The Financial Market Commission issued NCG No. 524, modifying key aspects established in regulation No. 502.
On December 2, 2024, the Financial Market Commission (CMF) issued a new General Rule (NCG No. 524) that improves the rules applicable to the registration and authorization of financial service providers established in the Fintec Law, as well as some of their obligations.
This initiative is part of the CMF’s commitment to maintain a constant review of the impact of the regulations, promoting an inclusive, competitive and reliable market that favors innovation and entrepreneurship.
The following are the main changes introduced to General Rule No. 502:
A. Operational capacity certification
The requirement to have an “operational capacity certification” is simplified. Now a report with the opinion of a third party regarding such capacity is required, which reduces costs and makes it easier to obtain by reducing the requirements previously demanded.
B. Turnover
Invoice transactions carried out in commodities exchanges under Law No. 19,220 will not be considered for the determination of the turnover of intermediaries and custodians. This clarification avoids that such activities distort the calculation and regulatory scope.
C. Exceptions and inherent activities
Certain exceptions related to the exclusive line of business, domicile in Chile and authorization are extended to a greater number of regulated services. Likewise, the inherent activities that fintec providers may develop are expanded, thus granting greater operational flexibility.
D. Corporate governance and risk management
A methodology is incorporated to evaluate corporate governance and risk management standards. This evaluation will have a direct impact on the minimum equity requirements applicable to intermediaries and custodians, guiding entities to strengthen their internal structures.
E. Financial Statements
For authorization applications submitted before February 3, 2025, it will be allowed to submit audited financial statements older than originally required. This measure seeks to facilitate the incorporation of new players in the Fintec market.
F. “Finfluencers
The rules for those who provide investment advice through social networks are specified, distinguishing between those accounts with more or less than 100,000 followers. This greater regulatory detail provides clarity on information obligations, protecting investors and users.
G. Records and Reports
The records to be kept by fintec providers are clarified, as well as the requirements for the submission of quarterly financial statements to the CMF. This reinforces the transparency and traceability of the information provided to the regulator and the market.
For more details on both General Rules, they are available in the search engine of the Legislation and Regulations section of the CMF’s website.
For more information on these topics, please contact our Corporate and Business team:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Stephanie Cruz | Legal & Business Director | scruz@az.cl
Vicente Martínez | Senior Associate | vmartinezw@az.cl
Nicolás Zaliasnik | Associate | nzaliasnik@az.cl
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