EXTERNALRESOLUTIONNO. 8 OF 2000

(MAY5) PROVIDINGA SUMMARYOFTHEFOREIGN‐EXCHANGEREGIME.

THEBOARDOFDIRECTORSOFTHEBANCODELAREPÚBLICA,INTHEEXERCISEOFITSCONSTITUTIONALANDLEGALPOWERS,IN

PARTICULARTHOSECONFERREDBYTHECONSTITUTION,ARTICLES371AND372,ANDLAW31OF1992,ARTICLE16(H),(E)AND(I),ANDIN

ACCORDANCEWITHDECREE1735OF1993,

RESOLVESASFOLLOWS:

PRELIMINARYTITLEFOREIGN‐EXCHANGEDECLARATION

Article1. DEFINITION.ResidentsofColombiaandoverseasresidentswhocarryoutaforeign‐exchangeoperationinColombiamustpresentaforeign‐exchangedeclarationinthetermshereof.

Theforeign‐exchangedeclarationforoperationscarriedoutthroughcurrency‐marketintermediariesmustbepresentedtotheseintermediaries.Wheretheoperationsarecarriedoutthroughthesettlementmechanismprovidedforherein,thedeclarationshallbepresenteddirectlytotheBancodelaRepública.

Personsintroducingthemselvesasalegalrepresentative,attorney‐in‐factorspecialagentatthetimeofpresentingtheforeign‐exchangedeclarationshallbeassumedtobeactinginsuchcapacity.

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Paragraph. Theforeign‐exchangedeclarationmaybecorrectedwithinfifteenworkingdaysafteritsdateofpresentation.Uponexpiryofthatperiod,theinformationcontainedintheforeign‐exchangedeclarationshallbeconsideredasdefinitive.Thecorrectedforeign‐exchangedeclarationmustbepresentedtothesameentitytowhichtheoriginalforeign‐exchangedeclarationwaspresented.Forstatisticalpurposes,theBancodelaRepúblicamay,inageneralmanner,authorizeclarificationsontheforeign‐currencydeclaration.

Article2. DIFFERENCES.Nosumsgreaterorlessthanthesumsactuallyreceivedmaybechanneledthroughthecurrencymarket,normayanytransfersbemadeofamountsdifferentfromtheoverseasobligations.

Anyforeign‐exchangedeclarationcontainingfalse,wrong,incompleteordisfigureddatashallbeinvestigatedbythecompetentauthority.Theforegoingnotwithstanding,differencesmaybeacceptedbetweenthevaluestatedintheforeign‐exchangedeclarationandthevalueoftheunderlyingoperation,upto1%ofthelatteroruptoonethousandUnitedStatesdollars(US$1,000)ortheequivalentthereofinothercurrencies,whicheverisgreater.

Article3. CONSERVATIONOFDOCUMENTS.Forexchange‐controlpurposes,withoutprejudicetotheprovisionsofspecialrules,residentsofColombiamakingforeign‐exchangeoperationsarerequiredtokeepthedocumentsspecifyingtheamount,characteristicsandotherconditionsoftheoperationandtheoriginordestination,asthecasemaybe,oftheforeignexchange,foraperiodequaltothelapsingorlimitationperiodofthepenaltyactionforinfringementoftheforeign‐exchangeregime.

Suchdocumentsshallbepresentedtotheentitiesresponsibleforcontrolandoversightofcompliancewiththeforeign‐exchangeregimethatrequirethem,orinthecontextofadministrativeactionsinitiatedtodeterminethecommissionofcurrencyviolations.

Article4. PENALTIES.Apartyfailingtocomplywithanyobligationestablishedintheforeign‐exchangeregime,particularlytheobligationofcorrectlypresentingtheforeign‐exchangedeclarationforthecurrencyoperationsthepartyperforms,shallbecomesubjecttothepenaltiessetforthintherelevantlawsandregulations,withoutprejudicetoapplicabletax,customsandcriminalpenalties.LegalliabilityshallalsobeincurrediftherespectiveauthorityorapartyconcerneddiscreditstheassumptionreferredtointhefourthparagraphofArticle1hereof.

Article5. INFORMATION.Currency‐marketintermediariesshallberesponsibleforprocessingtheinformationcontainedinforeign‐exchangedeclarationsandforsendingthe

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documentsrequiredforstatisticalpurposestotheBancodelaRepública,onsuchtermsasthelatterindicates.

