According to Decree Law No. 3,538, the Commission's upper management is in charge of a Board composed of five Commissioners, who are appointed and constitute this collegiate body according to the following rules:

• The Chairman of the Board, of recognized professional or academic prestige in matters related to the financial system, is appointed by the President of the Republic, and remains in office until the end of the term of the person who appointed them. The Chairman of the CMF has the status of head of service and enjoys the authority, powers, and duties inherent to said status.
• Four commissioners appointed by the President of the Republic. They are selected among persons of recognized professional or academic prestige in matters related to the financial system through a supreme decree issued by the Ministry of Finance. Commissioners must be ratified in a special Senate session held for this very purpose by four-sevenths of its members. Commissioners serve six years and may be reelected for a second consecutive term only once. They shall be renewed in pairs every three years, as appropriate.

The Commission has an organizational structure for supervision and regulation based on two main pillars: Prudential and Market Conduct. This model is designed to address the challenges of the financial market from a systemic perspective.

• Prudential, focused on solvency and adequate risk management of supervised financial institutions.
• Market Conduct, which aims to ensure the transparency and integrity of the stock market and the protection of financial customers.

The Law states that the Commission also has an Investigation Unit, headed by a Prosecutor, who is responsible for the investigation of the institution's sanctioning procedures. The Prosecutor is appointed by the Board through a selection process for senior public officers for a six-year term, and may be reappointed for a second consecutive term only once.