Análisis del Marco Regulatorio para Servicios Financieros Tecnológicos (Ley 21.521)| Anguita Osorio
Análisis de las actividades empresariales que se encuentran dentro del perímetro regulatorio Fintech según el Artículo 2 de la Ley.
Analysis of the Regulatory Framework for Technological Financial Services (Law 21.521)
The Fintech Law introduces a regulatory paradigm that balances innovation with financial system stability. Our analysis focuses on interpreting its provisions and the methodology to align technological business models with the requirements of the Financial Market Commission (CMF).
**Analytical Note: Corporate governance, capital, and reporting obligations vary significantly according to the business type and the entity's classification in Blocks 1, 2, or 3, as defined by the CMF in NCG No. 502.
Scope of Application: Services Regulated by Law 21.521
Analysis of business activities within the Fintech regulatory perimeter according to Article 2 of the Law.
Facilitating contact between financing applicants and potential investors (Crowdfunding).
Operation of platforms for quotation and trading of instruments not listed on traditional exchanges.
Issuing personalized recommendations on the convenience of making certain investments.
Providing evaluation services on payment capacity or probability of individuals or entities.
Safekeeping and custody of financial instruments, money, or foreign currency on behalf of third parties.
Channeling buy or sell orders for securities to intermediaries or trading systems.
Conducting buying and selling activities of financial instruments for third parties.
Proportionality: The CMF Block Model
NCG No. 502 establishes a proportionality regime that scales regulatory requirements according to the volume and nature of the entity's operations.
Block 1
Entities in initial phase with lower volume of clients and transactions.
- Basic registration requirements.
- Simplified corporate governance and risk obligations.
- Exemption from minimum capital and guarantee requirements.
Block 2
Growing entities with intermediate operation volume.
- Higher corporate governance policy requirements.
- Obligation to establish guarantees (e.g., UF 500 for routers).
- Minimum capital or guarantee requirement (e.g., UF 1,000 for custodians).
Block 3
Consolidated entities with high volume of operations and clients.
- Complete corporate governance and risk management regime.
- Obligation to establish minimum capital (from UF 5,000).
- Complete periodic reporting to CMF (MSI Fintec).
Frequently Asked Questions about the Fintech Law
Analysis of the most common regulatory inquiries about Law 21.521.
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