Press Releases
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these four entities request advance payments for loans that never materialize. They were reported to the Public Prosecutor’s Office.
CMF conducts second public consultation on rule updating the determination of Market Risk-Weighted Assets
The proposal includes modifications to Chapter 21-7 of the Updated Compilation of Banking Regulations, with the objective of achieving capital requirements more consistent with the risk profile assumed by banking entities.
CMF extends for six months the suspension of the administration of Seguros Konsegur de Garantías y Crédito S.A.
President Catherine Tornel additionally extended, for the same period, the appointment of Robert Rivas Carrillo as administrator of the company.
CMF cancels registrations in the Registry of Financial Service Providers due to non-compliance with the requirements of the Fintech Law and NCG No. 502
These companies may no longer provide the financial services covered by Article 2 of Law No. 21,521. Additionally, they must inform their clients in a timely manner regarding the circumstance of the registration cancellation and how the termination or conclusion of existing operations will be carried out.
CMF rejects registration and authorization requests from fintech service providers due to non-compliance with legal and regulatory requirements
They may no longer provide the financial services covered by Article 2 of Law No. 21,521. Additionally, they must inform their clients in a timely manner regarding how the termination or conclusion of existing operations will be carried out.
CMF publishes a Circular that harmonizes the reporting of debtor roster information with the regulatory framework of the Consolidated Debt Registry
The Circular introduces adjustments to Chapter 18-5 of the Updated Compilation of Banking Regulations, which establishes guidelines regarding information on debtors of financial institutions in connection with Article 14 of the General Banking Law, given the entry into force of the REDEC.
CMF postpones entry into force of regulatory amendment on loans for directors, authorized representatives, other parties related to banks
Circular Letter No. 2,364 is amended to postpone its entry into force until December 26, 2026 given the regulatory cost involved in the implementation of the regulation.
CMF to file charges against 13 applications offering loans for alleged extortion and usury
They are available for download from Google Play and other websites.
CMF publishes for consultation regulatory proposal amending instructions on recalculation of life annuity pensions
The proposal introduces an adjustment regarding cases in which legal pension beneficiaries are stripped of said status when sentenced for crimes stated in Article 5 of Decree Law No. 3,500, and an amendment allowing for early payment of increased pensions set forth in the additional Deferred and Lifetime Pension Increase clause
CMF invites interested parties to participate in workshops on IFRS S1 and S2 international sustainability reporting standards
To assist supervised entities in implementing General Rule No. 519, the first workshop session will be held on June 16 and feature an expert from the IFRS Foundation.
CMF amends regulation on Reinforced Authentication requirements, allows customer groups to continue using coordinates cards
It aims to prevent customers facing greater difficulties in adopting alternative authentication methods to the coordinates card from being unable to conduct digital financial transactions as of August 1, 2026.
CMF publishes for consultation regulations on submission of information for securities intermediaries, commodity exchange brokers
These proposals establish the means and timeframes for supervised entities to submit their information for supervisory purposes.
CMF announces validity of first stage of regulation defining minimum payment for credit cards
As of June 4, the first stage of the application of the formula for minimum credit card payment becomes effective. This measure aims to reduce people’s over-indebtedness
CMF issues regulation modernizing, updating regulatory framework for cooperatives
Given the new attributions granted to the CMF by the Financial Resilience Act, this new regulation creates an Updated Compilation of Cooperative Regulations and an Information Systems Manual for these entities
CMF sanctions Orsan Seguros de Crédito y Garantía S.A. for not paying first demand guarantee insurance policy
In first demand guarantee insurance, companies must pay the amount claimed at the mere request of the insured within the term established in the policy, and without invoking opposition of exceptions to condition/defer such payments.
CMF to file charges against three entities for alleged fraud in mortgage loan management
These entities allegedly offer advisory services to apply to mortgage loans granted by CMF-supervised institutions and request advance payments for advice and operations that never materialize.
CMF publishes for second consultation regulation on improved consent procedure for parties who grant access to their Consolidated Debt Registry information
The proposal sets forth the procedures for financial institutions to follow when obtaining, recording, reporting, and accounting for consent granted by debtors.
CMF issues Regulatory Compendium for External Auditing Firms
The new compendium modernizes and systematizes regulations applicable to External Auditing Firms.
CMF sanctions insurance company for selling policies through unenrolled brokers, sales agents
The CMF fined the company UF 150.
Board approves structural adjustments to the CMF to provide it with greater agility and facilitate the proper fulfillment and balance of its mandates
The changes were proposed by the Chair of the CMF, Catherine Tornel, and unanimously approved by the Board. The adjustments will take effect as of this Friday, May 8, 2026.
CMF reports on unregulated platforms and entities offering investment services
On the CMF website, it is possible to verify whether a company or individual offering financial products or services is supervised, and to review previously issued alerts.
CMF publishes the Insurance Market Financial Report
During the period, insurance companies recorded sales of US$ 17,737 million, which represented a real increase of 9.3% compared to the same period in 2024. Life insurance market sales increased by 17.6% in real terms, in relation to the same period in 2024, totaling US$ 12,215 million. In the general insurance market, sales recorded a real decrease of 5.4% compared to the same period of the previous year, totaling US$ 5,522 million.
CMF appoints new member of Civil Society Council
Conecta Mayor UC joins the body presided by Chairwoman Catherine Tornel.
CMF Chairwoman Catherine Tornel: “The regulatory framework must adapt to the financial market’s changes and transformations”
The Chairwoman of the CMF stated that regulations must be continuously reviewed to ensure compliance with the objectives it was designed for, as well as maintain balance between the three institutional mandates. Tornel also added that a challenge for the CMF is moving forward with ex-post regulatory assessments.
CMF issues regulation amending minimum equity requirements for securities intermediaries, commodity exchange brokers
The regulation updates minimum equity, collateral, indebtedness, and liquidity requirements for these entities while incorporating a focus based on risk-weighted assets. This allows capital requirements to better adapt to the risks each entity assumes in its business.
CMF publishes for consultation regulatory proposal simplifying insurance market regulations
The proposal brings greater clarity and improves the efficiency of regulatory compliance processes.
CMF publishes for consultation regulation on reinsurance operations for life annuities through foreign entities
The proposal moves the Chilean insurance market forward by allowing a more efficient, diversified management of risks related to long-term pension obligations under an adequate prudential framework.
CMF chairwoman Catherine Tornel: “We are making a significant effort across the entire Board to embed the Market Development Mandate into the CMF’s institutional culture”
The Chairwoman of the CMF announced that the Commission will promote the development of internal models within the banking system, as required by Basel III, to transition from a standardized credit risk model to a framework in which each bank uses its own risk model subject to prior validation by the CMF
CMF issues regulation removing frictions for repo, securitization markets
Through this regulation, the CMF moves forward with its Market Development Mandate by eliminating regulatory barriers for the repo and securitization markets in Chile. It underwent two public consultations and obtained a prior favorable.agreement by the Board of the Central Bank of Chile.
CMF to file charges against applications offering loans for alleged usury
They are available for download on Google Play and other websites.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these four entities request advance payments for loans that never materialize.
CMF launches financial education campaign on means of security, authentication to prevent fraud
The campaign kicked off in the Ñuble Region with a series of talks aimed at senior citizens and students. They provided practical tools to prevent fraud and strengthen people’s capacity to securely navigate digital environments.
CMF publishes for consultation regulation on operation authentication requirements
The proposal aims to prevent clients who face greater difficulty in adapting to means of authentication other than coordinates cards from being able to carry out their financial transactions as of August 1, 2026.
CMF extends suspension of Konsegur Seguros de Garantías y Crédito S.A.’s management for three months
Chairwoman Catherine Tornel also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
CMF sanctions Savings and Credit Cooperative for charging interest above the Maximum Conventional Rate
The Commission applied censure.
CMF updates Mutual Funds Portal with information as of December 2025
The Mutual Funds Portal provides clear, simple information on profitability, costs, portfolios, and industry activity.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these eight entities request advance payments for loans that never materialize. They were reported to the Public Prosecutor's Office.
CMF sanctions insurance companies for selling policies through unenrolled brokers, sales agents
The CMF fined each company UF 100.
CMF publishes for consultation regulatory amendments for determination of Market Risk-Weighted Assets
The proposal involves amendments to Chapter 21-7 of the Updated Compilation of Banking Regulations with the aim of achieving capital requirements more consistent with banking institutions’ risk profiles.
Commissioners hold meeting with winners of the 2025 Capital Joven Contest organized by CMF, ICARE
The contest, held as part of the Market Development Agenda promoted by the CMF, recognizes undergraduate and graduate students' ideas and projects aimed at improving the Chilean capital system.
CMF presents document analyzing balance of its three institutional mandates — Prudential, Market Conduct, and Market Development
The report presents the Board of the CMF's strategic vision and describes the way in which the institution implements the fulfillment of its three mandates.
CMF applies UF 234 fine to Banco Security, now Banco Bice, for operating with foreign exchange reserve deficit
The bank did not take the necessary measures promptly to avoid the deficit. Maintaining the required reserve is necessary to ensure fulfillment of its obligations to clients
CMF publishes for second consultation regulation on reimbursement of participation shares in savings and credit cooperatives
The proposal also amends the Compendium of Accounting Standards for Cooperatives to perfect the submission of related financial information.
CMF publishes for consultation new Regulatory Compendium of Exchanges, Intermediaries
The proposal aims to systematize and consolidate regulations applicable to stock and commodity exchanges and intermediaries, creating a clear, coherent regulatory framework.
CMF establishes duty of prior information for traditional financial providers authorized to provide Fintech services
The regulation sets forth the obligation of reporting the provision of services included in Law No. 21,521 (the Fintech Act) to the CMF before they start.
CMF publishes for consultation improvements to consent granted by individuals when allowing access to their Consolidated Debt Registry information
The proposal establishes procedures financial institutions must consider when obtaining, recording, reporting, and accounting for debtors’ consent.
CMF issues regulation on submission of information about female participation in Boards of Directors of open, special corporations
The regulation sets forth the means to submit information pursuant to the More Women in Boards of Directors Act (Law No. 21,757), which amends the Law No. 18,046 on Corporations.
CMF revokes authorization of existence, cancels registration of U-Pay Processing Tarjetas Prepago S.A.
The Board’s decision is based on the company’s non-compliance with the regularization plan it was subject to regarding capital and reserve requirements established by the Central Bank of Chile for all non-banking payment card issuers.
CMF issues amendments to Information Systems Manual for Funds
General Rule No. 532, containing the ISMF (information requirements for funds and their managers to comply with before the CMF), is amended.
CMF alerts about increasing impersonation scams on phone calls, documentation, emails, home visits
The Commission states that its staff will never contact bank account holders, nor those with accounts at other financial entities, to obtain personal information or access credentials; offer insurance or investments; request wire transfers or other banking operations to access loans; or report fraud/scams against their accounts.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these seven entities requested advance payments for loans that never materialized. They were reported to the Public Prosecutor’s Office.
CMF issues amendments to regulation on technical reserves of Disability and Survivors’ Insurance
Said regulatory update is part of a periodic review carried out by the Commission to strengthen technical consistency and alignment with international standards.
CMF to file charges against applications offering loans for alleged usury
The Commission reported two applications available on Google Play and other websites for offering predatory loans.
CMF issues regulations on submission of information regarding minimum equity, collaterals applicable to General Fund Managers, Portfolio Managers
These regulations establish the form, means, and timeframes for these entities to submit their information for supervisory purposes.
CMF extends public consultation for regulation on fire insurance for condominiums, amends regulation on mortgage insurance tenders
The new Law on Housing Co-ownership requests the CMF to issue a regulation governing the contracting, renovation, and cancellation of fire insurance for condominiums.
CMF publishes for consultation regulation on submission of information about female participation in Boards of Directors of open, special corporations
The regulatory proposal sets forth the means to submit information pursuant to the More Women in Boards of Directors Act (Law No. 21,757), which amends the Law No. 18,046 on Corporations.
CMF publishes for consultation amendments to Information Systems Manual for Funds
The proposal amends General Rule No. 532 on information requirements that both funds and their managers must submit to the CMF.
CMF sanctions two Empresas IANSA directors for carrying out share transactions while possessing inside information
The Board of the CMF fined the directors UF 7,200 each for breaching the duty to refrain stated in the Law on the Securities Market by purchasing shares while possessing inside information.
