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Law 964 Of 2005

Original Language Title: LEY 964 de 2005

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964 OF 2005

(July 8)

Official Journal No. 45.963 of 08 July 2005

For which general rules are dictated and the objectives and criteria to which the National Government must be subject to regulate the activities of management, exploitation and investment of resources collected from the public that are carried out by values and other provisions are dictated.

Vigency Notes Summary

THE CONGRESS OF COLOMBIA,

DECRETA:

TITLE FIRST.

OF NATIONAL GOVERNMENT INTERVENTION.

CHAPTER FIRST.

OBJECTIVES AND CRITERIA FOR THE INTERVENTION OF THE NATIONAL GOVERNMENT.

ARTICLE 1o. OBJECTIVES AND CRITERIA OF THE INTERVENTION. The National Government shall exercise intervention in the activities of management, exploitation and investment of resources collected from the public that are carried out by means of securities, subject to the following objectives and criteria:

a) Objectives of the intervention:

1. Protect the rights of investors.

2. Promote the development and efficiency of the stock market.

3. Prevent and manage systemic risk of the stock market.

4. Preserve good functioning, equity, transparency, discipline and integrity of the stock market and, in general, the public's trust in it.

b) Intervention criteria:

1. To promote the development and democratization of the stock market, as well as its knowledge on the part of the public.

2. That the regulation and supervision of the securities market conform to technological innovations and facilitate the development of new products and services within the framework established in the present law.

3. That the rules and procedures are agile, flexible and clear, and that administrative decisions are taken at reasonable times and with the least possible administrative burdens.

4. That the costs of the supervision and the discipline of the securities market are efficiently and equitably allocated, and that the charges imposed on the market participants are considered, taking into account, as far as possible, the comparison between the benefit and the cost of the benefit.

5. To avoid preventing or restricting competition.

6. To be prelated to the economic and financial sense of the form, when determining whether any right or instrument is a value, or if any activity is of those that require authorization or registration and, in general, when issuing rules directed to the protection of the rights of investors.

7. That the stock market is provided with timely, complete and accurate information.

8. To ensure that the transactions performed on the stock market are taken up to their point and exact compensation and settlement.

9. It is proposed because in regulation and supervision the arbitrations are avoided, ensuring that there is uniformity in the rules that are issued.

CHAPTER SECOND.

THE CONCEPT OF VALUE AND THE ACTIVITIES OF THE STOCK MARKET.

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ARTICLE 2o. CONCEPT OF VALUE. For the purposes of this law, every right of a negotiable nature shall be the value of an issue, where it has as its object or effect the collection of resources from the public, including the following:

a) Actions;

b) Bonds;

c) Commercial papers;

d) The certificates of deposit of goods;

e) Any title or right resulting from a securitization process;

f) Any representative title of venture capital;

g) The term repository certificates;

h) Banking acceptances;

i) Mortgage cards;

j) Any title of public debt.

PARAGRAFO 1o. Insurance policies and capitalization titles will not be considered.

PARAGRAFO 2o. When the creditor and debtor qualities of a given value are present in the same issuer, the confusion will only operate if the title is expired or if it was provided in the relevant prospectus of issue or, failing that, in the contractual terms of the respective value.

PARAGRAFO 3o. The provisions of this law and the rules that develop and supplement it shall apply to financial derivatives, such as futures, options and financial swap contracts, provided that the same are standardized and liable to be traded on stock exchanges or other securities trading systems. The products referred to in this paragraph may only be offered to the public upon registration in the National Register of Securities and Issuers.

PARAGRAFO 4o. The National Government will be able to recognize the quality of value to contracts and financial derivatives that have as its underlying electric power or fuel gas, after information to the Regulatory Commission of Energy and Gas, for which the latter will take into account the incidence of such determination in the achievement of the legal objectives that it is required to fulfill through the functions attributed to it by the Laws 142 and 143 of 1994, as well as those that modify them, add or replace.

PARAGRAFO 5o. The values will have the characteristics and prerogatives of the securities titles, except the action change back. Nor shall any claim, measures for the restoration of rights, comiso and seizure, be carried out against the third party acquiring registered securities, provided that at the time of the acquisition he has acted in good faith without guilt.

PARAGRAFO 6o. Public and private companies may issue the securities referred to in this Article in the terms and conditions determined by the National Government.

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ARTICLE 3o. SECURITIES MARKET ACTIVITIES. They will be securities market activities:

a) The issue and offer of values;

b) The intermediation of values;

c) The administration of securities funds, mutual funds, mutual funds, ordinary common funds, and special common funds;

d) The repository and the administration of values;

e) The administration of trading systems or the registration of securities, futures, options and other derivatives;

f) Securities clearing and settlement;

g) Risk rating;

h) The self-regulation referred to in this law;

i) The provision of information to the stock market, including the collection and processing thereof;

j) Other activities provided for in this law or determined by the National Government, provided that they constitute activities of management, exploitation and investment of resources collected from the public that are carried out by means of securities.

PARAGRAFO 1o. Entities that perform any of the activities mentioned in this article, will be subject to state supervision.

PARAGRAFO 2o. Only entities incorporated or constituted in Colombia may carry out the activities of the securities market referred to in this Article, except those provided for in (a) and (i), cases in which they shall not be necessary to constitute a society in the country.

The provisions of this paragraph are without prejudice to the promotion of services through representation offices or correspondent contracts, in accordance with the provisions of the relevant rules.

CHAPTER THIRD.

INTERVENTION IN THE STOCK MARKET.

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ARTICLE 4. INTERVENTION IN THE SECURITIES MARKET. According to the objectives and criteria provided for in Article 1o of this Law, the National Government will intervene in the activities of the securities market, as well as in the other activities referred to in this Law, by means of general rules for:

(a) Determine the activities that, in addition to those provided for in this law, are part of the stock market for the management, exploitation and investment of the resources collected from the public through values, as well as establishing their regulation. Also, to establish the regulation applicable to the market activities of securities identified in the current rules.

89 of Law 1328 of 2009. The new text is as follows: > In exercise of this power the National Government shall regulate the cross-border trade in the services of the activities provided for in Article 3or this law, including the ability to approve or recognize compliance with the requirements necessary for the effect.

In development of this faculty, the National Government may also authorize the direct access of foreign agents to the Colombian securities market and approve or recognize the fulfillment of the necessary requirements for access to services provided by the infrastructure providers of the Colombian securities market.

