The Chile Financial Market Commission has published Chairwoman Catherine Tornel's 2025 Institutional Public Account, setting out a supervisory agenda centred on monitoring artificial intelligence and related cybersecurity risks, moving to more advanced banking risk measurement, preparing a risk-based supervision bill for insurers, and expanding data-driven supervision. Tornel also said the CMF will promote ongoing technical dialogue with market participants and pursue a regulatory framework that is simple, efficient, dynamic and proportionate across its prudential, conduct and market development mandates. The presentation identified climate change, armed conflicts, geopolitical risks, a more unstable macroeconomic environment and increasingly complex business and asset models as part of the current backdrop for supervision. In banking, Tornel pointed to the use of CMF-validated internal models and Basel III standard models for measuring market and credit risks. In insurance, she said the CMF Board is willing to submit a Risk-Based Supervision Act proposal to the Ministry of Finance, which would also make the current limits regime governing the sector more flexible. The public account also reported that 82 percent of the targets in the 2023-2026 Strategic Plan had been achieved by end-2025. The CMF's supervisory perimeter covered more than 8,000 entities managing about 74 percent of financial market assets, equivalent to 1.8 times Chile's GDP. It also said 42 entities were enrolled in the Financial Service Providers Registry in 2024 and 2025, 37 were authorised to provide services under the Fintech Act, and monetary fines imposed in 2025 totaled UF 535,969.

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