Regulador y Supervisor Financiero de Chile
These adjustments allow the CMF to move forward with its institutional modernization. They will particularly facilitate risk-based supervision; more agile response timeframes for both citizens and supervised parties; and a simplification and automatization of core supervisory processes.
An amendment to General Rule No. 539 repeals the obligation to submit to the CMF, on a semiannual basis, the information that the Fraud Act (Law No. 20,009) requires regulated entities to publish on their websites, to reduce the regulatory burden.
An amendment to Circular Letter No. 2,110 allows supervised entities to massively report data on the closure of deferred claims, which is currently done individually.
Said entity is neither registered before nor authorized by the CMF. The CMF is not in charge of its wind-up process, nor can it order the restitution of funds and assets held by its clients.
They are available for download from Google Play and other websites.
The event, inaugurated by the Chairwoman of the CMF, allows the exchange of opinions between the industry and the regulator, as well as observations to enrich the development and subsequent implementation of the regulation.
Claiming to be supervised by the CMF, this entity requested advance payments from people interested in applying for a loan. It was reported to the Public Prosecutor’s Office.
Seven Regulatory Files are repealed, decreasing the reporting burden for supervised entities.
The regulation sets forth a new mechanism to allow cooperative to reimburse participation shares without necessarily having equivalent equity contributions as long as a set of prudential conditions is met.
The proposal consolidates and systematizes the regulations governing these firms.
The regulation includes an adjustment related to Law No. 21,818, as well as an amendment that allows for early payment of increased pensions set forth in the Additional Clause on Deferred and Lifetime Pension Increases.
The "Cuidemos Nuestro Dinero" campaign will arrive at elderly citizens' clubs in different regions of the country to provide tools to prevent fraud and strengthen people’s capacity to securely navigate an increasingly digital financial system.
It sets forth that lapsed claims will be transferred in their own right to the Chilean National Fire Brigade Board, an adjustment derived from legal amendments.
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.
The regulation sets forth principles and minimum requirements for insurance and reinsurance companies to identify, assess, monitor, and control risks derived from externalizing services.
BEST+ improves the query experience by introducing search, exploration, and visualization tools, incorporating integrated methodological information to contents, and enabling automated access to data through APIs.
The proposal amends Annex 5 of Circular Letter No. 1 for Payment Card Operators.
Among other things, the proposal introduces a new Chapter 21-9 to the Updated Compilation of Banking Regulations that consolidates and refines requirements for the use of these methodologies. Workshops with industry representatives will also be held during the consultation process to provide further details on adjustments and identify any remaining issues.
Mandatory cases for Reinforced Client Authentication are now in effect, along with the elimination of mechanisms using printed data — except for customer groups defined by entities themselves.
The CMF publishes for consultation a proposal that establishes a free, widespread mechanism for supervised entities to check whether the holders of certain assets are deceased, facilitating the legal obligation of transferring said unclaimed assets to the Chilean National Fire Brigade Board.
The Mutual Funds Portal provides clear, simple information on profitability, costs, portfolios, and industry activity.
In terms of access, population coverage for savings and cash management products is high, and there are no gender gaps following sustained progress in financial inclusion over the past few decades.
The regulation systematizes and consolidates regulation applicable to stock and commodity exchanges and intermediaries, as well as including specific improvements to perfect the good functioning of the market.
The Financial Market Commission deeply regrets the loss of life and damage suffered by numerous families and communities due to intense rainfall, flooding, and affectations derived from the weather fronts hitting several regions in the country and strengthens its procedures to inform and orient people about collecting insurance claims.
Through this regulation, the CMF unifies admissibility, valuation and revalorization criteria for collaterals used as credit risk mitigators, as well as homologating elements for provisions, capital, and individual credit limit standards
Insurance companies posted USD 4,546 million in sales as of the first quarter of 2026, an increase of 8.5 percent in real terms versus the same period last year. Life insurance market sales reached USD 3,212 million in that span, growing by 12.3 percent in real terms, while general insurance market sales amounted to USD 1,334 million and increased by 0.4 percent in real terms.