CMF extends suspension of Konsegur Seguros de Garantías y Crédito S.A.’s management for six months
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
CMF publishes for consultation regulation on fire insurance for condominiums, amends regulation on mortgage insurance tenders
The new Law on Housing Co-ownership requests the CMF to issue a regulation governing the contracting, renovation, and cancellation of fire insurance for condominiums.
CMF publishes Financial Report of the Insurance Market
Insurance companies posted USD 8,442 million in sales, an increase of 10.2 percent in real terms versus the first half of 2024. Life insurance market sales reached USD 5,771million, growing by 15.4 percent in real terms compared to the same period last year, while general insurance market sales amounted to USD 2.672 million and expanded by 0.3 percent in real terms.
CMF sanctions insurance companies for not replying to Insurance Inquiry System requests
Chubb Seguros Chile S.A. and Chubb Seguros de Vida Chile S.A. were fined UF 150 each.
CMF issues amendment to regulation on risk management for clearing and settlement systems
It updates General Rule No. 258 with instructions regarding bilateral portfolio compression in central counterparty systems.
CMF sanctions LarrainVial Activos Administradora General de Fondos S.A. with UF 60,000, STF Capital Corredores de Bolsa SpA with UF 8,000
The Commission also sanctioned former LVA AGF directors and its general manager, as well as the general manager of STF Capital Corredores de Bolsa SpA.
CMF publishes for consultation regulations on submission of information regarding minimum equity, collaterals applicable to General Fund Managers, Portfolio Managers
The regulatory proposals establish form, means, and timeframes for these entities to submit their information for supervisory purposes.
CMF announces results of its new call for research projects
Seven projects dealing with several issues of interest to the Commission were selected.
CMF agrees to liquidate Redeemable Funds managed by Sartor AGF, appoints liquidator
The Board appointed Toesca AGF as liquidator of the Redeemable Investment Funds currently managed by Sartor AGF. Issuance of Exempt Resolution No. 8,213 on August 14, 2025 decrees the liquidation of said Funds. They will be transferred to the new liquidator once the financial statements of Sartor funds as of December 31, 2024 are issued.
CMF publishes for consultation regulation on service externalization for insurance, reinsurance companies
The regulation aims to set forth principles and minimum requirements for insurance and reinsurance companies to identify, assess, monitor, and control risks derived from externalizing services.
CMF incorporates credit advisors enrolled pursuant to Fintech Act into Consolidated Debt Registry
This amendment grants credit bureaus access to the REDEC, making more accurate debtors’ risk assessment possible and facilitating access to financing under more favorable conditions.
CMF opens registration for private sector workshops on Market Development Agenda
The first workshop, about corporate governance, will be held on August 22.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these seven entities requested advance payments for loans that never materialized. They were reported to the Public Prosecutor’s Office.
CMF issues regulation updating customer service channel guidelines for banks
The update aims to bring current regulations in line with amendments made by the Fintech Act to Articles 37 and 38 of the General Banking Act.
CMF, SP issue amendments to SCOMP regulation
The regulation includes an amendment to the pension system that removes external offers from the SCOMP.
CMF introduces one-year timeframe for validity of regulation banning loans to directors, representatives, their related parties
The regulation amends Circular Letter No. 2,364 to state it becomes effective after a year so that banks have enough time to perform the required operational adjustments.
CMF issues regulatory amendments on payment card issuers, operators
They update Circular Letters for these entities in line with amendments enacted by the Central Bank of Chile to Chapter III.J of its Compendium of Financial Standards.
CMF publishes for second consultation regulation updating customer service channel guidelines for banks
The proposal aims to bring current regulations in line with amendments made by the Fintech Act to Articles 37 and 38 of the General Banking Act.
CMF to file charges against five applications offering loans for alleged usury
They are available on Google Play and other websites.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these eight entities request advance payments for loans that never materialize. They were reported to the Public Prosecutor’s Office.
CMF publishes for consultation regulation adding Technical Annex, updating Open Finance System framework
The proposal introduces some modifications to General Rule No. 514 and makes most of its Annex 3 permanent.
CMF issues amendments to regulation on Pillar 2 capital requirements for banks
These amendments aim to facilitate supervisory processes, as well as clarify and improve some aspects of capital assessment and risk determination for banking entities after three effective equity assessment cycles.
CMF publishes for consultation amendments to regulation on risk management for clearing and settlement systems
The proposal updates General Rule No. 258 with instructions regarding bilateral portfolio compression in central counterparty systems.
CMF publishes for consultation amendments to regulation on technical reserves of Disability and Survivors’ Insurance
This update is part of a periodic regulatory review carried out by the Commission to strengthen technical consistency and better reflect economic commitments linked to this insurance.
CMF issues regulation updating reporting requirements derived from the Fraud Act
Pursuant to Law No. 20,009 and covering cases of users affected by loss, theft, robbery, and fraud.
CMF publishes Financial Report of the Insurance Market
Insurance companies posted USD 3,982.9 million in sales, a real increase of 9.2 percent versus the first quarter of 2024. Profits reached USD 282.7 million, a real decrease of 22.7 percent.
CMF authorizes start of operations for MasterCard, Visa Chile Low-Value Payment Clearinghouses
This is a major achievement for the Chilean payment system since entities supervised by the CMF can settle retail payments in line with the best international practices.
CMF issues amendments to regulation banning banks from granting loans to their directors, representatives, parties related to them
The regulation clarifies the concept of corporation subject to said ban, defines the term “indirectly” pursuant to the General Banking Act, and incorporates civil partners created under the Civil Union Partnership as equivalent of a spouse.
CMF publishes for second consultation regulation on parametric insurance, earthquake technical reserves
The second proposal on parametric insurance includes feedback on the number of insurable risks, new indices to use, and payment trigger dates.
CMF, SP publish for consultation amendments to SCOMP regulation
The proposal includes an amendment to the pension system that removes external offers from the SCOMP.
CMF publishes for second consultation regulation updating customer service channel guidelines for banks
It establishes instructions regarding security measures and authentication standards for banks, support companies, payment card issuers, and savings and credit cooperatives supervised by the Commission.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these three entities request advance payments for loans that never materialize. They were reported to the Public Prosecutor’s Office.
CMF to file charges against 24 applications offering loans for alleged usury
They are available for download from Google Play and other websites.
CMF presents new Mutual Funds Portal with relevant industry information
It aims to provide clear, simple information on profitability, costs, and activity of the mutual funds industry in Chile; promote greater competition in the market; and increase financial education.
CMF issues regulation on minimum credit card payment formula, its exceptions
The regulation aims to set a standard for minimum payment on credit cards, including an amortization percentage to reduce over-indebtedness.
CMF sanctions Banco de Chile for infringing Law on Family Abandonment and Alimony Payments
The Board fined the bank UF 617.98 for granting loans to parties enrolled in the RNDPA.
CMF publishes for new consultation regulation on minimum equity requirements for securities intermediaries, commodity exchange brokers
The proposal establishes minimum equity, collateral, indebtedness, and liquidity requirements for these entities.
CMF publishes Financial Report of the Insurance Market
Insurance companies posted USD 14,276.8 million in sales last year, a real increase of 2.4 percent versus the last quarter of 2023. Profits increased by 0.4 percent in that span, reaching USD 1,064.1 million.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these three entities request advance payments for loans that never materialize. They were reported to the Public Prosecutor’s Office.
CMF presents 1st Financial Education Activities Report
The document analyzes the evolution of financial education activities conducted by supervised entities between 2020 and 2024, and considers their characteristics, target audiences and topics, among others.
CMF sanctions Private Investment Fund Managers for breaching ongoing information duties
Sanctions arise from these AFIPs not sending quarterly information about their funds to the Commission in a timely manner.
CMF publishes for consultation amendment to regulation on customer service channels
The proposal aims to bring current regulations in line with amendments made by the Fintech Act to Articles 37 and 38 of the General Banking Act.
CMF reports on the performance of supervised banks and cooperatives as of March 2025
Loans in the banking system declined by 2.24 percent due to identical trends in the commercial and consumer portfolios.
CMF Chairwoman Solange Berstein: “Regulation has allowed the country to have a solid financial structure capable of responding to new global challenges”
The Chairwoman of the Financial Market Commission presented today the Public Account about the CMF’s activities during 2024.
Over 2,000 supervised parties participated in training seminar about new CMF Supervisa platform
Supervised entities must use CMF Supervisa to submit information required by current laws and regulations as of May 1, 2025.
CMF designates Ameris Capital AGF as liquidator of the Táctico Perú and Facturas USD funds in replacement of Sartor AGF
The Board of the Commission accepted the request filed by Credicorp Capital Asset Management S.A. Administradora General de Fondos as both funds' only contributor.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these four entities request advance payments from applicants for loans that never materialize. They were reported to the Public Prosecutor’s Office.
CMF reports on start of sanctioning procedure and filing of charges against Sartor AGF S.A., currently under liquidation, and its former directors and executives Pedro Pablo Larraín, Alfredo Harz, Michael Clark, Oscar Ebel, Miguel León, Mauro Valdés, Rodrigo Bustamante and Juan Carlos Jorquera
The Board of the CMF exercised its legal powers and made the start of this procedure and filing of charges public to safeguard both public trust and investors’ interests.
CMF publishes for consultation regulation on security, authentication of means of payment
It establishes instructions regarding security measures and authentication standards for banks, support companies, payment card issuers, and savings and credit cooperatives supervised by the Commission.
CMF applies Pillar 2 capital requirements to Banco Santander
The Board agreed to apply such requirements to Banco Santander-Chile.
CMF sanctions five entities for non-compliance with premium refund process
The premiums were not refunded in time and did not include the corresponding readjustment stated in current regulations for early terminations of insurance contracts.
Commissioner Augusto Iglesias takes over as Deputy Chairman of the CMF
Bernardita Piedrabuena completed her term as Deputy Chairwoman on April 8.
CMF to instruct supervised parties on use of “CMF Supervisa”
The new communication channel between the Commission and supervised parties, “CMF Supervisa,” begins operating on May 1 through the CMF website.
CMF reports on the performance of supervised banks and cooperatives as of February 2025
Loans in the banking system fell by 1.87 percent after identical trends in the consumer and commercial portfolios.
CMF agrees to liquidate Táctico Perú and Facturas USD Redeemable Investment Funds managed by Sartor AGF
The Board accepted an appeal for reversal filed by Credicorp Capital Asset Management Administradora General de Fondos S.A., and appointed Sartor AGF as liquidator.
CMF reports on start of sanctioning procedure against Rodrigo Topelberg Kleinkopf
Charges were filed for providing false information to the market, the Commission, and the public regarding the economic, financial and equity situation of STF Capital Corredores de Bolsa SpA.
CMF updates list of providers of payment processing services allowed to carry out cross-border processing
These entities fulfill requirements set forth in the transitory dispositions of Chapter III.J.2 of the Compendium of Financial Standards of the Central Bank of Chile, amended in July 2024.
CMF issues regulation creating Information Systems Manual for Funds
It establishes the form, frequency and means by which general fund managers must submit information for supervisory purposes and amends General Rule No. 365 with new instructions to deposit funds’ internal rulebooks.
CMF reports on the performance of supervised banks and cooperatives as of December 2024
Loans in the banking system posted a decline of 0.61 percent in 12 months due to the performance of the commercial and consumer portfolios.
CMF applies sanctions for infringing Law on Family Abandonment and Alimony Payments
The Board fined four banking entities a total of UF 1,628.7 for granting loans to parties enrolled in the RNDPA.
CMF grants Operating Authorization to Tanner Banco Digital
Pursuant to current rules and regulations, this was the third and final stage the entity had to complete to obtain its banking license.
CMF releases balance after transitory timeframe for enrollment and authorization in Registry of Financial Services Providers ends
As of yesterday, February 3, all parties providing some of the services mentioned in the Fintech Act had to submit enrollment and authorization requests before the Commission to keep carrying out their activities.
CMF publishes for consultation new form on operations carried out through Low-Value Payment Clearinghouses
The form adds information regarding operation cycles; accepted clearance payment orders; collaterals; liquidity and capital requirements; and data about experimental projects depending on clearinghouse managers and other entities.
CMF grants Existence Authorization to Tenpo Bank Chile
It is the second of three stages the financial entity must complete to wrap up its establishment process pursuant to the General Banking Act.
