CHILE Law and Practice Contributed by: Alberto Alcalde, María Catalina Zegers García-Huidobro and Pía Robledo, Puga Ortiz
6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Various types of marketplaces and trading platforms are permissible, each with specific regulatory require - ments. Crowdfunding Platforms These are physical or virtual spaces where individuals or entities with investment projects or financing needs connect with those willing to provide resources. They must be registered in the FSPR. Obligations include providing clear information about projects and poten - tial conflicts of interest. Governance and risk manage - ment standards must also be met. Alternative Trading Systems These are physical or virtual spaces for quoting, offer - ing or trading financial instruments or public secu - rities; they are not authorised as stock exchanges. These systems must be registered and authorised by the CMF. They are required to maintain operational capacity for processing transactions and ensure transparency in price formation. Governance, risk management, and internal regulations promoting fair and competitive markets are mandatory. Financial Instrument Intermediation This refers to activities involving the purchase or sale of financial instruments for third parties, either directly or through intermediaries. Entities must be registered and authorised by the CMF. They must meet the requirements for operational capacity, guarantees and minimum capital. Governance and risk management standards apply. Order Routing This refers to channelling orders from third parties for the purchase or sale of securities or financial instru - ments to trading systems or intermediaries. Regis - tration and authorisation by the CMF are required. Entities must meet operational, governance and risk management standards. Custody of Financial Instruments This refers to the safekeeping of financial instruments, money or foreign currency on behalf of third parties.
Registration and authorisation by the CMF are manda - tory. Entities must meet minimum capital and guaran - tee requirements, and governance and risk manage - ment standards apply. Operational Requirements Some entities are required to maintain robust opera - tional systems to ensure transaction processing and market transparency. There are minimum capital and guarantee requirements to protect clients. Governance and risk management policies are tailored according to the size, volume and nature of operations. 6.2 Regulation of Different Asset Classes Different asset classes are subject to distinct regulato - ry regimes. Security tokens qualify as financial instru - ments where they represent debt, equity or economic returns, and are subject to general rules on transpar - ency, reporting and governance. Cryptocurrencies are recognised as virtual finan - cial assets under the Fintech Law and are regulated depending on the activity performed (eg, custody, intermediation or trading). Entities must comply with AML/CFT, data protection and governance require - ments. The framework is technology-neutral and applies based on the nature of the activity. Traditional financial instruments remain subject to the Capital Markets Law, including in regard to registration and public offering requirements. 6.3 Impact of the Emergence of Cryptocurrency Exchanges Cryptocurrency exchanges – both centralised and decentralised – are addressed within Chile’s technol - ogy-neutral and activity-based framework for finan - cial services. The emergence of these platforms has increased regulatory attention, with a focus on trans - parency, operational resilience and user protection. Centralised exchanges that facilitate the trading of cryptocurrencies may be categorised as alternative trading systems where their activities fall within the scope of regulated financial services. In such cases, they must: • register with the CMF;
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