Practice areas · 03
Regulatory & Compliance
Chile's regulatory framework applicable to investments in foreign alternative assets is subject to ongoing change, shaped both by structural reforms — such as the Pension Fund Reform Law — and by the requirements that apply to the marketing and distribution of investment products in Chile, arising under securities regulation (Law No. 18,045) and, where applicable, fintech regulation (Law No. 21,521), among others. Cardonal Consulting advises both investors and fund managers on how these frameworks apply to their specific investment or distribution activity.
Our advisory work in this area covers several matters: determining whether a fund's local marketing or distribution activity triggers registration requirements with the CMF, CCR registration for foreign funds seeking eligibility for pension fund investment, regulatory audits of existing investments to assess ongoing compliance, and direct engagement with the regulator on rules that remain under development.
Who this is for
We conduct regulatory compliance reviews of their alternative asset investments, prepare the institutional due diligence audits these investors are subject to, and coordinate the legal opinions required for an investment to formally comply with applicable regulation.
We manage CCR registration for foreign funds and advise on the regulatory requirements applicable to distributing a vehicle in Chile, whether directly or through a placement agent — including an assessment of whether such distribution activity triggers registration or other obligations with the CMF.
We support direct dialogue with the Chilean Pension Fund Regulator on emerging regulation, such as new Normas de Carácter General, and help clients anticipate how reforms are likely to be implemented in practice. Where relevant, we also assist clients in raising matters they consider should be addressed by the regulator, or in advancing positions on regulatory developments they believe would benefit the Chilean alternative assets market more broadly.
Have a question regarding a specific regulatory requirement, or an upcoming change that may affect your fund or investment? Contact us to discuss your situation.