Vigency Notes
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Previous Legislation

b) Establish the regulation applicable to securities, including, the recognition of the quality of value to any right of patrimonial content or any financial instrument, as long as they meet the characteristics provided for in the Article 2o of this law; the provisions relating to securities transactions, the setting up of charges or guarantees on securities or other assets on the occasion of transactions relating to securities and their securities fungibility; the issue of securities; dematerialisation of securities; promotion and (a) distance from securities; public offerings, their various modalities, the applicable rules, as well as the revocability thereof; and the determination of activities that constitute securities intermediation.

In exercise of this power, the National Government may only qualify as public offers those that are directed to persons not determined or to sectors or groups of relevant persons, or to be carried out by some means of mass communication. to subscribe, dispose, or acquire values.

In development of this faculty the National Government will not be able to modify the rules on securities established in the Code of Commerce;

c) Establish the applicable regulation for entities subject to permanent inspection and surveillance of the Securities Superintendence<1 > including, their organization and operation; appropriate levels of assets, in accordance with the different risks associated with their activity; definition, in general and in advance of the practices constituting conflicts of interest, as well as the mechanisms through which they are handled; disclose or remedy such situations where there is a place; the authorisation to carry out activities that are not currently provided for in the rules in force, except those that correspond to the exclusive object of financial institutions and insurers; control and risk management; separation of assets In the case of third parties, it is related to the duty to act vis-à-vis clients as prudent and diligent experts; the use of office and commercial networks; the acquisition of holdings in their property; the investment scheme and the advertising.

In the development of the faculty provided for in this literal, the National Government will not be able to modify the norms of the Code of Commerce in corporate matters nor to reduce the types of operations currently authorized by the existing norms to the entities subject to permanent inspection and surveillance of the Securities Superintendence<1 >, nor to modify the minimum amounts of capital indicated in the law.

In exercise of the faculty provided for in this literal the National Government may authorize centralized securities deposits to receive in custody and administration securities that are traded on the domestic and international securities market;

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d) Determine the cases in which entities monitored by the Banking Superintendence<1 > may perform new intermediation activities on the stock market, without prejudice to the performance of the operations related to its social object.

In exercise of the faculty provided for in this literal, the National Government will be able to determine the cases in which the entities monitored by the Superintendency of the Solidarity Economy will be able to carry out activities of intermediation in the market of values, without prejudice to the performance of the operations related to their social object.

In the development of the faculty provided for in this literal, the National Government will not be able to authorize the entities monitored by the Banking Superintendence<1 > and the Superintendence of the Solidarity Economy, transactions corresponding to the exclusive object of entities subject to the permanent inspection and surveillance of the Securities Superintendence<1 >;

e) Define who will have the quality of the investor and professional investor taking into account the investment volumes, the habituality, the professionalism, the specialized knowledge and the other relevant factors, as well as the rules applicable to relations between such investors and issuers and intermediaries.

In exercise of this power, the National Government will have to ask people to carry out intermediation activities in the Stock Market, which will provide their clients with the information needed to achieve greater transparency in the securities market. operations, so that they can enable them, through clear and objective elements of judgment, to choose the best options on the market and to be able to make informed decisions.

In the same way, these persons shall forward to their clients statements of account with the information and periodicity to be determined by the National Government;

f) Dictate the rules related to the organization and operation of the Comprehensive System of Securities Market Information System, SIMEV, and establish the requirements for registration, updating of information and voluntary or ex officio cancellation. In the development of this power, it may, among others, order the registration of market participants in the system, exclude from the obligation of registration some of the market participants, have the delegation in third of the market system administration and set the information that will be part of the system;

g) Set the rules for the disclosure of information to be provided to the Securities Superintendence<1 >, the public, investors or shareholders, as well as those for the preservation of industrial secrets and information of a similar nature, as well as to lay down rules on the misuse of inside information aimed at market participants and public servants with access to such information. information;

(h) Dictate, subject to this law, the rules that develop self-regulation as referred to in Chapter II of Title IV of this Law, without prejudice to the autonomy of self-regulatory bodies;

Effective Case-law

i) Regular activity in the stock market of those who develop securities intermediation;

(j) Regular issuance, subscription and placement of public debt securities;

k) Dictate rules related to corporate governance of stock exchanges, securities trading systems, futures exchanges and options, bags of agricultural goods and products, agro-industrial or other commodities, central securities deposits and central counterparty risk chambers.

In exercise of this faculty the National Government may establish that the majority of the members of the board, board of directors and/or disciplinary chamber, as appropriate, of the entities before said, will have the quality of independent.

For the purpose, the National Government shall determine the qualities to be met by those independent members, as well as the procedure to be followed for their choice, for which it may provide that the quocent system is dispensed with. election provided for in Article 436 of the Trade Code;

(l) Determine the cases in which securities intermediaries, securities issuers and collective portfolios must be qualified by an entity previously authorised by the State. The rating shall be made public.

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ARTICLE 5o. LIMITATIONS TO THE POWERS OF INTERVENTION. In the exercise of the regulatory powers provided for in this law, the National Government may not modify the rules regarding the structure of the securities and commodities market, the constitution, main object, corporate form, and causes and conditions of dissolution, takeover and liquidation of the entities subject to the permanent inspection and surveillance of the Superintendence of Securities< 1 >.

TITLE SECOND.

OF THE SUPERVISION OF THE COMPREHENSIVE SECURITIES AND CONTRIBUTIONS MARKET INFORMATION SYSTEM.

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ARTICLE 6o. ADDITIONAL FUNCTIONS OF THE VALUE SUPERINTENDENCE.<1 > The<1 > Values Superintendence will have, in addition to the functions that have currently been assigned, the following:

(a) To instruct entities subject to their permanent inspection and surveillance or control of the manner in which the provisions governing their activity on the stock market are to be complied with, to lay down the technical and legal criteria to facilitate compliance with such standards and to identify the procedures for their implementation;

b) To monitor compliance with the provisions of the Bank of the Republic in relation to persons subject to their permanent inspection and surveillance;

c) Preemptively suspend when there is a well-founded fear that damage to investors or the stock market may be caused, a public offering in any of its modalities; the negotiation of a certain value, the registration of securities; or of the issuers of the same in the National Registry of Securities and Issuers; the registration of a given person in the National Register of Securities Market Agents; the registration of a given person in the National Register of Professionals of the Stock Market;

(d) Impose the precautionary measures laid down in the Code of Civil Procedure and the other preventive measures provided for in this Law and in the rules that develop, supplement or modify them aimed at safeguarding the financial instruments, managed resources and, in general, assets held by persons under investigation, where there are grounds that they reasonably allow to infer that those assets are at risk and that the investor interest. These measures include ordering the temporary delivery of the respective assets to a professional administrator, in conditions similar to those prevailing on the market.

