The Financial Market Commission (“CMF” for its initials in Spanish) published this week a new public consultation related to the application of Law No. 20,009, which establishes a liability limitation regime for holders or users of payment cards and electronic transactions in cases of loss, theft, robbery, or fraud (also known as the “Fraud Law”). 

According to Article 11 of Law No. 20,009, issuers of credit cards, debit cards, and prepaid cards must submit disaggregated information to the CMF on cases of card loss, theft, robbery, or fraud affecting their users. Additionally, they are required to publish, every six months on their respective websites, the number of such cases, specifying the amounts involved and the timeframes within which they responded or fulfilled their obligations. 

The regulatory proposal includes the replacement of “Regulatory File E24: Information on the use of payment cards and electronic transactions related to loss, theft, robbery, or fraud,” updating and systematizing its content to reflect the reporting obligations established in Law No. 20,009, particularly in light of the amendments introduced in May 2024 by Law No. 21,673, which adopts measures aimed at addressing over-indebtedness. 

According to the CMF, the new proposed format for File E24 is the result of incorporating, clarifying, removing, and compiling data fields, based on the outcomes of a previous public consultation conducted between February 11^th  and March 14^th of this year. Additionally, the reporting frequency for File E24 will change from semiannual to monthly, starting with the data for July 2025, which must be submitted to the CMF within the first 15 days of the following month. 

Regarding publications on institutional websites, the draft regulation states that the information must be available within 15 business days after the end of each semester and must be submitted to the CMF by January 30^th and July 31^st of each year at the latest. Access to these statistics must be prominently displayed on the homepage of the website, in the format specified by the draft regulation. 

These updates aim to cover a broader range of situations arising from card loss, theft, robbery, or fraud, in order to comply with legal mandates and meet statistical requirements. 

The draft regulation will be available for public consultation on the CMF website until May 19^th, 2025.