The Financial Market Commission (CMF) issued a regulation revising minimum equity, collateral, indebtedness and liquidity requirements for securities intermediaries and commodity exchange brokers, introducing a capital approach based on risk-weighted assets (RWA). The package follows two public consultations and is intended to align requirements more closely with the risks each entity takes on and with prudential expectations applied in comparable activities. For firms that meet the regulation’s revenue threshold, minimum equity is set at the higher of UF 5,000 and 3% of RWA, alongside a statutory collateral requirement of UF 6,000. Compliance is assessed using “adjusted equity”, defined by deducting items with limited immediate loss-absorbing capacity such as intangible assets and deferred taxes from accounting equity. The regulation also sets an RWA methodology covering market, credit, operational and crypto-asset risks; retains the overall liquidity and debt-to-equity ratios under the prior framework while removing liquidity ratios tied to intermediation and capital adequacy and incorporating their components into the RWA approach; and allows the CMF to increase prudential requirements where risk management quality assessments identify deficiencies, including raising minimum equity from 3% to 6% of RWA and increasing collateral, liquidity and leverage requirements. The regulation takes effect on March 1, 2027 and repeals the previous General Rule No. 18 and related circular letters. The CMF will issue supplementary instructions on information submissions covering turnover blocks, adjusted equity, RWA calculations for operational, market and credit risks, and liquidity and leverage ratios, and it has also postponed the entry into force of amendments to enrollment rules for securities intermediaries and commodity exchange brokers until March 1, 2027 to maintain consistency with the new prudential requirements.
Chile Financial Market Commission 2026-04-20
Chile's Financial Market Commission updates minimum equity and prudential requirements for securities intermediaries and commodity exchange brokers
The Financial Market Commission issued a new prudential regime for securities intermediaries and commodity exchange brokers, introducing risk‑weighted assets-based capital requirements and revised minimum equity, collateral, indebtedness and liquidity standards. For firms above the revenue threshold, minimum equity is the higher of UF 5,000 or 3% of risk‑weighted assets, with statutory collateral of UF 6,000 and an “adjusted equity” definition excluding items with limited loss‑absorbing capacity. The regulation also establishes an RWA methodology covering market, credit, operational and crypto‑asset risks and empowers the authority to tighten requirements where risk management is deficient.