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Chile's Central Bank Issues Circular on External Representative Information Procedures for Open Market Operations System

On September 10, 2026, the Central Bank of Chile (Banco Central de Chile) issued Circular Letter N° 769 establishing procedures for reporting external representatives within the Open Market Operations System (Sistema de Operaciones de Mercado Abierto, or SOMA). The circular applies to multiple financial institutions and market participants, including banks, pension fund administrators (Administradoras de Fondos de Pensiones), unemployment insurance fund administrators (Sociedades Administradoras de Fondos de Cesantía), insurance companies, mutual fund administrators operating under Law 20.712, stock exchange brokers and securities agents (Corredores de Bolsa y Agentes de Valores), and cooperatives classified under section III.C.2 of the National Financial System (CNF). The circular references the Adhesion Contract to the Open Market Operations System and builds upon guidance previously issued in Circular Letter dated April 5, 2023. The measure establishes standardised procedures for financial institutions to report and manage information concerning external representatives participating in SOMA operations. This administrative update ensures consistent reporting practices across the financial sector and enhances transparency in open market operations conducted by the Central Bank of Chile. The circular applies immediately to all covered institutions and supersedes or modifies previous guidance on this matter. Financial institutions should review their internal procedures to ensure compliance with the new reporting requirements for external representatives operating within the SOMA framework.

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Chile's Central Bank Updates External Representative Reporting Procedures for Open Market Operations System

On September 10, 2026, the Central Bank of Chile (BCCh) issued Circular Letter No. 769 updating procedures for reporting information regarding external representatives within the System of Open Market Operations (Sistema SOMA). The circular applies to banks, pension fund administrators, unemployment insurance fund administrators, insurance companies, mutual fund administrators, stockbrokers, securities agents, and cooperatives participating in the SOMA. The circular updates designation, modification, profile change, and revocation forms for external representatives authorised to act on behalf of SOMA participants. The BCCh determined that updating these forms was necessary given the time elapsed since the previous guidance issued on April 5, 2023. The updated forms specify that all submissions must be sent to the BCCh's Notary Public office via email at fiscalia@bcentral.cl. The circular establishes three operator profile categories within SOMA: Liquidity Operator (authorised for liquidity facilities, repurchase agreements, liquidity deposits, and foreign exchange swap transactions); Debt Operator (authorised for debt instrument auction sales); and Consultant (authorised for operations queries only). A single representative may hold both operator profiles simultaneously. All forms require certification from the institution's legal officer, legal manager, or external counsel confirming that designated representatives possess sufficient authority to act on the institution's behalf in SOMA operations. Participants must also provide mobile phone operating system details (Android or iOS) for designated representatives. The new procedures take effect on October 1, 2026. All current and future SOMA participants must use the updated forms for designating, modifying, changing profiles, or revoking external representatives from that date forward.

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Chile's Central Bank Issues Circular on External Representative Information Procedures for Open Market Operations System

On September 10, 2026, the Central Bank of Chile issued Circular Letter N° 769 updating the required forms for reporting external representatives within the Open Market Operations System (SOMA). The circular applies to multiple financial institutions and market participants, including banks, pension fund administrators, unemployment insurance fund administrators, insurance companies, mutual fund administrators operating under Law 20.712, stock exchange brokers and securities agents and cooperatives. The measure establishes standardized procedures for financial institutions to report and manage information concerning external representatives participating in SOMA operations. This administrative update ensures consistent reporting practices across the financial sector and enhances transparency in open market operations conducted by the Central Bank of Chile. The circular applies to all covered institutions and supersedes or modifies previous guidance on this matter. It will come into effect from October 1, 2026. Financial institutions should review their internal procedures to ensure compliance with the new reporting requirements for external representatives operating within the SOMA framework.