The process will be open until December 12, 2025, and seeks to adapt a more realistic and orderly implementation of the Open Finance System.
The Financial Market Commission (CMF) opened the public consultation period for amendments to General Rule No. 514, which regulates the Open Finance System (SFA) established in the Fintec Law.
After receiving more than 400 comments from 32 entities and associations in the first consultation, the CMF is now proposing key adjustments aimed at a more realistic and orderly implementation.
The process will last for 30 calendar days, so it will be available until December 12, 2025, allowing financial institutions, fintech companies, trade associations, and other interested parties to submit their comments before the final version of the rule is released.
The main changes proposed are:
- Extension of the deadlines for the entry into force and gradual application of the rule.
- Pilot period prior to the formal operation of the system.
- Simplified mechanisms for the participation of certain actors.
- Revision of the rules on consent, traceability, and data exchange.
- Adjustments to technical and interoperability requirements.
It is important to mention that the process represents a concrete opportunity to actively participate in defining the operational framework of the SFA, which will impact:
- Traditional financial institutions, which will have to adapt to new connectivity and data management standards.
- Fintech companies and startups, which will be able to access open infrastructure and participate in a more competitive environment.
- Users and consumers, who will gain more control and alternatives over the use of their financial information.
We invite you to review the proposal published by the CMF and evaluate its impact on compliance, technology, and data protection, and to become part of this process.
Consultation available here.
For more information about this consultation, 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
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