On August 19th, the Financial Market Commission (CMF, for its initials in Spanish) published for public consultation a draft regulation amending General Rule (NCG) No. 16 and No. 182, relating to securities brokers and commodity brokers.

The initiative seeks to align both rules with the changes introduced by the Fintech Law (Law No. 21,521), which established new requirements for registration and authorization to operate.

Key changes include:

(a) NCG No. 16 (securities brokers):

• Updates the definition of securities brokers, in line with the modifications introduced by the Fintech Law.

• Regulates the registration process in the Securities and Commodity Brokers Registry, eliminating the category of natural person applicants.

• Establishes that those registered in the Securities and Commodity Brokers Registry must request CMF authorization prior to beginning the provision of public offering securities brokerage services.

• Updates the documentary requirements for each stage (registration and authorization). Minimum equity, liquidity, and solvency requirements are no longer required for registration but instead become prerequisites for authorization and ongoing compliance.

• Regulates reporting obligations to the CMF in case of material changes in the entity’s structure or operations, or in case of any non-compliance with the NCG.

• Securities brokers who, under the final paragraph of Article 24 of Law No. 18,045, wish to act as commodity exchange brokers must notify the CMF before engaging in such activities.

• Regulates the procedure for voluntary cancellation from the Registry.

(b) NCG No. 182 (commodity brokers):

• Updates the definition of commodity brokers, removing the reference to natural persons.

• Clarifies the requirements for registration in the Commodity Brokers Registry and for authorization to operate. This aligns the requirements with those applicable to securities brokers, creating greater regulatory symmetry.

• Commodity brokers who, under the second paragraph of Article 6 of Law No. 19,220, wish to act as stock exchange brokers must notify the CMF before engaging in such activities. If applicable, such brokers must adjust their guarantees in accordance with the second paragraph of Article 29 of Law No. 18,045.

Both rules would come into effect on January 1st, 2027, with a deadline of February 1st, 2027, for already-registered entities to submit updated information through the “CMF Supervisa” system.

Through this proposal, the CMF seeks to harmonize the regulatory framework for actors providing similar services, ensuring greater coherence and consistency in the supervision of financial intermediaries, and strengthening investor protection.

The consultation process will remain open to receive comments from obligated entities and the general public—particularly regarding potential operational difficulties, associated costs, and the reasonableness of implementation deadlines—until September 8th, 2025, via the electronic form available on the CMF website.