On July 25 of this year, the Financial Market Commission (hereinafter the “CMF”) issued General Regulation No. 515 (hereinafter the “NCG” or the “Regulation”), which establishes a new and unique communication channel between the audited entities and the Commission, called “CMF SUPERVISA” .
The main regulatory frameworks we highlight from the standard are as follows:
Objective and scope
The purpose of the Regulation is to establish a single channel for communication and sending information between the auditees and the CMF, called “” CMF Supervises “”, replacing the current means of sending information to the Commission, i.e., SEIL, the interface for accessing various Extranet modules and paperless CMF. In this way, “” CMF Supervises “” will become the only channel of communication and reception of information, facilitating communication with the CMF.
In this context, all entities and individuals subject to the CMF’s supervision must adhere to this new channel.
2. Access to the channel
Access to the “” CMF Supervises “” channel will be through authentication mechanisms, which will be defined by the CMF. These mechanisms will be communicated to the audited person or entity through the e-mail address of the general generator, legal or conventional representative that such entity or person has indicated at the time of requesting registration in any of the registries kept by the commission or that of its Securities.
The NCG No. 515 states that, before May 30, 2025, persons or entities that must submit information to the CMF must assign an e-mail address and update their identification information using the options provided for such purposes in CMF Supervises.
3. E-mail box assignment
For the purposes of notifications via e-mail, any person or entity that must send information to the CMF must maintain a permanently updated e-mail address. Otherwise, the notification will be made to the audited person or entity through its general manager, legal or conventional representative. In any case, any modification to such mailbox will be made through CMF Supervises.
The e-mail addresses will be used as official communication channels for notifications, consultations or instructions sent by the Commission.
4. Obligation to update information
All persons or entities whose authorization of existence or registration of the same or its securities has been granted by the CMF must keep their information updated. The means by which it will be updated will be “CMF Supervises”, within five working days of the occurrence of the respective event, knowledge of the same or compliance with the solemnities required by law or regulation to the act or instrument in question.
5. Implementation of CMF Supervises
In order to ensure continuity in the sending of information and communication of auditees, existing users in SEIL and Extranet will be automatically recognized in CMF Supervisa.
Those who do not have an authorized user with an administration role in SEIL or those who are in the process of registering must submit the information of their legal representative prior to May 1, 2025.
For its part, CMF sin papel will continue to function as a channel of communication between the CMF and the general public.
In addition, on July 25, 2024, the Financial Market Commission issued General Rule No. 516, in order to incorporate matters related to the communication of essential and reserved facts.
In this regard, and in order to homogenize the regulations, the contents of the Updated Compilation of Rules (RAN) 18-10 are replaced to refer to the provisions contained in General Rule No. 30 on banks, regarding essential and reserved facts. In addition, Circular No. 1,737 of 2005 is repealed.
Validity
NCG No. 515 states that the provisions contained in the regulation will come into force as from May 1, 2025. In turn, the amendments incorporated by NCG No. 516 will become effective as of September 1 of this year.
For any question related to this topic, you may contact Javier Edwards
Ontier LLP is authorised and regulated by the Solicitors Regulation Authority, registration number OC327289.
