Featured Product

    CMF Issues Regulations on Submission of Credit Information

    September 15, 2021

    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)

    Keywords: Americas, Chile, Banking, Credit Risk, Debt Files, General Banking Act, Reporting, Statistical Reporting, CMF

    Featured Experts
    Related Articles

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793