The function provided for in this literal may only be exercised in respect of entities subject to the permanent inspection and surveillance of the Securities Superintendence<1 >;

(e) to exercise, in respect of its intermediary activity only, against intermediaries who are not subject to their permanent inspection and surveillance, the same duties assigned to the entities referred to in paragraph 1 of paragraph 3; of article 75 of this law.

Concordant Case-law
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ARTICLE 7o. THE COMPREHENSIVE SECURITIES MARKET INFORMATION SYSTEM. The Comprehensive Securities Market Information System, SIMEV, is the set of human, technical and management resources to be used by the Securities Superintendence< 1 > to enable and facilitate the provision of information to the market and will be shaped like this:

(a) The National Registry of Securities and Issuers, which shall have the purpose of enrolling classes and types of securities, as well as the issuers of securities and the issuance of such securities, and to certify that related to the registration of such issuers and classes and types of values.

Public securities offerings must be preceded by registration in the National Securities and Issuers Registry.

PARAGRAFO 1o. The National Government will establish the terms, requirements, and conditions for the approval of securities records from other countries.

PARAGRAFO 2o. The National Government may authorize stock exchange companies to carry out transactions on securities issued abroad that are not registered in the National Register of Securities and Issuers, in the terms and conditions that it determines.

90 of Law 1328 of 2009. The new text is as follows: > It may also authorize stock exchanges and securities trading systems to negotiate securities issued abroad that are not registered in the National Register. of Securities and Issuers, through systems of foreign exchange securities in the terms and conditions that the National Government determines.

Vigency Notes
Previous Legislation

PARAGRAFO 3o. 91 of Act 1328, 2009. The new text is as follows: > The Financial Superintendence of Colombia will not exercise inspection, surveillance or control functions on foreign securities markets and its agents or on foreign issuers whose securities are listed in Foreign exchange rate systems. The above, without prejudice to the powers that fall within the scope of its competence in respect of the securities exchange systems of the foreigner and their respective administrators.

Vigency Notes

(b) The National Registry of Securities Market Agents, which shall be subject to the registration of entities subject to the permanent supervision and inspection of the Superintendence of Securities<1 > as well as any other government determined by the National Government, with the exception of issuers of securities in respect of their securities issuance activity. This registration shall be a condition for acting on the stock market and for the development of the activities referred to in Article 3o of this Law, except as provided for in the literal (a) of that provision;

c) The National Registry of Professional Securities Market Professionals, which will be the subject of the registration of natural persons who perform the posts or functions of treasurer or who does their times, the natural persons who perform operations at the money tables, natural persons managing or administering securities funds, investment funds, and mutual funds for investment, natural persons carrying out functions related to the operations carried out in money tables, as well as other natural persons who perform the duties or functions that determine the National Government in the entities that carry out the activities provided for in Article 3o of this Law, except as provided for in subparagraph (a) of that provision. Registration on this register will be a condition for action on the stock market.

PARAGRAFO 1o. The National Government shall indicate the registration regime in the National Register of Securities Market Agents and in the National Register of Securities Market Professionals of the entities subject to the inspection and surveillance of the Banking Superintendence<1 > that develop any of the activities provided for in article 3o of this law, except that provided for in the (a) of that provision, and of natural persons who provide their services in these.

PARAGRAFO 2o. The information that you repose in the SIMEV will be public. As a result, anyone can consult it, observing the rules that will be established for this purpose.

PARAGRAFO 3o. The veracity of the information that you pose in the SIMEV, as well as the effects that occur as a result of your disclosure, will be the sole responsibility of those who supply the system.

PARAGRAFO 4o. Registration in the National Securities and Issuance Registry shall not imply any qualification or liability by the Securities Superintendence<1 > of natural or legal persons registered or on the price, goodness or negotiability of the value, or of the respective issue, or on the creditworthiness of the issuer.

PARAGRAFO 5o. By virtue of the social risk and the public interest of the activities that are regulated by this law, the treasurer or who does his or her times, the people who perform operations at the money tables, the people who management or administration of securities, investment funds, mutual funds, ordinary common funds and special common funds, and persons carrying out functions related to the operations performed at the tables of money, they will be required to pass suitability tests to register or to remain in the Register National of Securities Market Professionals. Those who have approved the suitability tests must present an update with the periodicity to be determined by the National Government. Similarly, those who intend to carry out functions other than those that they exercise at the time of the approval of the examinations and which make part of the ones set out in this paragraph, will also have to present the corresponding examination. Such examinations may be carried out by persons exercising self-regulatory functions, by stock exchanges, by professional or professional organisations or by higher education institutions authorized by the Icces, which must be previously approved for effect by the Securities Superintendence<1 >. The Superintendency of Values<1 > will ensure compliance with the provisions set out here for which it will approve the content and scope of the examinations that will be administered by the aforementioned persons.

PARAGRAFO 6o. Those who perform or intend to perform as administrators, directors and tax reviewers of the entities subject to the permanent inspection and surveillance of the Securities Superintendence< 1 >, as well as people managing or administering securities funds, mutual funds and mutual funds of investment, must prove to this that they have a good moral and professional reputation and those required in the rules in force for the specific case of tax reviewers.

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ARTICLE 8o. CONTRIBUTIONS. The registration rights in the Comprehensive System of Securities Market Information System, SIMEV, referred to in this law and the fees to be paid to the Superintendence of Securities< 1 > shall be settled and paid as provided for in this Article. For the purpose the Superintendency will calculate and collect the respective contributions determined by the total amount of the operating budget and investment of the entity in the respective year deducted the surplus by contributions from the Previous validity. Public offering rights will be charged for one time and will be calculated as a percentage on the value of the issue.

