On September 7, the Bank of the Republic (BanRep, in Spanish) opened a public consultation on a draft regulatory bill to regulate clearing and settlement in the foreign exchange spot market by the Central Counterparty Risk Chambers (CRCC, in Spanish). Those interested may submit their comments until September 19, by clicking here. In other news the Colombian Financial Superintendency (SFC, in Spanish) issued a circular containing instructions on the issue of green bonds in the Colombian stock market. This regulation is already in force.
BanRep’s regulatory project aims to modify current regulations to allow CRCC authorized by the SFC to clear and settle operations in the foreign exchange spot market (peso-dollar) as a central counterparty. Entities supervised by the Superintendency are also allowed to operate as clearing members before the CRCCs regarding this type of sales-purchase contracts, either on their own account or on behalf of third parties.
Additionally, the SFC’s circular announces the issue of the Guide to Good Practices for the Issuance of Green Bonds, to help in achieving high standards of disclosure and transparency in the national market, This document provides private sector issuers with recommendations related to project selection and evaluation, fund management and information disclosure. In short, the entity formally incorporates the Green Bond typology, contributing to climate change mitigation and biodiversity conservation and/or air, water and soil pollution control.