Following a public consultation process, this week – July 14th, 2025 – the Financial Market Commission (“CMF”, for its initials in Spanish) issued General Rule No. 540 (“NCG 540”), setting out the operational rules for the Consolidated Debt Registry (“REDEC”, for its initials in Spanish).
The REDEC, created by Law No. 21.680 of 2024 (the “Law”) and administered by the CMF, will store consolidated, updated, and aggregated information about credit operation debtors, including amounts, types of credit, terms, and payment statuses.
This information will be provided by various “Reporting” entities, which will be required to comply, in a timely and appropriate manner, with the obligations set forth by the Law and the new CMF regulation.
Debtors will have the right to be notified whenever a third party accesses their personal information subject to prior consent.
For the purposes of REDEC, the following institutions will be considered Reporting entities, in their capacity as creditors:
a) Banks and savings and credit cooperatives supervised by the CMF, insurance companies, administrators of endorsable mortgage loans, and non-bank credit card issuers, all supervised by the CMF.
b) Family allowance compensation funds supervised by the Superintendence of Social Security.
c) Securitization companies in relation to reportable obligations where the creditor is a separate estate created by them and supervised by the CMF.
d) Domestic subsidiaries and banking support service companies of banks and cooperatives supervised by the CMF, which are included in the list of entities referred to in Article 31 of Law No. 18.010 and published annually by the CMF.
e) Other entities engaged in money lending operations totaling at least 100,000 Unidades de Fomento (UF) or involving at least 1,000 operations in the previous calendar year. In the case of related parties, threshold compliance will be evaluated at the group level. For the formation of Reporting entities, the list of entities referred to in Article 31 of Law No. 18.010 and published by the CMF will be used.
The process of identifying these Reporting entities will be conducted annually by the CMF through a resolution that will include the list for the following period. Entities will be notified before July 30 each year, and their status as Reporting entities will be effective starting the following year. Once identified as a Reporting entity, the institution will be subject to CMF oversight regarding compliance with the Law and NCG 540. In addition, it will be entitled to the irrevocable and cost-free rights established by the Law under REDEC, such as access to debtor information, solely for the purposes of assessing credit risk, calculating provisions or capital, and/or conducting financial analyses necessary for the management of their credit activities (with the debtor’s consent).
Debtors will have access to their REDEC data, including details of each outstanding debt and the respective creditor, and will also be able to authorize third-party access. Debtors registered with the CMF, through the mechanism enabled by the Commission, have the right to be notified when a third party accesses their personal information subject to consent.
In this way, the new regulation clarifies the operational aspects of REDEC, including the methodologies for identifying Reporting institutions; the timelines for submitting and accessing information; the management of debtor consents; minimum data security and quality standards; and the applicable penalty regime, among other matters.
More information on the regulation is available at: General Rule No. 540.