The Chile Financial Market Commission has published for consultation a draft Regulatory Compendium of Exchanges and Intermediaries, intended to systematize and modernize the regulatory framework for stock and commodity exchanges and for securities and commodity intermediaries. The proposal consolidates 78 existing regulations into a single compendium organised into three chapters covering stock exchanges, stock exchange interconnection rules currently set out in General Rule No. 480, and intermediaries. While most provisions re-order existing instructions, the draft also seeks to improve coherence and clarity and to repeal obsolete guidance, and it introduces adjustments on the authorisation process for new exchanges, the ability of existing exchanges to grant foreign intermediaries direct access to their trading systems, and a more equivalent framework for securities intermediaries and commodity brokers in light of the services both can provide under the Fintech Act. The CMF invites exchanges, intermediaries and other market participants to comment, including on whether any provisions are no longer relevant and whether proposed adjustments could create unreasonable implementation costs or operational difficulties. It also indicates that further modernisation and simplification of the regulatory framework for these supervised entities will continue after the compendium is issued.

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