This measure seeks to improve efficiency and security in the delivery and receipt of information required by the CPM.
Recently, the Financial Market Commission (CMF) issued General Regulation (NCG) No. 515, which unifies and standardizes the communication channel between the supervised entities and the CMF.
This measure, called “CMF Supervises”, seeks to improve efficiency and security in the delivery and receipt of information required by the CMF.
In addition, NCG No. 516 was also issued, which modifies current regulations in relation to the communication of essential and reserved facts.
With respect to NCG No. 515, we highlight the following:
CMF Supervises:
Currently, audited entities use different tools such as the Online Information Sending System (SEIL) and the Extranet to send information. However, this diversity of channels has generated complications, both for the audited entities and for the CMF itself, as the information is received in different formats and systems.
In response, the main objective of this regulation is to establish a single channel, without distinctions by type of industry, to facilitate and standardize communication. CMF Supervisa will replace the SEIL and Extranet systems, and some functionalities of CMF Sin Papel, consolidating the reception and sending of information in a single system.
Implementation and transition:
The regulation will come into force on May 1, 2025, and the audited entities will have to adapt their processes to the new system. Those that used to use SEIL or Extranet will see their users and modules automatically transferred to CMF Supervisa, ensuring a seamless transition.
In addition, the new access credentials will be granted to the legal representatives of the entities, who will be able to delegate their use to other persons or systems, maintaining security and control over the information sent.
Likewise, the regulation establishes that, before May 30, 2025, the persons or entities that must send information to the service, through CMF Supervisa, shall:
- Designate and maintain updated e-mail addresses for notifications, inquiries and official instructions.
- Update your identification information submitted during the application for enrollment or authorization, in case of changes.
On the other hand, the most relevant aspects of NCG No. 516 are as follows:
The introduction of amendments to the current regulations governing the obligation of banks in Chile to report essential facts.
Specifically, the content of Chapter 18-10 of the Updated Compilation of Standards is replaced, establishing that banks, in their capacity as issuers of publicly offered securities, must comply with the provisions of General Standard No. 30 regarding the sending of essential facts, reserved information and information of interest.
Finally, the examples of situations that could constitute essential facts are expanded. It is important to note that this regulation came into force on September 1, 2024.
To discuss the implications of both regulations, please contact our Corporate and Business teams:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Vicente Martínez | Senior Associate | vmartinezw@az.cl
Simonne Rojas | Associate | srojas@az.cl
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