On July 27, 2026, the Chilean Financial Market Commission ("CMF") issued General Rule No. 571 ("NCG No. 571"), establishing the Regulatory Compendium for Stock Exchanges and Intermediaries (the "Compendium").

The Compendium consolidates into a single regulatory framework the rules applicable to stock exchanges, commodity exchanges, securities brokers, securities dealers and commodity brokers, bringing together provisions that were previously contained in 76 separate regulations. Although most of its content reflects existing regulation, the CMF has introduced certain amendments aimed at enhancing the clarity, consistency and systematic organization of the regulatory framework.

Entities subject to the Compendium that are also issuers of securities registered in the Securities Registry will remain subject to the regulations applicable to registered issuers.

Structure of the Compendium

NCG No. 571 is organized into three chapters:

• Chapter 1 – Stock Exchanges: This chapter consolidates the principal provisions applicable to stock exchanges, including authorization for incorporation and commencement of operations, capital requirements, authorized activities, self-regulation, corporate governance, risk management, disclosure obligations, and participation in financial instrument clearing and settlement systems.
• Chapter 2 – Interconnection of Stock Exchanges: This chapter regulates the interconnection of stock exchange trading systems and incorporates the provisions previously contained in General Rule No. 480.

• Chapter 3 – Intermediaries: This chapter consolidates, among other matters, the rules governing minimum capital, liquidity and leverage requirements; corporate governance and risk management; duties of care and diligence; ongoing disclosure obligations; and the custody of securities.

Entry into force

As a general rule, NCG No. 571 entered into force on July 27, 2026. However, it establishes a transitional regime with the following key milestones:

• October 27, 2026: Deadline for commodity brokers currently registered with the CMF to submit their self-regulation code.
• March 1, 2027: Entry into force of the principal prudential provisions set out in Chapter 3, including those relating to minimum capital, adjusted capital, risk-weighted assets, liquidity, leverage and business volume thresholds.

• 1 de marzo de 2027: Entrada en vigencia de las principales disposiciones prudenciales del Capítulo 3, incluidas aquellas relativas a patrimonio mínimo, patrimonio ajustado, activos ponderados por riesgo, liquidez, endeudamiento y umbrales de volumen de negocios.
• July 1, 2027: Entry into force of certain provisions relating to the assessment of the quality of risk management and its regulatory consequences.

Consistent with this regulatory consolidation, NCG No. 571 repeals, in whole or in part, various general rules, circulars and official circular letters whose provisions have been incorporated into the Compendium. Nevertheless, General Rule No. 18 and Circulars No. 632 and No. 695 will remain in force until March 1, 2027, when the new prudential framework set out in Chapter 3 becomes effective.

For further information regarding this matter, please contact Christian Schiessler (cshiesslerq@jdf.cl) or Francisca Chávez (fchavez@jdf.cl).