On June 15, 2026, the Superintendence of Pensions issued Exempt Resolution No. 842, approving the official procedure governing the formation of new Pension Fund Administrators (Administradoras de Fondos de Pensiones – AFPs).
The resolution was issued pursuant to the Superintendence's authority to authorize the incorporation of new AFPs. It also responds to the need for a documented, updated, and standardized procedure to organize and manage the various stages involved in the authorization process.
Purpose of the Procedure
The purpose of the procedure is to document and systematize the internal activities carried out by the Superintendence of Pensions when reviewing applications for the establishment of a new AFP. Specifically, it defines the stages of the process, the units responsible for each phase, the applicable internal controls, and the administrative documents and decisions that must be issued throughout the review.
The procedure also seeks to promote consistent decision-making, strengthen internal coordination within the Superintendence, and ensure a more efficient, transparent, and traceable administrative process for the authorization of new AFPs.
Key Features of the Procedure
The procedure governs the formation of a new AFP by setting out the legal, regulatory, technical, and financial requirements that applicants must satisfy, particularly those established under: • Decree Law No. 3,500; • Law No. 21,735; • Law No. 20,255; and • the Compendium of Pension System Regulations issued by the Superintendence of Pensions.
From an operational perspective, the process is divided into three principal stages:
- Review of the application and supporting documentation required for the establishment of a new AFP.
- Assessment of the application for authorization of legal existence and approval of the new AFP's bylaws.
- Decision on the authorization to commence operations of the new AFP.
From a regulatory standpoint, the procedure does not replace or modify the applicable legal requirements. The resolution expressly states that, pursuant to the principle of the hierarchy of laws, statutory provisions prevail over administrative procedures issued by the Superintendence and must always be applied consistently with the governing legislation.
In addition, the Superintendence expressly reserves the authority to adopt additional measures, request further information, or modify the sequence of procedural steps whenever justified and necessary for the proper exercise of its supervisory functions.
Practical Significance
Exempt Resolution No. 842 represents an important milestone in the operational implementation of the new regulatory framework governing Chilean pension fund administrators. By formalizing the internal procedure applicable to applications for incorporation, authorization of legal existence, approval of corporate bylaws, and authorization to commence operations, the resolution provides greater transparency regarding the administrative review process.
Entities considering the establishment of a new AFP should therefore treat this procedure as an important reference when planning the authorization process, preparing the required documentation, and engaging with the supervisory authority, as it offers greater visibility into the internal review process that the Superintendence of Pensions will follow when assessing such applications.
For further information regarding this matter, please contact Christian Schiessler (cshiesslerq@jdf.cl) or Francisca Chávez (fchavez@jdf.cl).