CMF reports on the performance of supervised banks and cooperatives as of December 2024
Loans in the banking system grew by 0.78 percent in 12 months due to a lower contraction in the consumer portfolio and a recovery in the commercial portfolio.
CMF sanctions Eugenio Tagle, Carlos Rabat, Matías Chadwick for breaching regulations on stock market share transactions
The sanctions arise from failing to report share transactions, as well as carrying them out within 30 days prior to disclosure of entities’ financial statements.
CMF suspends public tenders, transactions, quotations of shares of Sartor AGF-managed funds on stock exchanges
The ban will be in effect for 30 days.
CMF sanctions Private Investment Fund Managers for breaching ongoing information duties
Sanctions arise from these AFIPs not sending quarterly information about their funds to the Commission in a timely manner.
CMF publishes for consultation amendments to regulation banning banks from granting loans to their directors, representatives, parties related to them
These amendments precise the concept of corporation subject to said ban and incorporate civil partners created under the Civil Union Partnership as equivalent of a spouse.
CMF releases list of providers of payment processing services allowed to carry out cross-border processing
These entities fulfill requirements set forth in the transitory dispositions of Chapter III.J.2 of the Compendium of Financial Standards of the Central Bank of Chile, amended in July 2024.
CMF modifies entry into force of regulation on operational risk management for securities intermediaries and commodity exchange brokers
The new entry into force of said regulation coincides with General Rule No. 528, which defines instructions on integral risk management and corporate governance for securities intermediaries and commodity exchange brokers.
CMF applies Pillar 2 equity regulation for the second time
As a result of the supervisory process including an assessment of the business models of each bank, the Board of the CMF resolved to apply such requirements to the same institutions as last year: Banco Bice, Banco BTG Pactual Chile; Banco Consorcio; Banco del Estado de Chile; Banco Internacional; Banco Security; HSBC Bank (Chile); Banco de Chile; Banco de Chile; and Scotiabank Chile.
CMF to file charges before the Public Prosecutor’s Office for infringement of non-disclosure duty during sanctioning procedure
Despite a clear legal ban existing, background information and activities within the sanctioning procedure concerning the Structured Capital I investment fund were published in media outlets.
CMF publishes Financial Report of the Insurance Market
Insurance companies recorded sales of US$ 11,588 million, a real increase of 1.1% with respect to the third quarter of 2023. Industry profits reached USD 885.7 million, up 4.6 percent over the same period last year.
CMF issues new Regulatory Files on Income, Issuance and Operation Costs of Cards
To supervise outstripping of interchange rates, these Files incorporate specific registries for income of card issuers, as well as costs of issuance and operation of cards.
CMF publishes for consultation a regulation on minimum requirements, conditions for collaterals to be used in credit risk mitigation
The proposal unifies admissibility, valuing and revaluing criteria of collaterals used to mitigate credit risk, as well as homologating elements to be considered in provisions and equity regulations.
CMF sanctions Issuers of Publicly Offered Securities for breaching ongoing information duties
42 entities failed to submit their financial statements in a timely manner.
CMF announces results of its new call for research projects
Six projects were selected. They involve the impact of interchange rates on the payment card market; effects of financial education on financial behavior of tertiary education students; gender impact on access to loans and their granting conditions; the role of joint or sequential sales in the insurance market; determinants of banking operational risk losses; and viability of the development of a REPO market in Chile.
CMF extends suspension of Konsegur Seguros de Garantías y Crédito S.A.’s management for six months
Subrogate Chairwoman Catherine Tornel also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe
CMF reports on the performance of supervised banks and cooperatives as of November 2024
Loans in the banking system showed no growth over 12 months as declines in the commercial and consumer portfolios countered a growth in the housing portfolio.
CMF appoints new liquidator for Sartor AGF
Civil engineer Ricardo Budinich Diez shall assume his functions regarding the manager under liquidation on January 6.
CMF to file charges before the Public Prosecutor’s Office for infringement of non-disclosure duty during sanctioning procedure
Despite a clear legal ban existing, background information and activities within the sanctioning procedure concerning the Structured Capital I investment fund were published in media outlets.
CMF publishes for consultation amendments related to modifications to Compendium of Financial Standards of the Central Bank on regulation of payment card issuers, operators
Circular Letters for Payment Card Issuers and Operators are amended by incorporating modifications made by the BCCh to the III.J series of Chapters in its Compendium of Financial Standards.
CMF sanctions Orsan Seguros de Crédito y Garantía S.A. for not submitting audited annual financial statements in a timely manner
Insurance companies must submit their annual financial statements, duly audited by an external firm, until March 1 of the following year. The company was fined UF 200.
CMF sanctions Banco Internacional due to deficiencies in information submitted for Registry of Debtors
The bank was fined UF 200.
CMF grants authorization of existence to Liberty Mutual Surety Seguros Chile S.A.
The new insurance company can begin operations as soon as it enrolls and publishes the certificate granted by the Commission.
Board of the CMF adopts measures regarding contributions, withdrawals, payments from funds managed by Sartor AGF
Aiming to safeguard the interests of all participants on an equal basis, the Commission resolved to keep the suspension of contributions to funds managed by Sartor in force, as well as instructing the suspension of withdrawals and payments from them.
CMF issues amendments to regulation governing financial services providers as part of the Fintech Act
The new regulation amends General Rule No. 502 to precise some rules applicable to enrollment and authorization of financial services providers, as well as their obligations.
CMF issues amendments to regulation on assets representing technical reserves and risk equity for insurance companies
The new regulation increases investment limits in foreign variable equity instruments from 10 to 15 percent to allow these entities to diversify investment portfolios while maintaining adequate prudential safeguards.
CMF reports on the performance of supervised banks and cooperatives as of October 2024
Loans in the banking system declined 1.04 percent due to a contraction of the commercial portfolio.
CMF issues regulation with instructions on submission of requests and resolutions of judicial procedures under Law No. 20,009
The regulation governs information that financial entities are mandated to report to the CMF regarding judicial requests for suspension of charge cancellations or fund restitutions carried out under Law No. 20,009, and the sentences that apply to them.
CMF issues regulation to determine minimum equity requirements for stock exchanges
It establishes requirements based on a risk-weighted assets approach in line with the best international practices.
CMF reports on start of sanctioning procedure, filing of charges against Francisco José Coeymans
This is due to not submitting reliable information about the financial and accounting situation of Primus Capital S.A.
CMF sanctions Banco Santander Chile, Banco de Crédito e Inversiones for failing to submit banking records required for a criminal investigation by the Public Prosecutor’s Office
The Commission applied fines of UF 450 and 250, respectively, for breaching the provisions of Article 154 of the General Banking Act, which mandates financial institutions to submit background information for criminal investigations to the Public Prosecutor’s Office.
CMF sanctions Administradora Fen Capital S.A., La Polar Corredores de Seguros y Servicios Ltda. for not submitting financial information in a timely manner
The fund manager and insurance company were fined UF 70 and 50, respectively.
CMF instructs Sartor AGF to suspend contributions to funds it manages due to relevant management deficiencies detected
The supervisory process discovered that a significant part of the resources of mutual and public investment funds managed by the company financed loans granted by parties linked to Sartor’s directors and majority shareholders.
CMF to file charges against entities offering loans on their websites and apps for alleged fraud, usury and extortion
The Commission reported two entities to the Public Prosecutor’s Office which claim to be supervised by the CMF and request advance payments for loans that never materialize.
CMF publishes for consultation a regulation on submission of information to supervise funds and fund managers
The proposal creates the Information Systems Manual for Funds and amends General Rule No. 365.
CMF issues amendments to regulation on derivatives and matching of insurance companies
The proposal aims to strengthen the supervision of risks related to investment portfolios of insurance companies.
CMF reports on the performance of supervised banks and cooperatives as of September 2024
Loans in the banking system declined by 2.51 percent in 12 months due to contractions in the commercial portfolio.
CMF sanctions Andrónico, Nicolás and Jean Paul Luksic for trading shares within thirty days prior to disclosure of financial statements
The Board of the Commission fined each UF 1,250 for infringing upon Article 16, Number 5 of Law No. 18,045.
CMF grants Certificate of Provisional Authorization to Tenpo Bank Chile
This is the first of three steps TBCH must complete to obtain its authorization to operate as a banking institution.
CMF sanctions ORSAN Seguros de Crédito y Garantía S.A. for not paying compensation derived from a first demand guarantee insurance policy
In first demand guarantee insurance, companies must pay the amount claimed at the mere request of the insured within the term established in the policy, and without invoking opposition of exceptions to condition/defer such payments.
CMF to file charges before the Public Prosecutor’s Office for infringement of non-disclosure duty during sanctioning procedure
Despite a clear legal ban existing, background information and activities within the sanctioning procedure concerning the Structured Capital I investment fund were published in media outlets.
CMF reports on start of sanctioning procedure, filing of charges linked to Structured Capital I investment fund managed by Larraín Vial Activos AGF
The procedure started by the Investigation Unit filed charges against Larraín Vial Activos S.A. Administradora General de Fondos; directors Andrea Larraín Soza, Sebastián Cereceda Silva, José Correa Achurra, Jaime Olivera Sánchez-Moliní, Andrés Bulnes Muzard; and general manager Claudio Yáñez Fregonara. Charges were also filed against STF Capital Corredores de Bolsa SpA and its former general manager Luis Flores Cuevas, as well as Álvaro Jalaff Sanz, Antonio Jalaff Sanz, and Cristián Menichetti Pilasi.
CMF releases Financial Report of the Insurance Market
Insurance companies posted sales for USD 7,252 million, a real increase of 2.2 percent versus the first half of 2023. The industry’s profits as of June 30 reached USD 596 million for a real increase of 7.6 percent compared to the same period last year.
CMF issues regulation amending Information Systems Manual Files
The regulation amends Files C11, C12 and C13, as well as Table 34 of the Information Systems Manual for Banks.
CMF publishes for consultation amendments to regulation governing financial services providers as part of the Fintech Act
The proposal amends General Rule No. 502 to precise some rules applicable to enrollment and authorization of financial services providers, as well as their obligations.
CMF approves merger of HDI Seguros S.A. and Liberty Compañía de Seguros Generales S.A.
The new entity shall be known as HDI Seguros S.A.
CMF publishes for consultation a new version of regulatory amendments on capital requirements for banks
The proposal introduces enhancements to facilitate the supervisory process and improve some aspects of capital regulation and risk determination. This comes after three assessment cycles for sufficiency of effective capital in the banking sector.
CMF publishes for consultation an increase in foreign equity investments for insurance companies
The proposal aims to diversify these entities’ investment portfolios while maintaining adequate prudential safeguards.
CMF sanctions four financial institutions for infringing the Law on Family Abandonment and Alimony Payments
CMF sanctions four financial institutions for infringing the Law on Family Abandonment and Alimony Payments
CMF reports on the performance of supervised banks and cooperatives as of August 2024
Loans in the banking system declined by 1.42 percent in 12 months because of contractions in the consumer and commercial portfolios.
CMF sanctions Clínica Las Condes S.A. for not disclosing information on dividends payable to Fire Brigades
The entity was fined UF 50.
CMF to files charges against entities offering loans for alleged fraud
It reported five entities to the Public Prosecutor’s Office which claim to be supervised and request advance payments for loans that never materialize.
CMF publishes for consultation a regulation on reimbursement of participation shares in savings and credit cooperatives
The proposal adds a new chapter to the RAN which applies only to supervised savings and credit cooperatives. It defines requirements and exceptional conditions to reimburse participation shares in these entities and amends the Compendium of Accounting Standards for Cooperatives to perfect the submission of related financial information.
CMF sanctions Inversiones Torre CG S.A. for breaching ongoing information duties
The entity was fined UF 50.
CMF publishes Policy Paper on Financial Market Development Mandate
The document defines the scope of the institutional mandate for financial market development and the tools of the Commission to achieve its goals. It also presents some metrics to assess the degree of development of the Chilean market and identifies gaps and areas for improvement, so the financial sector responds to the needs of the people and contributes to the growth and resilience of the economy.
CMF reports on the performance of supervised banks and cooperatives as of July 2024
Loans in the banking system increased by 0.21 percent over 12 months, buoyed by an expanded housing portfolio.
CMF grants Existence Authorization to Tanner Banco Digital
It is the second of three stages the financial entity must complete to wrap up its establishment process pursuant to the General Banking Act.
