A Resolution was passed last July in an effort to transform
market access for local and foreign companies willing to list
their securities on the Colombian Stock Exchange and the
Securities Trading System for Foreign Securities. The Colombian
Superintendence of Finance enacted External Resolution 020 of
2015 to facilitate the registering procedure before the
Colombian Registry of Securities and Issuers (RNVE).
Resolution 020 defines and determines the criteria, benefits
and procedures that issuers with regular participation on the
Colombian capital markets should undertake to reduce filing and
approval periods to list securities in Colombia. Such
regulation has determined that local and foreign issuers (that
fulfil the particular requirements set out in the External
Resolution), could be considered 'known and recurrent issuers'
and therefore, be able to automatically register new securities
in the National Registry of Issuers and Securities and to
automatically obtain the public offering's authorisation from
the Colombian Superintendence of Finance.
Under this regulation, the company must credit the following
issues to have access to these benefits: (i) be registered in
the RNVE; (ii) have undertaken at least three offerings in the
local markets for a total approximate amount of $260 million
during the last three years; and (iii) have one of its
securities trading in the Colombian Stock Exchange.
This new market access mechanism will allow local and
foreign companies to skip complex and long-lasting processes in
order to issue and offer their securities, and publicly offer
their securities after only two days following the submission
of the documents required by local regulations to the Colombian
Superintendence of Finance. In this sense, the External
Resolution represents a new regulatory tendency by which
Colombian authorities are implementing appropriate ways to
facilitate the access of local and foreign companies to
Colombian capital markets.
Maria Camila Ordoñez and Luis Gabriel