COLOMBIA

On March 3, the Central Bank of the Republic (BanRep, in Spanish) announced that it will enable, in its deposit information system, the partial or total early restitution of remunerated deposits that do not constitute reserve requirements. This measure enters into force on March 8. On the other hand, the Ministry of Finance, through the Financial Regulation Unit (URF), published the technical document of Decree 151 of 2021, which regulates the disclosure of information by issuers of securities. Both regulations are in force.

In this regard, the restitution of remunerated deposits can be made by the authorized entities from the next business date after the constitution of each deposit, and up to one business day before the expiration date initially agreed upon in the transaction. This option will be available for deposits with original terms equal to or longer than 14 days. In addition, a penalty will be applied to the remuneration rate, the value of which will depend on the number of days elapsed between the date of constitution and the settlement date of the early repayment.

On the other hand, the URF technical document has the purpose of promoting and developing the securities market, and establishes what type of reports the issuers of the securities market must disclose. This document revises periodic and relevant information in order to advance it to jurisdictions with developed capital markets, increase issuers’ market discipline, eliminate provisions that do not add value to the investor, and provide higher quality information to the market.