Amendments to Norma 461

Amendments to Norma 461: mandatory ifrs s1/s2-aligned sustainability and climate disclosure for cmf-regulated entities from fy2026, filed in machine-readable xbrl.

Jurisdiction
Status
active
Category
First deadline
FY 2026 (first mandatory reports due 2027)
Who must comply
All publicly listed companies (sociedades anonimas abiertas) regulated by Chile's Comision para el Mercado Financiero (CMF), plus other public interest entities including banks, insurance companies, pension administrators, and large cooperatives. Dual-listed companies must comply in Chile.
Penalties
The CMF may impose administrative fines and corrective orders, suspend an entity from the public securities registry, issue public non-compliance notices causing reputational damage, and pursue legal consequences for misleading disclosures.

What it is

The amendments to Chile's Norma de Caracter General (NCG) No. 461, together with updates to Rule 519, overhaul the country's corporate sustainability reporting regime for entities regulated by the Comision para el Mercado Financiero (CMF).

They move disclosure from a comply-or-explain model to mandatory reporting aligned with the ISSB's IFRS S1 and S2 standards, requiring standardized, machine-readable ESG and climate information across governance, strategy, risk management, and metrics.

Who must comply

The rules apply to all publicly listed companies (sociedades anonimas abiertas) regulated by the CMF and to other public interest entities such as banks, insurance companies, pension administrators, and large cooperatives. Dual-listed companies must comply in Chile.

What you must disclose

Entities must make mandatory disclosures aligned with IFRS S1 and S2, covering governance, strategy, and risk management, along with Scope 1-3 emissions, transition plans, and ESG metrics. Reports must be filed in machine-readable formats (XBRL), and third-party auditing applies.

Timeline

The amendments were introduced in August 2024 and last modified in November 2024, transitioning the framework from a comply-or-explain approach to mandatory disclosure.

2024-2025 is a transition period in which early adoption is encouraged. The rules become effective for FY 2026, with the first mandatory reports covering FY 2026 data due in 2027.

Stay ahead of this regulation.

Book a strategy call. We'll map what this regulation means for your business and the fastest path to compliance.