CMF issues amendments to regulation requesting monthly financial and solvency information from insurance and reinsurance companies
The objective is strengthening and perfecting the process of supervision and prudential analysis of these companies to adequately safeguard their solvency and the fulfillment of commitments they assume with policyholders.
CMF issues amendments to regulation on endorsable mutual mortgages representing technical reserves and risk equity of insurance companies
The purpose of the amendment is to incorporate state guarantees authorized by Law No. 21,673 into this regulation. Mortgages whose debt exceeds 80 percent of the appraised value may be representative of technical reserves and risk equity of insurance companies. Circular Letter No. 1,713, which instructs the submission of information on endorsable mortgage loans, was also amended.
CMF suspends activity of Sociedad Hipotecaria La Construcción S.A. due to non-compliance with indebtedness indices
The entity is barred from granting, acquiring or managing endorsable mutual mortgages while the suspension is in effect.
CMF announces results of its new call for research projects
The Commission selected three proposals delving into the following topics: impact of financial education on indebtedness; financial stress and worker safety and security; elements influencing on the success of loan renegotiations that relieve debtors’ financial tension; and effects of climate events on the Chilean banking system.
CMF reports on the performance of supervised banks and cooperatives as of June 2024
Loans in the banking system expanded by 1.17 percent in 12 months thanks to a recovery in the consumer portfolio.
CMF issues regulation on modifications to information about investments made by insurance companies
These modifications aim to strengthen the supervision of financial risks related to insurance companies’ investment portfolios and safeguard the proper functioning of the insurance market.
CMF issues amendment to regulation on supervision and registration of banking subsidiaries as payment card operators
This Circular Letter implements the recent decision by the Board of the Central Bank of Chile regarding payment card operating subsidiaries.
CMF releases Financial Report of the Insurance Market as of the first trimester of 2024
Insurance companies posted sales for USD 3,381 million in that span, a real increase of 4.2 percent versus the first trimester of 2023. The industry’s profits increased by 52.7 percent compared to the same period last year, reaching USD 339 million.
CMF releases new platform to compare mutual fund costs
It seeks to provide clear, simple information on mutual fund costs in Chile, promote greater competition in the industry, and contribute to financial education.
CMF publishes for consultation regulation amending the Information Systems Manual
The consultation involves amending Files C11, C12 and C13, as well as Table 34 of the Information Systems Manual for Banks.
CMF reports on the performance of supervised banks and cooperatives as of May 2024
Loans in the banking system declined by 0.06 percent over 12 months due to a decrease in both commercial and consumer loans.
CMF extends suspension of Konsegur Seguros de Garantías y Crédito S.A.’s management for six months
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
CMF issues amendment to Circular Letter on information regarding pension life annuity policies
It aims to collect periodical information on paid pensions by compiling the means of payment used and relevant dates of the process for each insurance company.
CMF Chairwoman Solange Berstein presented its 2024 Report on Gender in the Financial System
The 23rd version of this annual CMF report details women’s participation in upper management of financial entities; access to and use of products by gender; and includes new data on the population’s insurance coverage.
CMF sanctions MBI Corredores de Bolsa S.A. director with UF 1,000 and Administradora General de Fondos Sura S.A. with UF 500
Sanctioned parties infringed upon the incompatibilities and separation of functions stated in Article 169 of the Law on the Securities Market.
CMF publishes for consultation regulating requesting monthly financial and solvency information to insurance companies
It intends to strengthen and perfect the supervisory process and prudential analysis of insurance companies to adequately safeguard their solvency and fulfillment of the commitments they make with policyholders.
CMF reports on the performance of supervised banks and cooperatives as of April 2024
Loans in the banking system grew 1.27 percent over 12 months, buoyed by the housing portfolio.
CMF issues regulation establishing mortality table for non-pension insurance contracts
Mortality tables are used to calculate technical reserves to be constituted by insurance companies for life insurance contracts with a validity over four years.
CMF sanctions Inversiones Kimco S.A. for exceeding the Maximum Conventional Rate in money credit operations
The Board fined the company UF 1,300 after it carried out 268,654 money credit operations exceeding the MCR between January 2021 and May 2022.
CMF issues regulations on corporate governance, integral risk management, and operational risks
Issuance of these regulations is a significant improvement compared to currently required standards for these industries, as well as strengthening control mechanisms used by the Commission, which follow the best international practices.
CMF releases Financial Report of the Insurance Market as of the fourth quarter of 2023
Insurance companies had sales for USD 15,205 million last year, a real increase of 11,6 percent. The sector posted USD 1,156 million in profits, 22 percent less than in 2022.
CMF reports on the performance of supervised banks and cooperatives as of March 2024
Loans in the banking system rose 2.1 percent over 12 months, buoyed by increased activity in the commercial portfolio and moderate gains in the housing portfolio.
CMF issues regulation precising information requirements on subsidiaries, branches abroad, and support companies of banking activities
The regulation aims to harmonize and unify information banks must submit to the Commission.
CMF to file charges against entities offering loans for alleged fraud
Claiming to be supervised by the Commission, these loan offerors request advance payments from people applying for loans that are never materialized.
CMF publishes for consultation amendment to Circular Letter on submission of information regarding pension life annuity policies
It aims to collect periodical information on paid pensions by compiling the means of payment used and relevant dates of the process for each insurance company.
CMF reports on the performance of supervised banks and cooperatives as of February 2024
Loans in the banking system grew 1.85 percent over 12 months due to a recovery in commercial loans and a moderate increase in housing loans.
CMF sanctions Banco Santander Chile for failing to submit banking records required for a criminal investigation by the Public Prosecutor’s Office
The Commission fined the bank UF 400 for reiterated non-compliance with Article 154 of the General Banking Act, which mandates financial entities to submit records required by the Public Prosecutor’s Office for criminal investigations.
The CMF reports a balance on claims reported and settled for fires in the Valparaíso Region
As of March 8, 2024, there were 1,268 reported incidents in general insurance companies, of which 47% have already been settled, and 53% are in the process of settlement. The CMF reminds citizens that in insurance associated with mortgage loans, the insured amount will correspond to the appraisal value of the property and not just the outstanding balance of the debt.
CMF reports on the performance of supervised banks and cooperatives as of January 2024
Loans in the banking system increased by 1.61 percent over 12 months due to growth in the housing portfolio and a recovery of the commercial portfolio.
CMF issues Regulatory File on Fund Provision Accounts and Prepaid Cards linked to them
Data on balances and uses of these financial instruments, both for banking and non-banking entities, to improve the Commission’s supervision and development of the market.
CMF reports overview of citizen service in fire-affected areas of the Valparaíso Region
Alongside other public institutions, a multidisciplinary CMF team was in the commune of Viña del Mar giving orientation to people on how to collect their insurance, their level of indebtedness, and possible of accessing benefits for affected areas.
CMF issues Circular Letter amending regulations on Pillar 3 of Basel III standards
The new regulation aims to help the market know the risk profiles of local banking institutions and their capital position and structure in greater detail, thereby assisting in their better analysis.
CMF sanctions Seguros Konsegur de Garantías y Crédito S.A. for not paying compensation derived from first demand guarantee insurance policies
The Board sanctioned the company with censure.
CMF publishes for consultation amendments to regulation on derivatives and matching of insurance companies
The proposal aims to strengthen the supervision of risks related to investment portfolios of insurance companies.
CMF publishes for a new consultation regulation amending information on investments carried out by insurance companies
The proposal aims to strengthen the supervision of risks related to investment portfolios of insurance companies, safeguarding the correct functioning of the market.
CMF announces results of its call for research projects
Selected proposals deal with topics such as credit risk assessment methodologies; behavior of the mortgage market; efficiency of the financial industry; public policies to support small- and medium-sized businesses; and operation of complementary health insurance.
CMF reports on the performance of supervised banks and cooperatives as of December 2023
Loans in the banking system fell by 0.85 percent over 12 months due to a decline in the commercial portfolio.
CMF sanctions Inversiones Nueva Región S.A. for failing to submit financial information in a timely mannerl
The Board applied a fine of UF 500.
CMF introduces amendments to regulation on guarantee insurance
The amendments aim to improve information given to people regarding characteristics of this type of insurance.
CMF publishes final version of policy document with guidelines on stress tests for banks
The document complements the provisions of Chapters 1-13, 12-20, 21-13 and 21-14 of the Updated Compilation of Rules for Banks and does not constitute a regulatory instruction.
CMF grants Certificate of Provisional Authorization to Tanner Banco Digital
This is the first of three steps TBD must complete to obtain its authorization to operate as a banking institution.
CMF sanctions Arturo Claro Montes for trading Vapores shares within 30 days prior to disclosure of the company’s financial statements
As a result of the supervisory process which includes an assessment of banks’ business models, the Board of the CMF decided to impose such requirements on nine financial entities.
CMF publishes Financial Report of the Insurance Market as of the third quarter of 2023
The industry posted sales for USD 10,969 million, a real increase of 13.4 versus the same period last year.
CMF suspends activities of Sociedad Asegúrate Corredores de Seguros SPA for six months
The measure intends to ensure the proper functioning of the insurance market and the protection of policyholders and the public after the company’s eventual participation in adulterating Compulsory Personal Accident Insurance certificates.
CMF applies regulation on additional equity requirements pursuant to Basel III’s Pillar 2
As a result of the supervisory process which includes an assessment of banks’ business models, the Board of the CMF decided to impose such requirements on nine financial entities.
CMF presents an in-depth look at the indebtedness of individuals in Chile
The tenth version of the CMF Indebtedness Report shows that the median bank debt of individuals reached CLP 2.2 million. 20 percent of people have a financial burden exceeding half of their monthly income.
CMF announces new consulting table for Open Finance System implementation as part of the Fintech Act
The sixth consulting table to implement the OFS will deal with participants, products and graduality.
CMF issues regulation on transactions with related parties
It sets forth the minimum information required in Customary Operation Policies of open and special corporations, and the public disclosure to shareholders and the public of transactions with related parties.
CMF sanctions Unión Inmobiliaria S.A. for failing to submit financial information in a timely manner
The Board of the CMF applied a fine of UF 200 for not submitting its financial statements within the required timeframe.
CCMF sanctions Southbridge Seguros Generales S.A. for not paying compensation derived from first demand guarantee insurance policies
The Board of the CMF fined the company UF 1,100.
CMF publishes new Regulatory File for data on recoveries, expenses, and renegotiations of non-performing loans
Gathered data will allow for proper characterization of the loss value derived from non-payment of loans to better calibrate regulations and prevent situations of financial stress that could affect the resilience of the banking system.
CMF to file charges against platforms offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, seven loan offerors request advance payments from people applying for loans that never materialize. They will be reported to the Public Prosecutor's Office.
The Financial Market Commission (CMF) reports on the performance of supervised banks and cooperatives up to November 2023
The placements of the banking system declined by 1.91% over a 12-month period, mainly due to the setback in commercial placements.
CMF sanctions Grupo Security entities for delays in reimbursing policyholders for premiums paid and not used
The Board imposed total fines for UF 6,000 due to the entities' responsibility on deficient control of the early termination of insurance policies caused by prepayment of loans, which caused clients not to be reimbursed for unused premiums in a timely manner.
CMF extends public consultation process for Pillar 2 capital requirements for banks
The proposal introduces improvements to facilitate the supervisory process and clarify some aspects of capital assessments after two cycles of capital adequacy analysis.
CMF Extends Suspension of Administration for Konsegur de Garantías y Crédito S.A. by Six Months
Chairwoman Solange Berstein also extends the appointment of Mr. Robert Rivas Carrillo as the company's administrator for the same period.
CMF holds the first session of the Advisory Group of the Open Finance System Forum
The public-private participation initiative aims to collaborate with the CMF in the implementation and development of the Open Finance System under the Fintech Law.
CMF sanctions directors of Andacor S.A. for breaching regulation on transactions with related parties
The board applied fines between UF 100 and 600 to four directors.
CMF publishes for consultation regulation on operational capacity of financial services providers in the Fintech Act
The regulation sets forth instructions to accredit the operational capacity of entities that provide services such as alternative transaction systems, intermediation of financial instruments, order rerouting, and custody of financial instruments referred to in Law No. 21,521.
CMF issues regulation on disclosure requirements for securities intermediaries’ own portfolios
The new regulation aims to modernize current information requirements used for statistical and prudential supervisory purposes.
CMF announces creation of Open Finance System Forum
This public-private group will assist the CMF in implementing and developing the Open Finance System as part of the Fintech Act.
