Overview
- The Superintendencia de Banca, Seguros y AFP published a draft rule on Friday that replaces a largely uniform authorization process with three risk‑based modalities labeled estándar, empresas no captadoras, and especial.
- The draft sets explicit maximum review deadlines for two authorization stages so lower‑risk applicants face shorter waits: organization approvals would run to 120 days for estándar, 90 days for non‑capturing firms and 70 days for especial.
- For authorization to begin operations the proposal limits review to 180 days for estándar and especial and 120 days for empresas no captadoras, a change the SBS says will streamline entry without lowering prudential standards.
- The regulator frames the reform as aligned with international practice and says it aims to protect savers and preserve system solidity while reducing unnecessary burdens on less complex firms.
- The draft is open for public comment on the SBS portal until July 6, 2026, and next steps include stakeholder feedback, possible revisions and a formal rulemaking process before any change takes effect.