Chile Financial Market Commission has published for consultation a regulatory proposal setting out how the Consolidated Debt Registry REDEC will operate under Law No. 21,680, including reporting, access, consent and security arrangements. The Commission would manage the registry, which is designed to centralise and consolidate debtor-level information on amounts, loan types, timeframes and payment status and to improve the current credit information framework. The draft General Rule sets operational requirements to identify entities that must report to REDEC, specify the information to be submitted and submission timeframes, and govern the management of debtor consent for reporting entities to access data. It also sets minimum security measures and data-quality standards, defines conditions and timeframes for access, formalises debtors’ rights of access, rectification, supplementation and cancellation, provides for recording sanctions for non-compliance, and defines the structure of the REDEC databases, including an anonymised database and the database covering access to debt reported to the Commercial Bulletin. An Information Systems Manual would be used to support timely data provision by reporting entities. Consultation materials include a regulatory report covering core elements and an impact assessment and are available via the CMF website’s Regulations Under Consultation section.

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