Chile’s Financial Market Commission (CMF) has published an implementation update after the transitional period for registration and operating authorisation under the Fintech Act ended, requiring firms providing in-scope services to have filed the relevant enrolment and authorisation applications by 3 February 2025 to continue operating. Under the framework, new entrants must apply for enrolment in the Registry of Financial Services Providers and, at the same time or subsequently, for the relevant operating authorisation, with applications made per service line. The CMF noted that General Rule No. 502 sets the detailed requirements and that the Fintech Act covers alternative trading systems, financial instrument intermediation, collective financing platforms, custodians of financial instruments, order rerouting, and loan advisers. It reported 335 enrolment requests, including 160 simultaneous authorisation applications, with filings across activities including 82 investment advisers, 65 financial instrument intermediaries, 35 order rerouting services, 32 alternative trading systems, 23 custodians, 21 collective financing platforms, and 10 loan advisers; 26 requests have been approved, all for investment advisory services, while 33 enrolment requests were rejected and 8 enrolment and 6 authorisation requests were withdrawn. The CMF warned that entities currently providing Fintech Act services without having filed enrolment and authorisation requests are outside the legal framework and may face inspections and sanctions, and urged them to regularise their position promptly. It also noted that the transitional period for investment advisers ended in February 2024.

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