> ## Content Index > Fetch the complete content index at: https://le.mu/llms.txt > Use this file to discover other available public pages before exploring further. # CMF NCG 519: Chile’s new reporting requirement. - URL: https://le.mu/blog/cmf-ncg-519-new-reporting-requirement-chile-ifrs-s1-s2/ - Published: 2026-06-23T17:54:04.000Z - Updated: 2026-11-03T00:10:17.000Z - Description: From 2027, companies supervised by Chile’s Financial Market Commission (CMF) must report on sustainability under the IFRS S1/S2 standards. We explain what the rule is, who it applies to, and why the real challenge comes before the report. - Author: Lemu - Tags: Atlas, #blog-col If your organization files an Integrated Annual Report (Memoria Anual Integrada) with Chile’s Financial Market Commission (CMF), this applies to you. General Rule (Norma de Carácter General, NCG) [No. 519](https://www.cmfchile.cl/portal/normativa/624/w4-article-106900.html?ref=le.mu) adopts the IFRS S1 and S2 standards from the 2026 financial year, which is reported in 2027\. This is not voluntary. It is mandatory. 🌎 ****IFRS and NIIF are the same thing.** NIIF S1/S2 = IFRS S1/S2, issued by the [ISSB](https://le.mu/docs/alphabet/issb/). NIIF is the Spanish name, and the one Chilean regulation uses. IFRS: International Financial Reporting Standards. NIIF: Normas Internacionales de Información Financiera. ## What NCG 519 is. ### **Sustainability moves into financial language, with the same demand for rigor.** The rule does not start from zero. NCG No. 519 amends NCG No. 461, which stays in force, to bring in two international standards: - **IFRS S1**: sustainability risks and opportunities that are material to the business. - *Example: a bank that finances projects exposed to deforestation or ecosystem degradation must state how that could turn into credit and reputational risk across its loan book.* - **IFRS S2**: physical climate risks (drought, wildfire) and transition risks (regulatory, market). - *Example: a mining company in a water-stressed area must report how water availability exposes its operation and its projects.* Both follow the four pillars of the [TCFD](https://le.mu/docs/alphabet/tcfd/): Governance, Strategy, Risk Management, and Metrics and Targets. ## Who it applies to, and when. ### Report in 2027 on the 2026 financial year, with a way out for the smallest. Regulatory status decides it, whatever your industry: it applies if you are an issuer of publicly offered securities registered with the CMF and you file an [Integrated Annual Report](https://www.cmfchile.cl/portal/principal/623/w4-propertyvalue-49711.html?ref=le.mu). In practice, that covers sectors such as: - **Banking and financial services** - **Insurance** - **Mining** - **Forestry and agribusiness** - **Energy and utilities** - **Retail and consumer goods** The deferred provisions come into force on 31 December 2026, with the option of early adoption. Entities with average consolidated assets below one million UF (Chile’s inflation-indexed unit of account) are exempt from the full integrated report. You must state whether there was third-party assurance: what information was verified, and under which standard. The rule encourages assurance without requiring it, and the market is moving fast towards auditable data. ## The real challenge comes earlier. ### Understanding the rule is easy. Producing the evidence is hard. IFRS S2 requires you to describe physical risks to your real assets: water, wildfire, the condition of the ecosystems around your operations. That information rarely exists in a consistent, verifiable format. It lives scattered across one-off consultancy studies and spreadsheets that do not talk to each other. > An example of the problem: you close the financial year in December 2026\. The risk data you did not gather in time simply does not appear in your report. The clock is already running. ## Where Lemu comes in. ### The rule defines what to report; [Atlas](https://le.mu/atlas/) gives you the evidence to back it up. Atlas turns satellite, ecological and territorial signals into indicators with documented provenance: where each data point comes from and how it was derived. The fit is direct. IFRS S1/S2 call for exactly the kind of evidence Atlas produces: [watershed water risk](https://le.mu/docs/indicators/water-risk/), [vegetation cover](https://le.mu/docs/indicators/ndvi-trend-greenpulse/), [habitat loss](https://le.mu/docs/indicators/forest-loss/). These are the indicators the standards inherit from the TCFD, and that the [TNFD](https://le.mu/docs/alphabet/tnfd/) (the nature framework) takes further still. For your NCG 519 report, that means physical-risk [indicators](https://le.mu/docs/indicators/): [water](https://le.mu/docs/indicators/water-risk/), wildfire, ecosystem condition and extent, [forest loss](https://le.mu/docs/indicators/forest-loss/), for the zones where you actually operate, ready to support your IFRS S2 disclosures, **without changing the tools you already use.** NCG 461 also requires each industry’s [SASB](https://le.mu/docs/alphabet/sasb/) metrics. Atlas contributes there too: watershed water-stress context, land-use risks (nearby populations, proximity to protected areas), deforestation detection, and the [presence of threatened species](https://le.mu/docs/indicators/rarity-weighted-species-richness/) or of species on the [Red List](https://le.mu/docs/indicators/red-list-species-presence/). We do not replace your sustainability team or your auditor. We give them the evidence base that is missing today. [Atlas • Nature Intelligence Platform by LemuAtlas is the platform that turns ecological complexity into decision-ready insight. Powered by science, satellites, and ethical AI, Atlas makes nature visible, measurable, and actionable at scale — from risk management, through financial disclosure, to conservation planning.![](https://le.mu/content/images/icon/logo-lemu-2021-13f5707a-edf1-49f4-a720-75a2814e14ba.png)LemuLemu![](https://le.mu/content/images/thumbnail/le-mu-atlas-thumb-993dd156-811e-474c-845c-e1ef53f44604.webp)](https://le.mu/atlas/) ## Chile adopts a global standard. ### NCG 519 is the Chilean version of a need that has already crossed four continents. Far from a local oddity, [NCG 519](https://www.cmfchile.cl/portal/principal/623/w4-article-60920.html?ref=le.mu) is Chile’s gateway into one global standard, the ISSB’s IFRS S1/S2, which different countries are adopting under their own names and regulators: - **Mexico**: the CNBV implemented IFRS S1/S2; the first mandatory report was in 2026, with data from the 2025 financial year. - **Brazil**: the CVM is moving towards disclosures aligned with the [ISSB](https://le.mu/docs/alphabet/issb/) for listed companies, with phased implementation. - **European Union**: the [CSRD](https://le.mu/docs/alphabet/csrd/) uses its own framework ([ESRS](https://le.mu/docs/alphabet/esrs/), with double materiality), designed to be interoperable with the ISSB. - **United Kingdom**: the UK SRS S1/S2, based on IFRS, are already published (February 2026); S2 becomes mandatory for listed companies in 2027. - **Many more**: Colombia, Australia, Japan, Canada and others are moving in the same direction. By January 2026, 21 jurisdictions had already adopted these standards, on a voluntary or mandatory basis, and a dozen more are preparing to follow (S&P Global). The underlying reading is simple: if you operate or raise capital in more than one market, this requirement will follow you. Solving the data problem once, and well, solves it everywhere. ## The underlying shift. In Chile, environmental information now carries the same weight as financial information. Those who reach 2027 with solid data will comply, and they will also hold a real advantage with investors who demand comparable transparency. The question is whether you will arrive with defensible data, or improvising. --- **Want to see the physical-risk indicators for your own operations?** [Let’s talk about Atlas](https://lmg5e6nzdwz.typeform.com/to/h6gVY43o?ref=le.mu)