Chile’s Financial Market Commission (CMF) opened a consultation on amendments to General Rule No. 514 governing the Open Finance System (OFS), proposing a more gradual implementation and a 12-month delay to the framework’s entry into force, which would move to July 2027. The package follows analysis of feedback to the public consultation on Annex 3 to General Rule No. 514, which drew more than 400 comments from 32 entities and trade associations across banks, cooperatives, insurers, fund managers, payment operators and fintech participants. The proposed changes add intermediate milestones, with emphasis on payment initiation and Group 2 entities (Other Information Providers), and introduce a two-phase trial timeframe. Phase 1 would be voluntary and run until the maximum implementation timeframe for each information type, allowing testing with limited customer groups, constrained counterparties and reduced Service Level Agreement (SLA) requirements. Phase 2 would be mandatory for two months starting on the maximum implementation date for each information type, applying all requirements other than continued reduced SLAs. The CMF also proposes to set up testing environments before the regulation becomes effective, introduce simplified OFS participation for Group 2 entities below a customer threshold, and include an alternative mechanism homologated to the contingency mechanism. Other amendments include extending the historical financial information reporting interval from 12 to 24 months, requiring transactional information to be reflected in the OFS within five minutes of being available on providers’ websites, and clarifying consent and payment-initiation authorisation requirements. Feedback can be submitted via the CMF’s “Regulations Under Consultation” section until December 12, 2025, alongside a Regulatory Report setting out core elements and an impact assessment.

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