The Financial Market Commission (CMF) has launched a public consultation to receive comments on the regulations that regulate the Open Finance System, in accordance with the provisions of Law No. 21,521, known as the Fintec Law. This new draft regulation seeks to establish the requirements and conditions that system operators and participants must comply with to guarantee a safe and efficient environment for the exchange of financial data.
Last Monday, April 15, the CMF put up for consultation, until May 15, 2024, the Regulations that regulate the Open Finance System (OFS), which seeks to complement the regulations that the same institution issued on January 12 of this year. year, and in this way regulate the registration, authorization and obligations of financial service providers. Due to this consultation, the CMF seeks to collect opinions and observations from the various actors in the financial market to perfect the regulatory proposal, ensuring that it is adequately aligned with the needs of the market and the principles of protection of financial consumers.
The proposal addresses the matters contemplated in Title III of the Fintech Law, integrating the requirements established in said law into a single regulatory body. In this way, the text is structured in the following sections:
- Section I: Perimeter of the Open Finance System. Defines who the participants are and establishes the limits of the system.
- Section II: System Operation. Details the operational functioning of the system.
- Section III: Security and System Safeguards. Specifies the security measures required to protect the data exchanged.
- Section IV: System Information. Regulates what information can be shared within the system.
- Section V: Other Provisions. Includes additional provisions relevant to the implementation of the system.
Once the consultation is completed, the implementation period of the SFA will be gradual and will depend on the role played by each participant within the System, beginning to take effect within 18 months from the issuance of the regulations.
When the standard is issued, the regulation will be complemented with the manuals that the CMF will dictate for this purpose. For this, the usual consultation tools will be used and, in particular, there will be the contribution of the Open Finance System Forum, created at the end of 2023.
The proposed standard is available on the CMF website | See site, in the Regulations in Consultation section. Additionally, and to facilitate participation and the entry of comments to each of the sections contemplated in the regulatory proposal, the CMF enabled the following form | See form. It should also be remembered that the CMF has incorporated a special section on its website with all the details of the implementation process of the Fintec Law.
In order to discuss the implications of this regulation, you can contact our Corporate and Business and Compliance | Tech team:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Raimundo Busquet | Associate | rbusquet@az.cl
Rebecca Reiss | Associate | rreiss@az.cl
