The Chile Financial Market Commission has published for consultation a regulatory proposal to tighten the terms and operational procedures under which individuals consent to third parties accessing their debt information in the Consolidated Debt Registry (REDEC). The measures are intended to be implemented in April 2026, ahead of Law No. 21,680, which creates REDEC, becoming effective. The proposal sets out best practices that financial institutions must follow when obtaining, recording, reporting, and accounting for debtor consent, with consent information to be stored in the institutions’ Consent Management Systems under Section 7 of General Rule No. 540. It also aims to strengthen supervisory, complaint-handling, and sanctioning processes; improve consent reporting to enhance traceability and enable more efficient ex post reviews; add safeguards for access to sensitive REDEC debt information by reporting entities and their agents; and formalise the debtor’s right to revoke third-party authorisations, limiting access within the maximum 15 banking days set out in General Rule No. 540. Comments on the consultation are open until December 23, 2025.

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