Decree 039/2009 allows self-regulatory organizations, among other things, to regulate every activity, transaction, service, product or market activity performed by the entities supervised by the Superintendencia Financiera (Colombian supervisory agency for financial institutions and securities market entities) and any other entity developing related activities that voluntary accepts the self-regulatory organization's jurisdiction.
The government has issued new rules on investors' rights and flexibility terms for foreign portfolio investments. The new rules facilitate the entrance and repatriation of capital and profits from foreign portfolio investments. Pursuant to these new rules, short-term foreign portfolio investments will be accepted without minimum duration restrictions.
The Colombian Superintendency of Securities has presented a proposal to amend rules regarding transparency and homogenization. Among other things, the proposal specifies that the notional value is defined as that set forth in the security at the time of issue and is not subject to variation over the life of the security.
New rules for the public offering of securities issued by multilateral financial organizations exempt the issuer from the need to obtain prior approval from the Superintendency of Securities if the organization holds a credit rating of a least A from an internationally recognized credit rating agency for 12 months before offering.
The government has presented Congress with a proposal to amend the securities and capital markets legal framework. The proposal seeks to establish a balanced framework that provides tools for the protection of investors' interests and for the participation of new issuers of securities in the capital markets.
The Superintendency of Securities has amended its regulations to allow foreign entities to grant guarantees in order to back issues of securities in favour of Colombian investors. The new resolution covers the requirements which must be fulfilled by the issuer of the securities and the responsibilities of the person who acts as agent for the securities holders.
Includes: Legal Framework; Superintendency of Securities; Register of Securities and Intermediaries; Stock Exchange; Public Offers; Securitization.
Including: Legal Framework; Securitization; Stock Exchanges
The Securities Superintendency has defined the conditions under which brokerage firms may carry out transactions in the exchange and free markets, in an effort to ease the development of the foreign currency market.