The Chile Financial Market Commission has opened a consultation on a proposal to create a Regulatory Compendium of External Auditing Firms (RCEAF) and amend General Rule No. 30, aiming to consolidate, modernize and align the regulatory framework for External Auditing Firms (EAFs) with updated international standards and practices. The draft also introduces a proportionality approach by applying additional suitability requirements to EAFs that audit a specific group of supervised entities where the reliability of financial information is most relevant. The proposed RCEAF is structured into nine chapters covering, among other topics, firm requirements, technical suitability, internal regulations, ongoing information, registries and supporting documentation, EAF opinions, amendments, repeals and validity. Key changes include removing the requirement for EAFs to be incorporated as partnerships, introducing a technical suitability model that could use exams and ongoing training programs established by a self-regulatory body for teams auditing certain supervised entities, and updating internal regulations to reflect new suitability requirements and incorporate ethics and due diligence. The proposal also updates registry enrolment and reporting by requiring applications via the CMF website, using “CMF Supervisa” as the communication channel after enrolment, and requiring firms to maintain specified registries and submit information required under the Information Systems Manual for External Auditing Firms (ISMEA) in the prescribed frequency, format and means. Separately, the draft amendment to General Rule No. 30 would allow boards to propose ratification of the appointed EAF at the annual shareholders’ meeting where contracts signed under the terms agreed by that meeting remain in force. Comments can be submitted until February 8, 2026, with the CMF seeking input in particular on potential cost burdens or barriers to entry, additional requirements that could raise professional standards within the current legal framework, any provisions that could create risks and should be replaced or removed, measures to strengthen confidence in the independence of EAF opinions, and further opportunities to increase proportionality without reducing audit quality.
Chile Financial Market Commission 2025-12-16
Chile Financial Market Commission consults on a new Regulatory Compendium for External Auditing Firms and changes to the annual auditor appointment rule
The Chile Financial Market Commission is consulting on a proposal to establish a Regulatory Compendium of External Auditing Firms and amend General Rule No. 30 to modernize and align with international standards. Key changes include removing partnership incorporation requirements, introducing a technical suitability model, and updating registry enrolment and reporting processes. The CMF seeks feedback on potential cost burdens, barriers to entry, and measures to enhance audit quality and independence.