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.
Legal Alert
2025-11
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
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
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
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
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
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.
