On December 15, 2023, the Financial Market Commission (“CMF”) published for public consultation a regulatory proposal that will complement the proposed implementation regulation (the “Original Proposal”) of Law No. 21,521 (“Fintech Law”).
The Original Proposal (which´s public consultation process ended on November 10, 2023) did not establish necessary regulation related to the operational capacity accreditation requirements of the following Fintech services:
- Alternative transaction system services;
- Intermediation of financial instruments;
- Order routing and
- Custody of financial instruments.
The aforementioned accreditation is one of the requirements established by the Original Proposal in order to request authorization from the CMF to provide any of these services.
The new regulatory proposal establishes that to demonstrate operational capacity, the applicant must ensure that their systems and infrastructure will be able to process the operations or transactions projected once they are authorized to operate by the CMF as well as the transactions estimated for the next 3 years. For these purposes, the following must be attached to the application: Read more
