South America

In October 2018 a commission of experts was formed to review the landscape of the Colombian capital markets and propose measures to boost the market as an instrument for economic growth and general welfare. The commission gathered information from the market through workshops and one-to-one meetings with market participants. After a nine-month process, the commission presented its recommendations on August 9 2019, in an 80-page document that includes more than 60 initiatives that aim to improve market regulation and conditions.

The Brazilian oil and gas sector does not frequently use project financing and debt capital markets (DCM) to fund its activities unlike in other Brazilian capital-intensive sectors (for example, energy and toll roads) or in other oil markets (for example, onshore US). This results in reduced capital returns and creates difficulties for independent oil companies. Two recent regulations may change this situation.

On June 27 2019, the Institutional Limited Partners Association (ILPA) issued the third version of the private equity principles (principles). The principles continue to reiterate that the essence of an effective private equity partnership is built on the alignment of interests, governance and transparency; however, this third version also addresses new issues.