The consultation is open until November 7, 2025, and seeks to identify costs, operational challenges, and the feasibility of the proposed deadlines for the new regulations.
The Financial Market Commission (CMF) has begun the public consultation period for a regulatory proposal that modifies General Regulation No. 532, which establishes the “Fund Information System Manual” (MSI for funds).
This initiative seeks to improve the regulatory framework applicable to general fund managers (AGFs), optimizing information reporting processes.
The regulation would be published in December 2025, but the amendment includes an extension of its effective date to June 2026, giving entities more time to adapt to the new requirements.
The proposed regulation introduces a series of technical and operational adjustments to the MSI for Funds, with the aim of improving the quality, accuracy, and efficiency of the information submitted by AGFs.
The main amendments include:
- The reporting of derivative instrument transactions (Funds 02) is redefined, establishing that such information must be sent electronically to the Central Bank of Chile through the SIID-TR system, in accordance with the CMF’s supervisory powers and Chapter III.D.3 of the Central Bank’s compendium of financial regulations.
- New tables are added to the MSI for Funds, which must be used for the preparation and submission of regulatory files, standardizing formats and facilitating data validation.
- A new requirement is included regarding the constitution of fund guarantees, in order to consolidate all regulatory reports in the MSI for Funds.
- The obligation to submit the XML file with the main variables of the internal regulations of the funds at the time of deposit is suspended, as part of a regulatory modernization process being carried out by the CMF.
- The guidelines on the mechanism and format for sending the reconciliation cover sheet for regulatory files are adjusted, as are the instructions for the validation process to be followed by the AGFs.
What is the deadline for the public consultation?
The CMF has opened a public consultation process that will be available until November 7, 2025, to gather opinions from administrators and the general public on three key aspects:
- The difficulties and costs that regulated entities could face.
- The challenges of obtaining and reporting the requested information.
- The feasibility of the deadlines established for implementing the regulations.
The amendment to NCG No. 532 represents an important step in the modernization of the fund supervision system in Chile. By incorporating technical and operational adjustments, the CMF seeks to strengthen the transparency, efficiency, and quality of information reporting by AGFs.
Consultation available here.
For more information on this topic, 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
Camila Holley | Associate | cholley@az.cl
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