TheBancodelaRepúblicashalllikewiseberesponsibleforprocessingtheinformationcontainedinforeign‐exchangedeclarationsforoperationscarriedoutthroughthesettlementmechanism.

TheBancodelaRepúblicamaysuspendforuptoonemonththeperformanceofanyorallofitsoperationswithacurrency‐marketintermediarythatfailstocomplywiththeobligationsetoutinthisArticle.Intheeventofasecondfailure,operationsmaybesuspendedforuptooneyear.

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TITLEI

CHAPTERICURRENCYMARKET

Article6. DEFINITION.Thecurrencymarketcomprisestheentiretyoftheforeignexchangemandatorilyrequiredtobechanneledthroughtheintermediariesauthorizedforthepurposeorthroughthesettlementmechanismstipulatedherein.Foreignexchangevoluntarilychanneledthroughthecurrencymarket,despitebeingexemptfromthatobligation,shallalsoformpartofsaidmarket.

Article7. OPERATIONS.Thefollowingforeign‐exchangeoperationsaremandatorilyrequiredtobechanneledthroughthecurrencymarket:

1. Importingandexportingofgoods.

2. ForeignborrowingoperationscarriedoutbyresidentsofColombia,andthefinancialcostsspecificthereto.

3. InvestmentsofforeigncapitalinColombia,andthereturnsassociatedtherewith.

4. InvestmentsofColombiancapitalabroad,andthereturnsassociatedtherewith.

5. Financialinvestmentsinsecuritiesissuedabroadandinassetsregisteredabroad,andthereturnsassociatedtherewith,exceptwheretheinvestmentsaremadewithforeignexchangefromoperationsnotrequiredtobechanneledthroughthecurrencymarket.

6. Foreign‐currencysuretiesandguarantees.

7. Derivativeoperations.

Article8. GENERALPERIODOFSURRENDER.Exceptasotherwiseprovidedbyspecialrules,theforeignexchangefromcurrencyoperationsinthecurrencymarketmustbechanneledthroughtheintermediariesauthorizedforthepurposeorthroughthesettlementmechanismstipulatedherein,withinamaximumperiodofsixmonthsfromthedateofreceiptoftheforeignexchange

Article9. PAYMENTOBLIGATIONS.Theforeignexchangeforpaymentofobligationsarisingfromforeign‐currencyoperationsinthecurrencymarketmustbechanneledthroughtheintermediariesauthorizedforthepurposeorthroughthemechanismstipulatedherein.

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CHAPTERIIGOODSIMPORTS

Article10. CHANNELING.ResidentsofColombiamustchannelthroughthecurrencymarkettheforeignexchangeneededtopayforthevalueoftheirimports.Importsmaybefinancedbythesupplierofthemerchandise,currency‐marketintermediaries,andexternalfinancialentities.

TheBancodelaRepúblicamayrequestanyinformationitconsidersrelevantformonitoringthefinancingsreferredtointhisArticle.

Article11. PAYMENTFORIMPORTSINCOLOMBIANCURRENCY.ResidentsofColombiamaypayforimportsinColombianlegaltenderonlythroughcurrency‐marketintermediaries.

AnyoverseasresidentmayacquireforeignexchangeinthecurrencymarketwiththeproceedsofhisexportspaidforinColombianlegaltender.

Article12. LEASINGANDFACTORING.Temporaryimportsmaybefinancedbymeansoffinancialleasing,providedthetermislongerthantwelvemonthsandthegoodsinquestionarecapitalgoodsasdefinedbytheBoardofDirectors.

CommercialfinancecompaniesnotmeetingtherequirementlaiddowninArticle59(1)hereofmayacquireforeignexchangeinthecurrencymarketforundertakingimportfactoringtransactions.

Article13. USEOFDONATIONSTOPAYFORIMPORTS.Foreignexchangereceivedasdonationsfromforeigngovernmentsandtheiragencies,frommultilateralorganizationsorfromentitiesattachedtheretomaybedirectlyusedabroadtopayforimports.

Article14. PAYMENTSINADVANCE.ResidentsofColombiamayacquireforeignexchangeinthecurrencymarkettopayforfutureimportsofgoods.

