Libros

1

INDEX
2.2.7.

INTRODUCTION
1.

REGULATORY FRAMEWORK

4
6

1.1.
OUTLINE OF COLOMBIAN SECURITIES MARKET REGULATIONS
6
1.1.1.
SUMMARY – COLOMBIAN SECURITIES MARKET AND REGULATIONS
FOR FOREIGN INVESTMENT
6
1.1.2.
RULES ON FORIEGN INVESTMENT IN COLOMBIA
10
1.1.2.1. Decree 2080 of 2000 - FOREIGN INVESTMENT REGIME
10
1.1.2.2. GUIDE TO INTERNATIONAL EXCHANGE - ExternalRegulatory
BULLETIN DCIN - 83
11
1.2.
COLOMBIAN MARKET SUPERVISION AND REGULATIONS
1.2.1.
MINISTRY OF FINANCE AND PUBLIC CREDIT
1.2.2.
BANCO DE LA REPÚBLICA DE COLOMBIA – BRC – COLOMBIAN
CENTRAL BANK
1.2.3.
FINANCIAL SUPERINTENDENT OF COLOMBIA – SFC
1.2.4.
SECURITIES MARKET SELF-REGULATOR– AMV

3. SECURITIES MARKET IN COLOMBIA AND INVESTMENT
VEHICLES
30
3.1.
EQUITY MARKET
3.1.1.LOCAL EQUITY MARKET
3.1.2.
GLOBAL COLOMBIAN MARKET – MGC

30
30
37

3.2.

40

FIXED INCOME MARKET

49
49
59

3.4.

FX MARKET

63

12
12

3.5.

LATIN AMERICAN INTEGRATED MARKET – MILA

65

13
13
14

3.6.
INVESTMENT VEHICLES IN THE COLOMBIAN MARKET
3.6.1.
MUTUAL FUNDS
3.6.2.
ETF iShares COLCAP

SECURITIES MARKET INFRASTRUCTURE IN COLOMBIA 16

2.1.SECURITIES MARKET INFRASTRUCTURE IN COLOMBIA SUMMARY
16

2

29

3.3.
DERIVATIVES MARKET
3.3.1.
FINANCIAL DERIVATIVES MARKET
3.3.2.
COMMODITIES DERIVATIVES MARKET

2.

2.2.
MARKET INFRASTRUCTURE ENTITIES
2.2.1.
COLOMBIAN SECURITIES EXCHANGE - BVC
2.2.2.
INTEGRATED FX S.A
2.2.3.
DERIVEX
2.2.6.
COLOMBIAN CONTERPARTY RISK CLEARING HOUSE S.A. – CCP

FOREIGN EXCHANGE CLEARING HOUSE- CCD

17
17
21
22
28

4. CORPORATE EVENTS AND POLICIES REGARDING
RELEVENT INFORMATION

68
68
69

70

4.1.

SHAREHOLDER RIGHTS

70

4.2.

GENERAL SHAREHOLDERS´ MEETINGS

71

4.3.

CORPORATE EVENTS PRACTICES

73

4.4.
APPLICABLE POLICIES FOR INFORMATION AND FINANCIAL STATEMENTS ISSUERS
76

5.
5.1.

PROCESS FOR FOREIGN INVESTMENT IN COLOMBIA
MARKET ACCESS– OPERATIONAL PROCEDURE

5.2.
ACCESS MECHANISMS TO THE COLOMBIAN MARKET
5.2.1.
ACCESS SCHEME TO BVC - DMA
5.2.2.
MARKET DATA

LOCAL BROKERAGE FIRMS CONTACT INFORMATION

3

78
78
83
83
84

85

INTRODUCTION
the products and services that each one offers in the different markets.
Amid one of the most severe crisis in international markets, the Colombian
securities market hasbeen growing as the Country reaches macroeconomic
stability and its prospects for growth become evident. As a result, an evergreater number of international investors are being attracted by the
opportunities that the Colombian market has to offer.

At the same time, there have been deep and meaningful changes in the
Colombian regulatory system in order to integrate international bestpractices. Additionally, the Country has enhanced the local market
infrastructure. Therefore, it is now able offer local and international
investors’ agility and safety in the course of trading.

Being aware of the need to support the creation of new channels to
promote international investment the Colombian Securities Exchange - BVC
has developed the "Colombian Market Profile and Foreign Investor’sGuide". This document is addressed to investors and market participants of
international securities, and describes the Colombian securities market and
the processes that investors must follow to trade in the market.
The document is divided into five parts
The first section contains an overview of the regulatory framework for the
securities markets and the regulations pertaining to theprocesses that
foreign investors must follow to operate in Colombia. It also describes the
structure of regulation and market surveillance.
The second section presents the infrastructure of the securities market. In
particular, it describes the various entities involved in the value chain and
4

The third section contains an in-depth depiction of the characteristics of
each of the markets...