Registration of user and actor in the new Exchange Information System

The new Foreign Exchange Information System incorporates several elements aimed at systematizing and unifying the collection and processing of information, which will be gradually implemented in three phases, as informed by the International Exchange Department: the first corresponds to the procedures for registration and movements of international investments, except those that require the transmission of exchange declarations; in the second, the transmission of exchange declarations and associated operations, the report and modifications of external credits and modification of exchange information provided by the holders of clearing accounts will be implemented; and the third will cover the reception of other exchange information.

This new circular is effective as from September 1, 2021, date from which the first phase is implemented and therefore new procedures are established for: i) the registration, substitution and cancellation of international investment operations in the events in which there is no room for the channeling of foreign currency; ii) the registration of procedures related to corporate reorganizations; and, iii) the registrations of capital recomposition.

In this sense, our interest in this document is to highlight the importance that individuals or legal entities that currently have the status of investors in Colombia or abroad and the companies receiving investment, carry out the steps corresponding to the registration of what in the new Foreign Exchange Information System is called "user" and "actor" for the registration of the aforementioned operations.

According to the instructions of the International Exchange Department, user "is the natural person who is authorized to enter and interact with the System. On the other hand, the actor is the investor or the recipient of the investment".

The registration of the user and the actor in the new Foreign Exchange Information System must be made through the Banco de la República's website and the documents proving the status of legal representative or attorney-in-fact, as the case may be, must be sent via e-mail to the entity. Additionally, the supporting information must comply with the corresponding legal requirements to be valid in Colombia, such as apostille of documents issued by foreign authorities, translation into Spanish, among others.

The creation of these records may take approximately 15 working days, so the recommendation to start these processes in advance is reiterated, without the haste of the expiration of any term of an exchange operation, as occurs with the cancellations and substitutions of investment.