Chile: Financial Services

La Comisión para el Mercado Financiero de Chile ha publicado una propuesta normativa que busca crear un Compendio de Normas para las Entidades Clasificadoras de Riesgo, modernizando la regulación actual y estableciendo nuevos requisitos de gobierno corporativo, independencia y transparencia. ¿Cómo impactarán estas modificaciones en las clasificadoras de riesgo y qué cambios deberán implementar las entidades ya inscritas?

Chile's Ministry of Economy has published a new regulation replacing the 2012 framework for credit card consumer information, introducing mandatory templates, enhanced disclosure requirements, and digital payment interface standards. The regulation aims to improve financial transparency and consumer understanding while requiring issuers to adapt their systems and documentation by February 2028.

Chile's Financial Market Commission has proposed regulatory amendments that would significantly expand the scope of activities available to payment card operators, introducing new services such as payment initiation, electronic funds transfer systems, and payout services to affiliated merchants. The proposal aims to leverage operators' technological capabilities while establishing clear conditions and safeguards for these complementary activities within the Chilean payments ecosystem.

Chile es uno de los países de América Latina más ricos, estables y competitivos.

International Financial Law Review highlighted us as one of the best law firms in the country in several practice areas in their IFLR1000 edition of 2019.

Chile is a country that, at first glance, seems to have a fairly complete legislation on data protection.

Law No 20.590 (the "Law"), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the "Prepaid Cards"), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016.

On March 13, 2014, Banco International filed a collection lawsuit (demanda ejecutiva) against Agrícola Santa Fe Limitada, for the non-payment of a loan in dollars, payable in said currency and documented in a promissory note.

Gutiérrez, Waugh, Jimeno & Asenjo Abogados has helped Chilean salmon farmer Cultivos Yadrán restructure a US$50 million syndicated loan by changing the debt's terms and making its fish food supplier a creditor.