/ CMF Consultation: New Governance Regulations and Risks for financial entities in Chile

On August 8, 2023, the Financial Market Commission of Chile (“CMF”) submitted the following for consultation: (i) a General Applicability Rule (“NCG”) which aims to establish a Corporate Governance and Comprehensive Risk Management Regulatory Framework for Registered Fund Managers (“AGFs”), including the provisions of Law 21,521 (“FINTECH Law”) and Circular Letter 1,869 of the CMF, repealing the latter; and (ii) an NCG that aims to update the Operational Risk Management framework for Clearing and Settlement System Managers, Securities Deposit and Custody Companies, Stock Exchanges, Commodity Exchanges, Securities Intermediaries, Commodity Exchange Brokers and AGFs, including those provisions of the FINTECH Law in order to provide instructions regarding the operational risk management of such entities.

Here you will find a summary of the NCGs submitted for consultation by the CMF:

https://alessandri.legal/en/proposal-for-a-corporate-governance-and-comprehensive-risk-management-standard-for-general-fund-managers/?preview_id=19925&preview_nonce=2ab6d15a6b&_thumbnail_id=19315&preview=true

Proposed Operational Risk Management Standard for Clearing and Settlement System Administrators, Securities Depository and Custody Companies, Stock Exchanges, Commodity Exchanges, Securities Intermediaries, Commodity Exchange Brokers and Registered Fund Managers (AGFs)

For further information please contact Felipe Cousiño Prieto (Partner) and Francisca Donoso Fernández (Associate Attorney).