Each contribution will be calculated based on the limit set in the previous number, as follows:

(a) Dealing with securities trading or futures, options and other derivatives activities, securities clearing and settlement activities or futures, options and other derivatives, of the management activities of the systems for trading securities or futures, options and other derivatives, for the activities of the trading systems of foreign exchange, for the activities of the securities, currency or futures exchange systems, options and other derivatives, of the activities of the central counterparty risk chambers and the activities of the companies In the case of the management of clearing and settlement systems, each agent shall be charged a fee which shall be calculated as a percentage of the total value of the operations of its respective activity during the previous fiscal year. The same rule applies to agricultural and agro-industrial exchanges and other entities that administer trading forums specializing in the commodity transaction;

(b) In the case of securities, investment fund and mutual fund management activities, a fee shall be charged which shall be calculated as a percentage of the total value of the assets forming the respective assets. funds;

c) Dealing with the securities deposit activity, a fee will be charged that will be calculated as a percentage of the total amount of the securities deposited in the respective deposit;

(d) A fee for inspection and surveillance shall be charged on the basis of the inspection and surveillance which shall be calculated as a percentage of the equity of the respective company;

(e) A fee shall be charged for the issue of securities, which shall be calculated as a percentage of the value of the assets of the relevant issuer or, failing that, of its annual budget. For the purposes of the provisions of this literal, the securities companies will be charged a fee on the volume of the assets securitised in the previous fiscal year;

f) Dealing with securities rating activities will be charged a fee that will be calculated as a percentage of the revenue of the respective qualifying company during the previous fiscal year;

g) Dealing with other legal persons other than those mentioned in the literals preceding that they must be registered in the National Register of Market Agents will be charged a fee that will be calculated as a percentage of the income gross on behalf of the relevant market activity of the respective legal person during the previous fiscal year.

When the taxpayer does not remain under supervision for the duration, its contribution will be proportional to the period under supervision. When, for the fact that a supervised person does not maintain this condition for the duration of the term, and if any budget is generated that requires being subsated, the Superintendent may liquidate and require the other contributors to the respective amount in any time during the corresponding year.

PARAGRAFO 1o. The resolution issued by the Superintendent of Securities to set the annual rates, should indicate minimum and maximum ceilings, the periodicity of the payment and different rates for those who are in a insolvency, liquidation, restructuring or other similar proceedings. In any event, this resolution shall not be subject to approval by any other authority.

The Securities Superintendence<1 > may be able to reliquate the shares based on the last information in its possession when, at the date of its initial liquidation, the respective obligation has not been met. with the duty to update financial information.

PARAGRAFO 2o. In fixing the rates, the Superintendent of Securities shall consider the effective cost of the supervision exercised over each of the different types of entities identified in the literals. above.

PARAGRAFO 3o. The resources for contributions that are not paid within the deadlines set by the Superintendence, will cause the same default interest rates applicable to the income tax and complementary.

PARAGRAFO 4o. The Nation-Ministry of Finance and Public Credit is not subject to the payment of contributions.

PARAGRAFO 5o. In the event provided for in article 74 of this law, the contributions and other resources with which the Securities Superintendence counts< 1 > for the performance of their duties, they shall be transferred without the need for any authorisation to the entity in charge of bringing forward the functions assigned to that surveillance and control entity, or to that which results of the respective merge, integration, or reorganization process.

TITLE THIRD.

THE OPERATIONS CLEARING AND SETTLEMENT SYSTEM AND THE SECURITIES REPOSITORY.

CHAPTER FIRST.

CLEARING AND SETTLEMENT ACTIVITIES.

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ARTICLE 9o. CLEARING AND SETTLEMENT SYSTEMS. For the purposes of this law, the set of activities, agreements, agents, rules, procedures and mechanisms that are intended to be the subject of the present law are systems of clearing and settlement of transactions. confirmation, clearing and settlement of securities transactions. In order to be recognized as clearing and settlement systems, such activities, agreements, rules, procedures and mechanisms shall be included in regulations previously approved by the Superintendency of Securities< 1 >.

They may manage clearing and settlement systems for entities exclusively constituted for that purpose, the central counterparty risk chambers, the stock exchanges, the stock exchanges and agricultural products, agroindustrial or other commodities, the Banco de la República, central securities deposits and other entities authorized by the National Government.

The regulation applicable to clearing and settlement should provide for mechanisms for the management of credit, liquidity, operational, legal and systemic risks.

They will have the quality of participants in a clearing and settlement system that will be authorized by the National Government. For the purposes of access to clearing and settlement systems, such systems shall incorporate in their regulations objective and equitable criteria for participation in those systems.

PARAGRAFO. For the purposes of this law, the process by which the securities delivery obligations and the transfer of funds of the participants of a contract are established is understood by c ompenation. clearing and settlement system, derived from securities transactions. The way in which the obligations are laid down may be made on the basis of bilateral or multilateral mechanisms incorporating or not the net worth of those obligations. The obligations thus established must be fulfilled in the terms set out in this law.

Settlement means the process by which obligations arising from an operation on securities are definitively fulfilled, where one party delivers securities and the other makes the transfer of funds or securities.

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ARTICLE 10. PRINCIPLE OF PURPOSE IN SECURITIES TRANSACTIONS. The orders for the transfer of funds or securities arising from securities transactions, as well as any act which, in the terms of the regulations of a clearing system and settlement of transactions to be carried out for compliance, shall be firm, irrevocable, enforceable and enforceable against third parties from the time such orders have been accepted by the clearing and settlement system.

A transfer order means the unconditional instruction given by a participant through a system of clearing and settlement of securities for the delivery of a value or securities, or of a certain amount of funds to a beneficiary designated in that instruction.

For the purposes of this law, it is understood that a transfer order has been accepted when it has met the requirements and risk controls set out in the respective clearing and settlement system regulations, adopted pursuant to the relevant provisions. Such regulations shall be approved by the Securities Superintendence<1 >.

PARAGRAFO 1o. Once a transfer order has been accepted by the clearing and settlement system in the terms indicated in this law, the respective securities and funds may not be subject to measures judicial or administrative measures including precautionary measures, restraining orders or the like, as well as those arising from rules of a court-of-law nature, takeover, dissolution, liquidation, or comprehensive debt restructuring agreements, which they are intended to prohibit, suspend or in any way limit the payments to be made be carried out through such a system. The transfer orders accepted, the acts necessary for their compliance and the operations which they derive shall not be contested, annulled or declared ineffective. Such measures shall only have their effect on transfer orders not accepted from the moment they are notified to the system administrator in accordance with the applicable rules. In the case of measures arising from rules of a insolvency nature, takeover, dissolution, liquidation, or comprehensive debt restructuring agreements, such notification shall be made on a personal basis to the legal representative of the system administrator.

