In its 2025 Institutional Public Account, Chile’s Financial Market Commission outlined supervisory and regulatory priorities through remarks by Chairwoman Catherine Tornel, with a focus on closer technical engagement with market participants and a more proportionate, risk-based framework. She highlighted artificial intelligence, cybersecurity, climate change, geopolitical risks, macroeconomic instability and more complex business and asset models as key challenges, and said the CMF will promote ongoing, open and transparent dialogue with the market while assessing the costs and benefits of regulatory measures and seeking consistency across agencies. For banking, Tornel pointed to a move toward more advanced risk measurement systems, including internal models validated by the CMF and Basel III standard models for market and credit risk. For insurance, she said the CMF board intends to submit a Risk-Based Supervision Act proposal for insurers to the Ministry of Finance, alongside a broader shift toward data-driven supervision and a comprehensive risk approach supported by technology. The public account also reported that 82 percent of targets in the 2023-2026 strategic plan had been achieved by end-2025, that the CMF supervised more than 8,000 entities representing about 74 percent of financial system assets, that 42 entities had enrolled in the Financial Service Providers Registry under the Fintech Act in 2024 and 2025 and 37 had been authorized to provide services, and that 2025 enforcement activity included 481 complaints and UF 535,969 in fines.

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