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      Is Fraccional regulated?

      We have permission to operate while we obtain the definitive authorization from the CMF.

      We are in a formal authorization process with the Financial Market Commission (CMF), which allows us to operate under the framework of the new Fintech Law (law 21.521).

      This is important: not being "authorized" yet does not mean being outside the law. The Fintech Law itself established a transitional regime so that platforms like Fraccional could continue operating while the CMF reviews applications.

      Fraccional's regulatory timeline

      1. Fraccional's beginning

        Fraccional begins operating as a real estate crowdfunding platform, under the legal framework in force at that time.
        • At that stage, there was no specific regulation for crowdfunding or fintech platforms in Chile yet.

      2. Fintech Law comes into effect

        The new Fintech Law creates, for the first time, specific regulation for platforms like Fraccional, including 5 Fintech categories, of which would apply to Fraccional:
        • Crowdfunding Platforms (PFC)
        • Alternative Trading Systems (SAT), applicable to the secondary market

      3. Official extension

        Since specific regulations were not complete, the CMF granted an extension until 2025.
        • Platforms that submitted their application within the deadline (until March 2025) could continue operating legally until receiving a final response.

      4. Fraccional submits updated application

        In February 2025, Fraccional submits its complete application to the CMF, within the established deadline.
        • Fraccional operates under the transitional regime provided in the Fintech Law.
        • This is exactly the scenario the law designed to avoid halting innovation while the CMF evaluates cases.

      5. CMF observations

        In September 2025, the CMF sends us its first observations, something normal and expected in these types of processes (which usually take 12 months or more).
        • Explicitly clarify the peer-to-peer (P2P) nature of the secondary market.
        • Adjust certain website texts to make explicit that Fraccional does not provide investment advice.
        • Confirm the company's ownership structure and the vehicle companies where users enter.

      6. Adjustments made and response sent

        During October 2025, we made all required adjustments to the platform and communication.
        • We formally sent the response to the CMF within the same month.
        • Since then, the file is again under review by the regulator.

      7. Awaiting definitive response

        We are currently awaiting the final response from the CMF.
        • This response may include: definitive authorization, or new specific observations (also normal in regulatory processes).
        • The deadlines for this stage do not depend on Fraccional, but on the administrative times of the regulator.

      What does this mean for you as a user?

      • Fraccional is within the formal process defined by the Fintech Law.
      • We submitted our documentation on time and have responded to all observations received.
      • The CMF has actively reviewed our model and asked us for form and language adjustments, not substantive adjustments, nor the cessation of operations.
      • This process is normal and common in new regulations, especially in financial markets.

      Next steps

      We will continue to inform of any relevant news as soon as there is official communication from the CMF.