PARAGRAFO 2o. The provisions of this article are without prejudice to actions that may assist the special agent, the liquidator, the contracting authorities, the relevant authorities, or any creditor for require, where appropriate, the compensation which corresponds to or the responsibilities arising, for a performance contrary to the law or for any other cause, of those who have carried out such action or of those who have wronged beneficiaries of the operations performed.

PARAGRAFO 3o. The provisions of this Article shall apply to operations carried out on the counter market as well as those carried out on securities trading systems, from the moment on which have been accepted by the clearing and settlement system.

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ARTICLE 11. GUARANTEES DELIVERED ON BEHALF OF THE PARTICIPANTS. The guarantees delivered on behalf of a participant to a system of clearing and settlement of transactions, whether they are own or a third party, that are affected to the performance of operations or transfer orders accepted by the system, as well as the clearing and settlement resulting therefrom, shall not be subject to any claim, seizure, seizure, detention or other similar precautionary, administrative or judicial measure, until the obligations arising from such operations or orders are not fully complied with.

Acts by virtue of which the guarantees referred to in the preceding paragraph are constituted, increased or replaced shall be irrevocable and shall not be challenged, annulled or declared ineffective.

Guarantees delivered on behalf of a participant in a system of clearing and settlement of transactions may be applied to the settlement of the obligations secured even in the event in which the grantor is subject to a process insolvency or liquidation or a restructuring agreement. However, it is understood that the excess resulting from the liquidation of the corresponding obligations under the aforementioned guarantees will be part of the assets of the grantor for the purposes of the respective process.

The guarantees referred to in this Article may be made effective, without the need for any legal proceedings, in accordance with the regulations of the corresponding system of clearing and settlement of transactions.

PARAGRAFO 1o. In the annotation book, garments may be entered with or without holding on securities and other legal businesses aimed at ensuring or ensuring compliance with obligations.

PARAGRAFO 2o. The guarantees given to the Bank of the Republic to ensure compliance with the Bank's operations in compliance with its functions will have the prerogatives established in the present Article.

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CHAPTER SECOND.

ACCOUNT ANNOTATION AND OPERATIONS ON VALUES.

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ARTICLE 12. ANNOTATION IN ACCOUNT. The term "annotation" shall be understood to mean the recording of the rights or balances of the holders in the deposit accounts, which shall be carried out by a centralized deposit of securities.

The annotation in account will be constitutive of the respective right. Consequently, the creation, issuance or transfer, the taxes and the precautionary measures to which they are subjected and any other affectation of the rights contained in the respective value that circulate through annotation in account will be perfected by logging into account.

Who appears in the seats of the electronic register is the holder of the value to which the register refers and may require the issuing entity to do the benefits corresponding to the aforementioned value.

The National Government when issuing the regulation that develops the provisions of this Article shall take into account the principles of priority, rogation, fungibility, good faith registration and subsequent tract of the corresponding registration.

PARAGRAFO. In the case of interconnected securities deposits, the account will prevail over balances administered in the repository where the account is opened in the name of a direct participant under of the securities depository contract.

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ARTICLE 13. PROBATIVE VALUE AND AUTHENTICITY OF CERTIFICATES ISSUED BY CENTRALISED SECURITIES DEPOSITS. On certificates issued by a centralised securities repository, the rights represented by the entry into account shall be recorded. Such certificates shall be of executive merit but shall not circulate or serve to transfer ownership of securities. It shall also be for centralised securities deposits to issue certifications that will be valid for the exercise of the political rights granted by the securities.

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ARTICLE 14. REPO OPERATIONS, CONCURRENT OPERATIONS, EXCHANGE OF SECURITIES AND TEMPORARY TRANSFER OF SECURITIES. repo operations, simultaneous securities transactions, securities exchange transactions, and temporary securities transfers, as well as the other ones to be determined in accordance with Article 4o of this law, held in accordance with the applicable regulations, entail the transfer of ownership over the given securities.

The legal effects of the repo and simultaneous operations referred to in this Article shall be as follows:

(a) After the deadline or condition that the initial acquirer of the securities is agreed upon, the property of the securities to whom the securities are transferred shall be returned. If the titles originally used in the operation were completed, they must deliver others of the same species, class and amount;

(b) If the person who initially transfers the securities defaults on his/her obligation to pay the reacquisition price, his/her counterparty will retain the right of ownership over the securities and may therefore retain them definitively, dispose of them or charge them at maturity. However, in this case the party holding the title property shall surrender to its counterparty no more than five (5) working days from the date of non-compliance with the difference between the agreed price and the the market price of the value at the date of default;

(c) If the person who initially acquires the securities defaults to his/her obligation to retransfer them, his counterparty will not be required to pay a price for them. The counterparty that initially delivered the title shall have the right to be delivered within a period not greater than five (5) working days from the date of the non-compliance, the difference between the agreed price and the price of the the market value at the date of the default.

In securities exchanges and temporary securities transfers, if the counterparty is obliged to return the value to its counterparty, the counterparty shall retain the right of ownership of the securities that are initially they have been delivered and may subsequently retain them, dispose of them or charge them at the end of the period. If there is a difference between the market price of the title received and the market price of the given title valued at the date of the default, the party that initially delivered the value at the highest price, on the date of the default, you will be entitled to be paid no more than five (5) business days counted from the date of the default, the difference between the prices of the two securities, by the delivery of money or the values of the class, as agreed by the parties.

PARAGRAFO 1o. When one of the operations referred to in this article is pending and a bankruptcy procedure is filed, a takeover for settlement or, global agreements debt restructuring, in respect of the parties involved in the debt, the operation shall be terminated in advance from the date on which the respective decision has been taken.

In this case, this article will proceed as provided in this article according to the position of the unfulfilled party in the respective operation. In the case provided for in the literal (c) the part which transferred the securities shall have the right to have a credit recognised for a sum equal to the difference between the value of the obligation to the respective date and the market price of the value of the the day of the declaration of the insolvency proceedings. In the case of exchanges of securities and of temporary transfers of securities, if the counterparty of the entity in respect of which a bankruptcy process was initiated has delivered securities with a higher market price, it shall be entitled to recognizes a credit for a sum equal to the price difference between the two values. These credits are not part of the assets of the insolvency proceedings and must be satisfied as soon as possible.