CMF presents an in-depth look of banking activity at a regional level
The 6th version of the Annual Regional Banking Statistics report provides a general overview of financial institutions at a regional level, with a focus on use of and access to financial products and services.
CMF to file charges against entities offering loans online for alleged fraud
Claiming to be supervised by the Commission, three loan offerors request advance payments from people applying for loans that are never materialized. They will be reported to the Public Prosecutor's Office.
CMF reports on the performance of supervised banks and cooperatives as of October 2023
Loans in the banking system fell by 2.41 percent over the past 12 months, mainly due to a decline in the commercial portfolio.
CMF publishes regulation establishing complementary instructions on early regularization and compulsory liquidation
To apply Titles XIV and XV of the General Banking Act, the regulation issues complementary instructions, and establishes the suitability and technical capacity requirements for delegated inspectors, provisional administrators, and liquidators.
CMF publishes for consultation a regulatory proposal on a new information submission mechanism
The proposal considers a new visualization for access by supervised parties but maintains the applications and modules for information submission that are currently used to send information to the CMF in a first instance.
CMF publishes for consultation a new Regulatory File on Payment Cards with Provision of Funds
It incorporates information on balances and use of these financial instruments for both banking and non-banking issuers.
CMF files charges against web apps offering loans for alleged usury
These 10 apps refer to entities not supervised by the Commission and offer loans with an interest exceeding the Maximum Conventional Rate.
CMF publishes Financial Report for the Insurance Market as of the first half of 2023
Insurance companies recorded sales for USD 8,030 million between January and June, a real increase of 13.9 percent versus the same period last year.
CMF publishes for consultation amendments to the regulation on determination of systemic banks pursuant to the Commission's current regulatory plan
• The regulatory proposal adjusts information requirements to determine the systemic importance index, improving and strengthening the information used to determine systemic banks and their corresponding equity requirements. In addition, it amends Chapter 21-11 of the RAN regarding the lower determination threshold.
CMF reports on the performance of supervised banks and cooperatives as of September 2023
Loans in the banking system declined by 2.99 percent during the past year due to a fall in the commercial portfolio
CMF releases new Report on Investment Costs in Mutual Funds
The Report aims to provide clear, simple information on costs related to mutual funds marketed in Chile, contribute to better financial education, and promote greater competition in the mutual funds industry
CMF publishes for consultation regulation on financial services providers in the Fintech Act
The proposal sets forth instructions about enrollment and authorization to provide such services; requirements on corporate governance and risk management; and obligations to disclose and delivery of information.
Board of the CMF welcomes approval of bill that strengthens resilience of the financial system and its infrastructures
It is an important step forward in strengthening the resilience of the financial system by expanding the Commission's supervisory toolkit; strengthening the regulation of certain actors such as savings and credit cooperatives; and strengthening the financial system through greater use of the Central Bank of Chile's payments infrastructure.
CMF publishes for consultation new version of standardized methodology to calculate consumer loan provisions
This new regulation would allow all loans granted by banks to have a standard provisions calculation methodology, wrapping up an effort that began over a decade ago.
CMF issues regulation on complementary activities for payment card operators
It aims to increase the participation of card operators in new activities without affecting the security of their core business; introduce improvements to services offered to merchants and their customers; and potentially contribute to an expansion of the operating network.
CMF publishes for consultation a new version of the regulation on transactions with related parties
Law No. 21,314 of 2021 allows the Commission to set the minimum information required in Customary Operation Policies of open and special corporations, and the public disclosure to shareholders and the public of transactions with related parties.
CMF sanctions Unnio Seguros Generales S.A., its directors and general manager for breaching several insurance market regulations
The company was fined UF 2,500, while the directors and general manager were fined UF 800 each.
CMF announces new round of consulting tables for Open Finance System implementation
First session will be held on October 16 and focuses on the implementation roadmap and governance.
CMF sanctions Euroamérica Seguros de Vida S.A. for defects contained in its financial statements
The Board fined the company UF 100.
CMF reports on the performance of supervised banks and cooperatives as of August 2023
Loans in the banking system fell by 2.88 percent in 12 months due to a decline in the commercial portfolio.
CMF publishes for consultation a regulation on disclosure requirements for securities intermediaries’ own portfolios
These instructions apply to stockbrokers and securities agents.
CMF announces Current Interest Rates to be released on Friday, September 15
Insurance companies posted sales for USD 3,856 million, a real increase of 13.2 percent versus the same period last year.
CMF sanctions five banks and one cooperative for not submitting banking records required for investigations by the Public Prosecutor's Office
Banco de Chile, Banco de Crédito e Inversiones, Banco del Estado de Chile, Scotiabank Chile, Banco Security, and COOPEUCH were fined a total of UF 1,250.
CMF publishes Financial Report for the Insurance Market as of the first quarter of 2023
Insurance companies posted sales for USD 3,856 million, a real increase of 13.2 percent versus the same period last year.
CMF reports on the performance of supervised banks and cooperatives as of July 2023
Loans in the banking system contracted 3.99 percent over 12 months due to a decline in the commercial portfolio.
CMF presented its 2023 Report on Gender in the Financial System at the University of Concepción
The Report addresses women's and men's access to savings and cash management products; loans; payment behavior; and female participation in management positions in the financial system.- Mrs. Berstein presented the Report during an activity organized jointly with the School of Economics and Administrative Sciences of the University of Concepción. Academics, as well as representatives from the Biobío Region’s public and private sectors, attended.
CMF publishes for consultation three regulations on information requirements for banks
The proposals seek to harmonize and unify criteria for reporting Regulatory Files, as well as incorporating new requirements aimed at reducing gaps detected based on recommendations made by international organizations.
CMF presented its 2023 Report on Gender in the Financial System
Mrs. Berstein will present the Gender Report tomorrow in the Biobío Region during an activity organized jointly with the Faculty of Economics and Administrative Sciences of the University of Concepción.
CMF appoints Coordinator of its new Financial Innovation Center
The Center’s main tasks include supporting the implementation process of the Fintech Act and the Open Finance System in Chile.
CMF publishes for consultation a regulation amending risk management and solvency assessment framework for insurance companies
The proposal adjusts the Commission’s Prudential Supervision Model and incorporates an assessment for risks of money laundering, financing of terrorist activities and proliferation of weapons of mass destruction.
CMF sanctions several entities for non-compliance with ongoing reporting duties
The Board censured Sociedad Concesionaria Ruta de la Fruta S.A., Explotaciones Sanitarias S.A., Los R S.A. and Fondo de Infraestructura S.A. It also applied fines to El Torreón SADP, Empresa de Agua Potable Melipilla Norte S.A., and Fábrica y Maestranza del Ejército.
CMF publishes for consultation a series of regulations on corporate governance, integrated risk management and operational risk management for securities market entities
These proposals establish requirements for Clearing and Settlement System administrators; Securities Depository and Custody Companies; Securities and Commodity Exchanges; Securities Intermediaries; Commodity Exchange Brokers; and General Fund Administrators.
CMF publishes for consultation a regulation on modifications to information about investments made by insurance companies
The proposal aims to strengthen the supervision of financial risks related to insurance companies’ investment portfolios and safeguard the proper functioning of the insurance market.
CMF reports on the performance of supervised banks and cooperatives as of June 2023
Loans in the banking system fell 5.47 percent in 12 months due to a steep decline in the commercial portfolio.
CMF publishes for consultation a regulation on transactions with related parties
Law No. 21,314 of 2021 allows the Commission to set the minimum information required in Customary Operation Policies of open and special corporations, and the public disclosure of transactions with related parties.
CMF publishes policy paper with guidelines on stress tests for banks
The document complements the provisions of Chapters 1-13, 12-20, 21-13 and 21-14 of the Updated Compilation of Rules for Banks and does not constitute a regulatory instruction.
CMF reports on the performance of supervised banks and cooperatives as of May 2023
Loans in the banking system fell 3.18 percent over 12 months due to contractions in the commercial and consumer portfolios.
CMF extends suspension of Konsegur Seguros de Garantías y Crédito S.A.’s management for six months
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
CMF Chairmowan Solange Berstein attended the 2023 IOSCO Annual Conference
The meeting was held in Bangkok, Thailand.
CMF sanctions Unicard S.A. for exceeding the Maximum Conventional Rate in money credit operations
The Board fined the non-banking payment card issuer with UF 1,200 for operations between May 2019 and February 2022.
CMF releases Financial Report of the Insurance Market as of the fourth quarter of 2022
Insurance companies recorded USD 13,321 million in sales last year, a real increase of 15.3 percent compared to 2021.
CMF reports on the performance of supervised banks and cooperatives as of April 2023
Loans in the banking system fell 3.80 percent over 12 months due to larger contractions in the consumer and commercial portfolios.
CMF sanctions Christian Traeger for acquiring shares while possessing inside information
The Board applied a fine of UF 1,000 for breaching the duty to refrain described in Article 165 of Law No. 18,045. This was due to acquiring shares of Clínica Las Condes S.A. while possessing inside information.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these entities offer loans on websites, social media, or WhatsApp, and request advance payments for operations that are never materialized.
CMF issues regulation to include securitized loans and identify health-related loans in financial system debtor information
The regulation adds loans that supervised institutions assign or sell to securitization companies, as well as health-related obligations, to debtor information reported to the Commission.
CMF attended the 21st ASSAL-IAIS Conference on Insurance Regulation and Supervision in Latin America
During the meeting, Chile was ratified as one of the Vice-Presidents of the Association of Insurance Supervisors of Latin America.
CMF reports on consulting tables process to implement Fintech Act
The Commission will hold an informative webinar on May 15 to reveal the content and organization of these consulting tables. They aim to receive feedback from interested parties and move forward with a public, transparent, and participatory regulatory development process.
CMF reports on the performance of supervised banks and cooperatives as of March 2023
Loans in the banking system declined by 2.55 percent over 12 months due to larger contractions in the consumer and commercial portfolios.
CMF presents its 2023-26 Strategic Plan
The Plan focuses on eight strategic objectives that contribute to strengthening the Commission's prudential, market conduct, and financial market development mandate.
CMF to file charges against entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these four entities request advance payments for loans that are never materialized.
CMF reports on the performance of supervised banks and cooperatives as of February 2023
Loans in the banking system declined by 2.10 percent in 12 months, due to a decline in the commercial portfolio and a steeper fall in the consumer portfolio countering an increase in the housing portfolio.
CMF to file charges against 14 unsupervised entities for alleged fraud, usury, and invasion of banking activities
The complaints include 11 entities offering fraudulent loans and requesting advance payments for operations that are never materialized. Some of them claim to be supervised by the Commission. - Other two entities offer loans exceeding the Maximum Conventional Rate, which means a possible crime of usury, while another might have incurred in invasion of banking activities.
CMF reports on performance of supervised banks and cooperatives as of January 2023
Loans in the banking system contracted by 3.02 percent in 12 months due to a decline in commercial loans and a steeper fall in the consumer portfolio. The housing portfolio reversed its deceleration.
CMF and Superintendence of Pensions issue joint regulation on new mortality tables
The issuance comes after completing a public consultation process and holding meetings with the OECD technical teams. - Updated mortality tables adequately reflect changes in life expectancy of the population and ensure that both programmed withdrawal and life annuity pensioners receive their respective payments in accordance with their commitments throughout their life cycle. - The new mortality tables are used to calculate programmed withdrawal pensions and technical reserves for life annuities starting on July 1, 2023. They do not apply to current pensioners or beneficiaries of the Universal Guaranteed Pension.
CMF opens call for public contest to implement, regulate and supervise the Fintech Act
This is pursuant to Law No. 21,521, which promotes competition and financial inclusion through innovation and technology in the provision of financial services.
CMF publishes Financial Report for the Insurance Market as of the third quarter of 2022
Insurance companies posted sales for USD 8,565 million, a real increase of 15.9 percent versus the same period last year.
CMF issues Circular Letter to request information on loans guaranteed by the FOGAPE Chile Apoya program
The regulation defines information banks and cooperatives must report to the Commission regarding loans guaranteed by the FOGAPE Chile Apoya program. Data to be reported includes granted loans and subsequent payment behavior by debtors.
