On September 9, 2026, the Executive Branch submitted to the Chamber of Deputies the Capital Markets and Home Financing Reform Bill (the \u201cBill\u201d).<\/p>\n
The Bill represents the most extensive reform of the Chilean capital markets since 2010. It contains 21 permanent provisions, three of which approve new statutory frameworks, and 30 transitional provisions. It introduces amendments to various statutory bodies, including the Tax Code, the Income Tax Law, the VAT Law, the Stamp Tax Law, the Securities Market Law, the Corporations Law, the Single Funds Law, the Fraud Law, the General Banking Law, and Decree Law No. 3,500.<\/p>\n
The Bill identifies several areas of the financial market that require further development and proposes, among others, the following measures:<\/p>\n
<\/p>\n
The Bill proposes the creation of the National Housing Fund (\u201cFONAVI\u201d), a public-law legal entity administered and represented by BancoEstado and supervised by the Financial Market Commission (\u201cCMF\u201d). Its purpose would be to facilitate access to long-term housing finance, promote liquidity and depth in the mortgage market, and channel capital toward housing finance in Chile.<\/p>\n
FONAVI would be authorized to establish investment funds governed by Law No. 20,712 (the \u201cSingle Funds Law\u201d or \u201cLUF\u201d), primarily for the acquisition of mortgage loans and transferable mortgage loans (mutuos hipotecarios endosables) related to housing finance. Neither FONAVI nor its funds would be permitted to originate mortgages or directly finance borrowers.<\/p>\n
The Bill contemplates fiscal contributions of up to US$2 billion during the 36 months following the publication of the law, including an initial contribution of US$500 million prior to the establishment of the first fund.<\/p>\n
The Bill proposes establishing a savings mechanism aimed at financing the down payment for a first home, whether new or existing. Individuals who make stable and continuous contributions for at least 30 months and accumulate a balance, including returns, equivalent to at least 7% of the value of the home could qualify for a tax benefit equivalent to 3% of such value, subject to the annual limit determined by the Ministry of Finance. The benefit would apply to homes valued at up to UF 6,000 and could be used only once per beneficiary.<\/p>\n
The AVV would facilitate the accumulation of the down payment, without guaranteeing approval of the mortgage loan or requiring a financial institution to finance the remaining balance.<\/p>\n
The Bill also proposes increasing the maximum annual tax benefit available under Regime A of Voluntary Pension Savings from 6 to 8 UTM.<\/p>\n
In addition, it introduces amendments to Law No. 20,009, known as the Fraud Law, concerning liability, reporting, and fraud prevention, and authorizes the CMF to sanction certain breaches by entities involved in the payment chain.<\/p>\n
The Bill includes measures aimed at reducing regulatory and tax barriers to the participation of foreign investors and the provision of financial services from Chile.<\/p>\n
Among other measures, it proposes allowing certain investment management, financial advisory, and comprehensive wealth management services provided to foreign clients to qualify for the VAT exemption applicable to exports of services, even when the assets under management are located in Chile.<\/p>\n
It also proposes exempting certain non-resident investors from the obligation to obtain a Chilean Tax ID (RUT) where their Chilean-source income derives exclusively from the holding or disposal of publicly offered securities eligible for the benefits under Articles 104 and\/or 107 of the Income Tax Law (\u201cLIR\u201d), and expanding certain Stamp Tax exemptions applicable to foreign-sourced financing.<\/p>\n
In addition, the Bill proposes authorizing Pension Funds to engage in repurchase and reverse repurchase transactions (REPOs and reverse REPOs), thereby expanding the portfolio management tools available to them.<\/p>\n
The Bill proposes simplifying and modernizing various rules applicable to the capital markets, with the aim of reducing regulatory rigidities and facilitating market operations. Key measures include:<\/p>\n
The Bill proposes modernizing various corporate and securities market rules, including the digitalization of shareholder registers; the possibility of establishing permanent preferences and multiple-vote shares; greater flexibility regarding share buybacks; and the introduction of compulsory sale mechanisms and a reciprocal sell right where a controlling shareholder holds more than 90% of the shares, among other measures.\nIt also introduces the so-called business judgment rule, establishing a standard for assessing directors\u2019 compliance with their duty of care when making business decisions. The assessment would consider, among other factors, whether the directors acted in good faith, based on reasonably sufficient information, and with a reasonable belief that they were acting in the best interests of the company.<\/p>\n
