CHILE Law and Practice Contributed by: Alberto Alcalde, María Catalina Zegers García-Huidobro and Pía Robledo, Puga Ortiz
2.7 No-Action Letters Regulators in Chile do not issue “no-action” letters. However, the CMF has the authority to provide regu - latory flexibility and exemptions for fintech compa - nies on certain conditions. This flexibility is typically granted through formal resolutions or norms of gen - eral character, rather than “no-action” letters. The CMF can exempt certain entities from specific regulatory requirements or allow less burdensome compliance measures if their activities do not com - promise public trust or financial stability. Fintech companies participating in the regulatory sandbox may receive temporary regulatory relief to test innovative products and services in a controlled environment. The CMF may issue resolutions or norms tailored to specific cases, allowing entities to operate under modified regulatory conditions. 2.8 Outsourcing of Regulated Functions The system does not address the outsourcing of regulated functions or the obligations placed on ven - dors. However, based on the principles and regulatory framework outlined in the law, the following can be inferred. Obligations on Vendors Vendors involved in outsourced functions must com - ply with the regulatory requirements applicable to the services they provide, including standards for gov - ernance, risk management, cybersecurity and data protection. Vendors handling financial data must adhere to strict confidentiality, security and privacy standards as out - lined in the law. Entities outsourcing regulated functions remain accountable to the CMF and must ensure that ven - dors provide the necessary information and comply with reporting obligations. While the documentation does not specify manda - tory contractual requirements for outsourcing, general regulatory practices suggest the following:
• contracts should clearly define the scope of ser - vices, compliance obligations and performance standards; • contracts should include provisions allowing the regulated entity or the CMF to assess the vendor’s compliance with applicable laws and standards; and • vendors should be held liable for breaches of regu - latory requirements or failures in service delivery. Outsourcing to a regulated entity may reduce com - pliance risks, as these entities are already subject to oversight by the CMF or other regulators. Regulated entities are likely to have established gov - ernance, risk management and compliance frame - works. 2.9 Gatekeeper Liability Fintech providers have gatekeeper responsibilities and must ensure that activities on their platforms comply with applicable law. They are subject to CMF supervision and must imple - ment adequate governance, risk management and cybersecurity frameworks, as well as safeguards for client data and assets. Providers must ensure transparency, disclose risks and conflicts of interest, prevent fraud and market misconduct, and report relevant information to regu - lators, including AML/CTF compliance. Failure to comply may result in sanctions, including fines, suspension or revocation of registration. 2.10 Significant Enforcement Actions The law outlines the framework for regulatory over - sight and enforcement actions that can be applied across the main verticals of fintech services. Platforms for Financing Collective Projects Violations include dissemination of false or mislead - ing information about projects and conflict of interest non-disclosure.
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