COLOMBIA

On February 11, the Ministry of Finance published a decree regulating the disclosure of information by securities issuers. This regulation establishes guidelines for the acceptance of money or securities transfer orders and for the reporting of relevant information. The Financial Superintendency of Colombia (SFC, for its acronym in Spanish) will be granted a transition period of one year to issue the instructions established in this measure, which is already in force. 

The decree stipulates that orders for the transfer of money or securities that enter a clearing and settlement system for securities transactions will be understood as accepted and, consequently, will be firm, enforceable, irrevocable and opposable to third parties when they have been entered into the system and confirmed by the participants. 

Likewise, the issuers of securities must keep the National Registry of Securities and Issuers (RNVE, for its acronym in Spanish) permanently updated by submitting the SFC with relevant periodic information (quarterly and annual), which must also be sent to the trading systems where these assets are exchanged.