The Chile Financial Market Commission has amended General Rule No. 514 on the Open Finance System (OFS) under the Fintech Act, setting out the elements needed for implementation, including requirements for information exchange, payment initiation and interoperability. The amendment adds Annex No. 3 with the OFS technical specifications and is accompanied by the publication of a Developers' Portal, allowing participating entities to begin the developments needed for the system to operate. The changes also revise the implementation framework to reduce friction and protect system security. They introduce a more gradual start to the OFS operating phases, harmonise alternative mechanisms, allow simplified participation for smaller entities, and formalise a trial period together with earlier availability of the CMF technological sandbox for testing. Given the complexity of implementation, the rule's entry into force has been postponed to July 2027.
Chile Financial Market Commission2026-06-01
Chile Financial Market Commission amends Open Finance System rule with technical specifications and defers entry into force to July 2027
The Chile Financial Market Commission has amended General Rule No. 514 on the Open Finance System under the Fintech Act, adding technical specifications in a new Annex No. 3 and launching a Developers’ Portal. The changes adjust the implementation framework to reduce friction and enhance security by phasing in operations more gradually, harmonising alternative mechanisms, simplifying participation for smaller entities, and formalising a trial period with earlier access to the technological sandbox. Entry into force has been postponed to July 2027.