CMF Modifies Regulations Governing the Open Finance System and Incorporates Technical Annex

CMF Modifies Regulations Governing the Open Finance System and Incorporates Technical Annex The regulation details all technical elements necessary for the implementation of the SFA, including requirements for information exchange and payment initiation. Additionally, this publication incorporates a series of elements that facilitate the onboarding of various participating entity types, along with postponing its effective date until July 2027, given the complexity of its implementation. June 1, 2026.- The Financial Market Commission (CMF) published today the modification of NCG No. 514, which regulates the Open Finance System (SFA) under the Fintech Law (No. 21.521). This action constitutes a significant milestone in the implementation process of said legal framework, which was published in January 2023. The regulatory modification centrally features the inclusion of Annex No. 3, which contains the technical specifications for the interoperable functioning of the SFA and is complemented by the publication of the developer portal1. Entities will now be in a position to carry out the necessary developments for the system's operational launch. Additionally, a set of adjustments is made to reduce implementation frictions and safeguard system security. Among these stand out: greater gradualness in the start of the various implementation phases, with an effective date in July 2027; the approval of the alternative mechanism; the possibility of "simplified participation" for smaller entities; the formalization of a pilot testing period and the prior availability of a testing area or technological sandbox, provided by the CMF; among others. 1 https://openfinancechile.atlassian.net/wiki/spaces/OFAC/overview

It is important to highlight that the publication process of this regulation has benefited from multiple inputs, including those provided by the Open Finance Forum, a forum that brought together the various industries that will be part of this system. The deliverables from said forum were fundamental for drafting the regulation, which lays the groundwork for operating a robust system expected to enable higher levels of competition in the financial market, with a greater and better product offering for customers. It is worth recalling that on the CMF website's special "Fintech Law" section, individuals can learn all details of the implementation process, including the schedule for the various stages. The full text of the regulation is available in the "Global Consultation - Regulations" section of the institutional website. The CMF also publishes a Regulatory Report presenting the main contents of the regulation along with an impact assessment.

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