Update BRP Country Manual Asset Management
Colombia
BRP has published its latest update concerning
the Country Manual Asset Management
for Colombia
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
The changes/modifications are as follows:
The (active) marketing of (registered and not registered) funds and structured products as well as services and mandates by a foreign (non-licensed) investment firm is now only permitted onshore in Colombia (at target) if it is conducted indirectly via/with locally licensed intermediaries/distributors on the basis of an SFC-approved “Correspondent Agreement”. The CM AM BT therefore provides the answer “Grey zone/YES – Permitted on the basis of an SFC-approved Correspondent Agreement” for the relevant onshore scenarios.
It is highlighted that performing road shows are not anymore permitted in Colombia (at target) as it is considered marketing/promotion of investment services by a foreign (non-licensed) entity. Accordingly, the CM AM BT now provides the answer “NO” in the relevant onshore scenario.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, January 9th, 2025