Circular Básica Contable y Financiera. Capítulo XV (Circular Externa 029 de 2010)
Article 4. Gives instructions on the implementation of risk management systems by the STANH. Specifically, it provides that the rules set forth in Chapter XXIII of the Basic Accounting and Financial Circular ("CBCF") and those set forth in Title I of Chapter XI of the Basic Legal Circular ("CBJ") shall apply to them.
Circular Básica Jurídica. Parte III, Título I, Capítulos I y II.
Part III, Title I, Chapters I: Enunciates the obligations of securitization companies regarding the content of the prospectus and rules related to the publication of the prospectus of securities issues.
Part I, Title IV, Chapter IV: Instructions regarding the Money Laundering and Terrorism Financing Risk Management System.
Decreto 2555 de 2010. Parte II, Libro 21, Título 2. Parte V, Libro 2 Título 2 y 3 y Libro 6 Título 11
Regulates Article 72 of Law 1328 of 2009. It establishes the requirements for the incorporation of the technical and administrative services companies that carry out the securitization of non-mortgage assets, establishes the operations authorized to be carried out by the STANHs in the development of their corporate purpose and their obligations in terms of risk management.
Additionally, it establishes the requirements and conditions for the issuance and placement of securities, the obligations of the STANH regarding registration in the National Registry of Securities and Issuers ("RNVE"), and the obligations acquired by the company with the investor, among others.
It provides that in everything that has not been regulated, the STANH are subject to the regulations on: (i) the participants of the securities market, (ii) the rules that refer to other issuers of securities and (iii) the rules that regulate the conditions and requirements of public offerings of securities (Law 906 of 2005; Parts 5 and 6 of Decree 2555 of 2010; Titles I, II and IV of Part III of the Basic Legal Circular; among others).
By virtue of which the Second Market is created, through which the acquisition of securities may only be made by authorized investors.
Aspects related to the registration of securities to be traded in the Second Market in the RNVE are related in Title 2, Book 2, Part V of Decree 2555. Specifically, Article 5.2.2.2.1.9 provides for the automatic registration of securities issued in securitization processes other than those regulated by Law 546 of 1999 as long as the documents provided in Article 5.2.1.1.1.3, on requirements for registration in the RNVE, have been previously sent to the RNVE.
On the issuance of securities in the development of non-mortgage asset securitization processes. It regulates the denomination of the securities, the asset transfer regime, the obligations of the STANHs as administrators of the securitization process, the guarantee regime applicable to the securitization processes, the resecuritization, among others.
It establishes that the issuance and placement of securities with the purpose of being resecuritized are not subject to public offering or negotiation in the secondary market.
Ley 1328 de 2009. Artículo 72.
On the securitization of non-mortgage assets, it regulates the separation of assets of the securitization companies of non-mortgage assets ("STANH").
It subjects STANH to the control and surveillance of the Superintendencia Financiera de Colombia ("SFC").
Ley 964 de 2005
The securities or rights resulting from a securitization process are considered as securities, provides for the equity separation of underlying assets linked to securitization processes, among others.
Ley 1735 de 2015
Article 169. It empowers the securitization companies created by Article 14 of Law 546 of 1999 to securitize non-mortgage assets in accordance with the provisions of Article 72 of Law 1328 of 2009.
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