CHILE Law and Practice Contributed by: Alvaro Moraga Fritz and Sebastián Moraga Nazar, Moraga & Cía.
10. DORA 10.1 DORA Requirements No legal DORA requirements are applicable to banks in Chile.
In addition, the recently enacted Cybersecurity Framework Law, also passed in 2023, imposes further requirements regarding technological infrastructure and resilience against cyberat - tacks. This means that financial institutions must simultaneously adapt to three interconnected regulatory frameworks, presenting a significant operational challenge for the industry. Nevertheless, this scenario, while challenging, offers a unique opportunity for Chile’s banking and financial system. If sector participants can effectively meet these demands, the country could undergo an unprecedented modernisation process over the next five years. This progress would not only foster greater competition among traditional and emerging players (such as fintech companies) but would also drive financial inclu - sion, bringing new consumers into the formal financial system. In conclusion, the implementation of the SFA, together with complementary regulations, could position Chile as a regional leader in financial innovation – provided the sector rises to the regulatory and technological challenges that this structural transformation entails.
11. Horizon Scanning 11.1 Regulatory Developments
The most significant regulatory development in Chile’s banking and financial sector is the imple - mentation of the Open Finance System (SFA), introduced through the Fintech Law of 2023. This legal framework establishes the foundation - al principles and guidelines for promoting inno - vation, financial inclusion and competition in the sector, in alignment with international standards. The execution of the SFA was entrusted to the CMF, which, to fulfil this mandate, issued General Regulation No 541. This regulation not only sets deadlines for implementation but also defines key milestones to ensure the proper and secure operation of the system. It includes technical and governance measures aimed at protecting market integrity and consumer rights. However, the implementation of the SFA is tak - ing place within a complex regulatory landscape. First, Chile is preparing for the enactment of a new personal data protection law, expected to come into force before the end of 2024. This legislation, inspired by standards such as the European Union’s General Data Protection Reg - ulation (GDPR), will require SFA participants to adopt robust measures to safeguard the priva - cy and security of data shared within the open finance framework.
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