Chile: Financial Market Commission creates its Fund Information Systems Manual

On February 28, 2025, Chile’s Financial Market Commission (CMF, for its Spanish translation) issued General Rule No. 532 (NCG 532), which creates a Fund Information Systems Manual and establishes the form, frequency, and means by which general fund managers (AGFs, for their Spanish translation) must submit relevant information to the CMF. The rule will come into force on December 1, 2025.

The Fund Information Systems Manual includes seven regulatory files that funds must periodically send to the CPM through the official channel provided. The manual sets out specific deadlines depending on the type of fund.

The files request the following information from AGFs:

1. The portfolio of the funds for instruments other than derivative contracts.

2. The investment portfolio of funds for derivative contract instruments.

3. General information on expenses and actual compensation.

4. Disaggregated information on expenses and adequate remuneration of mutual funds and redeemable investment funds.

5. Assets, liabilities, and daily net worth of the funds.

6. Characterization of fund participants.

7. Information on capital decreases in non-redeemable investment funds.

The data mentioned in items 4, 6, and 7 are new information to be submitted by the AGFs to the CMF. Items 1, 2, 3, and 5 are information already reported by the AGFs, although the form and periodicity with which they must be sent have been modified.

In addition, NCG 532 establishes the obligation to submit additional information and documentation outlining the guarantees constituted or updated for each fund managed by the AGF.

Further, the new regulation modifies General Standard N°365 of 2014, requiring that a file with the relevant variables of such regulation must be sent when depositing a new internal regulation or modifying an existing one.

The regulation aims to ensure regulatory compliance by systematizing the instructions for the AGFs to prepare and send information to the CMF, as well as seeks to strengthen transparency within the financial market. AGFs are encouraged to familiarize themselves with the established requirements, review the new procedures in detail, and prepare the necessary documentation to comply with the established deadlines.

For more information, please contact the authors.

To read this alert in Spanish, click here.