Risk Rating Commission adjusts funds and disapproves investment quotas

The Risk Classification Commission disapproved the shares of a national investment fund and several foreign mutual funds, and approved other financial instruments, in the agreement adopted at its 530th ordinary meeting. The text was published in the Official Gazette of the Republic of Chile, No. 44,559, on Saturday, September 26, 2026, Section I, General Norms, pages 1 to 3, with the official reference CVE 2878840. The agreement was signed in Santiago on September 24, 2026, by Alejandro Muñoz Valdés, secretary of the Commission.

The ruling is issued under Title XI of Decree Law No. 3,500 of 1980, and two procedures approved by the body itself: Agreement No. 31, on Approval Procedures for Shares of National Investment Funds and Mutual Funds, published in the Official Gazette on March 5, 2009, and Agreement No. 32, on Approval Procedures for Foreign Capital Representative Instruments, published on January 8, 2009. The document specifies that the agreement must be considered to determine the diversification of investments made with Pension Fund resources, according to DL No. 3,500.

National Issuers: New Classifications and One Disapproval

In the national issuers section, the Commission agreed to request two risk classifications:

• From Volcom Securitizadora S.A., for the Subordinated Series B1 of its 5th Separate Equity, issued under the securitized bond line registered in the Securities Registry of the CMF under No. 1,258, dated April 30, 2026.
• From Securitizadora Security S.A., for the Subordinated Series B2 of its 16th Separate Equity, registered in the Securities Registry of the CMF under No. 1,160, dated December 1, 2023.

Both requests are based on Article 105 of DL No. 3,500 of 1980. In the same block, the body disapproved the shares of BTG Pactual Deuda Corporativa Chile Fondo de Inversión, for failing to meet the requirement of having at least one risk rating, pursuant to Article 2 of Agreement No. 31. Additionally, it reported that the Fondo Mutuo ETF IT Now Acciones Chile will change its name to Fondo Mutuo ETF IT NOW MSCI IPSA.

Foreign Issuers: Approvals, Disapprovals, and Co-investments

Regarding foreign issuers, the agreement contains six distinct resolutions. The Commission approved the shares of mutual funds and approved securities representative of financial indices. Conversely, it disapproved:

• The shares of a mutual fund whose ownership is concentrated.
• The shares of mutual funds and the financial index representative security that do not have assets in an amount equal to or greater than US$ 100 million.
• The shares of mutual funds that were absorbed.

Likewise, it approved the investment vehicles and co-investment operations in the specific alternative asset indicated, managed by the corresponding managers. The Commission also took note of the name changes of various instruments and foreign entities, detailed on the website www.ccr.cl.

Validity of the previous agreement and effect on pension funds

In matters not modified by the preceding sections, the Commission maintained the validity of the agreement regarding public and private offering financial instruments adopted at its 529th ordinary meeting, held on August 27, 2026, and published in the Official Gazette on August 29, 2026. The publication of the full agreement is available on the website of the Risk Classification Commission, www.ccr.cl.

The ruling is significant because it determines which instruments may be acquired with pension resources: disapprovals remove alternatives from the eligible universe for the administrators, while approvals and new required classifications expand or condition the available options. As it is an agreement expressly referring to the diversification of Pension Funds, its effects directly impact the composition of the portfolios managed under DL No. 3,500.

Source: Official Gazette of the Republic of Chile, No. 44,559, September 26, 2026, Section I (General Norms), pp. 1-3 (official reference: CVE 2878840).