On August 1, the Colombian Financial Superintendency (SFC, in Spanish) issued a circular about the registration of securities operations. In addition, Banco de la República (BanRep, in Spanish) issued two regulations on legal reserve, and four regulations on temporary liquidity support, open market operations, foreign currency operations and temporary expansion operations with promissory notes. Below are further details on each subject:

The SFC issued a circular to regulate the Register of Securities Trading on the Over-the-Counter (OTC) Market which authorizes a temporary extension of the deadline for the registration of securities operations carried out on the OTC market with companies managing operations registration systems until August 31, 2020. The regulation is already in force.

BanRep issued a resolution to modify the value of the legal reserve for different operations. Reserves of 3.5% and 0% will be applied to bonds, depending on their type and term. The measure is already in force and the new values established will apply from November 4, 2020.

The entity also issued a circular to regulate temporary liquidity support which introduces changes in order to extend the deadline for compliance with margin calls and make adjustments on an operational basis. The regulations are already in force.

The entity also published a circular on controlling risks in Open Market Operations (OMAs, in Spanish), which represents the final version of a draft put out for consultation on July 14, 2020. The measure includes central counterparty risk chambers in the group of entities authorized to act as OMAs placement agents in temporary liquidity contraction operations. The regulation is already in force.

In addition, it issued a circular regulating trading and registration systems for foreign exchange transactions. This measure seeks to extend the maximum time for registering foreign currency operations subject to the obligation from 15 to 45 minutes. The regulation will be in force temporarily between August 3 and October 30, 2020.

Also published was a circular regulating the reserve requirement for certified term savings deposits (CDATs, in Spanish). The modifications introduced by these regulations are intended to establish differential reserve percentages for CDATs depending on the term for which they are issued and whether or not they can be redeemed before the term established in the contract expires. This regulation will come into force on November 4, 2020.

Finally, a circular was issued to regulate Temporary Expansion with Promissory Notes operations. These regulations represent the final version of the draft put out for consultation by the BanRep between July 23 and 28, 2020. The text eliminates the additional cost of 1% of repos with promissory notes for cases where bonds must be substituted due to the effects of money-laundering related findings. This measure is already in force.