Executive Branch Regulates Temporary Transfer of Securities; Announces Exchange of Financial Information with Panama
10 julio 2020

On July 8, the Colombian Financial Superintendency (SFC) issued a circular detailing information related to the registration of temporary security operations carried out in the over-the-counter market (OTC). These regulations are already in effect. In other news, the National Government announced that Panama will automatically exchange tax information with Colombia starting this month.

The SFC circular establishes that companies administrating transaction registration systems must disclose the maximum terms applicable to the completion of operations records for the temporary transfer of securities in the OTC market to all their affiliates. Also, in order to safeguard the supervision of intermediation operations, both administrators and affiliates in these systems must continue to provide complete and timely information to the self-regulatory bodies in the stock market.

At the same time, the Ministry of Economy and Finance of Panama issued decree 343 which includes Colombia on the list of countries receiving tax and financial information for 2019. The data includes financial accounts whose holders or final beneficiaries are Colombian tax paying residents.