Marco regulatorio de la ley fintech (Ley 21.521) para servicios financieros tecnológicos en Chile | Anguita Osorio
El estudio describe las actividades empresariales que caen dentro del perímetro regulatorio fintec según el artículo 2 de la Ley 21.521.
Analysis of the Regulatory Framework for Technological Financial Services (Law 21.521)
Law 21.521, known as Ley Fintec in its official text and as the Fintech Law in common usage, was published on January 4, 2023 and regulates technological financial services in Chile. It defines the Financial Market Services and Products (SFMSP) subject to registration and authorization with the Financial Market Commission (CMF), and introduces a framework that balances innovation with financial-system stability.
This page brings together the essentials of Law 21.521 for companies: the regulated lines of business that fall within the fintec perimeter, the proportional supervision that scales obligations to the size and risk of the activity, and the obligations, deadlines and sanctions that apply. At the close are the frequently asked questions, the key figures and the official sources.
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.
Crowdfunding Platforms
Facilitating contact between financing applicants and potential investors (Crowdfunding).
Alternative Trading Systems
Operation of platforms for quotation and trading of instruments not listed on traditional exchanges.
Investment Advisory
Issuing personalized recommendations on the convenience of making certain investments.
Credit Advisory
Providing evaluation services on payment capacity or probability of individuals or entities.
Custody of Financial Instruments
Safekeeping and custody of financial instruments, money, or foreign currency on behalf of third parties.
Order Routing
Channeling buy or sell orders for securities to intermediaries or trading systems.
Financial Instrument Intermediation
Conducting buying and selling activities of financial instruments for third parties.
Once a company falls within one of these lines of business, the intensity of supervision is not uniform: it scales in proportion to the activity.
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).
On that basis, the concrete obligations, their deadlines and the associated sanctions come into focus.
Obligations, Deadlines and Sanctions under Law 21.521
Operational summary of the duties that the Fintech Law and NCG No. 502 impose on registered providers, together with the deadlines and the consequences of non-compliance.
Main obligations
- Register with the CMF's Registry of Financial Service Providers before starting the regulated activity.
- Adopt written corporate governance and risk management policies, proportional to the Block assigned by the CMF.
- Hold minimum capital or guarantees when the Block and activity require it, in accordance with NCG No. 502.
- Report periodically to the CMF through the MSI Fintec file and the other applicable regulatory filings.
- Safeguard client information and meet the cybersecurity and operational continuity standards in force.
Key deadlines
- The registration application is filed before operations begin; the CMF resolves it within six months.
- Entities operating before the law took effect were required to apply for registration by February 3, 2024.
- Risk management reports and financial statements follow a quarterly and annual cadence.
Sanctions for non-compliance
- Operating without registration is an infringement of Law 21.521 and authorizes the CMF to impose fines and order the service to cease.
- Breach of governance, capital or reporting duties exposes the entity to administrative sanctions and to revocation of the registration.
Frequently Asked Questions about the Fintech Law
Analysis of the most common regulatory inquiries about Law 21.521.
Registration & Business Types
What services are regulated by the Fintech Law?
Article 2 of Law 21.521 defines seven types of regulated services (business types): 1) Crowdfunding Platforms, 2) Alternative Trading Systems, 3) Investment and Credit Advisory, 4) Custody of Financial Instruments, 5) Order Routing, 6) Financial Instrument Intermediation, and 7) Other services that the CMF may determine. The correct classification of your company's activity is the critical first step of the analysis.
Is "exclusive business type" always mandatory for registration?
Not always. NCG No. 502, modified by NCG No. 524, establishes an exception to the exclusive business type requirement for entities providing investment advisory, credit advisory, alternative trading systems, or crowdfunding platform services, as long as their services in Chile are directed exclusively to "Qualified Investors," as defined in article 4 bis of Law No. 18.045.
Governance & Risks
What does the CMF's "risk-based proportionality" imply?
It is the guiding principle of NCG No. 502. It means that corporate governance, risk management, capital, and reporting requirements are not uniform. They are scaled according to the "Block" (1, 2, or 3) in which the company is classified, determined by objective metrics such as number of clients, transaction volume, or income. An entity in Block 1 has significantly fewer obligations than one in Block 3.
Must I have a compliance officer and risk committee from the start?
It depends on your classification. Entities in Blocks 1 and 2 may have non-specialized risk and audit functions, performed by senior management or an external third party. Block 3 entities, due to their greater potential impact, must have more robust governance structures and, generally, internal units and dedicated personnel for these functions to meet CMF standards.
Platforms
What is the key regulatory difference between a PFC and a SAT?
Although both are platform models, their regulation differs. Crowdfunding Platforms (PFC) focus on channeling funds for investment projects, with strong emphasis on transparency and information to the financier. Alternative Trading Systems (SAT) focus on creating a secondary market for instruments, with requirements on price formation, settlement, and fair operating rules.
Capital & Guarantees
Must all Fintechs have minimum capital?
No. Entities classified in Block 1 are exempt from minimum capital requirements. Block 2 entities providing intermediation or custody services must have adjusted capital or guarantees of at least UF 1,000. The strictest minimum capital requirement (UF 5,000 or a percentage of risk-weighted assets) applies to Block 3 entities, given their higher volume and potential systemic risk.
How are Risk-Weighted Assets (RWA) calculated for a Fintech?
NCG No. 502 establishes a specific methodology for calculating RWA, which differs from banking calculations. It is calculated by summing capital requirements for operational risk, market risk, and credit risk. Operational risk, for example, is based on a percentage of average transactions. This calculation is fundamental for determining the regulatory capital required for Block 3 entities.
The scope of the regime can be summed up in a few figures.
The regime, in figures
*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.
Official sources
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NCG 524: amendments to NCG 502
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