Legal Alert
2025-03-20
On February 28, 2025, General Regulation No. 532 came into effect, looking to update the regulations governing the periodic reporting obligations for funds and administrators covered under Articles 1 and 2 of Law No. 20.712. This update seeks to close regulatory gaps that have emerged due to the evolution of the products and services offered by these administrators.
Legal Alert
2025-03-13
The regulation adjusts the requirements for a director to not be considered independent, complementing those already established in Article 50 of Law 18.046 and imposes on parent companies supervised by the CMF the responsibility of establishing a policy that regulates the criteria for the selection of directors in their subsidiaries.
Legal Alert
2025-01-16
This regulation is issued in the context of the enactment of the Law No 21.442, published in “Diario Oficial” on April 13, 2022, which states that its regulations must be issued within 12 months from the date of the Law’s publication.
Legal Alert
2025-01-15
The present regulations set forth, on the one hand, a framework for corporate governance and comprehensive risk management applicable to both General Fund Managers, Securities Intermediaries, and Commodities Exchange Brokers, and on the other hand, incorporate these entities into the existing operational risk management framework contained in General Regulation No. 510.
Legal Alert
Through General Regulation No. 526, issued following the public consultation process held between July 8 and August 22, 2024, the CMF modified the method for determining the minimum equity and guarantees of general fund managers and portfolio managers.
Legal Alert
2025-01-02
The Cybersecurity Law N°21,663, effective as of January 1, 2025, establishes a regulatory framework for cybersecurity in both public and private sectors. It creates the National Cybersecurity Agency, responsible for overseeing compliance with the law. The law applies to essential services and operators of vital importance, which must implement preventive and responsive measures against cybersecurity incidents. It sets penalties of up to 40,000 Monthly Tax Units (UTM) for non-compliance.
Legal Alert
2024-11-25
On November 18, 2024, NCG 521, issued by the CMF, came into effect, modifying the validity section of NCG 503 to establish new instructions regarding the transition regime to the new knowledge accreditation mechanism.
Legal Alert
2024-11-15
The proposal uniforms information requirements and introduces new obligations for funds and their managers for submitting information to the regulator. Among the new requirements, they concern the expenses and effective remunerations incurred by funds, as well as the characterization of investors, among others. The proposal will remain open for public consultation until December 6, 2024.
Legal Alert
2024-11-12
Through General Rule No. 520 (NCG 520), issued following the public consultation process conducted between February 8 and April 8, 2024, the Financial Market Commission (CMF) amended General Rule No. 200, modifying the calculation method and limits on counterparty credit risk exposure in derivative transactions by implementing an approach measured through the credit equivalent, among other changes.
Legal Alert
2024-11-07
The new ruling revokes the existing regulation and establishes a new procedure to register for the simplified regime applicable to taxpayers who provide services remotely to taxpayers not subject to VAT, as well as the instructions to opt for the different tax periods under said regime.
Legal Alert
2024-11-06
General Rule No. 519, issued following the public consultation process held between August 19 and September 27, 2024, the CMF has postponed the obligation for securities issuers who have not yet done so to report an integrated annual report for the first time; has adopted international standards regarding sustainability; and has exempted entities for which the regulatory requirement would be disproportionately costly from the obligation to submit an integrated annual report.
Legal Alert
2024-10-18
On October 14, 2024, the Financial Market Commission (“CMF”) began a public consultation period until November 6 regarding a regulatory proposal that enhances certain rules applicable to the registration and authorization of financial service providers under Law No. 21,521 (the “Fintech Law”), as well as some of their obligations.
Legal Alert
2024-10-16
On October 8, 2024, the Financial Market Commission (“CMF”) submitted for public consultation a regulatory proposal aimed at determining the requirements and conditions to be considered an independent director of publicly traded companies and to regulate the content of the general policy for the election of directors in its subsidiary companies.
Legal Alert
2024-10-15
On October 7, 2024, the Financial Market Commission (“CMF”) submitted for public consultation a regulatory proposal which complements the entry into force of General Rule No. 503, regarding the accreditation of suitability and knowledge for the provision of financial services. The deadline for submitting comments on this regulatory proposal is October 30, 2024.
Legal Alert
2024-07-30
On July 25, 2024, the Financial Market Commission issued General Rule N° 516 (“NCG 516”), which establishes common criteria for reporting essential and confidential events. The NCG 516 will enter into effect on September 1, 2024.
Legal Alert
2024-07-29
The Commission for the Financial Market has issued the Proposal, which would facilitate the processing, analysis, and oversight of the required monthly information on bond issuance and placement that issuers must provide to the referred Commission. For this purpose, the Proposal seeks to modify the format and method of submission of this data, while maintaining the content and delivery frequency. The deadline for making comments on the Proposal expires on August 16, 2024.
Legal Alert
2024-07-26
On July 8, 2024, the Financial Market Commission initiated a public consultation period for the draft regulation that amends General Rule No. 502, which regulates the registration, authorization, and obligations of financial service providers under the Fintech Law. The regulatory project will be open for public consultation until August 22, 2024.
Legal Alert
2024-07-25
On July 8, 2024, the Financial Market Commission initiated a public consultation period for the draft regulation that amends General Rule No. 507, which provides instructions on corporate governance and comprehensive risk management for General Fund Administrators. The regulatory project will be open for public consultation until August 22, 2024.
Legal Alert
On July 5, 2024, the Financial Market Commission updated the frequently asked questions document associated with General Rule No. 502, incorporating guidelines under which the creation and dissemination of financial and/or investment content through media and social media constitutes investment advice as regulated by the Fintech Law.
