Glossary · CMF Chile (Algorithmic governance)
CMF Chile and algorithmic governance: what exists and what does not (2026)
The Comisión para el Mercado Financiero (CMF) is Chile's integrated supervisor for banking, insurance and securities. As of 16 September 2026 it has issued no general rule (NCG), circular or circular letter on artificial intelligence or algorithmic governance, has none under public consultation, and its 2026-2027 Regulatory Plan includes none. Its Artificial Intelligence Policy (Exempt Resolution No. 5010, 22 May 2025) governs the CMF's own internal use of AI and places no obligations on supervised entities. Models used by banks and insurers are reached today only by general risk-management rules.
Full content in Spanish. This English entry is a concise summary. The complete reference (including comparative tables, official sources and Vermont Solutions context) is available in the Spanish version: Read the full entry in Spanish →
Frequently asked
Is there a CMF algorithmic governance rule?
No. As of 16 September 2026 the CMF has issued no NCG, circular or circular letter on AI or algorithmic governance, has none under public consultation, and its 2026-2027 Regulatory Plan includes none. Earlier versions of this page described a '2025 CMF Algorithmic Governance Rule'; that rule does not exist and the page has been rewritten from primary sources.
What is the CMF Artificial Intelligence Policy?
An internal policy approved by the CMF Board on 8 May 2025 and formalised by Exempt Resolution No. 5010 of 22 May 2025. It applies to CMF staff and to third parties that use AI on the CMF's behalf. It does not regulate banks, insurers or other supervised entities.
Which CMF rules reach models today?
General risk-management rules. For insurers, NCG No. 325 (2011) notes that the models used to measure risks carry their own 'model risk' and requires companies, if they do not quantify it, at least to recognise it in their risk-management system. For banks, a new RAN Chapter 21-9 on internal credit-risk methodologies is under public consultation until 26 October 2026. Neither mentions artificial intelligence.
Does Chile have an AI law?
Not yet. The bill regulating AI systems (Bulletin 16,821-19, introduced 7 May 2024) is in its second constitutional stage in the Senate as of 16 September 2026.
English summary maintained by Vermont Solutions. Citable with attribution. Regulation evolves — verify the latest version at the official source linked in the Spanish entry. Does not constitute legal advice.