COLOMBIA

On October 14, the Central Bank of Colombia (BanRep, in Spanish) launched a public consultation on a draft to regulate the exchange market with a view to modifying the deadlines for the registration of foreign currency operations. Interested parties may send their comments until October 23, 2020, by clicking here.

The bill extends the deadline for registering foreign exchange transactions involving the Colombian peso from 15 to 45 minutes. This will be implemented taking into consideration the operational difficulties affecting entities subject to registration in the framework of the lockdown measures taken to curb the COVID-19 pandemic.

External Regulatory Circular DODM 317 regulating the systems for negotiating and registering exchange operations, will be modified as from November 2, 2020 to December 31, 2020, to extend the deadlines for registering these types of transaction. This measure will apply until December 31, 2020.

On the other hand, the entity also opened a consultation on a draft regulation that seeks to modify the reporting scheme of derivative operations to the Bank of the Republic. The subjects covered by the regulations will be the intermediaries of the Exchange Market and other entities that carry out operations with foreign currency or external interest rates. Those who are interested may send their comments until October 24, 2020, by clicking here.