Chilean financial regulators are working on new guidelines aimed at managing the exposure of AFP pension funds to derivatives markets. The proposed framework would center on two key factors: risk assessment and liquidity conditions. This move reflects growing concern about the potential volatility that aggressive derivative strategies could introduce to retirement savings. The regulatory approach suggests a more cautious stance toward leveraged instruments, prioritizing investor protection while allowing market participation. Such measures are part of a broader global trend where authorities seek to balance innovation with prudent fund management, especially for institutional investors managing long-term retirement capital.