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Chilean Fintech Regulation

On January 4, 2023, the Fintech law was published in the Chilean Official Gazette, ushering in a new era of modernized legislation. Designed to regulate innovation and technology in financial services, this law aims to foster development, extend benefits, and reduce costs for users.

Regulated Activities: Before this law, certain companies provided financial services without regulation, posing risks to clients. The Fintech law now regulates various activities, including:

a) Crowdfunding Platforms: Collective financial platforms connecting investors with investment projects. b) Alternative Transaction Systems: Systems for estimating, offering, or trading securities outside traditional markets. c) Credit and Investment Counseling: Providing advice on credit and investment. d) Securities Custody: Safekeeping of securities. e) Order and Securities Routing: Executing securities transactions or channeling orders to alternative systems.

Companies in these areas must register with the Chilean SEC. Existing companies can continue operations during registration processing. The SEC has published rules governing the Financial Service Providers Registry’s inscription and the Investment Counseling Service’s authorization.

Foreign companies providing services in Chile must establish residency in the country.

Open Finances the aim of the law: Open Finances involves standardized systems facilitating the exchange of financial information. The principle is client ownership of financial information, requiring permission for disclosure. It aims to broaden access to financial services, reduce reliance on centralized intermediaries, and enhance transparency and efficiency.

Participating companies must adhere to principles such as proportionality, quality, transparency, data security, indiscriminate treatment, and interoperability.

Implementation of the Law: The Fintech Law took effect on February 3, 2023, introducing reforms to various financial market regulations. Some reforms became effective immediately, while others await commission regulations within 18 months. Notable immediate reforms include:

Additional Provisions: The law introduces parametric securities, paid upon the occurrence of an event, and mandates companies to offer products matching client profiles.

The Chilean SEC may pass general regulations, while the Chilean Central Bank may enact regulations to standardize cryptocurrency.

Last modified: 15/01/2024

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