The regulation will take effect immediately. However, the submission of information to the CMF through the MSI will begin on June 1, 2026.
On November 21, the Financial Market Commission (CMF) issued a regulation amending the Fund Information System Manual (MSI).
The changes seek to improve the regulatory framework applicable to General Fund Administrators (AGF) and optimize information reporting processes.
It is important to mention that the MSI establishes the instructions for sending the information required for the supervision of funds and their administrators, regulated by Law No. 20,712.
The main modifications include:
- Update of regulatory files: Letters b), c), d), and g) of section “1. Regulatory files whose specific content is found in Annex No. 2” are replaced. These modifications cover information on contracts derived from the investment portfolio, actual expenses and remuneration, breakdown of expenses in mutual funds and redeemable investment funds, and capital reductions in non-redeemable funds. Additional instructions and fields for sending these files are also included.
- New form and reference tables: The form “Requirement for Information on Collateral” is incorporated and reference tables for regulatory files are added in order to standardize formats and facilitate data validation.
- Obligation to report to the Central Bank: Section IV, “Submission of information to the SIID of the Central Bank of Chile,” has been added, establishing the obligation to report derivative contracts to the Central Bank. This obligation will be considered fulfilled when administrators report in accordance with the format in Chapter III.D.3 of the Integrated Derivatives Transaction Information System (SIID) and its operating regulations. In addition, through the MSI’s FONDOS 02 regulatory file, administrators must report to the CMF the individual derivative contract transactions carried out by their managed funds.
- Adjustment to cost calculation: The cost rate calculation structure in the FONDOS 03 file has been modified.
- Elimination of obligations: The obligation to submit the XML file corresponding to the main variables of the internal fund regulations has been eliminated.
Finally, these modifications to the Funds MSI take effect immediately. However, the submission of information to the CMF via the MSI will begin on June 1, 2026.
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
Raimundo Busquet | Associate | rbusquet@az.cl
Camila Holley | Associate | cholley@az.cl
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