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PaymentsinadvancemaybefinancedaftermakingthedepositreferredtoinArticle26hereof.NodepositshallberequiredinthecaseofpaymentsinadvanceforimportsofcapitalgoodsasdefinedinArticle84hereof.

Paragraph. Thecorrespondingforeign‐exchangedeclarationmustcontaintheconditionsofpaymentandshipmentofthemerchandiseasagreedwiththeexternalseller.

CHAPTERIIIGOODSEXPORTS

Article15. CHANNELING.ResidentsofColombiamaychannelthroughthecurrencymarkettheforeign‐exchangeproceedsoftheirexports.Exportersmayallowexternalbuyersaperiodoftimetopayfortheexports.

Wheretheperiodoftimeallowedtotheexternalbuyerislongerthantwelve(12)monthsfromthedateoftheexportdeclaration,thecorrespondingcreditmustbereportedtotheBancodelaRepúblicawithintwelve(12)monthsfromthedateoftheexportdeclarationiftheamountthereofexceedstenthousandUnitedStatesdollars(US$10,000),oritsequivalentinothercurrencies.

Itmustalsobereportediftheperiodoftimetopayfortheexportsisgoingtoexceedtwelve(12)monthsfromthedateoftheexportdeclarationasaresultofproceedingsbeforejudicial,arbitrationoradministrativeauthorities,orwheretheoverseasimporterdirectlydisputesthepaymentwiththesupplier,orwheretheextensionsgrantedbytheexporterexceedsaidperiod.

Paragraph. ThesefinancingsshallnotbesubjecttothedepositrequirementreferredtoinArticle26hereof.

Article16. PAYMENTSINADVANCEANDEXPORTPREFINANCING.Exportsmaybefinancedbypaymentsinadvancefromtheoverseasbuyer,orbymeansofexportprefinancingloansinforeigncurrencyprovidedbycurrency‐marketintermediariesorexternalfinancialentities.

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1. Paymentsinadvance.Foreignexchangereceivedfromoverseasbuyersforfutureexportsofgoodsdonotconstituteaninterest‐earningfinancialobligation,nordotheycreateanyobligationfortheexporterotherthandeliveryofthemerchandise.

Exporterswillhaveaperiodoffour(4)months,fromthedateofchannelingoftheforeignexchangethroughthecurrencymarket,tomakethecorrespondingexportation.

Intheeventthattheperiodformakingtheexportationislongerthantheperiodspecifiedintheprecedingsentence,thefinancingbecomesaforeign‐debtoperation,andthedepositreferredtoinArticle26hereofmustbemade,subjecttotheprovisionsofChapterIVofthisTitle,withinfour(4)monthsfromthedateofchannelingoftheforeignexchangethroughthecurrencymarket.

ExportersunabletomaketheexportationforexceptionalreasonsbeyondtheircontrolmaybeauthorizedbytheBancodelaRepúblicatoacquireforeignexchangeinthecurrencymarketinanamountequaltothesumssurrenderedaspaymentinadvance,inordertoreturnthemabroad,and,whereapplicable,toobtainadvancerestitutionofthedepositaccordingtothediscounttablereferredtoinArticle26hereof.NoauthorizationshallberequiredfromtheBancodelaRepúblicawherethesumsinquestiondonotexceedfifteenpercent(15%)ofthesurrenderedvalueorwherethedepositstandsat0%.

2. Exportprefinancing.Thedisbursementandchannelingofforeign‐currencyloansprovidedbycurrency‐marketintermediariesandexternalfinancialentitiestoprefinanceexportsshallrequirethatadepositbemadeattheBancodelaRepúblicaontheconditionsandintheamountandperioddeterminedinageneralmannerbytheBoardofDirectors.

TheexporterprovidingevidencethattheexportationhasbeencarriedoutmayrequestadvancerestitutionofthedepositinaccordancewiththeprocedureandthediscounttableestablishedforthepurposebytheBancodelaRepública.

Theprincipalofthecreditmustbepaidfromtheproceedsoftheexportation.Nevertheless,ifasaresultofhavingfinancedthecreditpartlyorwhollyfromtheproceedsoftheloanthevalueoftheexportationislessthanthevalueoftheloan,theexportermayacquireforeignexchangeinthecurrencymarketuptothefinancedvalueofthedeposit,inordertocompletetherepaymentvalueoftheloan.