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.
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.
President Catherine Tornel additionally extended, for the same period, the appointment of Robert Rivas Carrillo as administrator of the company.
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.
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.
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.
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.
They are available for download from Google Play and other websites.
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
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.
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.
These proposals establish the means and timeframes for supervised entities to submit their information for supervisory purposes.
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
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
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.
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.
The proposal sets forth the procedures for financial institutions to follow when obtaining, recording, reporting, and accounting for consent granted by debtors.
The new compendium modernizes and systematizes regulations applicable to External Auditing Firms.
The CMF fined the company UF 150.
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.
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.
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.
Conecta Mayor UC joins the body presided by Chairwoman Catherine Tornel.
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.
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.
The proposal brings greater clarity and improves the efficiency of regulatory compliance processes.
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.
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
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.
Claiming to be supervised by the Commission, these four entities request advance payments for loans that never materialize.
They are available for download on Google Play and other websites.
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.
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.
Chairwoman Catherine Tornel also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
The Commission applied censure.
The Mutual Funds Portal provides clear, simple information on profitability, costs, portfolios, and industry activity.
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.
The CMF fined each company UF 100.
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.
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.
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.
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
The proposal also amends the Compendium of Accounting Standards for Cooperatives to perfect the submission of related financial information.
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.
The proposal aims to systematize and consolidate regulations applicable to stock and commodity exchanges and intermediaries, creating a clear, coherent regulatory framework.
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.
The proposal establishes procedures financial institutions must consider when obtaining, recording, reporting, and accounting for debtors’ consent.
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.
General Rule No. 532, containing the ISMF (information requirements for funds and their managers to comply with before the CMF), is amended.
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.
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.
The Commission reported two applications available on Google Play and other websites for offering predatory loans.
Said regulatory update is part of a periodic review carried out by the Commission to strengthen technical consistency and alignment with international standards.
These regulations establish the form, means, and timeframes for these entities to submit their information for supervisory purposes.
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.
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.
The proposal amends General Rule No. 532 on information requirements that both funds and their managers must submit to the CMF.
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.
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
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.
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.
Chubb Seguros Chile S.A. and Chubb Seguros de Vida Chile S.A. were fined UF 150 each.
It updates General Rule No. 258 with instructions regarding bilateral portfolio compression in central counterparty systems.
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.
The regulatory proposals establish form, means, and timeframes for these entities to submit their information for supervisory purposes.
Seven projects dealing with several issues of interest to the Commission were selected.
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.
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.
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.
The first workshop, about corporate governance, will be held on August 22.
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.
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.
The regulation includes an amendment to the pension system that removes external offers from the SCOMP.
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.
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.
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.
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.
They are available on Google Play and other websites.
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.
The proposal introduces some modifications to General Rule No. 514 and makes most of its Annex 3 permanent.
The proposal updates General Rule No. 258 with instructions regarding bilateral portfolio compression in central counterparty systems.
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.
Pursuant to Law No. 20,009 and covering cases of users affected by loss, theft, robbery, and fraud.
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.
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.
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.
The second proposal on parametric insurance includes feedback on the number of insurable risks, new indices to use, and payment trigger dates.
The proposal includes an amendment to the pension system that removes external offers from the SCOMP.
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.
They are available for download from Google Play and other websites.
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.
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.
The regulation aims to set a standard for minimum payment on credit cards, including an amortization percentage to reduce over-indebtedness.
The Board fined the bank UF 617.98 for granting loans to parties enrolled in the RNDPA.
The proposal establishes minimum equity, collateral, indebtedness, and liquidity requirements for these entities.
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.
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.
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.
Sanctions arise from these AFIPs not sending quarterly information about their funds to the Commission in a timely manner.
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.
Loans in the banking system declined by 2.24 percent due to identical trends in the commercial and consumer portfolios.
