Ministry of Finance publishes decree on crowdfunding
3 agosto 2018

On August 2nd, the Ministry of Finance published a decree to regulate crowdfunding activities in Colombia. The decree defines crowdfunding as the activity through which contributors are put in contact with recipients requesting funding. The operating agencies must be registered in the National Registry of Stock Market Agents (RNAMV), authorized and supervised by the Superintendence of Finance of Colombia, and carry out their activity via electronic infrastructures, such as a website or virtual platform.

Crowdfunding will be implemented through the issuance of both debt and equity securities. This issuance will not constitute a public offering of securities or require registration in the National Securities and Issuers Registry (RNVE). On the contrary, they may only be issued by crowdfunding-operating agencies.

The decree also stipulates that there will be two types of contributors: Firstly, qualified contributors, who must meet at least one of the following requirements: assets equal to or greater than 10,000 minimum wages (approximately US$ 2,700,000); being the holder of a portfolio of investment securities, other than crowdfunding securities, equal to or greater than 5.000 minimum wages (approximately U$ 1,350,000); having the certification of a market professional operator issued by a self-regulatory body of the stock market; having the status of an agency supervised by the Superintendence of Finance of Colombia; and/or being a foreign or multilateral financial agency. Secondly, unqualified contributors, who are the ones who do not meet any of these requirements.

Projects may be financed up to 10,000 minimum wages (approximately US$ 2,700,000) by qualified contributors, and up to 3,000 minimum wages (approximately US$ 810,000) by unqualified contributors. The latter will also have an investment limit of 20% of their annual income or assets (whichever is greater).

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