CL-Listed Companies · CMF (Chile)

Regulator: CMF (Chile).

Insider trading disclosure in Chile

A next-day deadline written into the law

Chile puts its insider reporting deadline in the statute itself. Article 12 of Ley 18.045, the Securities Market Law, requires anyone holding 10% or more of the subscribed capital of an open stock corporation (sociedad anónima abierta), or reaching that level through a purchase, to report every acquisition or sale of its shares. Directors, liquidators, principal executives, administrators and managers carry the same duty whatever the size of their holding. Contracts and securities whose price depends in large part on the share price fall under the rule as well.

The filer sends the report to the Comisión para el Mercado Financiero (CMF) and to each Chilean stock exchange where the company is listed, no later than the day after the transaction. Large shareholders must also say whether they are buying to take control or as a financial investment.

NCG 269 and the CMF register

Norma de Carácter General 269, issued on 31 December 2009 by the Superintendencia de Valores y Seguros (the CMF's predecessor) and applied since 1 January 2010, sets the form and the electronic channel. Individuals must also report trades by a spouse married under community of property, by minor children and by entities they control. Under article 20 of the law, the company reports trades by its related persons within one day of learning about them.

The CMF publishes article 12 notices in a public register you can search by company and date. Each line names the person or entity and its relationship to the company, then gives the transaction and reporting dates, the type of transaction and security, the number of units, the unit price and total amount in pesos, whether the trade went through the exchange, whether the buyer seeks control, and the stake held afterwards.

The 30-day blackout and the data you see here

Article 16 bars directors, managers, administrators and principal executives, together with their spouses, partners and relatives up to the second degree, from trading the issuer's securities in the 30 days before quarterly or annual financial statements come out. Issuers must announce that release date at least 30 days ahead.

Our Chilean feed is per-trade: one line per transaction, with a price and an amount in pesos converted to euros so you can compare across markets. Because the register names filers, insider pages show real people and holding companies, and we map their relationship to the company into our standard role buckets. The methodology covers how we process each filing.