The Chairwoman of the Financial Market Commission presented today the Public Account about the CMF’s activities during 2024.
Supervised entities must use CMF Supervisa to submit information required by current laws and regulations as of May 1, 2025.
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.
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.
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.
The Board agreed to apply such requirements to Banco Santander-Chile.
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.
The premiums were not refunded in time and did not include the corresponding readjustment stated in current regulations for early terminations of insurance contracts.
Bernardita Piedrabuena completed her term as Deputy Chairwoman on April 8.
The new communication channel between the Commission and supervised parties, “CMF Supervisa,” begins operating on May 1 through the CMF website.
Loans in the banking system fell by 1.87 percent after identical trends in the consumer and commercial portfolios.
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.
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.
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.
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.
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.
The Board fined four banking entities a total of UF 1,628.7 for granting loans to parties enrolled in the RNDPA.
Pursuant to current rules and regulations, this was the third and final stage the entity had to complete to obtain its banking license.
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.
It is the second of three stages the financial entity must complete to wrap up its establishment process pursuant to the General Banking Act.
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.
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.
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.
The ban will be in effect for 30 days.
Sanctions arise from these AFIPs not sending quarterly information about their funds to the Commission in a timely manner.
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.
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.
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.
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.
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.
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.
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.
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.
42 entities failed to submit their financial statements in a timely manner.
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.
Subrogate Chairwoman Catherine Tornel also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe
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.
Civil engineer Ricardo Budinich Diez shall assume his functions regarding the manager under liquidation on January 6.
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.
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.
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.
The bank was fined UF 200.
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.
The new insurance company can begin operations as soon as it enrolls and publishes the certificate granted by the Commission.
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.
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.
Loans in the banking system declined 1.04 percent due to a contraction of the commercial portfolio.
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.
It establishes requirements based on a risk-weighted assets approach in line with the best international practices.
This is due to not submitting reliable information about the financial and accounting situation of Primus Capital S.A.
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.
The fund manager and insurance company were fined UF 70 and 50, respectively.
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.
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.
The proposal creates the Information Systems Manual for Funds and amends General Rule No. 365.
The proposal aims to strengthen the supervision of risks related to investment portfolios of insurance companies.
Loans in the banking system declined by 2.51 percent in 12 months due to contractions in the commercial portfolio.
The Board of the Commission fined each UF 1,250 for infringing upon Article 16, Number 5 of Law No. 18,045.
This is the first of three steps TBCH must complete to obtain its authorization to operate as a banking institution.
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.
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.
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.
The regulation amends Files C11, C12 and C13, as well as Table 34 of the Information Systems Manual for Banks.
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.
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.
The new entity shall be known as HDI Seguros S.A.
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.
The proposal aims to diversify these entities’ investment portfolios while maintaining adequate prudential safeguards.
The entity was fined UF 50.
CMF sanctions four financial institutions for infringing the Law on Family Abandonment and Alimony Payments
Loans in the banking system declined by 1.42 percent in 12 months because of contractions in the consumer and commercial portfolios.
It reported five entities to the Public Prosecutor’s Office which claim to be supervised and request advance payments for loans that never materialize.
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.
The entity was fined UF 50.
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.
Loans in the banking system increased by 0.21 percent over 12 months, buoyed by an expanded housing portfolio.
It is the second of three stages the financial entity must complete to wrap up its establishment process pursuant to the General Banking Act.
The entity is barred from granting, acquiring or managing endorsable mutual mortgages while the suspension is in effect.
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.
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.
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.
Loans in the banking system expanded by 1.17 percent in 12 months thanks to a recovery in the consumer portfolio.
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.
This Circular Letter implements the recent decision by the Board of the Central Bank of Chile regarding payment card operating subsidiaries.
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.
It seeks to provide clear, simple information on mutual fund costs in Chile, promote greater competition in the industry, and contribute to financial education.
The consultation involves amending Files C11, C12 and C13, as well as Table 34 of the Information Systems Manual for Banks.
