/ Capital Markets Regulatory Update – Chile
March 4, 2024In January 2024, the CMF issued four rules related to the provision of financial services regulated by the Fintech Law, including investment advisors; related party transactions in open corporations, registered asset management firms and insurers; information to investors and the public; and suitability requirements for certain industry participants.
CMF regulates management of financial service providers under the Fintech Law, including investment advisors
On January 12, 2024, the CMF issued General Standard No. 502 that establishes regulations on the registration, authorization and obligations of collective financing platforms, alternative transaction systems, financial instrument intermediaries, investment advisors, credit advisors, custodians of financial instruments and routing of financial service providers, in accordance with the provisions of Law 21,521.
Requirements to prove suitability for the performance of functions
On January 12th, the Financial Market Commission (CMF) issued General Standard No. 503 that establishes requirements to accredit the suitability for the performance of functions of stockbrokers, securities agents, product brokers, general fund administrators, and fund quota marketing agents, portfolio managers registered in the Registry of Portfolio Managers maintained by this Commission and those who provide investment advisory services.
Information requirements for investors and the general public
On January 12th, the Financial Market Commission (CMF) issued the General Applicability Rule No. 504 (NCG) which regulates the provisions of the third paragraph of Article 65 of the Securities Market Law.
CMF regulates minimum content of so called customary transaction policies and regulates public disclosure of related party transactions
On January 8, 2024, the CMF issued Rule NCG 501 to regulate public disclosure of related party transactions of listed corporations, registered asset management companies and insurers, and the minimum content of so called customary related party transactions that may qualify for a streamlined approval procedure.