On May 18, the Executive published two new regulations, three information guides, and a draft decree of interest for your sector. Below is a more detailed description of each one:  

• The Banco de la República of Colombia issued a circular to regulate the procedure used in temporary expansion operations with promissory notes.  It seeks to clarify the formulas used to calculate the cut-off rate for placement agents of open market operations, and to incorporate contact details for advice from the Banco de la República. This regulation is already in force.

• SFC issued a circular, along with a technical document, providing prudential instructions for converging to international solvency standards. These regulations introduce new guidelines to regulate the activity of financial conglomerates and insurance entities. The regulations are already in force.

• The SFC has published three informative guides for Securities Issuers. The first, presents the key aspects to be taken into account by issuers registered on the National Securities and Issuers Registry (RNVE, for its acronym in Spanish). The second contains the requirements for access to inscription in the RNVE and to public offerings on the Primary Market, where securities are created. Finally, the third guide details the requirements to access authorization for public offerings on the Secondary Market, where previously issued securities are traded without involving the issuers.

• The Ministry of Finance published a draft decree to regulate the issuance of Solidarity Titles (TDS, in spanish). This document stipulates the financial characteristics and conditions for the issuance of TDSs, as well as their corresponding amount of mandatory investment. It is expected that both the presentation of its final version and its entry into force will take place in the coming days.