The Bill proposes amending various provisions of the LUF to allow general fund managers (\u201cAGFs\u201d) to outsource portfolio management to investment managers registered in the Portfolio Managers Registry and supervised by the CMF. Their fees could be charged to the fund where provided for in its internal regulations.\nLiability for investment decisions made within the scope of the mandate would lie with the relevant investment manager, without prejudice to the AGF\u2019s liability for its own breaches.<\/p>\n
The Bill also proposes amending Articles 2, 4, and 13 of the LUF, reducing and narrowing certain capital and guarantee requirements applicable to AGFs. The minimum capital would be determined by the CMF within a range of UF 10,000 to UF 20,000, while the guarantee required per fund would be subject to the limits established in the Bill.<\/p>\n
The Bill establishes a simplified debt issuance regime for smaller companies, with fewer regulatory requirements than those applicable under the general public offering regime.<\/p>\n
The Bill proposes allowing transferable mortgage loans to be transferred through book-entry records when deposited with a securities depository, with the same legal effects as an endorsement. The relevant depository could issue a certificate which, together with an authorized copy of the corresponding public deed, would constitute an enforceable title.<\/p>\n
Finally, the Bill proposes expanding access to the capital markets and the financing alternatives available, particularly for smaller companies.<\/p>\n
The Bill proposes establishing a special stock market segment for innovation and growth companies and greenfield mining exploration projects, subject to a simplified and proportional registration and disclosure regime and certain tax incentives aimed at promoting investment in this segment.<\/p>\n
The Bill proposes greater flexibility in the tax treatment provided under Articles 104 and 107 of the LIR. With respect to Article 104, this would include eliminating the minimum holding period and the 4% withholding tax applicable to interest on certain fixed-income instruments. With respect to Article 107, it would replace the public trading presence requirement with a minimum 15% free float requirement for certain shares.<\/p>\n
The Bill proposes extending to public investment funds the tax benefit provided under Article 108 of the LIR, which allows the deferral of taxation on capital gains arising from the redemption or disposal of mutual fund units when the proceeds are reinvested in other funds.<\/p>\n
The Bill is currently undergoing its first constitutional stage in Congress, and its contents may therefore be amended during the legislative process. In addition, a significant portion of its implementation is left to regulations to be issued by the CMF and the corresponding implementing regulations. Accordingly, its practical scope will depend on such subsequent regulatory developments.<\/p>\n
Should you require further information on this matter, please contact Christian Schiessler (cshiesslerq@jdf.cl), Francisca Ch\u00e1vez (fchavez@jdf.cl), or Mar\u00eda Jes\u00fas P\u00e9rez (mjperez@jdf.cl).<\/p>","protected":false},"excerpt":{"rendered":"
Con fecha 9 de septiembre de 2026, el Ejecutivo ingres\u00f3 a la C\u00e1mara de Diputados el Proyecto de Ley de Reforma al Mercado de Capitales y Financiamiento de la Casa Propia (el \u201cProyecto de Ley\u201d). Se trata de la reforma m\u00e1s extensa al mercado de capitales chileno desde 2010, contemplando 21 art\u00edculos permanentes (tres de […]<\/p>\n","protected":false},"author":2,"featured_media":6707,"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-6705","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\/6705","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=6705"}],"version-history":[{"count":2,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts\/6705\/revisions"}],"predecessor-version":[{"id":6711,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/posts\/6705\/revisions\/6711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/media\/6707"}],"wp:attachment":[{"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/media?parent=6705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/categories?post=6705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jdf.cl\/en\/wp-json\/wp\/v2\/tags?post=6705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}