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.
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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.
**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.
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.
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.
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.
Related Reading
Other regulatory and transactional pillars that connect with the Fintech Law in Chilean corporate practice.
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