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
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    News

    APRA Consults on Prudential Standard for Operational Risk

    The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.

    July 28, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8422