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Atallevents,theexportermayacquireinthecurrencymarkettheforeignexchangedneededtopaythecorrespondingprincipalandinterest.

Paragraph1.Theforeign‐exchangedeclarationmustcontaintheconditionsagreedonwiththeoverseasbuyerregardingpaymentandshipmentofthemerchandise.

Paragraph2.ThedepositreferredtoinArticle26hereofshallnotberequiredtobemadeinthecaseofexportationofthecapitalgoodsspecifiedinArticle84hereof.

Article17. INFORMATION.TheBancodelaRepúblicamayrequestanyinformationitconsidersrelevantformonitoringthefinancingsreferredtointhisChapter.

Article18. EXPORTSINCOLOMBIANLEGALTENDER.ResidentsofColombiamayreceivepaymentfortheirexportsinColombianlegaltenderonlythroughthecurrency‐marketintermediaries.

Article19. NETSURRENDER.ResidentsofColombiamayusetheforeignexchangefromtheirexportstomakedirectpaymentoffreight,insuranceandotherforeign‐currencycostsassociatedwiththeexportation.

Article20. SALEOFPAYMENTINSTRUMENTSTOFINANCIALENTITIES.ResidentsofColombiamaysell,withorwithoutliabilityontheirpart,toexternalfinancialentitiesortocurrency‐marketintermediariestheforeign‐currencypaymentinstrumentsreceivedfromtheoverseasbuyerfortheirexports,channelingtheproceedsofthesalethroughthecurrencymarket.

TheymayalsoselltheminColombianlegaltendertocommercialfinancecompaniesnotmeetingtherequirementlaiddowninArticle59(1)hereof.Commercialfinancecompaniesmustchanneltheforeign‐exchangeproceedsoftheseoperationsthroughthecurrencymarket.

Article21. FOREIGN‐EXCHANGEREFUNDS.ResidentsofColombiamustchannelthroughthecurrencymarkettheforeignexchangeacquiredunderguaranteesprovidedfortheirexports.

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Wheretheforeignimporterrejectsallorpartofthemerchandise,orreducesthepricethereofbecauseofqualitydefectsorfailuretomeetanyoftheconditionsagreedon,theforeignexchangetobeusedforrefundingthesumschanneledthroughthecurrencymarketforgoodsexportsmustalsobechanneledthroughthecurrencymarket.

Article22. MINIMUMSURRENDERPRICEFORCOFFEEEXPORTS.WithoutprejudicetotheprovisionsofArticle2hereof,forforeign‐exchangepurposestheminimumsurrenderpriceforgreen‐coffeeexportsshallbethevaluestatedintheExportDeclaration.

Theforeign‐currencyvalueofexportsofnon‐caffeinegreencoffee,roastedcoffee,solublecoffee,liquidcoffeeextractsandothertypesofcoffeedifferentfromprime‐qualitygreencoffeeshallbetheeffectivesellingprice,whichmustbestatedinthecorrespondingExportDeclaration.

ForpurposesoftheprovisionsofLaw9of1991,Article19,thetechnicalequivalenciesfordeterminingthefreshprime‐qualitygreen‐coffeecontentofindustrializedcoffeeexportsshallbeestablishedbytheNationalCommitteeofCoffeeGrowers,valuedattheminimumsurrenderpriceindicatedinthefirstsentenceofthisArticle.

CHAPTERIVEXPTERNALBORROWING

Article23. CHANNELING.Foreign‐exchangereceiptsandpaymentsinrespectofforeign‐currencycreditobtainedorprovidedbyresidentsofColombiamustbechanneledthroughthecurrencymarket.TheBancodelaRepúblicamay,bymeansofregulationsofageneralnature,specifyexceptionstotheforegoingobligation.Whereitisintendedtodischargethedebtor’sobligationsbymeansofpaymentinkind,expressauthorizationfromtheBancodelaRepúblicashallberequiredineachcase.

Paragraph.Thedeclarantmustpresentevidencetothecurrency‐marketintermediarywithwhomheismakingtheoperationthatthedepositreferredtoinArticle26hasbeenmade.Saidintermediaryshallverifythemakingofthedepositandthenatureofcurrency‐marketintermediaryorexternalfinancialentityonthepartofthecreditor,insuchtermsastheBancodelaRepúblicamayspecify.

