CHILE Trends and Developments Contributed by: Alvaro Moraga Fritz and Sebastián Moraga Nazar, Moraga & Cía.
• Client consent – data sharing is contingent on clear, informed and revocable client consent, with platforms provided for users to manage their authorisations. Section IV: Information The SFA ensures that shared information is rel - evant, accessible and timely. • Financial accounts and products – data on checking accounts, credit cards, mortgages and other products, including balances, transactions and contractual terms. • Financial transactions – historical transaction data categorised by type and date, as well as anonymised aggregate data for statistical purposes. • Terms and conditions – comprehensive details about financial products and services, such as interest rates, fees and terms. • Data-handling rules: (a) standardised taxonomy – ensures con - sistent data formats to facilitate interpre - tation and usage; (b) data integrity – participants are responsi - ble for ensuring accuracy, completeness and up-to-date information; and (c) client privacy – compliance with Personal Data Protection Law No 19.628, with heightened protections for sensitive data. Section V: Disciplinary Measures and Implementation Timeline NCG 514 sets forth penalties and a phased
• procedure – entities are notified and given time to address deficiencies, and suspen - sions are temporary and conditional upon compliance. Sanctions are as follows: • fines – range from administrative penalties to substantial financial sanctions, depending on the infraction’s severity; • revocation – repeat violations may result in permanent exclusion from the SFA; and • public disclosure – sanctioned entities will be listed in the participant directory, with the option to appeal through administrative chan - nels. The implementation timeline is as follows: • phase one – covers the first 24 months post- publication, focusing on technological prepa - ration; and • phase two – begins with the regulation’s enactment, with deadlines spanning six to 36 months for API compliance, based on partici - pants’ roles. Conclusion The implementation of Chile’s SFA, established under the Fintech Law and detailed in NCG 514, signifies a transformative milestone for the nation’s financial sector. This innovative framework promotes transparen - cy and interoperability , while carefully balancing the dynamism of fintech innovation with the reli - ability and solidity of traditional banking institu - tions. By fostering collaboration between these two sectors under robust regulatory oversight, the system aims to deliver significant benefits to all stakeholders.
implementation approach. Suspensions are as follows:
• grounds – non-compliance with technical or security requirements, failure to report inci - dents or unauthorised data use; and
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