ChileLey 21.521 Title III, Open Finance System: customer consent and access to financial data
Ley 21.521, Ley Fintec, Título III, Del Sistema de Finanzas Abiertas (arts. 16 to 24)
A data subject rights rule binding private bodies.
- Audit expectation
- none
What it requires
- Title III binds nobody until the Comisión para el Mercado Financiero's rules under it enter into force (Article primero transitorio).
- Once Title III applies, obtain the customer's prior and explicit consent, free, informed, express and specific as to the type of financial information, the purpose and the maximum period of validity, before querying financial information or initiating payments on the customer's behalf (Article 23).
- Stop using a consent the customer has revoked for new information queries or new payment orders (Article 23).
- Once Title III applies, banks, card issuers and the other institutions the Commission designates give access to, and deliver, the customer information that registered information-based service providers request with the customer's consent (Articles 18 and 19).
These lines are LexLint's reading of the law's text.
What it makes you log
Logging duty
Title III sets consent, authentication and access duties for the Open Finance System and leaves the detail to rules of the Comisión para el Mercado Financiero. The articles read here name no log or record of the exchange, no audit and no retention period, and carry no territorial clause, so the hook is empty.
- Kind
- None
- As of
What this law does
Title III of Ley 21.521 applies from the entry into force of the rules the Comisión para el Mercado Financiero issues under it, together with Title II and certain articles. The Open Finance System allows the exchange, between different providers of information services, of the information of financial customers who have expressly consented to it.
Information-based service providers and payment initiation providers must obtain the customer's prior and explicit consent before querying information or initiating payments on the customer's behalf. The customer's consent to query financial information must be free, informed, express and specific as to the type of financial information, the purpose and the maximum period of validity of the authorization.
The customer may revoke consent at any time, and the provider may not keep using it for new queries or new payment orders. Institutions that provide information must give access to, and deliver, the information that information-based service providers request under the Act. Ley 21.521 was published on .
When LexLint raises it
When your app profile says your app processes personal data or provides financial services.
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