. The proposal sets out requirements regarding digital certificates, functional testing, operational continuity, monitoring, and user consent, aiming to strengthen traceability, security, and interoperability under the Fintec Law. The proposal will remain open for public consultation until August 18, 2025.
Legal Alert
2025-07-15
Subject to the conditions set out in this newsletter, the applicable rate will be 12.5% for the fiscal years 2025, 2026, and 2027, as well as 15% for the fiscal year 2028.
Legal Alert
2025-07-14
On July 8, 2025, the Financial Market Commission published for public consultation a regulation that amends General Rule No. 258, which establishes the minimum credit and liquidity risk management requirements for financial instruments clearing and settlement systems.
Legal Alert
2025-07-01
On June 26, 2025, the Financial Market Commission published Circular No. 2,364, which amends Chapter 12-12 of the “Recopilación Actualizada de Normas” for banks regarding the prohibition on granting loans to directors, attorneys-in-fact, and related parties.
Legal Alert
2025-06-19
On June 17, 2025, the Financial Market Commission published a new regulation No. 538, which establishes minimum standards for security, recordkeeping, and authentication required in payment and electronic transaction processes. The regulation applies to payment card issuers and other financial service providers, in compliance with the mandate set forth in Article 4 of Law No. 20,009.
Legal Alert
2025-06-13
The CMF initiated a new public consultation on the regulations governing the minimum equity, collateral, liquidity and indebtedness requirements to be met by securities intermediaries and broker-dealers.
Legal Alert
2025-03-20
On February 28, 2025, General Regulation No. 532 came into effect, looking to update the regulations governing the periodic reporting obligations for funds and administrators covered under Articles 1 and 2 of Law No. 20.712. This update seeks to close regulatory gaps that have emerged due to the evolution of the products and services offered by these administrators.
Legal Alert
2025-03-13
The regulation adjusts the requirements for a director to not be considered independent, complementing those already established in Article 50 of Law 18.046 and imposes on parent companies supervised by the CMF the responsibility of establishing a policy that regulates the criteria for the selection of directors in their subsidiaries.
Legal Alert
2025-01-16
This regulation is issued in the context of the enactment of the Law No 21.442, published in “Diario Oficial” on April 13, 2022, which states that its regulations must be issued within 12 months from the date of the Law’s publication.
Legal Alert
2025-01-15
The present regulations set forth, on the one hand, a framework for corporate governance and comprehensive risk management applicable to both General Fund Managers, Securities Intermediaries, and Commodities Exchange Brokers, and on the other hand, incorporate these entities into the existing operational risk management framework contained in General Regulation No. 510.
Legal Alert
Through General Regulation No. 526, issued following the public consultation process held between July 8 and August 22, 2024, the CMF modified the method for determining the minimum equity and guarantees of general fund managers and portfolio managers.
Legal Alert
2025-01-02
The Cybersecurity Law N°21,663, effective as of January 1, 2025, establishes a regulatory framework for cybersecurity in both public and private sectors. It creates the National Cybersecurity Agency, responsible for overseeing compliance with the law. The law applies to essential services and operators of vital importance, which must implement preventive and responsive measures against cybersecurity incidents. It sets penalties of up to 40,000 Monthly Tax Units (UTM) for non-compliance.
Legal Alert
2024-11-25
On November 18, 2024, NCG 521, issued by the CMF, came into effect, modifying the validity section of NCG 503 to establish new instructions regarding the transition regime to the new knowledge accreditation mechanism.
