Chile's Financial Market Commission (CMF) has opened a second public consultation on a proposal to modernise and update the regulatory framework for savings and credit cooperatives it supervises, including the creation of an Updated Compilation of Cooperative Regulations and an Information Systems Manual for these entities. The new draft incorporates adjustments made after feedback in the first consultation. The package is positioned as part of the regulatory modernization enabled by the Financial Resilience Act (Law No. 21,641), which transferred responsibility for regulating and supervising cooperatives’ internal management and corporate governance to the CMF from the Ministry of Economy’s Division of Associativity and Cooperatives. The proposal is intended to introduce proportional regulation and risk-based supervision tailored to cooperatives’ characteristics, with gradual implementation to allow entities to adapt. Key changes in the revised draft focus on governance, the operation of corporate bodies, management evaluation and transparency, and update the Information Systems Manual’s background files to revise the list of relevant information requirements, without excluding information submissions required under other cross-cutting regulations. The CMF has published the draft in its “Regulations Under Consultation” section, together with a regulatory report, the feedback received during the first consultation, and an impact assessment of the updated proposal.

Original source View in tracker