Changes in the stock market with Decree 661 of 2018
The Financial and Securities Exchange Law Department held a meeting on this subject, with participation by prominent panelists, such as Jorge Castaño, Colombia Financial Superintendent.
In April 2018, the Ministry of Finance and Public Credit issued Decree 661, modifying Decree 2555 of 2010. The new measure establishes mechanisms to protect investors’ interests and ensure their knowledge, before transactions, of potential conflicts of interest affecting the entities supervised by the Colombian Financial Superintendency and how to handle them. Also, the regulation outlines the obligations of the entities supervised by the Colombian Financial Superintendence so information and counseling adapt to the evolution and development of these instruments, according to international standards, among other requirements.
In light of the significance of this issue, the Financial and Securities Exchange Law Department and its Financial Law and Stock Exchange Observatory organized the meeting, featuring participation by experts Jorge Castaño, Colombia Financial Superintendent; Stella Villegas de Osorio, President of Asofiduciarias, and Jaime Humberto López, President of Asobolsa.
The guest panelists noted the standard was modified after local and international experiences evidenced the need for improvements in the regulatory framework of the Colombian securities market, so investors could make informed and guided investment decisions in an environment generating efficiency for institutions authorized to conduct this activity.
In general, the event addressed the main consequences of the new securities market counseling regulation and its effects on the local market, investors, and securities intermediaries.