Loans in the banking system declined by 0.06 percent over 12 months due to a decrease in both commercial and consumer loans.
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
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.
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.
Sanctioned parties infringed upon the incompatibilities and separation of functions stated in Article 169 of the Law on the Securities Market.
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.
Loans in the banking system grew 1.27 percent over 12 months, buoyed by the housing portfolio.
Mortality tables are used to calculate technical reserves to be constituted by insurance companies for life insurance contracts with a validity over four years.
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.
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.
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.
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.
The regulation aims to harmonize and unify information banks must submit to the Commission.
Claiming to be supervised by the Commission, these loan offerors request advance payments from people applying for loans that are never materialized.
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.
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.
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.
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.
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.
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.
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.
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.
The Board sanctioned the company with censure.
The proposal aims to strengthen the supervision of risks related to investment portfolios of 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.
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.
Loans in the banking system fell by 0.85 percent over 12 months due to a decline in the commercial portfolio.
The Board applied a fine of UF 500.
The amendments aim to improve information given to people regarding characteristics of this type of insurance.
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.
This is the first of three steps TBD must complete to obtain its authorization to operate as a banking institution.
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.
The industry posted sales for USD 10,969 million, a real increase of 13.4 versus the same period last year.
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.
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.
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.
The sixth consulting table to implement the OFS will deal with participants, products and graduality.
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.
The Board of the CMF fined the company UF 1,100.
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.
The Board of the CMF applied a fine of UF 200 for not submitting its financial statements within the required timeframe.
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 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.
The placements of the banking system declined by 1.91% over a 12-month period, mainly due to the setback in commercial placements.
The proposal introduces improvements to facilitate the supervisory process and clarify some aspects of capital assessments after two cycles of capital adequacy analysis.
Chairwoman Solange Berstein also extends the appointment of Mr. Robert Rivas Carrillo as the company's administrator for the same period.
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.
The board applied fines between UF 100 and 600 to four directors.
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.
The new regulation aims to modernize current information requirements used for statistical and prudential supervisory purposes.
This public-private group will assist the CMF in implementing and developing the Open Finance System as part of the Fintech Act.
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.
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.
Loans in the banking system fell by 2.41 percent over the past 12 months, mainly due to a decline in the commercial portfolio.
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.
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.
It incorporates information on balances and use of these financial instruments for both banking and non-banking issuers.
These 10 apps refer to entities not supervised by the Commission and offer loans with an interest exceeding the Maximum Conventional Rate.
• 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.
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.
Loans in the banking system declined by 2.99 percent during the past year due to a fall in the commercial portfolio
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
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.
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.
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.
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.
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.
The company was fined UF 2,500, while the directors and general manager were fined UF 800 each.
First session will be held on October 16 and focuses on the implementation roadmap and governance.
The Board fined the company UF 100.
Loans in the banking system fell by 2.88 percent in 12 months due to a decline in the commercial portfolio.
These instructions apply to stockbrokers and securities agents.
Insurance companies posted sales for USD 3,856 million, a real increase of 13.2 percent versus the same period last year.
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.
Insurance companies posted sales for USD 3,856 million, a real increase of 13.2 percent versus the same period last year.
Loans in the banking system contracted 3.99 percent over 12 months due to a decline in the commercial portfolio.
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.
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.
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.
The Center’s main tasks include supporting the implementation process of the Fintech Act and the Open Finance System in Chile.
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.
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.
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.
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.
Loans in the banking system fell 5.47 percent in 12 months due to a steep decline in the commercial portfolio.
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.
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.
Loans in the banking system fell 3.18 percent over 12 months due to contractions in the commercial and consumer portfolios.
Chairwoman Solange Berstein also extended Mr. Robert Rivas Carrillo as administrator of the company for the same timeframe.
The meeting was held in Bangkok, Thailand.
The Board fined the non-banking payment card issuer with UF 1,200 for operations between May 2019 and February 2022.
