Fintech Law Series: Summary of the 7 Regulated Business Models
We conclude our series on Chile’s Fintech Law No. 21.521 with a summary of the seven types of business activities that require registration before the Financial Market Commission (CMF):
1. Alternative Trading Systems (ATS)
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Operate spaces to quote publicly offered securities
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Facilitate direct transactions between participants
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Manage platforms for exchanging financial instruments
2. Crowdfunding Platforms
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Connect projects with potential investors
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Facilitate the promotion of financing needs
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Provide tools to carry out investments
3. Order Routing Systems
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Communicate orders for financial instruments
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Channel transactions without influencing the recipient
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Connect with various intermediaries and systems
4. Credit Advisory Services
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Assess payment capacity and creditworthiness
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Analyze individuals and legal entities
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Support credit and debt renegotiation processes
5. Custody of Financial Instruments
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Hold securities and contracts on behalf of third parties
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Manage financial and virtual assets
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Administer related financial resources
6. Investment Advisory Services
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Evaluate the suitability of investments
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Recommend financial instruments
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Analyze risk profiles
7. Intermediation of Financial Instruments
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Buy/sell instruments on behalf of third parties
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Operate with various types of financial assets
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Manage transactions in specialized markets
Key Considerations
Common Obligations:
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Registration with the CMF
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Implementation of internal control systems
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Risk management processes
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Maintenance of operational records
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Operational transparency
Registration Deadline:
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Final date: February 2, 2025
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Registration in the Financial Service Providers Registry
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Submission of service authorization requests
Next Steps
If your company fits into any of these categories:
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Review the specific regulations
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Assess your current processes
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Consult with specialized advisors
-Prepare your registration application