The Financial Market Commission (“CMF” for its initials in Spanish) reported on April 25th the regulatory projects contained in the regulation plan for the years 2023 and 2024, disseminating part of the content of the Council Agreement adopted in Ordinary Session No. 333 of March 30th, 2023.
The aforementioned regulation plan incorporates the regulatory projects that the CMF will work on, in order to improve the current regulation and adapt to the new regulatory requirements.
The regulatory projects for the implementation of the new Fintec Law and its open finance system, the procedure for authorization to start activities for Fintec companies and the accreditation of suitability for people and systems associated with it stand out in said plan.
Another interesting issue is the regulation that will be implemented on the Policy of Habituality and Disclosure of Operations with Related Parties, since it is upcoming soon. It will also establish the minimum contents that said policies must have in public limited companies and the obligations to report transactions with related parties.
Financial service providers will also have to be watchful, since the “Service Channel Standards” will be regulated by establishing the specific criteria providers must meet.
Another matter that will surely have great repercussions will be the regulation of the requirements to be considered an independent director, and the rules that must be met for the election of directors in subsidiaries, for the purposes of Law No. 18,046.
In addition to what is discussed in this note, many other relevant issues will also be regulated and, therefore, we recommend paying close attention to the proposals for the new regulations that the CMF will deliver to us in the coming months.