[Last updated: 1 January 2024, unless otherwise noted]

Any proposed listing must comply with the registration or exemption requirements established by the Financial Market Commission (CMF) and with the regulations issued by the exchange.

The Chilean Securities Act 18,045 empowers the CMF to establish procedures for registration and public offering of both local and foreign securities, and to establish different requirements based on the nature of these as well as determine the markets in which they may be traded. The CMF is also authorized to exempt foreign securities from the registration obligation for foreign issuers under the supervision of entities with which the CMF has executed collaboration agreements (such as Canada, Peru, Colombia, Mexico, Spain and, subject to certain restrictions, Argentina).

Only those securities registered in the Securities Registry or the Foreign Securities Registry maintained by the CMF, or exempted from registration, can be publicly traded in Chile and therefore listed on a Chilean stock exchange. Foreign securities issued by entities incorporated in jurisdictions that are considered by the Financial Action Task Force (FATF) as jurisdictions that experience strategic deficiencies in the prevention of money laundering and financing of terrorism, defined as high risk or non-cooperative jurisdictions, cannot be registered with the CMF, and therefore, cannot be listed and offered in Chile.

All local securities of the same kind (that is, shares, bonds and so on) are subject to the same registration and public offering conditions. However, under regulations issued by the CMF, there are two listing categories for foreign securities—those registered with foreign authorities and those that are not. Although the CMF authorizes the registration in Chile of foreign securities that are not registered with foreign authorities, these securities may not be traded among the public in general and are restricted to "qualified investors" (that is, institutional investors such as banks, insurance companies, funds and others).

There are neither initial nor ongoing financial requirements that local or foreign companies must meet in order to qualify to list their securities on the SSE. In case of foreign entities, the basic requirement imposed for the offer of their securities to the general public is to ensure that:

• The foreign issuer is duly supervised by a foreign regulator.
• The foreign regulator is a IOSCO member.
• The reporting obligations of the foreign issuer with the foreign regulator and/or exchange are complied with in English or Spanish.
• The foreign securities being registered can be publicly offered in a country which forms part of the list of "Recognized Markets".
• The issuer's annual report and financial statements are audited.

Most of the substantive requirements that apply to domestic companies, that refer to corporate governance, risk classifications, legal compliance and others, are not directly required for the registration or listing of foreign securities in Chile.

Local securities have to be registered both with the CMF and with the SSE directly by their issuers. In the case of foreign securities, either the foreign issuer, or a sponsor of the foreign issuer, can request the registration of the securities at the Foreign Securities Registry of the CMF. If the filing is made by the foreign issuer, the issuer must appoint a legal representative in Chile, duly allowed to file the registration request, to comply with the reporting obligations that are applicable upon the registration of the foreign securities, and to receive communications and to receive services of process on behalf of the issuer in Chile. If the filing is made by a sponsor, the sponsor must comply with certain requirements imposed by the CMF. Generally, only a national exchange, registered broker dealers and registered fund managers can act as sponsors for these purposes.

Once the foreign security has been registered with the CMF, the registration with the SSE can be made by the issuer itself or by the same person that obtained the registration with the CMF.

Foreign securities may only be denominated in US Dollars, Euros or any other foreign currencies authorized by the Central Bank of Chile.