The Chile Financial Market Commission (CMF) issued the final regulation setting out how the Consolidated Debt Registry (REDEC) will operate under Law No. 21,680 and under CMF management. The framework is designed to expand and modernise the CMF’s current Debt Report by adding new reporting entities, enabling new debtor rights, and providing more complete and up-to-date information for commercial and credit risk assessments. General Rule No. 540 establishes the operational requirements for identifying reporting entities, defining the information and reporting timelines to build and run the registry, managing debtor consent for access by reporting entities, and setting minimum data security and quality measures. It also specifies access conditions and timelines, the exercise of debtor rights (access, rectification, supplementation and cancellation), the recording of sanctions for non-compliance, and the database structure, including an anonymised database and a database for access to debt reported to the Commercial Bulletin. The accompanying Information Systems Manual (ISMREDEC) sets out the reporting, inquiry, and validation and management systems, including mechanisms for rectification, inquiry management and consent management. Changes from the proposal consulted between 15 April and 27 May 2025 include extending the consent-based access timeframe for reporting entities from 10 to 15 banking days, replacing a proposed quarterly report with debtor request reporting via File RDC30, allowing File RDC01 to capture positive debt, negative debt or both under Title III of Law No. 19,628 notifications, and clarifying that required audits are external and performed by a firm supervised by the CMF. The CMF also published a Regulatory Report summarising the framework and responses to consultation comments.

Original source View in tracker