On February 7, the Colombian Republic Bank (BanRep) launched a public consultation on a draft regulation to modify foreign exchange transaction registration conditions. The document aims to make the foreign exchange market more transparent, establishing symmetrical rules for entities registering foreign exchange operations supervised by the Colombian Finance Superintendency (SFC, for its acronym in Spanish). Interested parties have time to send their comments until February 20, 2020 (click here). 

This draft aims to establish mandatory registration for foreign currency operations with different currency combinations not including the Colombian peso, which must be performed by entities under SFC supervision and monitoring.

Amendments include the following:

• Transaction Registration Obligation. Entities controlled by the Colombian Financial Superintendency carrying out foreign currency operations with foreign agents, or foreign exchange derivatives with foreign agents authorized to manage derivatives, must record them in a special system to record foreign exchange operations. 

• Trading systems. When the trading and registration system for foreign exchange transactions authorized by the SFC operates by confirmation, it will be presumed that a transaction is registered when the member who has to confirm it has indeed confirmed the transaction. 

• Force. The changes submitted will come into force as of June 1, 2020.