Regulatory Alerts2026-06-01
CMF Modifies Regulations Governing the Open Finance System and Incorporates Technical Annex
The Financial Market Commission (CMF) issued a modification to NCG No. 514 that establishes the technical specifications and interoperable operational framework for Chile's Open Finance System (SFA) under the Fintech Law. The regulation incorporates Annex No. 3, details information exchange and payment initiation requirements, and introduces phased implementation measures including a simplified participation track for smaller entities and a mandatory technological sandbox. To accommodate implementation complexity, the CMF has delayed the regulation's effective date to July 2027 while leveraging industry feedback from the Open Finance Forum to ensure market competition and enhanced consumer product offerings.
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