November 11, 2024 - The Financial Market Commission (CMF) published for consultation today a regulation which creates the Information Systems Manual for Funds, sets forth instructions to supervise funds and fund managers, and amends General Rule No. 365 by establishing the submission of a File containing relevant variables of each fund's internal regulations when depositing rulebooks or their amendments.
This regulatory proposal establishes the form, frequency and means by which fund managers regulated by Titles I and II Law No. 20,712 must submit information for supervisory purposes.
The Information Systems Manual for Funds has seven Regulatory Files to be periodically reported through the official communication channel established between the Commission and supervised entities. The Files are as follows:
- Funds 01: Funds' investment portfolios for instruments other than derivative contracts.
- Funds 02: Funds' investment portfolios for derivative contracts.
- Funds 03: General information on expenses and effective remunerations.
- Funds 04: Non-aggregated information on expenses and effective remunerations for mutual funds and redeemable investment funds.
- Funds 05: Assets, liabilities and equity.
- Funds 06: Characterization of fund participants.
- Funds 07: Information on equity decreases for non-redeemable investment funds.
Amendments to General Rule No. 365, particularly Sections II and III, provide new instructions for depositing funds' internal rulebooks. Pursuant to them, managers must submit a File containing relevant variables of each fund's internal regulations, therefore complying with the format and content specified in the Technical Sheet of said General Rule.
The regulatory proposal aims to update regulations and systematize information requirements in a Manual to reduce regulatory gaps derived from evolving products and services offered by the sector; optimize the structure and design of current information requirements; facilitate the focus of supervisory processes; and detect potential risks.
Interested parties can check the Draft Rules and Norms section of the CMF website until December 6, 2024 to check the regulatory proposal in detail and submit their feedback.
