On April 20, 2026, the Financial Market Commission (\u201cCMF\u201d) issued General Rule No. 562 (\u201cNCG No. 562\u201d), establishing a new regulatory framework on minimum capital, guarantees, liquidity, and leverage applicable to stockbrokers, securities dealers, and commodities brokers.<\/p>\n
Shift in Approach: From a Traditional Scheme to a Risk-Based Model<\/u><\/strong><\/p>\n The main innovation of the rule is the replacement of the previous framework with a model based on risk-weighted assets (\u201cRWA\u201d). This methodology incorporates capital charges for operational risk, market risk, credit risk, and credit and market risk related to crypto-assets.\nCompliance 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.<\/p>\n Minimum Capital and Legal Guarantee<\/u><\/strong><\/p>\n For entities that meet the business volume thresholds set out in NCG No. 562, the minimum capital requirement is determined as the higher of:\n\u2022\tUF 5,000, or\n\u2022\t3% of RWA, which the CMF may increase up to 6% based on the outcome of its risk management assessment.<\/p>\n Additionally, such entities must provide a legal guarantee of UF 6,000 to ensure proper compliance with their obligations.<\/p>\n Liquidity and Leverage<\/u><\/strong><\/p>\n Regarding liquidity and leverage, the rule maintains the general liquidity ratio and leverage ratio from the previous regime, establishing:\n\u2022\tA liquidity ratio equal to or greater than 1, and\n\u2022\tA leverage ratio equal to or less than 20 times.<\/p>\n The rule eliminates the intermediation liquidity ratios and capital coverage ratio, incorporating their components into the RWA-based methodology.<\/p>\n Entry into force <\/u><\/strong><\/p>\n 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.<\/p>\n La NCG N\u00b0562 comenzar\u00e1 a regir el 1 de marzo de 2027<\/strong>. Desde esa fecha quedar\u00e1n derogadas la Norma de Car\u00e1cter General N\u00b018, la Circular N\u00b0632 y la Circular N\u00b0695. 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\u2014regarding the registration of securities intermediaries and commodities brokers, respectively\u2014until March 1, 2027.<\/p>\n If you require additional information on this matter, you may contact Christian Schiessler (cshiesslerq@jdf.cl) and Francisca Ch\u00e1vez (fchavez@jdf.cl).<\/p>","protected":false},"excerpt":{"rendered":" Con fecha 20 de abril de 2026, la Comisi\u00f3n para el Mercado Financiero (\u201cCMF\u201d) dict\u00f3 la Norma de Car\u00e1cter General N\u00b0562 (\u201cNCG N\u00b0562\u201d), mediante la cual establece un nuevo marco regulatorio sobre requisitos de patrimonio m\u00ednimo, garant\u00edas, liquidez y endeudamiento para corredores de bolsa, agentes de valores y corredores de bolsa de productos. Cambio de […]<\/p>\n","protected":false},"author":2,"featured_media":6258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novedades"],"acf":[],"_links":{"self":[{"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts\/6256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/comments?post=6256"}],"version-history":[{"count":2,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts\/6256\/revisions"}],"predecessor-version":[{"id":6261,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts\/6256\/revisions\/6261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/media\/6258"}],"wp:attachment":[{"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/media?parent=6256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/categories?post=6256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/tags?post=6256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\r\nSin perjuicio de lo anterior, el numeral II de la NCG N\u00b0562, relativo a los efectos de la evaluaci\u00f3n de calidad de gesti\u00f3n de riesgos, empezar\u00e1 a aplicarse reci\u00e9n el 1 de julio de 2027<\/strong>.<\/p>\n