This week, the Chilean Financial Market Commission (Comisión para el Mercado Financiero, or “CMF”) announced several important regulatory developments for the financial industry. These include the launch of three draft regulations for public consultation and the issuance of General Rule No. 545 (“NCG No. 545”), which introduces adjustments to General Rule No. 526 (“NCG No. 526”) regarding the effective date of its provisions.
In particular, the regulations under public consultation aim to update and supplement various regulatory aspects related to securities brokers, commodity exchange brokers, general fund managers, and portfolio managers. With these initiatives, the CMF seeks to strengthen the processes for registration, authorization, and oversight of these key actors in the capital markets, in line with the amendments introduced by Law No. 21.521 (“Fintech Law”) and the provisions set forth in NCG No. 526.
In this context, and considering the time needed for entities to implement the necessary adjustments, the CMF has also decided to postpone the effective date of NCG No. 526. This deferral has been formalized through the publication of NCG No. 545.
- Amendments to the Registration Rules for Securities Brokers and Commodity Exchange Brokers
On August 19, 2025, the CMF opened for public consultation a set of amendments aimed at updating the registration requirements applicable to securities brokers and commodity exchange brokers. These matters were originally governed by NCG No. 16 and NCG No. 182, which establish the requirements for access to the respective registries.
This regulatory framework must be updated following the entry into force of the Fintech Law, which introduced new requirements for these entities. In this context, the CMF seeks to revise the existing provisions to ensure they consistently reflect recent legal changes.
This proposal includes, on one hand, amendments to NCG No. 16, updating the
The consultation will be open for public comments until September 8, 2025.
- Rules on Submission of Information on Minimum Capital and Guarantees by General Fund Managers (“AGFs”) and Other Entities Registered as Portfolio Managers
On August 20, 2025, the CMF launched for public consultation two draft regulations aimed at setting out the form, frequency, and method by which AGFs and other entities registered in the CMF’s Portfolio Manager Registry (excluding AGFs and securities brokers) must submit the necessary information to ensure compliance with the minimum capital and guarantee requirements established in NCG No. 526.
The proposals include the addition of new files to the Fund Information Systems Manual, featuring data on business volume, number of clients, minimum capital, risk-weighted assets (including crypto-assets), and information on portfolio management.
In addition, both proposals specify the content requirements for reports on guarantees established in favor of each portfolio managed by the aforementioned entities.
With these initiatives, the CMF aims to align the regulations with the evolution of the products and services offered by these entities while also improving the structure of existing information requirements.
Both consultations will remain open for public comments until September 15, 2025.
- Postponement of the Entry into Force of NCG No. 526
Finally, it is worth noting that, through the issuance of NCG No. 545 on August 19, 2025, the CMF has decided to amend the effective date section of NCG No. 526 to grant supervised entities more time to adjust their processes and systems.
As a result of this amendment, the provisions established in NCG No. 526 will enter into force on July 1, 2026, except for Section III, which will come into effect on July 1, 2027.
Details of the proposals mentioned in sections 1 and 2 above can be found in the “Rules under Consultation” section of the CMF website.
En caso de requerir información adicional sobre esta materia, puede contactar a Christian Schiessler (cshiesslerq@jdf.cl) y a Francisca Chávez (fchavez@jdf.cl).
