Chile CMF cuts bank reporting rules

Chile’s Financial Market Commission (CMF) issued Circular No. 2,376 and removed the requirement to prepare and submit seven specific regulatory reports from the Manual del Sistema for banks and credit cooperatives. The change is meant to simplify the rules without altering risk management or compliance obligations, even as Chile keeps new cybersecurity duties in force for essential services and Vital Importance Operators (OIV).

What changed in CMF reporting?

The circular rescinds the reporting obligations tied to files C16, C51, D02, D41, P15, P21 and P22 in the MSI for banks, and it also removes references to file C51 from the MSI for credit cooperatives. According to Diario Concepción, files C16, C51, D02, P15, P21 and P22 were due to be submitted for the last time in September 2026, while file D41 did not require submission because it was semiannual.

The same coverage says Circular No. 2,376 was issued without a public consultation process because it is a simplification measure, and that it takes effect one month after publication. The CMF also said the final regulatory text and the Regulatory Report are available on its website, confirming that the change is formal and not just a journalistic interpretation.

How does this simplification coexist with the new cybersecurity rules?

The reporting cut does not reduce the cybersecurity duties imposed by Framework Law 21.663 on providers of essential services and OIVs, including financial-sector players classified in those categories. ZonaCISO says those entities must appoint a Cybersecurity Officer responsible for coordinating digital risk management and compliance with the law’s technical requirements.

El Resumen adds that the law, approved in 2024 and in force since 2025, also requires permanent monitoring systems, formal incident response plans and appropriate reporting mechanisms. In that framework, regulatory pressure shifts away from some forms and toward more structural controls over operations and response to security events.

What other regulatory changes affect banks and fintechs?

In August 2026, the CMF presented a package of proposals to modernize Chile’s financial system, with digital tools to speed up procedures and a technical working group to study the tokenization of financial assets and the elimination of paper certificates. La Conexión linked those proposals to security and compliance implications for banks and other supervised entities.

That picture is reinforced by what Anguita & Osorio describes for fintech businesses, which must register with the CMF under the Fintech Law. The same site notes that Chile does not have a general screening or prior approval mechanism for foreign investment, but it does have sector-specific regulatory gates, including CMF registration for fintechs and cybersecurity duties for essential services.

FinteChile, cited by El Índice de la Semana #4, also said the government’s proposed capital markets reform does not amount to deregulation. In that view, greater flexibility has to be paired with firm standards for capital, risk management, cybersecurity and user protection.