Chile's Financial Market Commission consults on updated cooperative rulebook and information systems manual for savings and credit cooperatives

Chile's Financial Market Commission (CMF) opened a consultation on proposals to modernise and consolidate the regulatory framework for savings and credit cooperatives it supervises, centred on creating an Updated Compilation of Cooperative Regulations and an Information Systems Manual for these entities. The package is intended to reorganise existing requirements and add new, cooperative-specific instructions to support clearer application while maintaining cooperatives’ distinct identity. It reflects the CMF’s expanded remit under Law No. 21,641 (Financial Resilience Act), including the transfer of powers over areas such as internal management and corporate governance from the Ministry of Economy’s Division of Associativity and Cooperatives. The proposed supervisory approach is described as proportional, combining a sector-specific framework differentiated from banking rules with risk-based supervision calibrated to each cooperative’s vulnerabilities. Implementation of the new supervisory focus is expected to be gradual. The CMF has published the draft measures for feedback via its “Regulations Under Consultation” webpage and provided a Regulatory Report setting out core elements and an impact assessment.