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Article24. AUTHORIZTION,CREDITDESTINATIONANDCREDITORS.ResidentsofColombiamayobtain,fromtheexternalfinancialentitiesspecifiedbytheBancodelaRepública,foreign‐currencycredit,irrespectiveoftheperiodanddestinationoftheforeignexchange.

ResidentsofColombiamayalsoprovideforeign‐currencycredittooverseasresidents,irrespectiveoftheperiodanddestinationoftheforeignexchange.

ResidentsofColombiaandoverseasresidentsmayobtainforeign‐currencycreditfromcurrency‐marketintermediariesdirectlyorfromtheresourcesofpublic‐sectorrediscountentities,irrespectiveoftheperiodanddestinationoftheforeignexchange.

Article25. PLACINGSECURITIESINTHEINTERNATIONALMARKET.ThecreditauthorizedbythisChaptermaybeobtainedbyplacingsecuritiesininternationalcapitalmarkets,aftermakingthedepositreferredtoinArticle26hereof.

Article26. DEPOSIT.Thedisbursementandchannelingofforeign‐currencycreditobtainedbyresidentsshallrequirethatbeforeeachdisbursementadepositbemadeattheBancodelaRepública,onsuchconditionsandforsuchamountandperiodastheBoardofDirectorsmayspecifyinageneralmanner.

ThedepositreferredtointhisArticleshallbemadethroughcurrency‐marketintermediaries,whoshalldelivertherespectivesumstotheBancodelaRepúblicawithintwenty‐four(24)hoursaftertheyhavebeendeposited.Wherethedisbursementischanneledthroughclearingcurrentaccounts,proofofthedepositshallbegivenintheforeign‐exchangedeclarationtobepresentedtogetherwiththereportofmovementsinthecurrentaccount.Where,asprovidedbyArticle23hereof,disbursementofthecreditisnotchanneledthroughthecurrencymarket,proofofthedepositmustbegivenwhentheoperationisreportedtotheBancodelaRepública.

TheBancodelaRepúblicashallissuetothedepositholderanon‐negotiablereceiptindicatingthetermforreturnofthedeposit,asdeterminedbytheBoardofDirectors.

Thedepositmaybedividedintosegmentsattheholder’srequest.Inthiscase,theduedateofthesegmenteddepositshallbethesameastheoriginal’s.

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TheBancodelaRepúblicamayonlyreturnthedepositbeforeitsduedatesubjecttothediscounttablethatitsetsforthispurpose.

ResidentsofColombiaandcurrency‐marketintermediarieswhoprovideforeign‐currencyloanstooverseasresidents,directlyorfromtheresourcesofpubic‐sectorrediscountentities,shallnothavetomakethedepositreferredtointhisArticlebutmustreporttheloanstotheBancodelaRepública.

Paragraph1.TheBancodelaRepúblicamayrequestsuchinformationasitconsidersrelevantformonitoringtheloans.

Paragraph2.WithoutprejudicetothespecialprovisionsofthisResolution,nodepositshallberequiredtobemadeunderthisArticleinthefollowingcases:

1. Whereforeign‐currencyloansaretobeusedtofinancethemakingofColombianinvestmentsabroad.

2. Whereforeign‐currencyloansareintendedtopayforpersonalexpensesthroughthesystemofinternationalcreditcards.

3. Whereforeign‐currencyloansareprovidedforfinancingexports,withamaturityofone(1)yearorless,bycurrency‐marketintermediariesfromtheresourcesoftheForeignTradeBank–BANCOLDEX–,uptoatotalamountoffivehundredandfiftymilliondollars(US$550,000,000)oritsequivalentinothercurrencies.

4. Whereconcessionaryloanswithanaidcomponentaremadebyforeigngovernments.

5. Whereexternalloansareobtainedtofinancetheinitialmarginorsecurityandthemaintenancemarginorsecurityrequiredinoverseasfuturesandoptionsexchanges,asprovidedforinArticle45hereof.

6. Whereforeign‐currencyfundingisobtainedbypublic‐sectorrediscountentitiesforthepurposeofmakingloanstoresidentsunderArticle81hereof.

Article27. LOANAMENDMENTS.AmendmentstotheconditionsofloansmustbereportedtotheBancodelaRepúblicainsuchformandwithinsuchperiodsasthisentitymayestablish.

