On November 26, 2025, the Financial Market Commission (the “CMF”) released for public consultation a draft regulation establishing a Regulatory Compendium for general fund managers (the “Compendium” and the “AGFs,” respectively), mutual funds, and investment funds governed by Law No. 20,712. The draft compiles and replaces currently dispersed administrative regulations, with the aim of modernizing them and aligning them with international standards.

The Compendium consolidates nearly 80 existing regulations into a single framework and is structured into five sections: (i) definitions; (ii) regulations applicable to AGFs (authorization of existence and commencement of operations, corporate governance, risk management, minimum capital, guarantees, complementary activities, and ongoing reporting obligations); (iii) regulations applicable to supervised funds (content and filing of internal regulations and their amendments, establishment of guarantees, shareholder registry, investments and custody, investor information, fund reporting obligations, requirements for the sale of fund units, among others); (iv) reporting of information for private funds; and (v) record-keeping obligations for AGFs.

Among the most relevant amendments introduced by the Compendium, we highlight the following:

• New requirements regarding transparency and investor protection: (i) replacement of informational brochures with standardized summary sheets that are more easily understood by investors; (ii) obligation to inform participants of material events through a uniform format; and (iii) duty to publish on AGF websites relevant information for each fund, including daily unit value for the last five years, expense ratios, fees, and guarantees provided, among other information.

• Asimismo, se incorporan nuevas exigencias en materia de transparencia y protección al inversionista: (i) sustitución de los folletos informativos por fichas resumen estandarizadas más comprensibles para los inversionistas; (ii) obligación de informar hechos esenciales a los partícipes mediante un formato uniforme; y (iii) deber de publicar en los sitios web de las AGF información relevante de cada fondo, incluyendo valor cuota diario de los últimos cinco años, tasas de gastos, remuneraciones y garantías constituidas, entre otros antecedentes.

• A reduction in the amount of periodic information AGFs must submit, replacing it with an obligation to maintain supporting information for potential audits.

• Adjustments to the preparation of financial statements in accordance with IFRS related to the valuation of portfolio assets.

• Finally, the draft includes specific rules for the naming, investment policies, and exercise of rights of funds related to Environmental, Social, and Governance (ESG) themes, with the purpose of reducing greenwashing risks and improving the quality of information available to investors.

The public consultation process will remain open until February 2, 2026, inclusive.

El proceso de consulta pública estará abierto hasta el 2 de febrero de 2026, inclusive.

Details of the proposal are available in the “Regulation Under Consultation” section of the CMF website.

For additional information on this matter, please contact Christian Schiessler (cshiesslerq@jdf.cl) and María Jesús Pérez (mjperez@jdf.cl).