CMF Publishes Regulation That Simplifies and Modernizes the Regulatory Framework for Supervised Savings and Credit Cooperatives

CMF Publishes Regulation That Simplifies and Modernizes the Regulatory Framework for Supervised Savings and Credit Cooperatives The Updated Compilation of Regulations for Savings and Credit Cooperatives (RAN CACs) and the Information System Manual for these entities (MSI CACs) are established, considering the new powers conferred by the Financial Resilience Law. May 28, 2026.- In the framework of implementing Law No. 21.641, known as the Financial Resilience Law (LRF), the Financial Market Commission (CMF) publishes the regulation that modernizes the regulatory framework applicable to Savings and Credit Cooperatives (CACs) supervised by the CMF. The LRF transferred to the CMF the functions of regulation and comprehensive supervision of all CACs with equity exceeding 400,000 UF, incorporating powers that were previously exercised by the Division of Associativity and Cooperatives (DAES) of the Ministry of Economy, Development, and Tourism. Likewise, the Law authorized the CMF to develop new regulations on matters such as performance evaluation, corporate governance, and methodologies for measuring Risk-Weighted Assets (RWAs) of these entities. To properly implement the LRF, the CMF publishes today the regulation creating the Updated Compilation of Cooperative Regulations (RAN CACs) and the Information System Manual for these entities (MSI CACs). These regulatory bodies consolidate and organize the regulations applicable to cooperatives supervised by the CMF, facilitating their understanding, updating, and implementation. This new regulatory framework considers a proportional approach, incorporating the criterion of “same activity, same risk, same regulation”, in line with guidelines previously established by the CMF. Likewise, the application of risk-based supervision is contemplated, aimed at focusing supervisory resources on those activities or processes that present higher levels of prudential relevance. It should be noted that the regulation was submitted to two public consultation processes, in addition to holding two working workshops with supervised entities. The high participation in these instances allowed obtaining a comprehensive view from the entities regarding this project, in order to refine the design of the regulation. Furthermore, this development process has included coordination instances with the DAES of the Ministry of Economy, Development, and Tourism. To facilitate the adoption of the new regulatory framework, its implementation will be carried out gradually, regarding the new powers transferred from the DAES to the CMF, as well as in matters of performance evaluation. This will allow cooperatives to progressively adapt their processes, structures, and management systems, as well as carry out an orderly transfer of functions from the DAES. The new regulation represents a significant advance in modernizing the regulatory framework for supervised CACs, by combining proportionality and technical robustness, strengthening corporate governance, risk management, and transparency. Its gradual implementation seeks to minimize adaptation frictions, while safeguarding system stability. It is relevant to mention that the CMF will continue developing other regulatory projects arising from the application of the LRF, such as the refund of participation shares and the methodology for calculating RWAs. The complete details of the regulation are available on the institutional website. The CMF also publishes a regulatory report presenting the main contents of the regulation, along with responses to previous public consultations and the impact assessment of the final version of the regulation.

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