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Article28. EXTERNALPUBLIC‐SECTORBORROWING.Foreign‐currencyloansobtainedbytheNation,thesub‐nationaljurisdictionsandtheirrespectivedecentralizedentities,whatevertheirnature,shallbesubjecttotheobligationslaiddowninthisChapterincludingthedepositreferredtoinArticle26ofthisResolution.Entitiesthatarecurrency‐marketintermediariesareexemptfromthedeposit.

Theinterestratestipulatedintheforeign‐currencyloansreferredtointhisArticlemustreflectmarketconditionsandshallnotexceedtheapplicablemaximumratethattheBancodelaRepúblicaspecifiesinageneralmanner.Determinationofapplicablemaximumratesshalltakeintoaccounttheliquiditypremium,thecountryriskandotherrisksassociatedwiththeproject.

Wheredefaultinteresthastobepaidonoverdueobligationsunderforeign‐currencyloans,therateagreedonshallnotexceedtheapplicablemaximumratebymorethantwopoints.

Inthecaseofforeign‐currencyloansprovidedbycurrency‐marketintermediariestotheentitiesreferredtointhisArticle,whichloanshavebeenrediscountedasprovidedbyArticle81,thespecifiedlimitsshallbeapplicableonlytotheloansobtainedbytherediscountentitiesfromexternalfinancialentities.

Interest‐ratelimitsshallnotbeapplicabletoforeign‐currencyloansobtainedbypublic‐sectorintermediariesinthecurrencymarket.

Theinterest‐ratelimitsestablishedhereinareapplicabletofinancingthroughplacementofsecuritiesininternationalmarkets,exceptwherethesecuritiesaregovernedbyspeciallawsandregulations,asinthecaseofexternalpublic‐debtsecuritiesissuedbytheNation.

Article29. TERMSANDCONDITIONS.UnderLaw9of1991,Article11,theBancodeRepública’sBoardofDirectorsmaylaydown,inageneralmanner,theterms,interestrates,purpose,quantitativelimitsandotherconditionsforpublic‐andprivate‐sectorexternalborrowing,inordertoavoidanyundesirableorunduepressureonthecurrencymarketfromsuchborrowing.

CHAPTERVFOREIGNCAPITALINVESTMENTS

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Article30. CHANNELINGANDREGISTRATION.TheforeignexchangetobeusedformakingforeigncapitalinvestmentsinColombiamustbechanneledthroughcurrency‐marketintermediariesorclearingaccounts,andtheirregistrationattheBancodelaRepúblicamustbecarriedoutinaccordancewithgeneralregulationsissuedbythisentity,bypresentingdocumentaryevidencethattheinvestmenthasbeenmade.

Inthecaseofinvestmentsrequiringauthorizationoraprioropinion,thenumber,dateandconditionsoftheauthorizationoropinionmustbestated.

Article31. ACQUISITIONOFFOREIGNEXCHANGE.Paymentsinafreelyconvertiblecurrencyinrespectofthefollowingitemsarisingfromaforeign‐capitalinvestmentinColombiaregisteredattheBancodelaRepúblicamustbechanneledthroughthecurrencymarket:

1. VerifiednetprofitsperiodicallygeneratedbyforeigncapitalinvestmentsinColombia,inaccordancewiththeapplicablerules.

2. AnysumsobtainedinrespectofdisposaloftheinvestmentinsideColombia,portfolioliquidation,windingupofthecompany,reductionofitscapitalortheinvestmentadditionaltotheallocatedcapital,subjecttocompliancewiththeprovisionslaiddownintheCodeofCommerceforeachoperation.

Thecorrespondingforeign‐exchangedeclarationmustbesubmittedtotheBancodelaRepública,togetherwithsuchinformationastheBankspecifiesinageneralmanner,containingalltheessentialdatafordeterminingtheamountofthepermittedtransfersandpaymentofthecorrespondingtaxes.