Insurance companies recorded USD 13,321 million in sales last year, a real increase of 15.3 percent compared to 2021.
Loans in the banking system fell 3.80 percent over 12 months due to larger contractions in the consumer and commercial portfolios.
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.
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.
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.
During the meeting, Chile was ratified as one of the Vice-Presidents of the Association of Insurance Supervisors of Latin America.
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.
Loans in the banking system declined by 2.55 percent over 12 months due to larger contractions in the consumer and commercial portfolios.
The Plan focuses on eight strategic objectives that contribute to strengthening the Commission's prudential, market conduct, and financial market development mandate.
Claiming to be supervised by the Commission, these four entities request advance payments for loans that are never materialized.
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.
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.
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.
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.
This is pursuant to Law No. 21,521, which promotes competition and financial inclusion through innovation and technology in the provision of financial services.
Insurance companies posted sales for USD 8,565 million, a real increase of 15.9 percent versus the same period last year.
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.
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.
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.
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.
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.
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.
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.
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.
Law No. 21,521 becomes effective as of February 3, 2023
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.
Conventional Current and Maximum Interest Rates
The board fined Izquierdo UF 100 for breaching the ban stated on Article 16, Section 5 of the Law on the Securities Market.
Incoludido will also be reported to the Public Prosecutor’s Office for allegedly breaching the General Banking Act.
- 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.
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.
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.
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.
This simplifies the different effective equity requirements for banks, maintaining only the recently implemented Basel standard for said purposes.
This is in accordance with guidelines enacted by the Central Bank of Chile in June 2022.
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.
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.
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.
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.
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.
The new regulation defines requirements to be met by these entities for their registration and operation.
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.
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.
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.
The new File systematizes the submission of information on claims subject to lapsing that banks are required to report on an annual basis.
The regulation sets a general framework to assess banks’ liquidity adequacy and the possibility of determining additional requirements for high-quality liquid assets.
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.
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.
Insurance companies posted sales for USD 5,579 million, a real increase of 22 percent versus the same period last year.
Insurance companies posted sales for USD 5,579 million, a real increase of 22 percent versus the same period last year.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Board applied fines for UF 2,000 to the company and UF 600 to its general manager and each of its directors.
The Board applied fines for UF 2,000 to the company and UF 600 to its general manager and each of its directors.
The regulatory proposal aims to systematize the submission of information on banking claims that banks are required to submit annually.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The EC approved the equivalence of regulations for clearing and settlement of derivatives in central counterparties in Chile.
Loans in the banking system increased 4.35 percent in 12 months, buoyed by expansions in the commercial and consumer portfolios.
The Commission received the Zero Paper, Zero Queues and Digital Identity seals granted by the Ministry General Secretariat of the Presidency.
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.
Insurance companies recorded USD 10.3 billion in sales last year, a real increase of 3.7 percent compared to 2020.
This entity is neither supervised nor authorized by the Commission to provide investment services in Chile.
Solange Berstein inaugurated the academic year of University of Talca's Santiago Campus today.
The regulatory proposal aims to collect necessary information to ensure compliance with adequate management of the banking book market risks and credit concentration 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.
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.
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.
“A weakened capital increases the probability of insurance companies not paying pensions and other policies taken out by millions of people,” said the Chairwoman.
Basel III standards
Once the necessary system adjustments are made, the new clause will be available for quotes through SCOMP starting on September 5, 2022.
The Commission has issued alerts about 12 investment platforms that are neither regulated nor authorized to provide services in Chile since 2020.
This is pursuant to Law No. 21,314, which establishes new transparency requirements and strengthens responsibilities for market agents
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.
This is in accordance with the provisions of Law No. 21,130, enacted in January 2019, which modernizes banking legislation.
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.
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.
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.
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.
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.
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.
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.
The data is available on the Commission’s Temporary Series Statistical Database platform.
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.
This is in accordance with the provisions of Law No. 21,314, intended to establish new transparency requirements and strengthen responsibilities for market agents.
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.
