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About Securities Law in Mocoa, Colombia

Securities activity in Mocoa operates under Colombia’s national legal and regulatory framework. Although Mocoa is a local market in the Putumayo department, any issuance, trading, brokerage, or advisory related to securities is governed primarily by national laws enforced by the Superintendencia Financiera de Colombia - SFC. Primary market activity occurs through the Bolsa de Valores de Colombia - BVC and associated market infrastructures, while disclosure and registration are handled through the Sistema Integral de Información del Mercado de Valores - SIMEV and the Registro Nacional de Valores y Emisores - RNVE.

In Colombia, securities generally include shares, bonds, commercial paper, units of collective investment funds - fondos de inversión colectiva, standardized derivatives traded on authorized markets, securitizations - titularizaciones, depositary receipts, and other instruments recognized by law. Intermediation services must be provided by entities supervised by the SFC and, as applicable, subject to self-regulation by the Autorregulador del Mercado de Valores - AMV.

Residents and businesses in Mocoa may invest, raise capital, or seek advisory services with firms based anywhere in Colombia. There is no separate municipal securities regime, but local companies can access national markets, including specialized SME segments such as the Mercado Alternativo de Valores - MAV.

Why You May Need a Lawyer

- You plan to issue shares or debt and need to determine whether the offer is public or private, what must be registered in the RNVE, and what disclosures are required.

- You are structuring a private placement, venture round, or crowdfunding campaign and want to comply with offering limits, investor qualification rules, and advertising restrictions.

- You are an investor in Mocoa and need to verify whether a broker, advisor, or platform is authorized and properly supervised, or you suspect misconduct or fraud.

- You face disputes about execution errors, unsuitable advice, misrepresentation in a prospectus, custody issues, or portfolio losses, and need to navigate internal complaints, the Defensor del Consumidor Financiero, arbitration, or SFC processes.

- You are dealing with takeover rules - OPA, insider trading risks, market manipulation allegations, or material non-public information policies and need compliance guidance.

- You manage a collective investment fund or fintech platform and must implement AML-CFT systems - SARLAFT, governance policies, and investor protection standards.

- You need cross-border guidance, including listing foreign securities in Colombia, offering Colombian securities abroad, or applying tax rules to dividends and capital gains.

- You are a municipality or public entity exploring bond issuance, or a local company considering MAV listing, and require feasibility and regulatory pathway analysis.

Local Laws Overview

- Governing framework: Securities activity is primarily regulated by Law 964 of 2005 and Decree 2555 of 2010, which consolidate rules on issuers, intermediaries, funds, disclosure, market conduct, and supervision. Related rules include Law 1328 of 2009 on financial consumer protection and provisions on corporate governance and reporting found in Law 222 of 1995. Decree 1357 of 2018 regulates collaborative financing - crowdfunding. These national rules apply equally in Mocoa.

- Public vs private offerings: Public offerings generally require registration of both the issuer and the securities in the RNVE and the filing of a prospectus in SIMEV. Private offerings may be exempt if they meet strict conditions on targeted investors, number of offerees, and advertising. Mischaracterizing a public offer can lead to sanctions.

- Issuers and disclosure: Issuers must provide truthful, sufficient, and timely information, including periodic reports and material event disclosures - Hechos Relevantes through SIMEV. Prospectus liability applies to inaccurate or incomplete disclosures.

- Intermediaries and advisors: Brokerage, portfolio management, and advisory services in securities require authorization and supervision by the SFC. Professionals must meet certification and conduct standards, and firms are subject to AMV self-regulation and disciplinary processes.

- Market conduct: Insider trading and market manipulation are prohibited and can trigger administrative sanctions by the SFC and criminal enforcement by the Fiscalía General de la Nación. Firms must implement policies to prevent misuse of material non-public information.

- Takeovers - OPA: Acquisitions crossing specific ownership thresholds in listed companies may trigger mandatory tender offers - OPAs with rules on price, timing, and disclosure to protect minority shareholders.

- Collective investment funds - FIC: Funds are managed by licensed sociedades fiduciarias or sociedades comisionistas de bolsa under detailed rules in Decree 2555. Managers owe duties of care, diversification, valuation, and disclosure to investors.

- Derivatives and custody: Standardized derivatives are traded on authorized markets and cleared through recognized infrastructures. Securities custody is handled by the central securities depository - Depósito Centralizado de Valores - Deceval and supervised custodians.

- AML-CFT: Supervised entities must operate robust SARLAFT programs to prevent money laundering and terrorist financing, report suspicious activity to the UIAF, and comply with know-your-client requirements.

- SME access - MAV: The Mercado Alternativo de Valores offers a tailored route for small and medium-sized issuers with reduced listing requirements balanced by investor protection measures.

- Crowdfunding: Licensed platforms can intermediate debt or equity offerings within limits and with strict disclosure, risk warnings, and investor caps under Decree 1357 of 2018.

- Taxes: Securities income is taxed at the national level. Dividends and capital gains have specific treatments that vary by investor type and holding period. Transaction taxes - such as the financial transactions tax known as 4x1000 - may apply to certain money movements. DIAN administers taxes nationwide, including Mocoa.

- Enforcement and complaints: Investors can use internal complaint channels - PQR, the Defensor del Consumidor Financiero, the SFC’s citizen services, and arbitration centers. Illegal fundraising - captación masiva y habitual can be investigated by the SFC and the Superintendencia de Sociedades, and crimes are handled by the Fiscalía.

