Fintech Law Series: Alternative Trading Systems (ATS)
We’re launching a series of posts to analyze the different business models regulated by Chile’s Fintech Law 21.521. Today, we begin with Alternative Trading Systems (ATS).
Regulatory Framework
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Fintech Law 21.521: General framework regulating technology-based financial services
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General Rule No. 524 (NCG N°524): Regulation specifying the requirements for the registration and authorization of ATS
Checklist: Are You an ATS?
According to Fintech Law 21.521, your company could be considered an ATS if it performs any of the following activities:
1. Trading Platform
Does your company…?
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Operate a physical or virtual space where publicly offered securities can be quoted?
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Allow direct transactions between participants without being an authorized stock exchange?
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Facilitate the exchange of financial instruments without traditional intermediaries?
Practical Example:
If you run a platform where users can directly quote and trade bonds or stocks with each other, you’re likely operating as an ATS under the Fintech Law.
2. Types of Instruments
Does your platform enable the trading of…?
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Contracts or documents designed to generate monetary returns
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Debt securities (bonds, loans)
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Virtual financial assets (cryptocurrencies, tokens)
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Intangible goods aimed at generating financial returns
Key Obligations
If you’ve identified your company as an ATS, you must:
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Keep detailed records of all transactions
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Submit quarterly financial statements to the CMF (Financial Market Commission)
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Implement risk assessment systems
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Conduct annual external audits
Important Note
The CMF has set February 2, 2025 as the final deadline for registration in the Financial Service Providers Registry.