CMF sanctions BancoEstado for not restituting funds to users affected by theft, robbery, loss, or fraud in use of payment cards and electronic transactions
The Board fined the bank UF 4,000 for failing to cancel charges or promptly return funds to users affected by theft, robbery, loss or fraud in payment cards or electronic transactions in accordance with the provisions of Law No. 20,009.
CMF issues regulations on enrollment in the Registry of Financial Service Providers and procedure to obtain authorization for investment advisory services
The former Registry of Investment Advisors, regulated by the Market Agents Act, is transferred to the Registry of Financial Service Providers created by the Fintech Act.
CMF reports on the performance of supervised banks and cooperatives as of December 2022
Loans in the banking system fell 2.86 percent over 12 months due to a steep contraction of the commercial portfolio, less dynamism in the housing portfolio, and a decline in the consumer portfolio.
CMF advances in its implementation of the Fintech Act
The Commission adjusts requirements for enrollment in the Securities Registry to comply with amendments introduced by the Fintech Act. It also reports on the Articles that become effective alongside the Act.
CMF publishes for consultation updates to Circular Letter No. 1 for Payment Card Operators and amendments to File C81
This Regulatory File is amended to improve information reported by PCOs. Circular Letter No. 1 is also updated to reflect regulatory changes by the Central Bank of Chile.
CMF publishes document titled "Guidelines for a new bank resolution and deposit insurance framework in Chile"
The document aims to contribute to the public policy debate; describes the main legal and regulatory gaps in the framework for managing troubled banks; and develops a proposal for closing gaps to be addressed in future legal amendments.
CMF presents an in-depth look at the indebtedness of individuals in Chile
The ninth version of the CMF Indebtedness Report reveals that the median bank debt of individuals reached CLP 2.1 million. Meanwhile, 20.7 percent of people have a financial burden exceeding 50 percent of their monthly income.
CMF begins implementation of Fintech Act
Law No. 21,521 becomes effective as of February 3, 2023
CMF issues regulation on assessment of banks' liquidity position adequacy
Circular Letter No. 2,330 sets a general framework to assess banks’ liquidity adequacy and the possibility of determining additional requirements for high-quality liquid assets.
CMF announces Current Interest Rates to be released on Saturday, January 14
Conventional Current and Maximum Interest Rates
CMF sanctions Alvaro Izquierdo for infringement of ban on trading an issuer's securities in the thirty days prior to disclosure of its financial statements
The board fined Izquierdo UF 100 for breaching the ban stated on Article 16, Section 5 of the Law on the Securities Market.
CMF to file charges against entity offering investments online and through social media
Incoludido will also be reported to the Public Prosecutor’s Office for allegedly breaching the General Banking Act.
CMF rejects regularization plan by Seguros Konsegur de Garantías y Crédito S.A. and appoints new administrator for the company
- The Board rejects the company's regularization plan for not correcting non-compliance with solvency indicators. - Starting today, the CMF appoints Mr. Robert Rivas Carrillo as administrator of the company for six months.
CMF sanctions Sonda director Andrés Navarro for insider trading
The Board fined Navarro UF 6,000 for breaching the duty to refrain stated on the final section of Law No. 18,045 after buying Sonda shares while possessing inside information.
CMF reports on the performance of supervised banks and cooperatives as of November 2022
Loans in the banking system fell 1.45 percent over 12 months due to less activity in the housing portfolio and a considerable decline in the commercial portfolio. Securities Market, implemented by the Market Agents Act in 2021.
CMF issues sanctions for infringement of new ban on trading an issuer's securities in the thirty days prior to disclosure of its financial statements
This is the first time the Board of the CMF issues sanctions for infringing the ban stated on the new subsection of Article 16 of the Law on the Securities Market, implemented by the Market Agents Act in 2021.
CMF abolishes 35bis requirement due to new Basel III standards
This simplifies the different effective equity requirements for banks, maintaining only the recently implemented Basel standard for said purposes.
CMF issues updated complementary regulation on savings accounts
This is in accordance with guidelines enacted by the Central Bank of Chile in June 2022.
CMF meets authorities and OECD on process to update pension mortality tables
The meeting was attended by CMF Chairwoman Solange Berstein; Minister of Finance Mario Marcel; Undersecretary of Social Security Christián Larraín; Superintendent of Pensions Osvaldo Macías; and Chief Economist of the OECD's Pension Unit Pablo Antolín.
CMF reports on the performance of supervised banks and cooperatives as of October 2022
Loans in the banking system increased 0.07 percent in 12 months, slowing down versus last month due to a due to a larger drop in commercial loans and less dynamism in consumer and housing loans.
CMF issues regulation on submitting information about amounts paid by General Fund Managers to Chilean Fire Brigades
According to recent amendments to the Single Fund Law, the regulation establishes the manner for GFMs to submit annual information on mutual or investment fund shares belonging to deceased participants, including dividends and other uncollected benefits paid by law to the Chilean National Fire Brigade Board.
CMF publishes for a second consultation new standardized methodology to calculate consumer loan provisions
Given the interest shown by the industry to provide feedback, the Board of the Commission approved a new public consultation for the regulation that introduces a standardized methodology to calculate provisions for the consumer portfolio.
CMF issues regulation perfecting information on financial system debtors
The new regulation defines criteria to report information to the CMF on operations with credit cards and credit lines. This is to ensure both financial institutions and their customers have more precise information on debt status.
CMF issues regulation on authorization and operating requirements for low-value payment clearinghouse administrators
The new regulation defines requirements to be met by these entities for their registration and operation.
CMF to file charges against entities offering loans on their websites and social media for alleged fraud
Claiming to be supervised by the Commission, these two entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds.
CMF issues updated regulation on prevention of money laundering, financing of terrorist activities, and non-proliferation of weapons of mass destruction
The regulation follows the recommendations of the Financial Action Task Force and the work developed within the framework of the National Strategy to Prevent and Combat Money Laundering and Terrorist Financing.
CMF successfully wraps up IAIS Annual Conference
The event brought together the world's leading insurance supervisory authorities around issues like diversity, equity and inclusion; changes in consumer preferences; macroeconomic risks; climate risks; and capital standards in the insurance industry.
CMF publishes new Regulatory File on bank claims subject to lapsing
The new File systematizes the submission of information on claims subject to lapsing that banks are required to report on an annual basis.
CMF publishes for consultation regulation on assessment of banks' liquidity position adequacy
The regulation sets a general framework to assess banks’ liquidity adequacy and the possibility of determining additional requirements for high-quality liquid assets.
CMF reports on the performance of supervised banks and cooperatives as of September 2022
Loans in the banking system increased 1.24 percent over 12 months due to a decline in the commercial portfolio paired with lower growth in the housing and consumer portfolios.
CMF to file charges against entities offering loans on their websites and social media for alleged fraud
Claiming to be supervised by the Commission, these two entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds.
Board of the CMF welcomes Congress approval of Act promoting financial inclusion and competition
Insurance companies posted sales for USD 5,579 million, a real increase of 22 percent versus the same period last year.
CMF publishes Financial Report for the Insurance Market as of the second quarter of 2022
Insurance companies posted sales for USD 5,579 million, a real increase of 22 percent versus the same period last year.
CMF publishes for consultation regulatory amendment perfecting information on financial system debtors
The regulation defines criteria to report information to the CMF on operations originated from credit cards and credit lines. This is to ensure both financial institutions and their customers have more precise information on debt status.
CMF publishes its Financial Education Policy
The regulation defines criteria to report information to the CMF on operations originated from credit cards and credit lines. This is to ensure both financial institutions and their customers have more precise information on debt status.
CMF reports on the performance of supervised banks and cooperatives as of August 2022
Loans in the banking system grew 1.58 percent in 12 months due to a decline in the commercial portfolio and less activity in the consumer and housing portfolios.
CMF publishes for consultation regulation on submitting information about amounts paid by General Fund Managers to Chilean Fire Brigades
According to recent amendments to the Single Fund Law, the proposed regulation establishes the manner for GFMs to submit annual information on mutual or investment fund shares belonging to deceased participants, including dividends and other uncollected benefits paid by law to the Chilean National Fire Brigade Board.
CMF to file charges against a series of entities offering loans on websites and social media for alleged fraud
Claiming to be supervised by the Commission, these six entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds.
CMF issues regulation which concludes implementation of automated debt securities placement system and improves other regulations
These amendments improve General Rules No. 30, No. 303, No. 473, and No. 475 to implementing a debt securities placement system; define the information to be reported to the Commission; and specify ongoing reporting obligations.
CMF reports on the performance of supervised banks and cooperatives as of July 2022
Loans in the banking system increased 2.61 percent in 12 months, less than the 4.35-percent increase recorded in June. This was due to less dynamism in all three portfolios.
CMF sanctions CAT Corredora de Seguros y Servicios S.A. for infringing its advisory and information duties in phone marketing of insurance
The Board fined the broker UF 3,000 after detecting a series of phone marketing cases in which the entity did not provide advice nor clear and understandable information to individuals, leading recipients of these insurance offers to confusion or error.
CMF publishes for consultation new standardized methodology to calculate consumer loan provisions
This new regulation would allow all loans granted by banks to have a standard provisions calculation methodology, wrapping up an effort that began several years ago.
CMF publishes for consultation a regulation providing instructions to determine closing prices for stocks and fund shares
The Board applied fines for UF 2,000 to the company and UF 600 to its general manager and each of its directors.
CMF sanctions Unnio Seguros Generales S.A., its directors and general manager for severe deficiencies in the submission of financial information
The Board applied fines for UF 2,000 to the company and UF 600 to its general manager and each of its directors.
CMF publishes for consultation new regulatory file on banking claims subject to lapsing
The regulatory proposal aims to systematize the submission of information on banking claims that banks are required to submit annually.
CMF issues regulation on minimum equity of high-value payment clearinghouses
The new regulation sets equity accounts or items to be considered by operators of high-value payment clearinghouses. This is to determine an equity proving compliance with requirements established in the regulations governing how these entities operate.
CMF issues regulation on Internal Policy on Security and Management of Debtor Information by financial institutions
The proposal amends Chapter 18-5 of the Updated Compilation of Rules for Banks (RAN) to improve standards on treatment and usage of data related to debtor information.
CMF reports on the performance of supervised banks and cooperatives as of June 2022
Loans in the banking system expanded 4.35 percent in 12 months, boosted by the commercial portfolio and despite lower activity in the housing and consumer portfolios.
CMF issues regulation on stock exchange interconnection systems
The regulation sets the form, conditions, technical, communication and security requirements to be met by the interconnection mechanisms, stock exchanges, and their participants. This is pursuant to Law. No. 21,314, which made stock exchange interconnection mandatory and empowered the CMF to regulate such procedures.
CMF to file charges against four entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these entities request advance payments from individuals applying for a loan, who subsequently do not receive the agreed funds.
CMF and SP issue joint resolution on maximum fees to be paid by pension funds
The new amounts apply with respect to investments made in mutual fund shares, investment funds, and other financial instruments between July 1, 2022 and June 30, 2023.
CMF reports on the performance of supervised banks and cooperatives as of May 2022
Loans in the banking system expanded by 3.07 percent during the last 12 months, mainly due to lower activity in the commercial and housing portfolios.
CMF to file charges against three entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these entities request advance payments from individuals applying for a loan, who subsequently don't receive the agreed funds.
CMF releases Financial Report of the Insurance Market as of the first quarter of 2022
Insurance companies recorded USD 3,052 million in sales over the first three months of the year, a real increase of 21.4 percent compared to the same period in 2021.
CMF publishes for consultation regulation on minimum equity of high-value payment clearinghouses
The proposal sets equity accounts or items to be considered by operators of high-value payment clearinghouses. This is to determine an equity proving compliance with requirements established in the regulations governing how these entities operate.
European Commission awards major recognition to the Chilean regulatory framework applicable to derivatives industry
The EC approved the equivalence of regulations for clearing and settlement of derivatives in central counterparties in Chile.
CMF reports on the performance of supervised banks and cooperatives as of April 2022
Loans in the banking system increased 4.35 percent in 12 months, buoyed by expansions in the commercial and consumer portfolios.
CMF publishes for second consultation regulation governing stock exchange interconnection systems
The regulation sets the form, conditions, technical, communication and security requirements to be met by the interconnection mechanisms, stock exchanges, and their participants. This is pursuant to Law. No. 21,314, which made stock exchange interconnection mandatory and empowered the CMF to regulate such procedures.
