Editorial Criteria

Scope: What We Cover

This portal focuses exclusively on regulatory documents and official communications that are relevant to collective real estate financing (financiamiento colectivo inmobiliario) in Chile. A document is within our scope if it meets one or more of the following conditions:

• It is issued by the CMF and directly addresses crowdfunding platforms or real estate project offerings
• It amends or interprets Law 21.521 (Fintech Law) in ways that affect collective real estate financing
• It establishes or modifies requirements for investor protection in crowdfunding contexts
• It is a public consultation document related to the regulation of crowdfunding platforms
• It is a legislative proposal that, if enacted, would materially change the regulatory framework for real estate crowdfunding in Chile

What We Do Not Cover

The following types of documents are outside our editorial scope, even if they are issued by relevant regulatory bodies:

• Documents that relate to other types of crowdfunding (e.g., equity crowdfunding for non-real-estate companies) unless they also directly affect real estate crowdfunding
• General banking and securities regulations that do not specifically apply to crowdfunding platforms
• Tax regulations, unless they specifically address the tax treatment of crowdfunding investments
• Private legal opinions or industry association guidance documents
• Judicial decisions or court rulings

Selection Criteria

Within our scope, we apply the following criteria to decide whether to publish a summary of a specific document:

• Official Source: The document must be published by an official regulatory body or government institution. We do not summarize unofficial analyses, press reports, or secondary commentary.
• Public Availability: The document must be publicly available. We only summarize documents that anyone can access through official channels.
• Relevance: The document must have a direct and material connection to the regulation of real estate crowdfunding in Chile, not merely a tangential or incidental one.
• Informational Value: The document must contain information that is useful for understanding the regulatory environment, even if it confirms existing rules without changing them.

How We Write Summaries

Our summaries follow a consistent approach designed to maximize clarity and minimize the risk of misrepresentation:

• We describe what the document says, not what we think it means or implies
• We use plain language and avoid technical legal or financial terminology where possible
• When technical terms are unavoidable, we briefly explain them in context
• We do not editorialize, critique, or express opinions about the regulatory content
• We always include a direct link to the original source document
• We note the date of the original document prominently

Review Process

Each summary is reviewed by at least one person other than the original drafter before publication. The review focuses on:

• Accuracy: Does the summary correctly reflect what the original document says?
• Clarity: Is the language accessible to a non-specialist reader?
• Neutrality: Does the summary avoid expressing opinions or making interpretive claims?
• Completeness: Does the summary cover the main points of the document without omitting material information?

Updates and Corrections Policy

We do not retroactively update existing summaries when a document is subsequently amended. Instead, we publish a new summary for the amending document and cross-reference the two entries. This approach preserves the historical record of what each document said at the time of its publication.

If we identify an error in a published summary, we correct it promptly and add a visible correction notice to the entry, noting the date of the correction and describing what was changed.

Suggesting Documents for Coverage

We welcome suggestions from readers who are aware of relevant official documents that we have not yet covered. Suggestions can be submitted via our contact page. We review all suggestions but cannot commit to covering every document suggested. Our decision to include or exclude a suggested document will be made based on the criteria described on this page.