Frequently Asked Questions

What counts as a security in Colombia

Common securities include shares, corporate and government bonds, commercial paper, units in collective investment funds, securitizations, depositary receipts, and standardized exchange-traded derivatives. The SFC may recognize other instruments that function as securities. The classification depends on how the instrument is structured and offered.

Do I need to register my offering if I only approach a few investors in Mocoa

Possibly not, if the offer qualifies as a private placement under Colombian law, including strict limits on the number and type of offerees, absence of mass advertising, and other conditions. A lawyer should review your plan before any approach to confirm whether RNVE registration is required.

How can I check if a broker or advisor is authorized

Verify that the firm is supervised by the SFC and that the professional holds the required certifications recognized by AMV. You can also request the firm’s Defensor del Consumidor Financiero contact information and ask for evidence of authorization and oversight. Never transfer funds to personal accounts or unverified platforms.

What should I do if I suspect investment fraud or illegal fundraising

Stop sending money, collect evidence of communications and transfers, file a complaint with the firm’s PQR channel and its Defensor del Consumidor Financiero if applicable, inform the SFC, and consider reporting to the Fiscalía. A lawyer can help you coordinate civil, administrative, and criminal actions and evaluate recovery options.

How do OPAs - tender offers work in Colombia

When an acquisition triggers statutory thresholds in a listed company, the buyer must launch a public tender offer with a set price and conditions, disclose information to the market, and comply with timing and settlement rules. OPAs protect minority shareholders and are closely supervised by the SFC and the market.

Are cryptocurrencies considered securities in Colombia

Cryptoassets are not legal tender and are not supervised as such by the SFC. Whether a specific token is a security depends on its structure and the rights offered to purchasers. Some tokenized or investment-like offerings may be treated as securities. Obtain legal analysis before offering or investing.

What is the Mercado Alternativo de Valores - MAV

MAV is a segment of the Colombian market designed to facilitate capital raising by small and medium enterprises with tailored listing and disclosure requirements. It seeks to balance issuer access with investor protection. Legal and financial advisors can help assess eligibility and compliance.

How are collective investment funds regulated

FICs are managed by licensed entities under Decree 2555 rules. They must follow investment policies disclosed to investors, apply valuation and custody standards, and issue regular reports. Investors should review the prospectus and key investor information before subscribing.

What taxes apply to securities investments for individuals

Tax treatment varies by instrument, residence, and holding period. Dividends, interest, and capital gains may be subject to withholding and final taxes. There may also be the 4x1000 on certain money movements. Consult a tax professional or DIAN guidance to determine your specific obligations.

Can startups in Mocoa raise funds through crowdfunding

Yes, if they use an SFC-licensed collaborative financing platform and comply with offering limits, investor caps, disclosures, and risk warnings under Decree 1357 of 2018. Legal advice helps select the right instrument and ensure advertising and onboarding comply with the rules.

Additional Resources

- Superintendencia Financiera de Colombia - SFC: main financial and securities regulator for supervision, investor alerts, and complaints.

- Bolsa de Valores de Colombia - BVC: main exchange for trading, listings, market data, and investor education initiatives.

- Autorregulador del Mercado de Valores - AMV: self-regulatory organization for conduct rules, exams, and disciplinary processes.

- Sistema Integral de Información del Mercado de Valores - SIMEV and Registro Nacional de Valores y Emisores - RNVE: official platforms for issuer and securities information and disclosures.

- Depósito Centralizado de Valores - Deceval: central securities depository for custody and settlement infrastructure.

- Defensor del Consumidor Financiero: mandatory ombudsman for each supervised financial entity to handle customer complaints.

- Unidad de Información y Análisis Financiero - UIAF: financial intelligence unit for AML-CFT reporting and guidance.

- DIAN - Dirección de Impuestos y Aduanas Nacionales: national tax authority for guidance on withholding, dividends, and capital gains.

- Superintendencia de Sociedades: oversight body involved in cases of unauthorized fundraising and certain corporate matters.

- Cámara de Comercio del Putumayo - Mocoa: local chamber for business registration, arbitration and conciliation services, and access to legal directories.

Next Steps

- Clarify your goal: raising capital, investing, resolving a dispute, launching a fund, or ensuring compliance in your Mocoa-based business.

- Gather documents: term sheets, contracts, prospectuses, account statements, communications, and any marketing materials.

- Verify counterparties: confirm SFC supervision of firms, AMV certifications for professionals, and the presence of a Defensor del Consumidor Financiero.

- Assess regulatory path: determine whether your transaction is a public offering requiring RNVE registration or a private placement, whether an OPA applies, or whether crowdfunding is suitable.

- Manage timelines: securities filings, investor notifications, OPA windows, and complaint or appeal periods are time sensitive.

- Consider dispute channels: start with the firm’s PQR process and Defensor del Consumidor Financiero, then evaluate arbitration, SFC actions, or court claims if needed.

- Address compliance: implement or review SARLAFT, market conduct policies, disclosures, and recordkeeping to reduce regulatory risk.

- Consult a qualified lawyer: choose counsel experienced in Colombian securities law who can represent you locally in Mocoa and before national authorities. Verify the lawyer’s professional license in the Registro Nacional de Abogados of the judicial branch.

- Coordinate tax analysis: model dividend, interest, and capital gains outcomes and any withholding with a tax professional or DIAN guidance.

- Document decisions: keep a clear paper trail of approvals, investor communications, risk disclosures, and compliance checks.

This guide is informational and not legal advice. For specific situations in Mocoa, consult a licensed Colombian securities lawyer.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.