CMF awarded three achievement seals for progress in digital transformation
The Commission received the Zero Paper, Zero Queues and Digital Identity seals granted by the Ministry General Secretariat of the Presidency.
CMF alerts the public about unregulated investment platform known as “KnightsBridge”
This entity is neither supervised nor authorized by the Commission to provide investment services in Chile.
CMF releases Financial Report of the Insurance Market as of the fourth quarter of 2021
Insurance companies recorded USD 10.3 billion in sales last year, a real increase of 3.7 percent compared to 2020.
CMF Chairwoman Solange Berstein: "Our task is to ensure the proper functioning of the financial system and thus contribute to the welfare of society"
Solange Berstein inaugurated the academic year of University of Talca's Santiago Campus today.
CMF publishes for consultation new regulatory files derived from the implementation of Basel III standards in Chile
The regulatory proposal aims to collect necessary information to ensure compliance with adequate management of the banking book market risks and credit concentration risks
CMF Chairwoman Solange Berstein opened 1st CMF conference on climate-related financial risks
The event, organized by the Commission alongside the Inter-American Development Bank, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) and the British Embassy in Chile, will be held on April 26 and 27.
CMF publishes for consultation regulation on Internal Policy on Security and Management of Debtor Information by financial institutions
The proposal amends Chapter 18-5 of the Updated Compilation of Rules for Banks (RAN) to improve standards on treatment and usage of data related to debtor information.
CMF issues several regulations simplifying the process to enroll and report ongoing information
These regulations simplify the enrollment process and ongoing reporting for the following registries: Special Registry of Reporting Entities; Registry of Foreign Securities; and Registry of Foreign Reinsurance Brokers. They also establish a simplified enrollment procedure for the Registry of Securities.
CMF Chairwoman Solange Berstein spoke before the Chamber of Deputies’ Constitutional Committee on bill proposing a second advance payment of life annuities
“A weakened capital increases the probability of insurance companies not paying pensions and other policies taken out by millions of people,” said the Chairwoman.
CMF reports on rating of systemically important banks and imposes requirements
Basel III standards
CMF and SP issue joint regulation allowing new temporary increase clause for life annuity pensions to be quoted through SCOMP
Once the necessary system adjustments are made, the new clause will be available for quotes through SCOMP starting on September 5, 2022.
CMF alerts the public about unregulated entities Mined Academy, Top Trade Group, and Energy Markets
The Commission has issued alerts about 12 investment platforms that are neither regulated nor authorized to provide services in Chile since 2020.
CMF publishes for consultation regulation on Insurance Inquiry System
This is pursuant to Law No. 21,314, which establishes new transparency requirements and strengthens responsibilities for market agents
CMF publishes for consultation regulation governing investment advisory services
The regulatory proposal covers the process of registration, suspension, and cancellation in the Commission's Registry of Investment Advisors, as well as the reporting obligations of those providing such services.
CMF issues regulation authorizing investments in perpetual bonds within assets representing technical reserves and risk equity of insurance companies
This is in accordance with the provisions of Law No. 21,130, enacted in January 2019, which modernizes banking legislation.
CMF releases Financial Report of the Insurance Market as of the third quarter of 2021
Insurance companies recorded USD 7,238 million in sales between January and September, a real increase of 2.3 percent versus the same period of 2020.
CMF to file charges against two entities offering loans on their websites for alleged fraud
Claiming to be supervised by the Commission, these entities request advance payments from individuals applying for a loan, who subsequently don't receive the agreed funds.
CMF issues regulation on corporate groups' limit control under the General Banking Act
The new regulation sets the scope, exceptions, and control systems related to the limit of total loans that banks may grant to individuals or entities belonging to the same corporate group.
CMF releases Financial Report of the Insurance Market as of the first half of 2021
Insurance companies recorded sales for USD 5,231 million during the first six months of the year, a real decrease of 6.3 percent versus the first half of 2020.
CMF publishes for consultation the sixth version of methodological document that determines risk-based capital for insurance companies
The initiative is intended to strengthen the capital of insurance companies and prepare the industry to face any risks it may assume because of its business.
CMF publishes for consultation amendments to reporting obligations of insurance brokers operating as pension advisors or advisory entities
This is in accordance with the provisions of Law No. 21,314, which states that persons or entities offering pension financial advisory services are no longer supervised by the Commission. Such role is now performed by the Superintendence of Pensions.
CMF publishes for consultation adjustment to subfactor descriptions for calculating systemic importance index
Table 106 of the Information Systems Manual for Banks, containing the subfactor definitions to determine banks' systemic importance index, is adjusted. This is pursuant to the content of Chapter 21-11 of the Updated Compilation of Rules for Banks.
CMF releases new statistical series on credit risk provisions for banks
The data is available on the Commission’s Temporary Series Statistical Database platform.
CMF selects its representatives for the Interchange Rates Cap Committee
They are Carolina Flores Tapia, Head of the Means of Payment and Market Development Division of the General Directorate of Prudential Regulation; and Renzo Dapueto Rosende, Head of the Regulatory Coordination Division of the General Directorate of Prudential Regulation.
CMF issues regulation that temporarily modifies certain limits and requirements for technical reserve assets and risk equity of insurance companies
This is in accordance with the provisions of Law No. 21,276, which aims to safeguard proper functioning of the financial market and perfects the mechanisms for safeguarding the solvency of insurance companies.
CMF and Superintendence of Pensions issue joint regulation to supervise pension financial advisory services
This is in accordance with the provisions of Law No. 21,314, intended to establish new transparency requirements and strengthen responsibilities for market agents.
CMF appoints new Civil Society Council members
According to Law 20,500, the Civil Society Council is a consultative, autonomous entity composed of trade union representatives, non-governmental organizations, academics, and members of the Commission.
CMF releases document with general Market Conduct standards and principles for financial customer protection
This policy document states the views of the Commission and its Board on issues relevant to the financial industry. They are neither a regulatory instruction nor a supervisory policy, but rather a guide to standards or best practices expected by the CMF.
CMF files charges against entity offering loans on its website for alleged fraud
Cooperativa de Ahorro y Crédito (CONOAC) is a non-supervised entity that fraudulently obtained advance payments from individuals applying for a loan and who did not receive the agreed funds.
CMF highlights participation in consulting roundtables for regulation on including sustainability and corporate governance topics in annual reports
Over 100 investors, representatives of issuers, trade associations, the public sector, academics, and civil society organizations actively participated in the process organized by the Commission as part of the public consultation on the proposal to improve General Rule No. 386.
CMF reports banking claims in excess of CLP 70 billion
Interested parties can check whether there are claims in their favor using the search engine available on the CMF website.
CMF publishes for consultation a regulation on operational risk management for supervised savings and credit cooperatives
The proposal states that cooperatives should comply with the same operational risk management standards applied to banks, support companies of banking activities, and payment card issuers. However, it must consider the nature, volume, and complexity of their operations.
CMF issues regulation on operational risk management and cybersecurity for insurance companies
The regulation establishes the principles and concepts of proper risk management, as well as periodic self-assessments.
CMF Chairman Joaquín Cortez spoke before the Chamber of Deputies’ Economics Committee
The Chairman reviewed the financing mechanisms implemented through FOGAPE.
CMF publishes for consultation regulation establishing parameters and procedures to qualify as an anonymous whistleblower
This is pursuant to Law No. 21.314 on Transparency and Accountability of Market Agents.
CMF reports on life annuities advance payment process
Insurance companies' systems were operational as of 9 AM, complying with the standard required by the Commission. A total of 55,985 information requests were submitted on the first day of the withdrawal process.
CMF revokes authorization of existence and cancels registration of “Sociedad Emisora de Tarjetas CYD S.A.”
The decision made by the Board of the CMF is based on the company’s non-compliance with the regularization plan it was subject to regarding requirements of capital and reserves established by the Central Bank of Chile for all non-banking payment card issuers.
CMF issues regulation allowing banks to offer checking accounts without checkbooks
• The amendment to Chapter 2-2 of the Updated Compilation of Rules for Banks allows persons not domiciled or residing in Chile to open checking accounts without checks without needing to establish residence in the country.
CMF held meeting with life insurance companies on early withdrawal of life annuity funds
• The objective is that insurance companies can start receiving withdrawal applications as of next week.
CMF eases treatment of provisions required by banks in rescheduling of corporate loan installments
Given the persistence of the pandemic's effects, these transitory measures aim to facilitate both the flow of credit and implementation of payment alternatives for the commercial portfolio of banks and cooperatives.
CMF sanctions KPMG and partner due to breaches of audit duties
The Board of the Commission applied fines for the issuance of audit reports lacking sufficient and appropriate supporting evidence.
CMF reports on the performance of supervised banks and cooperatives as of February 2021
Loans in the banking system fell by 2.24 percent, marking three consecutive months of decreases. Consumer loans continue their steep decline, falling by 17.9 percent.
CMF issues update on cybersecurity incident
The analysis ruled out the presence of ransomware. Instead, the detected vulnerability was limited to the Microsoft Exchange platform.
CMF reports on cybersecurity incident
It is a vulnerability detected through the Microsoft Exchange email platform.
CMF releases its Annual Regional Banking Statistics Report
It is the third version of such Report, which aims to provide an overview of banking activity at a regional level with a focus on supply and demand of products and services.
CMF Chairman Joaquín Cortez spoke before the Chamber of Deputies' Labor Committee regarding legislation regulating switches between pension funds
• Chairman Cortez stated that massive and frequent switches between pension funds cause greater volatility in the financial market.
CMF Chairman Joaquín Cortez participated in the launch of the Commission's Innovation Challenge for Citizen Services
It is an open contest to propose technological tools to improve the efficiency of citizen services and complaint management in the Financial Market Commission. This call is part of the Public Challenges program of the Ministry of Science, Technology, Knowledge and Innovation, alongside CORFO and the Government Laboratory.
CMF publishes for consultation a regulation to implement the IFRS 17 accounting standard in the Chilean insurance market
The regulation intends to establish principles and technical aspects to be considered by companies when setting up their insurance liabilities.
CMF publishes for consultation a regulation allowing banks to offer checking accounts without check books
It is expected this amendment will contribute to provide more adequate products suited to each customer's needs at a lower cost while reducing the risks inherent in the handling of these documents. The proposal also enables individuals who are not domiciled or residing in Chile to sign such contracts without needing to set their residence in the country.
CMF presents an in-depth look at the indebtedness of individuals in Chile
The seventh version of this CMF report reveals that the median banking debt of individuals reached CLP 2.2 million. 16 percent of people have a high financial burden, i.e. over half of their monthly income.
CMF spoke at the Chamber of Deputies regarding the legislation for withdrawal of life annuity funds
Deputy Chairman Kevin Cowan stated that the legislation has important legal and financial implications. He stressed that, unlike pensioners under the AFP system, there is no personal retirement fund account available for withdrawal in life annuities.
CMF publishes for consultation regulation on operational risk management and cybersecurity for insurance companies
The regulation intends to establish the principles and concepts of proper risk management.
CMF publishes file for calculation of systemic importance index
This is the file needed to identify systemically important banks, as well as to determine their higher requirements according to Chapter 21-11 of the RAN, issued on November 2, 2020.
CMF publishes for consultation regulatory files to supervise Basel III implementation in Chile
The proposal establishes the creation of a new “Risk System” to consolidate information for the control of compliance with Basel III standards, whose regulations were finalized by the CMF on December 1, 2020.
CMF reports on the start of pension fund withdrawal transfers and encourages users to prefer online channels provided by financial institutions
The Commission instructed banks to adopt all necessary measures for timely service and information to citizens.
CMF instructs banks to strengthen their service channels due to pension fund withdrawals
The Commission requested taking all necessary measures for the timely service and information of citizens, emphasizing the use of remote channels to prevent health and safety risks.
CMF moves forward with its Basel III implementation schedule and issues two new regulations
The regulations set out the minimum requirements and conditions that hybrid instruments issued by banks must meet to be considered as part of effective equity.
CMF presents its 2020 Report on Gender in the Financial System
The 19th version of the Report shows sustained progress and remaining challenges in closing gaps related to the use of financial services. Commissioner Bernardita Piedrabuena presented the main results of the 2020 Gender Report in a web seminar organized alongside ComunidadMujer. Alejandra Sepúlveda, Executive Director of Comunidad Mujer, and Raphael Bergoeing, Chairman of the National Productivity Commission, participated in the event.