Article32. TRANSFEROFFOREIGNEXCHANGEBETWEENAFOREIGNCOMPANYANDITSBRANCHINCOLOMBIA.Foreign‐exchangetransfersbetweenaforeigncompanyanditsbranchinColombiamayonlybemadeinrespectofthefollowing:

1. Transferofallocatedoradditionalcapital.

2. Reimbursementofprofitsandallocatedoradditionalcapital

3. Paymentinrespectofreimbursableoperationsofforeigntradeingoods,inaccordancewiththecustomsandtaxrules.

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Article33. NON‐FORMALIZEDINVESTMENTS.Wheretheinvestmenthasnotbeenformalized,foreignexchangemaybetransferredabroadinanamountequaltothelocal‐currencysumsobtainedfromsurrenderofforeignexchangeforthepurposeofmakingforeigninvestmentsinColombia.Tothisend,thedepositreferredtoinArticle26hereofisrequiredtobemadebeforetherespectivetransferiseffected.

Theforegoingnotwithstanding,thetransferabroadmaybemadewithoutmeetingthedepositrequirementinthefollowingcases:

1. Wheretheperiodforrequestingregistrationoftheinvestmenthasnotexpired.

2. Wheretheregistrationhasbeenobtained,andthesumsinquestionaretheforeign‐exchangedifferentialgeneratedbytradingofthesurrenderedforeignexchangeandtheactualcapitalcontributiontotherecipientcompany,nottoexceedfivepercent(5%)ofthevalueinpesosoriginallychanneledthroughthecurrencymarket.

TheBancodelaRepúblicamay,forjustifiedreasons,authorizethetransferabroadwithoutthedepositrequirementbeingmet.

CHAPTERVICOLOMBIANINVESTMENTSABROAD

SECTION1COLOMBIANCAPITALINVESTMENTS

Article34. COLOMBIANCAPITALINVESTEMENTSABROAD.ResidentsofColombiamustchannelthroughthecurrencymarkettheforeignexchangeintendedformakingColombiancapitalinvestmentsabroad,withinthelimitsandontheconditionsestablishedbytheGovernment.

Article35. REGISTRATION.OperationsunderthisSectionmustberegisteredattheBancodelaRepúblicainaccordancewithsuchgeneralregulationsastheBankmayissue.

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SECTIONIIOVERSEASFINANCIALANDASSETINVESTMENTS

Article36. OVERSEASFINANCIALANDASSETINVESTMENTS.ResidentsofColombiamustchannelthefollowingoperationsthroughthecurrencymarket,exceptwheretheseoperationsaremadeabroadwithforeignexchangethatdoesnothavetobechanneledthroughsaidmarket:

1. Purchaseofsecuritiesissuedabroadorassetslocatedabroad.

2. Purchaseabroadatadiscountofallorpartofprivateexternalobligations,publicexternaldebt,andbondsorsecuritiesofpublicexternaldebt.ThisauthorizationdoesnotcoverexternalloansobtainedorrefinancedundertheprovisionsofMonetaryBoardResolutions33of1984and36of1985.

Thedebtinstrumentsreferredtointhispoint(2)maybeconvertedtodomesticdebtonsuchtermsasthepartiesmayvoluntarilyagreeon.

3. TransfersabroadarisingfromtheplacementwithresidentsofColombiaofsecuritiesissuedbyoverseascompaniesandforeigngovernmentsorguaranteedbythelatter,onthepartoftheissueroritsagentsinColombia,providedtherespectiveplacementisauthorizedbytheSecuritiesSuperintendency.

Article37. REGISTRATION.TheoperationsreferredtointhisSectionmustberegisteredattheBancodelaRepúblicainaccordancewiththegeneralregulationsissuedbytheBank,wheretheaccumulatedamountthereofisequaltoorgreaterthanfivehundredthousandUnitedStatesdollars(US$500,000)ortheequivalentthereofinothercurrencies.

CHAPTERVIIFOREIGN‐CURRENCYSURETIESANDGUARANTEES

Article38. SURETIESANDGUARANTEESPROVIDEDBYRESIDENTSOFCOLOMBIA.ResidentsofColombiamayprovideforeign‐currencysuretiesandguaranteestobackanyobligationarisingfromaforeign‐exchangeoperation,andtherespectiveforeign‐exchangereceiptsandpaymentsmustbechanneledthroughthecurrencymarket.

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Article39. SURETIESPROVIDEDBYOVERSEASRESIDENTS.Foreign‐exchangereceiptsandpaymentsinrespectofsuretiesandguaranteesprovidedbyexternalfinancialentitiesandotheroverseasresidentsonbehalfofresidentsofColombia,tobackthefulfillmentofobligationsarisingfromforeign‐exchangeoperationsanddomesticoperations,mustbechanneledthroughthecurrencymarket.

