CMF Issues Regulations on Submission of Credit Information
The Commission for the Financial Market (CMF) in Chile has issued two regulations that improve information of debtors in the financial system. The first regulation increases the frequency and reduces the timeframes for financial institutions (supervised banks, support companies, and savings and credit cooperatives) to submit reports (or "debt files") associated with the list of debtors to CMF. This is to ensure more updated data, which improves the timeliness of the Debt Report compiled by CMF. The second regulation defines the data to be submitted by non-bank credit card issuers, the control measures for its preparation, and how these issuers will manage their lists of debtors. The first weekly files must be submitted beginning in the second week of December 2021, starting a trial run that will last until March 2022 for banks, support companies, and savings and credit cooperatives and until June 2022 for non-bank payment card issuers.
Both regulations were subject to public consultation; the feedback received mostly focused on timeframes to submit debt files and their implementation periods. Based on the feedback, the timeframes to implement and submit the files were adjusted to allow supervised institutions to perform any required technological developments. The key highlights of the regulations include the following:
- The new regulations increase the frequency for financial institutions to submit their list of debtors from monthly to weekly. The changes represent a significant reduction in the delay of debtor information, from a maximum of 50 calendar days to approximately 16 days.
- Financial institutions authorized by law to access consolidated lists of debtors through File R04 will also receive consolidated weekly information as well as that referring to the end of each month (unless the last business day of said month is a Friday)
- Non-bank credit card issuers have been added to the list of entities that must report information on their debtors, fulfilling the provisions of the General Banking Act.
- Information in consolidated debtor lists is confidential and subject to the provisions of Article 154 of the General Banking Act, which states that such information is strictly reserved. Likewise, its scope is also limited to Article 14 of said Act, both in terms of the lists' content and their recipients, that is the same financial entities that submit information.
Related Links (in Spanish)
- Press Release (in English)
- Regulation for Financial Institutions (PDF)
- Regulation for Non-Bank Credit Issuers (PDF)
Keywords: Americas, Chile, Banking, Credit Risk, Debt Files, General Banking Act, Reporting, Statistical Reporting, CMF
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
CBB Issues Circular on Second Phase of Open Banking FrameworkRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.