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The Superintendency of Securities has issued resolution 0933 dated December 21 2001, which provides the new applicable framework for the public offering of securities in Colombia issued by multilateral credit entities. Before the enactment of this resolution, offerings undertaken by multilateral credit entities had the same applicable regime as ordinary foreign entities (ie foreign corporations and financial institutions). In accordance with the new regulation, this type of offering has much simpler requirements. An automatic approval process has been established, provided that the multilateral credit entity complies with the general requirements established below.

Multilateral credit entities who wish to undertake public offerings in Colombia must meet, among other things, two requirements: (i) they must have been created in accordance with a international treaty or agreement to which Colombia is a party; and (ii) in the 12 months preceding the offering, they must have attained the highest rating issued by one or more internationally recognized risk-rating agencies.

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