On April 20, 2026, the Financial Market Commission (“CMF”) issued General Rule No. 562 (“NCG No. 562”), establishing a new regulatory framework on minimum capital, guarantees, liquidity, and leverage applicable to stockbrokers, securities dealers, and commodities brokers.
Shift in Approach: From a Traditional Scheme to a Risk-Based Model
The main innovation of the rule is the replacement of the previous framework with a model based on risk-weighted assets (“RWA”). This methodology incorporates capital charges for operational risk, market risk, credit risk, and credit and market risk related to crypto-assets. Compliance with minimum capital requirements must be evidenced through adjusted equity, calculated by deducting from accounting equity certain assets that lack immediate loss-absorption capacity, as specified in the regulation.
Minimum Capital and Legal Guarantee
For entities that meet the business volume thresholds set out in NCG No. 562, the minimum capital requirement is determined as the higher of: • UF 5,000, or • 3% of RWA, which the CMF may increase up to 6% based on the outcome of its risk management assessment.
Additionally, such entities must provide a legal guarantee of UF 6,000 to ensure proper compliance with their obligations.
Liquidity and Leverage
Regarding liquidity and leverage, the rule maintains the general liquidity ratio and leverage ratio from the previous regime, establishing: • A liquidity ratio equal to or greater than 1, and • A leverage ratio equal to or less than 20 times.
The rule eliminates the intermediation liquidity ratios and capital coverage ratio, incorporating their components into the RWA-based methodology.
Entry into force
Before February 1, 2027, each intermediary must inform the CMF, through the CMF Supervisa platform, of the methodology it will use to calculate capital requirements for interest rate risk.
La NCG N°562 comenzará a regir el 1 de marzo de 2027. Desde esa fecha quedarán derogadas la Norma de Carácter General N°18, la Circular N°632 y la Circular N°695.
Sin perjuicio de lo anterior, el numeral II de la NCG N°562, relativo a los efectos de la evaluación de calidad de gestión de riesgos, empezará a aplicarse recién el 1 de julio de 2027.
Additionally, to ensure consistency with this new regulatory framework, the CMF issued two general rules postponing the entry into force of amendments introduced by NCG No. 549 and NCG No. 550—regarding the registration of securities intermediaries and commodities brokers, respectively—until March 1, 2027.
If you require additional information on this matter, you may contact Christian Schiessler (cshiesslerq@jdf.cl) and Francisca Chávez (fchavez@jdf.cl).