PARAGRAFO 2o. For the purposes of the provisions of this Article, the National Government shall regulate how the market prices of securities are determined.

PARAGRAFO 3o. The provisions of this Article shall apply in case no different forecast exists in the corresponding contracts or in the respective regulations.

CHAPTER THIRD.

OF COUNTERPARTY CENTRAL RISK CHAMBERS.

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ARTICLE 15. THE CENTRAL COUNTERPARTY RISK CHAMBERS. The CCP Central Risk Chambers shall have the sole purpose of providing the clearing service as a central counterparty for transactions for the purpose of reducing or eliminating the risks of non-compliance with the obligations arising therefrom. The following activities shall be carried out in the exercise of that object:

(a) Constituency as creditor and mutual debtor of rights and obligations arising from operations which have previously been accepted for clearing and settlement, in accordance with the provisions of the authorised regulation by the Securities Superintendence<1 >, assuming such a character vis-à-vis the parties to the transaction irrevocably, who in turn will maintain the legal link with the central counterparty and not between yes;

b) Manage operations clearing and settlement systems;

c) Require, receive and administer the guarantees granted for the proper functioning of the Central Counterparty Risk Chamber;

(d) Require persons who are to act as their counterparts in respect of transactions in which they are constituted as a debtor and reciprocal creditor, money, securities or assets that enable them to fulfil their obligations. in front of it, in accordance with the regulations authorized by the Superintendency of Values<1 >;

e) Exorder certifications of the acts that you perform in the exercise of their functions. The certificates of their records showing the non-compliance of their counterparts in relation to the company shall be enforceable, provided that they are accompanied by the documents in which they have established the obligations of origin.

Counterparty's Central Risk Chambers shall be required to include in its business name and trade name the name "Central Counterparty Risk Chamber", followed by the abbreviation S. A. No other person or entity may use such names or any other name which leads to confusion with the same or the activity provided for in paragraph (a) of this Article.

Counterparty's Central Risk Chambers may only perform the tasks referred to in subparagraph (a) of this Article in relation to counterparties meeting the requirements set by the National Government, who shall participate in the own account or on behalf of third parties.

PARAGRAFO 1o. The National Government may fix the minimum capital of the Counterparty Central Risk Chambers for once.

PARAGRAFO 2o. What is set out in Articles 10 and 11 of this law will apply to operations that compensate and liquidate the Risk Chambers Counterparty Central.

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ARTICLE 16. SOCOS. May be partners of the Central Counterparty Risk Chambers of securities intermediaries, credit institutions, insurance companies, financial services companies, capitalization companies, companies managing trading systems, stock exchanges, agricultural, agro-industrial or other commodity exchanges, intermediaries of the latter, and centralized deposits of securities. The National Government may establish by general that other persons, in addition to those referred to in this Article, may be members of the Central Counterparty Risk Chambers.

They may also be partners of the Central Counterparty Risk Chambers, the foreign entities whose business is equal to or similar to those mentioned in the previous paragraph, whose participation is authorized by the Superintendence of Values<1 >.

No person may be a real beneficiary of a number of shares representing more than 10% (10%) of the share capital of a Central Counterparty Risk Chamber. The National Government may point out the exceptional cases in which a person may have a participation exceeding the previous limit.

Editor Notes
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ARTICLE 17. COMPENSATION. The obligations that the Central Counterparty Risk Chambers have with their reciprocal debtors and creditors shall be extinguished by compensation up to the appropriate amount.

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ARTICLE 18. GUARANTEES ISSUED TO THE CENTRAL COUNTERPARTY RISK CHAMBERS. The assets of the Central Counterparty Risk Chambers shall be of preferential interest to the fulfilment of the obligations assumed by the Central Risk Chamber itself. Counterparty.

Goods and rights delivered under warranty in favor of the Central Counterparty Risk Chambers may not be subject to any claim, seizure, seizure, withholding or other similar precautionary measure, or from measures arising from the application of rules of a insolvency nature or of the takeover, liquidation or restructuring agreement. Such guarantees shall be settled in accordance with the regulations of the Central Counterparty Risk Chamber, without any need for a judicial procedure.

The assets and guarantees granted to the Central Counterparty Risk Chambers shall be settled in accordance with their operating regulations, which shall be authorized by the Securities Superintendence< 1 >.

PARAGRAFO. The product of the performance of the guarantees granted by counterparties of the Central Counterparty Risk Chambers as well as the securities or any other assets subject to clearing and settlement, shall be for the settlement of the obligations assumed within the scope of the Central Counterparty Risk Chambers. The remainder, where there is one, shall be delivered to the corresponding counterparty.

CHAPTER FOURTH.

REGULATORY REFERRAL.

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ARTICLE 19. REGULATORY REMISSION. Transfers of funds and/or foreign exchange through payment systems shall be governed by the same provisions applicable to the clearing and settlement systems of securities defined in this Title, in terms of regulate the National Government and the Bank of the Republic in accordance with its powers.

TITLE FOURTH.

ORDERED OPERATION OF THE MARKET.

CHAPTER FIRST.

GENERAL PROVISIONS APPLICABLE TO ENTITIES SUBJECT TO PERMANENT INSPECTION AND SURVEILLANCE OF THE SECURITIES SUPERINTENDENCE. <1 >

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ARTICLE 20. SKILLS. The inabilities provided for in the current rules for the stock exchange managers will be extended to the administrators of the Management Systems of Negotiation Systems and the administrators of the bags of agricultural and agroindustrial products or other commodities.

The managers of the stock exchange companies as well as their shareholders or shareholders as the case may be, may not be administrators or tax reviewers of companies whose shares or securities are registered in the National Register. Securities and issuers, other than stock exchanges, the management companies of securities trading systems or their own comisionist company. However, the directors of the parent or their legal representatives may be part of their boards.

The intermediaries of the agricultural and agro-industrial or other commodity exchanges and their administrators may not be administrators or tax reviewers of companies whose shares or securities are registered in the National Securities and Issuer Registry, except in respect of bags of agricultural, agro-industrial or other commodities or of its own intermediary.

For all purposes, the provisions set out in Article 1.1.6.4 of Resolution 400 of 1995 relating to the inabilities of securities qualifying societies shall be construed as incorporated in this law.

