On July 10th, the Financial Market Commission (CMF, for its initials in Spanish) published for public consultation a draft regulation updating General Rule No. 514, which governs the Open Finance System (SFA, for its initials in Spanish), and incorporates a significant portion of Technical Annex No. 3.
Law No. 21,521 (“Fintech Law”) created the SFA as a framework for the exchange of information between various financial service providers, if clients have given their explicit consent. This exchange will occur through remote and automated access interfaces, developed under security standards defined by the CMF and subject to requirements for both data providers and data consumers.
The new regulatory proposal complements and strengthens the SFA’s standards, reinforcing the technical, operational, and security conditions necessary for its proper functioning—particularly regarding the exchange of information.
Key elements of the proposal include:
- Infrastructure and operation of the Participant Directory.
- Issuance and validation of digital identity certificates.
- The Developer Portal, managed by the CMF, will provide technical documentation, support, forums, and collaborative resources.
- Technical specifications for APIs, including naming conventions, response codes, availability, and performance metrics (TPS).
- An alternative mechanism for data delivery, to be used when the primary channel is unavailable, ensuring continuity and secure data transmission.
- Testing environments enabled by the CMF, with three main purposes: serving as a certification environment for processes conducted by external certifiers; operating as a sandbox for PSBIs or IPIs to develop and test new products; and allowing functional testing as part of the formal onboarding process to the SFA.
- Incident monitoring and reporting mechanisms (RIO), aimed at ensuring traceability and the management of operational and cybersecurity risks.
During the consultation process, the CMF invites those who provide—or wish to provide—any of the services or roles regulated under the SFA to submit feedback regarding potential implementation costs, regulatory barriers, possible regulatory gaps, or the need for additional adjustments to ensure user protection, public trust, and financial stability.
The public consultation period will remain open until August 18 of this year. The full text of the proposal is available in the “Normativa en Consulta” section of the CMF’s official website.