pc
nid 93032
Jun 01, 2026
ggallwey@vixio.com
Chile
Financial Markets Commission
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On June 1, 2026, the Financial Markets Commission (CMF) published modifications to General Norm Circular N°514 (NCG N°514), which regulates the Open Finance System (Sistema de Finanzas Abiertas, SFA) established under the Fintech Law (Ley Fintec, N°21.521). The regulation was originally enacted in January 2023. The CMF's modifications represent a significant milestone in implementing the open finance framework across Chile's financial sector.
The central element of the modification is the inclusion of Technical Annex N°3, which specifies the technical requirements for interoperable operation of the SFA. The CMF simultaneously published a developer portal to enable entities to begin necessary system development. The modifications introduce several measures designed to reduce implementation friction while maintaining system security. Key changes include a phased implementation schedule with the system's entry into force postponed to July 2027 to accommodate implementation complexity; standardisation of alternative mechanisms; simplified participation options for smaller entities; formalisation of a pilot testing period; and provision of a technological sandbox testing environment operated by the CMF. The regulation incorporates input from the Open Finance Forum, which convened representatives from industries participating in the system. The CMF's modifications establish the foundation for a robust system intended to enhance competition in Chile's financial market and improve product offerings for consumers. The regulation details all technical elements necessary for SFA implementation, including requirements for information exchange and payment initiation.
Entities may now access the CMF's developer portal and sandbox environment to prepare for the system's July 2027 launch. Complete details of the regulation are available in the CMF's "Global Consultation—Regulations" section, alongside a regulatory impact report outlining the norm's principal contents and impact assessment.
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2493 charsChile's Financial Markets Commission Modifies Open Finance System Regulations and Incorporates Technical Annex
On June 1, 2026, Chile's Financial Market Commission (CMF) published amendments to General Rule No. 514 governing the Open Finance System (SFA) established under the Fintech Law (Law No. 21,521) . The amendments incorporate Annex No. 3, which establishes the technical specifications required for the interoperable operation of the Open Finance System, including standards for data sharing, customer consent management and payment initiation services. The publication of the technical annex, together with the launch of the CMF's developer portal, enables participating entities to begin the technological developments necessary to connect to the Open Finance System.
The amendments also introduce a series of measures intended to facilitate implementation and reduce compliance burdens. These include a phased implementation approach, a simplified participation regime for certain information-providing institutions with fewer than 100,000 customers, the formalization of pilot testing arrangements and confirmation that the CMF Sandbox will serve as the official testing environment for functional certification. The framework also standardizes alternative operational resilience mechanisms, clarifies that payment initiation services include electronic fund transfers and establishes technical requirements relating to system availability, performance and security.
In addition, the amendments strengthen the consent management framework by clarifying authentication and re-authentication requirements, consent validity periods and revocation procedures. The regulations also expand the amount of historical customer information available through the Open Finance System from 12 months to 24 months, supporting a broader range of open finance and credit-related use cases.
Importantly, the CMF has postponed implementation of the Open Finance System framework until July 2027, recognizing the operational and technological complexity associated with implementation. The additional implementation period is intended to provide firms with sufficient time to develop, test and deploy the systems required to comply with the framework.
The CMF stated that the amendments were informed by extensive industry feedback received through multiple public consultations and the Open Finance Forum and are intended to support the development of a secure, interoperable open finance ecosystem that promotes competition and expands the range of financial products and services available to customers.