CMF releases statistical series on ATM operations in Chile
The report, titled "ATM Activity: A Regional Approach," is a breakthrough in the analysis of the use of these devices by banking customers.
CMF publishes for consultation regulation on the systematization of corporate groups' limit control under the General Banking Act
The last amendment to Article 84 No. 1 of the General Banking Act sets a limit to the total loans that banks may grant to individuals or entities belonging to the same corporate group.
CMF continues implementation of Basel III standards in Chile and issues regulation on identification of systemically important banks
It is the fifth Basel III regulation issued by the CMF, which defines the criteria to be used for both identification of systemic banks and application of higher requirements to these institutions. Additionally, the file for calculating the systemic importance index is published for consultation.
CMF Chairman Joaquín Cortez spoke before the Senate’s Committee on Finance about legislation that sets new requirements for market agents
Chairman Cortez argued that the proposal to introduce co-financing of mortgage and loan-related insurance would have a negative impact on the financial inclusion of lower-income segments.
CMF highlights legal changes to ensure proper functioning of the financial market
Law No. 21,276, which entered into force yesterday after being published in the Official Gazette, perfects the mechanisms for safeguarding the solvency of insurance companies and expedites the procedures for the issuance of debt and shares.
New Board of the CMF takes office
• New CMF Commissioners Bernardita Piedrabuena and Augusto Iglesias joined the Board today. They replace Rosario Celedón and Christian Larraín, whose terms ended yesterday. Meanwhile, Commissioner Kevin Cowan will serve as Deputy Chairman of the Commission.
Financial market authorities kick off Financial Education Month
• During October, a series of informative and educational activities will take place in areas such as responsible indebtedness, fraud protection, and cybersecurity.
CMF publishes for consultation a regulation promoting market discipline and transparency through disclosure of significative, timely information
• The proposal sets provisions regarding the promotion of market discipline and financial transparency, following the recommendations of Pillar 3 of the Basel capital framework.
CMF issues regulation that determines relationship between core capital and total assets
• The leverage standard specifies the calculation of this index according to the adjustments to other regulatory bodies made pursuant to both the amendment of the General Banking Act and Basel III standards
CMF issues regulation setting conditions for implementation and supervision of capital buffers
• The capital buffer regulation defines the operating procedures for calculation, implementation, and supervision of additional core capital requirements that will be progressively applied to banks in Chile from December 2021.
CMF presents its Strategy for Addressing Climate Change in financial markets
• The Commission's strategy aims to boost the dissemination of information associated with climate change; facilitate the development of a green financial market; and integrate climate risks into prudential supervision.
CMF launches implementation of Basel III standards with issuance of regulation on additional equity requirements as a result of the supervisory process
• The regulations to determine additional capital requirements establish the general framework for assessing the capital adequacy of banks as a result of the supervisory review process (Tier 2).
CMF sanctions 10 life insurance companies for breaching SCOMP regulations in contracting life annuities
• The Commission fined them for non-compliance with the procedures for acceptance of pension offers, advisory obligations, information duties, and restrictions on fees.
CMF Chairman Joaquín Cortez spoke before the Senate’s Committee on Economics to discuss the operational incident at Banco Estado
• The Chairman stressed that the CMF instructed the entire banking industry to take all necessary measures to safeguard the information and resources of users of the financial system.
CMF monitors and requires measures due to operational incidents at Banco Estado
The Commission instructed the entity to take all necessary measures to safeguard information security and restore affected services.
CMF publishes a regulation modifying the treatment of guarantees granted by the State in the calculation of risk-weighted assets
• The new treatment, which applies to the amounts guaranteed by the Chilean State, CORFO and FOGAPE, aims to facilitate the conditions for banks to transfer liquidity to markets.
CMF sanctions HDI Seguros de Vida for breaching technical reserve backup obligations and reporting duties
• The Board of the Commission also sanctioned two former company executives for breaching the duties of care and diligence.
CMF supervises financial system and instructs banks to strengthen customer service channels
The CMF required the banking industry to adopt the necessary measures for the timely attention and information of citizens, emphasizing the use of remote channels and fraud prevention. At the same time, it strengthened supervision over trading exchanges, brokers, and general fund administrators once the process of delivering funds begins.
CMF publishes for consultation standardized methodology for determining market risk-weighted assets in banking
• The regulation aims to improve internal capital management and risk coverage in the banking industry, in line with international standards and the recent amendment to the General Banking Act.
CMF publishes for consultation a regulation modifying the treatment of guarantees granted by the State in the calculation of risk-weighted assets
• The new treatment, which applies to the amounts guaranteed by the Chilean State, CORFO and FOGAPE, aims to facilitate the conditions for banks to transfer liquidity to markets.
CMF publishes amendment to regulations on bank factoring
• The amendment will allow banks and their factoring subsidiaries to discount invoices from assignees other than the originator of the invoice pursuant to the provisions of Law No. 19,983.
CMF sanctions former director of Blanco y Negro S.A. for breach of duty to refrain
• The Board fined Paul Fontaine UF 2,000 for selling the corporation's shares while in possession of inside information on its financial statements.
CMF publishes for consultation amendments to the methodology for calculating asset adequacy and technical reserves of life insurance companies
The amendments are intended to safeguard the solvency of these entities and bring the regulatory framework in line with the best international practices.
CMF reports on the performance of supervised banks and cooperatives as of April 2020
• Loans in the banking system grew 9.57 percent over 12 months, boosted by the commercial portfolio. Consumer loans fell 3.53 percent in the same period.
CMF participates in annual NGFS conference and publishes reports
• The meeting of the Central Banks and Supervisors Network for Greening the Financial System (NGFS) was held on Tuesday, May 26.
CMF issues regulation for the use of surplus mortgage collateral in SMEs loans
• The amendments allow surplus housing mortgage collateral to be used as a safeguard for commercial loans aimed at small and medium-sized enterprises.
CMF Chairman Joaquín Cortez presented the 2019 Institutional Public Account
• It is the Commission’s first Institutional Public Account as an integrated regulator and supervisor, with around 72 percent of the financial market's assets (USD 547 billion) under its supervision.
CMF sets criteria for determining additional asset requirements as a result of the supervisory process
• The regulation establishes a general framework for assessing capital adequacy of banks and the possibility of determining additional capital requirements (Tier 2) as a result of the supervisory review process.
CMF publishes for consultation regulation on simplifying the registration process of debt securities
• The regulation temporarily eases the requirements for registration of long-term debt securities.
CMF issues Circular Letter on the treatment of provisions and information requirements for Covid-19 loans
The instructions will be in force until October 31, 2021
CMF reports on the performance of banks and cooperatives as of March 2020
Loans in the banking system grew 9.45 percent in 12 months, boosted by the commercial portfolio.
CMF announces that citizens will be able to access their Debt Report remotely
Starting today, the Commission will allow access through its website using the Individual Password (“Clave Única”) issued by the Civil Registry.
CMF publishes for consultation modifications on use of excess mortgage guarantees
The changes allow for the use of excess mortgage guarantees from the portfolio's standard provisioning model as a mitigating factor in the standard business group model.
CMF publishes for consultation new regulations on Basel III implementation
The regulations update the measurement of the leverage ratio and define the minimum requirements and conditions that hybrid instruments must meet to be considered part of the banking system’s effective equity.
CMF and Superintendence of Pensions issue regulation that allows future pensioners to complete the procedure remotely
• The transitional regulation, issued as a result of the pandemic in progress, allows all pension procedures made through AFPs or a Life Insurance Company to be carried out remotely via the SCOMP platform
CMF reports on the performance of banks and cooperatives as of February 2020
Loans in the banking system grew 8.44 percent in 12 months while the profits totaled 231,380 million Chilean pesos – an annual increase of 18.15 percent.
CMF announces extension of timeframe for submission of annual financial statements
Supervised institutions will have 15 days beyond the original March 2020 timeframe to submit to the Commission their audited results for the previous year.
CMF clarifies scope of insurance policy coverage during a pandemic
Regulations in force allow insurance companies to add exceptions to their coverage.
CMF publishes for consultation a regulation on participants in the Clearing and Settlement Systems
The proposed regulation authorizes so-called “institutional investors” to directly input their operations into such systems.
CMF reports on the performance of banks and cooperatives as of January 2020
Loans in the banking system grew 8.55 percent in 12 months, profits summed 241,920 million Chilean pesos, and the portfolio with arrears of 90 days or more increased by 15.04 percent in the first month of the year.
CMF files charges against the “Alianza de Créditos” firm for alleged fraud
The firm is not registered with the Financial Market Commission and claimed to be a supervised entity. It collected advance payments from people who applied for a loan and did not receive the agreed funds.
CMF files charges against entities that illegally engage in insurance company and insurance brokerage activities
The decision was made after receiving complaints against firms that allegedly acted as insurance companies or brokers without authorization or registration in the Commission’s records.
An in-depth look at the levels of individual indebtedness, financial burden, and financial leverage in Chile
The report, which is in its sixth version, aims to contribute to the analysis of the evolution of individual indebtedness in Chile.
CMF reports on the performance of banks and cooperatives as of November 2019
Alongside the industry results, the Financial Market Commission (CMF) provides a summary of the system's performance to facilitate the understanding of the provided statistics.
The CMF introduces changes to the regulations on outsourcing of services by banks and financial institutions
The changes increase the flexibility of the requirement to establish a data processing site in Chile for services that are outsourced outside the country and which involve activities considered to be critical or strategic. In addition, the CMF published an update of the Compendium of Accounting Standards for Banks, with the aim of incorporating the latest changes in International Financial Reporting Standards (IFRS).
CMF joins the Central Banks and Supervisors Network for Greening the Financial System (NFGS)
Entry into the NGFS was announced yesterday during the Financial Market Commission's participation at the COP25 summit in Madrid.
CMF releases Financial Report of the Insurance Market as of the third quarter of 2019
Between January and September 2019, insurance companies recorded sales of USD 9,331 million, a real increase of 2.3 percent over the same period in 2018. Meanwhile, profits reached USD 442 million, a real decrease of 21.4 percent compared to the same quarter last year.
CMF reports on the performance of banks and cooperatives as of October 2019
Alongside the industry results, the Financial Market Commission (CMF) provides a summary of the system's performance to facilitate the understanding of the provided statistics.
CMF publishes for consultation regulation on information security management and cybersecurity
The regulation establishes a series of guidelines and best practices to be considered by entities in their information security and cybersecurity management process. This will allow them to be better prepared for a scenario in which dealing with operational risks becomes ever more relevant.
CMF publishes for consultation regulation on the calculation of regulatory capital
The regulation in consultation establishes guidelines for measuring effective equity, cleaning up items whose value is low or uncertain when facing a liquidation scenario, and implementing prudential concentration rules in accordance with rules and regulations in force.
CMF reports on the performance of banks and cooperatives as of September 2019
Alongside the industry results, the Financial Market Commission (CMF) provides a summary of the system's performance to facilitate understanding of the provided statistics.
CMF sanctions 53 fund administrators due to non-compliance with ongoing reporting obligations
The sanctions affect three General Fund Managers and 50 Private Investment Fund Managers for breaching the provisions of General Rule No. 364 of 2014.
CMF reports on card information leak incident
The information concerns 41,593 cards, which were already preemptively blocked by the corresponding issuing institutions.
CMF initiates new process for institutional integration consultancy
The Commission will invite four firms of recognized experience and prestige to submit their bids within 10 days.
CMF sets timeframes for delivery of financial statements of securities market entities
These timeframes are published in the Supervised Entity Timeframes Calendar on the CMF website.
CMF releases Quarterly Statistical Report on the securities and insurance markets for the third quarter of 2018
Implementation of new requirements has a maximum term of eleven months. The new regulation will allow future pensioners to clarify pension differences offered by AFPs and insurance companies, as well as payments of commissions to pension advisors and insurance sales agents.
CMF and SP issue a regulation that perfects the System of Consultations and Offers of Pension Amounts (SCOMP) and improves information to affiliates
Implementation of new requirements has a maximum term of eleven months. The new regulation will allow future pensioners to clarify pension differences offered by AFPs and insurance companies, as well as payments of commissions to pension advisors and insurance sales agents.
The CMF endorses the Multilateral Memorandum of Understanding of the International Organization of Securities Commissions (IOSCO)
The signing of this agreement acknowledges the advance of Chilean regulation regarding the compliance of the highest international standards, which opens development and growth opportunities for the Chilean market abroad.