The incompatibilities and inabilities provided for in the current rules for the administrators, tax reviewers and commission of the stock exchanges will also be applicable to the tax administrators and reviewers of the stock exchanges. agricultural, agro-industrial or other commodity products and their intermediaries.

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ARTICLE 21. REGULATORY COMPTROLLER. The stock exchange companies must have a regulatory comptroller, who will be an independent person appointed by the board of directors of the company. The regulatory controller shall attend the meetings of the board of the society with a voice but without a vote and shall have at least the following functions:

a) Establish procedures to ensure compliance with laws, regulations, statutes and, in general, all regulations and internal measures of good corporate governance, codes of ethics, good conduct and commercial transparency that are related to the activities of the entity;

b) Propose to the Board of Directors the establishment of measures to ensure ethical conduct and transparency in the commercial and personal activities of its officials and related third parties, to prevent conflicts of interest, to guarantee accuracy and transparency in disclosure of financial information, avoid misuse of non-public information;

c) Inform and document the Board of Directors of irregularities that may affect the healthy development of society;

(d) The others to be established in the social statutes.

The functions of the regulatory controller shall be exercised without prejudice to those corresponding to the tax reviewer and the internal auditor, in accordance with applicable law.

PARAGRAFO. The National Government may establish the obligation for other entities subject to inspection and surveillance to have a regulatory controller.

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ARTICLE 22. IMPLEMENTATION OF THE ORGANIC STATUTE OF THE FINANCIAL SYSTEM. 83 of Law 1328 of 2009. The new text is as follows: > In the constitution of the entities in which this title is treated, the provisions of Article 53 of the Organic Statute of the Financial System will apply. provided that it is not contrary to the special provisions on the subject. Articles 72, 73, 74, 81, 88 , and 102 to 107 of the Organic Statute of the Financial System and the rules that modify, replace, or supplement.

The Financial Superintendency of Colombia may adopt the measures referred to in Article 108 of the Organic Statute of the Financial System in respect of persons who carry out the activities provided for in this law without proper authorisation.

Causals, origin of the measure and other rules for the taking of possession, forced liquidation and for the institutes of rescue and protection of public trust provided for in the Organic Statute of the System Financial shall be applicable to the Financial Superintendence of Colombia and to the entities subject to its permanent inspection and surveillance, in so far as they are compatible with its nature.

The merger, division, conversion, acquisition, disposal of assets, liabilities and contracts of the entities referred to in this Chapter shall be governed, as appropriate, by the provisions of the Organic Statute of the Financial System and the rules that modify, replace, or supplement.

Additionally, it will be applicable to such entities as provided for in item 4 of article 98 and in item 1 of article 122 of the Organic Statute of the Financial System.

As provided for in Article 326 of the Organic Statute of the Financial System, it will be applicable to the Financial Superintendence, as soon as it does its supervised or controlled, in order to ensure that supervision can be developed on a consolidated basis, protect investors and preserve market stability and integrity. However, the Superintendence may promote mechanisms for the exchange of information with supervisory bodies in other countries and with the international organisations grouping these supervisory bodies. Where the information provided is confidential, the Financial Superintendence of Colombia may deliver it with the commitment that it is retained by the supervisory authority or the international organization that the group, with such a character.

Editor Notes

As provided for in Article 118 of the Organic Statute of the Financial System, it shall apply to entities subject to permanent inspection and surveillance of the Financial Superintendence as regards the possibility of carrying out new operations in the Stock Market.

Additionally, the provisions of Article 326 (2) of the Organic Statute of the Financial System shall apply to the Financial Superintendency in respect of the Entities subject to their permanent inspection and surveillance.

Vigency Notes
Previous Legislation
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ARTICLE 23. SECURITIES RIGHTS IN THE EVENT OF LIQUIDATION. When a procedure is initiated for the liquidation of one of the entities provided for in this Title, the securities, assets or money that it has received from third parties for the purposes of the their custody, administration or transfer, or for the execution of business or orders, shall be deemed not to be part of the settlement process and shall be returned to such third parties as soon as possible.

CHAPTER SECOND.

OF THE SELF-REGULATION OF THE MARKET AND ITS DISCIPLINE.

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ARTICLE 24. OF THE FIELD OF SELF-REGULATION. Self-regulation includes the exercise of the following functions:

a) Regulatory function: Consistent with the adoption of rules to ensure the proper functioning of the intermediation activity;

b) Monitoring function: Consistent with the verification of compliance with the standards of the securities market and the regulations of self-regulation;

c) Disciplinary function: Consistent with the imposition of penalties for non-compliance with the securities market rules and for self-regulatory regulations.

PARAGRAFO 1o. These functions must be met by the entities authorized to act as self-regulatory bodies, in the terms and conditions determined by the National Government. In the exercise of this power, the National Government must provide for the avoidance of arbitrations between the entities that will have to comply with the self-regulatory obligations provided for in this law, as well as to establish measures for the appropriate governance of the self-regulators.

PARAGRAFO 2o. The provisions of this article, literal (a), are without prejudice to the ability of the exchanges to regulate the negotiation and operations to be conducted through them and the actions of its members.

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ARTICLE 25. OBLIGATION OF SELF-REGULATION. Those who carry out securities intermediation activities are required to self-regulate in the terms of this Chapter. These obligations must be met through specialized bodies for this purpose. The following entities may act as self-regulatory bodies:

(a) Organizations formed exclusively for that purpose;

b) Trade or professional organizations;

c) Stock exchanges;

(d) Stock markets for agricultural, agro-industrial or other commodities;

e) The Management Societies of Negotiating Systems referred to in this law.

PARAGRAFO 1o. The entities referred to in this Article may exercise some or all of the self-regulatory functions provided for in Article 24, in the terms and conditions to be determined by the National Government. As long as it is not established otherwise, stock exchanges shall continue to exercise through their organs the functions referred to in Article 24, in the terms in which they are currently compliant.

PARAGRAFO 2o. The self-regulatory function does not have a public function character.

PARAGRAFO 3o. The self-regulatory bodies referred to in this article will respond civilly only when there is serious fault or dolo. In these cases, the impeachment proceedings will be dealt with in accordance with the procedure laid down in Article 421 of the Civil Procedure Code and may only be proposed within the following month. the date of the last instance decision that resolves the respective process.

