The new regulation establishes the form, frequency and means by which crowdfunding platforms; alternative transaction systems; credit and investment advisory services; custodians of financial instruments; order routing companies; and intermediaries of financial instruments must submit information for supervisory purposes.
January 20, 2025 - The Financial Market Commission (CMF) issued today a regulation that creates the Information Systems Manual for the Fintech Sector (ISMFS). Said regulation also sets forth instructions for entities enrolled in the Registry of Financial Services Providers under Title II of the Fintech Act to send information to the CMF.
The new regulation establishes the form, frequency and means by which crowdfunding platforms; alternative transaction systems; credit and investment advisory services; custodians of financial instruments; order routing companies; and intermediaries of financial instruments must submit information for supervisory purposes.
The ISMFS has a total of 16 Files to be periodically reported through the official means of communication between the Commission and supervised entities. Said Files are:
- Fintech 01: Volume, size, nature of business and number of clients.
- Fintech 02: Minimum equity.
- Fintech 03: Equity requirements and operational risk-weighted assets.
- Fintech 04: Equity requirements and market risk-weighted assets.
- Fintech 05: Equity requirements and credit risk-weighted assets.
- Fintech 06: Equity requirements and crypto risk-weighted assets.
- Fintech 07: Transactions - Intermediaries.
- Fintech 08: Portfolio balances - Intermediaries.
- Fintech 09: Income and information on credit advisory services.
- Fintech 10: Income and information on investment advisory services.
- Fintech 11: Availability index, registry of transactions involving financial instruments, and registry of financing operations.
- Fintech 12: Registry of balances in custody by client.
- Fintech 13: Registry of cash under conciliated custody and registry of transfers to be claimed.
- Fintech 14: Disaggregated registry of transactions carried out.
- Fintech 15: General information on cybersecurity and technological infrastructure.
- Fintech 16: Balances in own portfolios - SAT.
The new regulation considers principles of modularity and proportionality. Each entity must report only the information necessary according to the nature of its authorized services, volume of business, and associated risks. Submitted data will allow the Commission to both supervise Fintech service providers and generate statistics to monitor the sector's evolution and how regulations impact it.
Interested parties can access the Regulations section of the CMF website to review the new regulation in detail. A special section on the website contains all details about the implementation of the Fintech Act.
