CMF: Consultative instances to implement the Fintec Law 

Today, May 15t, 2023, the Commission for the Financial Market (CMF, for its initials in Spanish) held an informative seminar in which it announced the contents and organization of a series of consultative tables, whose objective is the development and implementation of the regulations associated with Law No. 21,521, which promotes competition and financial inclusion, through innovation and technology in the provision of financial services, also called the Fintec Law. 

The working groups, which will begin to meet on May 24th, seek to be a forum for the exchange of views between the regulator and interested third parties regarding the most relevant issues related to the Fintec Law. In this way, they will address: 

• Tables 1 to 3: Corporate Governance and Risk Management. 

• Table 4: Information obligations to the public. 

• Table 5: Suitability of people and algorithms in the context of credit and investment advice. 

• Table 6: Collective financing platforms and Alternative Transaction Systems. 

The tables will be made up of an average of 15 people in a face-to-face session, with the option of opening virtual quotas to add more participants through telematic means. Additionally, the CMF will have minutes on its web page on the main topics to be discussed, so that both the participants of the work groups and the general public can be informed. 

Registration at the advisory tables may be made from today (May 15th, 2023), until next Friday, May 19th

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