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.
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.
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.
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.
Interested parties can check whether there are claims in their favor using the search engine available on the CMF website.
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.
The regulation establishes the principles and concepts of proper risk management, as well as periodic self-assessments.
The Chairman reviewed the financing mechanisms implemented through FOGAPE.
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.
This is pursuant to Law No. 21.314 on Transparency and Accountability of Market Agents.
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.
• The objective is that insurance companies can start receiving withdrawal applications as of next week.
• 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.
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.
The Board of the Commission applied fines for the issuance of audit reports lacking sufficient and appropriate supporting evidence.
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.
The analysis ruled out the presence of ransomware. Instead, the detected vulnerability was limited to the Microsoft Exchange platform.
It is a vulnerability detected through the Microsoft Exchange email platform.
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.
• Chairman Cortez stated that massive and frequent switches between pension funds cause greater volatility in the financial market.
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.
The regulation intends to establish principles and technical aspects to be considered by companies when setting up their insurance liabilities.
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.
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.
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.
The regulation intends to establish the principles and concepts of proper risk management.
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.
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.
The Commission instructed banks to adopt all necessary measures for timely service and information to citizens.
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.
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.
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.
The report, titled "ATM Activity: A Regional Approach," is a breakthrough in the analysis of the use of these devices by banking customers.
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.
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.
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.
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 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.
• During October, a series of informative and educational activities will take place in areas such as responsible indebtedness, fraud protection, and cybersecurity.
• The proposal sets provisions regarding the promotion of market discipline and financial transparency, following the recommendations of Pillar 3 of the Basel capital framework.
• 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
• 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.
• 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.
• 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).
• The Commission fined them for non-compliance with the procedures for acceptance of pension offers, advisory obligations, information duties, and restrictions on fees.
• 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.
The Commission instructed the entity to take all necessary measures to safeguard information security and restore affected services.
• 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.
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.
• The Board of the Commission also sanctioned two former company executives for breaching the duties of care and diligence.
• 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.
• 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.
• 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.
• The Board fined Paul Fontaine UF 2,000 for selling the corporation's shares while in possession of inside information on its financial statements.
The amendments are intended to safeguard the solvency of these entities and bring the regulatory framework in line with the best international practices.
• 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.
• The meeting of the Central Banks and Supervisors Network for Greening the Financial System (NGFS) was held on Tuesday, May 26.
• The amendments allow surplus housing mortgage collateral to be used as a safeguard for commercial loans aimed at small and medium-sized enterprises.
• 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.
• 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.
• The regulation temporarily eases the requirements for registration of long-term debt securities.
The instructions will be in force until October 31, 2021
Loans in the banking system grew 9.45 percent in 12 months, boosted by the commercial portfolio.
Starting today, the Commission will allow access through its website using the Individual Password (“Clave Única”) issued by the Civil Registry.
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.
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.
• 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
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.
Supervised institutions will have 15 days beyond the original March 2020 timeframe to submit to the Commission their audited results for the previous year.
Regulations in force allow insurance companies to add exceptions to their coverage.
The proposed regulation authorizes so-called “institutional investors” to directly input their operations into such systems.
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.
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.
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.
The report, which is in its sixth version, aims to contribute to the analysis of the evolution of individual indebtedness in Chile.
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 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).
Entry into the NGFS was announced yesterday during the Financial Market Commission's participation at the COP25 summit in Madrid.
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.
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 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.
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.
Alongside the industry results, the Financial Market Commission (CMF) provides a summary of the system's performance to facilitate understanding of the provided statistics.
The sanctions affect three General Fund Managers and 50 Private Investment Fund Managers for breaching the provisions of General Rule No. 364 of 2014.
The information concerns 41,593 cards, which were already preemptively blocked by the corresponding issuing institutions.
The Commission will invite four firms of recognized experience and prestige to submit their bids within 10 days.
These timeframes are published in the Supervised Entity Timeframes Calendar on the CMF website.
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.
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 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.