Chile’s Financial Market Commission (CMF) has launched a consultation on a regulatory proposal to amend General Rule No. 514 governing the Open Finance System and to incorporate most of the specifications currently set out in Technical Annex 3, making them permanent. Elements not covered by this proposal, including payment initiation, are expected to be addressed in future work. The proposal would supplement the rule with technical specifications covering the Registry of Participants and operational features such as certificates, signatures and programmed maintenance; API standards (including nomenclature, response codes and pagination); availability and performance parameters, including TPM/TPS; consent generation and management; conditions for the validity and granting of certifications and tests; monitoring, reporting and information quality testing; and reporting of suspensions and operational incidents such as interruptions and events. It also updates requirements relating to reactivation of suspended participants, timeframes for providing security certificates, submission of enrolment milestones, participation in the Sandbox and Registry, and certain alternative mechanisms. Feedback can be submitted via the CMF website’s Regulations Under Consultation section until August 18, 2025, and the CMF has published a supporting Regulatory Report summarising the proposal’s core elements.

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