CMF Updates Compendium of Accounting Standards for Banks
The Commission for the Financial Market (CMF) in Chile published an updated version of the Compendium of Accounting Standards for banks, in addition to the adjustments to certain files of the Information System Manual for banks. The updated Compendium of Accounting Standards will be applicable from January 01, 2022. The updated version of the Compendium incorporates accounting information necessary to comply with the full implementation of Basel III standards and addresses situations arising from internal analysis as well as feedback received from stakeholders in the banking system.
After processing comments and suggestions received during the consultation period, CMF has adjusted the original regulatory proposal, mainly with respect to the application of the following International Financial Reporting Standards (IFRS):
- IFRS 9 on the accounting treatment of instruments eligible for additional tier 1 (AT1) and tier 2 (T2) capital
- IAS 8 on errors associated to operational risk events
- IAS 37 on determining operational risk provisions
Chapter B-1 of the Compendium of Accounting Standards on aggregate exposure for the group commercial portfolio has also been amended and a longer period has been proposed for its adoption independent of the first enforcement date of the new Compendium. Additionally, CMF issued a regulation on the limit control of loans that banks may grant to finance corporate groups. The last amendment to the General Banking Act, in force since January 12, 2019, originally set a limit of 30% of the effective assets of the creditor bank for the total of loans granted to individuals or entities belonging to the same corporate group. These amendments are contained in the new Chapter 12-16 of the Updated Compilation of Rules for Banks (RAN), which establishes the scope and exceptions for the application of loan limits to corporate groups. Also, a new file has been added to the Information Systems Manual for Banks to report monthly information on daily transactions carried out with entities belonging to the same corporate group, in addition to their identification and the amounts owed. CMF analyzed various concerns from different interested parties received during the regulation's public consultation period. The original regulatory proposal has been amended accordingly, with CMF also publishing a set of frequently asked questions to clarify these queries.
Related Links
- Press Release on Compendium of Accounting Standards
- Compendium of Accounting Standards (PDF in Spanish)
- Press Release on Limit Control
Effective Date: January 01, 2022
Keywords: Americas, Chile, Banking, Credit Risk, Compendium of Accounting Standards, IFRS 9, Accounting, Operational Risk, Lending, Reporting, Basel, Regulatory Capital, 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.

Anna Krayn
CECL adoption expert; engagement manager for loss estimation, internal risk capability enhancement, and counterparty credit risk management
Previous Article
IOSCO Issues Recommendations on Sustainability-Related ExpectationsRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.