As part of the implementation process of the Fintec Law (No. 21,521), the Financial Market Commission (CMF for its initials in Spanish) published the new General Rules No. 493 and No. 494, referring to registration in the Registry of Financial Services Providers (RPSF) and the requirements to obtain authorization to provide investment advisory services.
Additionally, in the exercise of its regulatory powers, through NCG No. 493, the CMF has exempted natural persons who are professionally dedicated to the provision of said service, provided that they comply with the conditions indicated in said standard*.
It is important to highlight that the mere registration in the RPSF does not enable the provision of services regulated by the Fintec Law, since the CMF must grant a special authorization for these purposes. This, except for those who are expressly authorized by Law to provide regulated services without the obligation to be registered with the RPSF, as is the case of banks, securities intermediaries and fund managers, among others. The entities registered in the RPSF may request authorization to provide the different Fintec services, once the Commission issues the respective regulations.
Natural and legal persons already registered in the Registry of Investment Advisers (RAI) will be understood as registered in the RPSF, with the authorization to provide the services. In any case, the entities must send to the CMF, before February 3rd, 2024, the information required by this regulation to keep said registration valid.
Entities that do not request their registration and authorization to operate before February 3rd, 2024 or do not obtain it once requested, must refrain from continuing to provide their services for the execution of new operations and must only carry out the acts tending to the conclusion of operations regulated by Law No. 21,521 contracted before February 3rd, 2024.
* That: (i) they are not in the offenses referred to in the second paragraph of article 6 of the Fintec Law; (ii) that they only provide investment advice to specific persons; and (iii) that the number of people who received advice in the last 12 months does not exceed 100,000 people.