Editor Notes
Matches

PARAGRAFO 4o. The Values Superintendence<1 >, in the terms set out in this law, will monitor the proper functioning of the self-regulatory bodies.

PARAGRAFO 5o. Values Superintendence<1 > may subscribe to agreements or memoranda of understanding with the self-regulatory bodies, in order to coordinate efforts in disciplinary, supervisory and investigative matters.

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ARTICLE 26. REQUIREMENTS. Values Superintendence<1 > may grant permission to a self-regulatory body when it meets the following requirements:

(a) Count with the minimum number of members to be determined by the National Government and demonstrate its importance to the market;

(b) Dispose of the appropriate mechanisms to enforce by its members and by persons associated with them the laws and rules of the securities market and the regulations that the same entity issues;

c) Contar with a mechanism of registration of legal and natural persons to be members of the self-regulatory body;

d) Show that its regulations provide for mechanisms to ensure adequate representation of its members in the different organs of the self-regulatory body, without prejudice to the establishment of a majority participation in them; external or independent members;

e) Demonstrate that the rules of the self-regulatory body provide adequate distribution of charges, fees and other payments among its members;

f) Ensure that the rules of the self-regulatory body are designed to prevent market manipulation and fraud, promote coordination and cooperation with the bodies responsible for regulating and make possible the processes of clearing and settlement, processing of information and facilitating transactions, as well as removing barriers and creating the conditions for the operation of free and open markets at national and international level and, in general, to protect investors and the public interest;

g) Ensuring that discrimination is prevented among members, as well as establishing rules that avoid agreements and actions that violate the spirit and purposes of the securities market;

h) Prove that the rules of the self-regulatory body provide the possibility to discipline and sanction its affiliates in accordance with the norms of the stock market and its own regulations. Sanctions of a disciplinary nature may include the form of expulsion, suspension, limitation of activities, functions and operations, fines, censures, admonitions and others deemed appropriate and which do not comply with the legal order legal.

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ARTICLE 27. MEASURES. The self-regulatory bodies shall ensure the mechanisms for the exercise of the disciplinary function, the acceptance or rejection of their members and the provision of the services of the self-regulatory body.

PARAGRAFO. In this context, self-regulatory bodies should not impose unnecessary burdens on the development of competition.

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ARTICLE 28. Regulations. The self-regulatory bodies shall adopt a body of rules to be complied with by the persons on whom they have jurisdiction. This body of standards should be expressed in regulations that will be previously authorized by the Superintendence of Values<1 >, will be mandatory compliance and will be presumed known by those who they are subjected to them.

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ARTICLE 29. DISCIPLINARY FUNCTION. In the exercise of the disciplinary function, procedures must be established and, at the request of a party, disciplinary action shall be initiated or at the request of a disciplinary action for failure to comply with the regulations of self-regulation and the rules of the securities market, decide on applicable disciplinary sanctions and report to the Securities Superintendence<1 > on decisions taken in disciplinary matters.

Who exercises disciplinary functions may decree, practice and assess evidence, determine the possible disciplinary liability of persons under investigation within a disciplinary process, impose disciplinary sanctions established in the regulations, guaranteeing in any case the right of defense and due process.

The evidence collected by those exercising disciplinary functions may be transferred to the Superintendence of Values<1 > in exercise of their sanctioning powers. Similarly, the evidence collected by the Superintendence of Values<1 > may be transferred to those who perform disciplinary functions, without prejudice to the right of contradiction.

Processes and disciplinary actions can be addressed to both securities market intermediaries and natural persons linked to them.

PARAGRAFO. The disciplinary function of this article may continue to be exercised through disciplinary chambers in the terms and conditions determined by the National Government.

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ARTICLE 30. FUSIONS. The Superintendence of Values<1 > will be able to promote and order mergers, strategic alliances and other agreements of self-regulatory bodies in order to protect the interests of public and the competitiveness of the Colombian stock market.

PARAGRAFO. The currently prescribed rules for these bodies will also apply for entities that arise from the aforementioned mergers and agreements.

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ARTICLE 31. BAN. No self-regulatory body shall accept as one of its members a legal or natural person, who in the terms of the law is not registered as an intermediary on the stock market.

Without prejudice to the foregoing, natural persons linked to an entity ad carrying out trading activities on the market which has registered with a self-regulatory body shall be subject to disciplinary rules, even if such persons are not previously enrolled in the National Register of Securities Market Professionals.

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ARTICLE 32. DISCIPLINARY PROCEEDINGS. Where there is a disciplinary process, the self-regulatory body exercising the disciplinary functions shall issue the charges, notify the member and give the opportunity to exercise the right of defence. Also, a memory of the process must be carried.

Any disciplinary process must be supported by:

a) The behavior that the member and/or persons associated with it developed;

b) The securities market rule or the self-regulatory regulation that specifically failed;

c) If there is, the penalty imposed and the reason for it.

PARAGRAFO. In any case the disciplinary process that advances the self-regulatory bodies in the exercise of their disciplinary function, must observe the principles of opportunity, economy and speed, and will be governed exclusively for the principles and procedures contained in this law and for the other rules which develop it.

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ARTICLE 33. ADMISSION. The self-regulatory body may deny membership to persons who do not meet the standards of financial suitability or ability to operate or the standards of experience, capacity, training that have been properly established by that body.

The self-regulatory body shall verify the conditions of suitability, trajectory and character of its members and may require that the officials of the self-regulatory body be registered with that body.

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ARTICLE 34. APPLICATIONS FOR REGISTRATION. The self-regulatory body may refuse the application for registration, where the information required or formulated in the regulations of that body is not provided, or where the applicant does not meet the requirements for to do part of it, in accordance with the requirements laid down in its rules of procedure.

Likewise, the self-regulatory body may deny the application for registration to those who do not develop the activities established in its regulations or persons, by virtue of the number of operations they celebrate.

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ARTICLE 35. REASONS FOR DECISIONS. In cases where the registration is refused or the provision of a service is refused to one of the members, the self-regulatory body must notify the person of the reasons for this decision and give it the opportunity to present your explanations.

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ARTICLE 36. DENIAL OR CANCELLATION OF REGISTRATIONS. The self-regulatory body may refuse or cancel the registration of persons who have been expelled from a stock exchange or other self-regulatory bodies or from a member who has difficulties financial or practical practices that endanger the security of investors, other market players or the same self-regulatory entity. In these events, the<1 >Values Superintendence must be previously reported.

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