On October 13, 2025, the Financial Market Commission (the “CMF”) opened for consultation a draft regulation amending General Rule No. 532 (“NCG No. 532”), which establishes the Fund Information System Manual (“MSI de Fondos”), applicable to funds and general fund managers (“AGFs”) regulated under Law No. 20.712.
NCG No. 532 set out the information reporting obligations that AGFs must comply with, including the submission of seven regulatory files through the “CMF Supervisa” platform.
The draft regulation currently under consultation seeks to clarify and improve these reporting obligations, highlighting the following main points:
- Regarding file FONDOS02, which relates to the investment portfolio of funds for derivative contract instruments, derivative transactions must be reported directly to the Central Bank of Chile (BCCh) through the SIID-TR system, in accordance with Chapter III.D.3 of the BCCh Compendium of Financial Regulations. This aims to standardize reporting between the two institutions, eliminating duplication and reducing operational costs.
- Regarding file FONDOS03, which contains general information on expenses and effective fees, the daily cost rate will be replaced by an annual cost rate, calculated on a rolling-year basis. The purpose of this change is to maintain the functionality of the mutual fund cost comparison tool and facilitate investor understanding.
- The proposal also includes new instructions, additional fields, and technical adjustments for submitting the regulatory files. Among the most relevant changes, it eliminates the obligation to submit the XML file containing key variables from each fund’s internal regulations and the corresponding technical sheet, while the CMF works on the modernization and systematization of fund-related regulations.
Additionally, the proposal postpones the effective date of NCG No. 532 from December 1, 2025, to June 1, 2026. Notwithstanding the foregoing, reporting entities must continue submitting information under the current circulars until November 2026.
El proceso de consulta pública estará abierto hasta el 7 de noviembre de 2025, inclusive.
For additional information on this matter, please contact Christian Schiessler (cshiesslerq@jdf.cl) and María Jesús Pérez (mjperez@jdf.cl).