Paragraph1.TheoperationsreferredtointhisArticlemustberegisteredattheBancodelaRepúblicabeforetotalorpartialmaturityofthesecuredorguaranteedobligation,onsuchtermsassaidentitymayspecify.

Paragraph2.Wherethesecuredorguaranteedoperationisnotsubjecttodeposit,thechannelingofforeignexchangethroughthecurrencymarketforreimbursingmoniespaidbytheproviderofthesuretyorguaranteeshallrequirethatthedepositreferredtoinArticle26hereofbemade.

CHAPTERVIIIDERIVATIVEOPERATIONS

SECTIONICOMMODITYDERIVATIVES

Article40. AUTHORIZATION.ResidentsofColombia,otherthancurrency‐marketintermediaries,mayenterintoderivativetransactionsoncommoditypriceswithoverseasagentswhoengageintransactionsofthiskindprofessionally.TheBancodelaRepúblicashall,bymeansregulationsofageneralnature,specifythecharacteristicsandrequirementstobemetbysaidagents

Article41. SETTLEMENTOFCONTRACTS.ThecontractsshallbesettledinUnitedStatesdollarsorinthereservecurrenciesspecifiedinArticle72hereofandinlegaltenderofVenezuelaandEcuador.

SECTIONIIFINANCIALDERVATIVES

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Article42. AUTHORIZATION.Currency‐marketintermediariesandotherresidentsmayenterintotransactionsofinterest‐rateorexchange‐ratefinancialderivativestradedwithcurrency‐marketintermediariesorwithoverseasagentsprofessionallyengagedintransactionsofthistype.TheBancodelaRepúblicashall,bymeansregulationsofageneralnature,specifythecharacteristicsandrequirementstobemetbysaidagents.

Currency‐marketintermediariesmayenterintotransactionsofexchange‐ratefinancialderivativeswithnon‐residentshavingaforeigninvestmentregisteredattheBancodelaRepública.

ThesetransactionsmayonlybeusedwithrespecttothereservecurrenciesspecifiedinArticle72hereofandthelegaltenderofColombia,VenezuelaandEcuador.

Article42. SETTLEMENTOFCONTRACTS.Wherethecontracthasbeensignedbetweenresidentsorcurrency‐marketintermediariesandexternalagentsprofessionallyengagedinfinancial‐derivativetransactions,settlementofthecontractsreferredtointhisSectionshallbemadeinthecurrencystipulated.

Wherethecontracthasbeensignedbetweencurrency‐marketintermediariesandnon‐residentshavingaforeigninvestmentregisteredattheBancodelaRepública,settlementofthecontractsreferredtointhisSectionmaybemadeinColombianlegaltenderorinthecurrencystipulated.

Settlementofcontractssignedbetweenresidentsandcurrency‐marketintermediaries,orbetweenthelatter,mustbemadeinColombianlegaltenderatthebenchmarkrateagreedonorintheabsencethereofattherepresentativemarketexchangerateprevailingonthedayofpayment,unlesstheyhaveapendingexternalobligationanddeliveryoftheforeignexchangehasbeenagreedonbetweentheparties.Paymentsofpremiums,fees,margins,collateraldepositsandotherreceiptsandexpendituresassociatedwithderivativetransactionsmustbemadeinColombianlegaltender,atthebenchmarkrateagreedonorintheabsencethereofattherepresentativemarketexchangerateprevailingonthedayofpayment.

SECTIONIII

Article44. AUTHORIZEDOPERATIONS.Theauthorizedoperationsinclude,amongothers,futurescontracts,forwards,swaps,optionscontracts,anycombinationoftheforegoing,andtheproductscalledcaps,floorsandcollars.

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Paragraph. InaccordancewithArticle70hereof,theoperationsauthorizedbythisChapterareunderstoodtobeoperationswithanagreedmaturityaftertheimmediatelyfollowingtwo(2)workingdays.

Article45. MARGINFINANCING.ThedepositreferredtoinArticle26hereofshallnotberequiredinobtainingexternalcreditfromoverseasfinancialentitiesorthecurrency‐marketintermediariesforfinancingtheinitialmarginorsecurityorthemaintenancemarginorsecurityrequiredbyoverseasfuturesandoptionsexchanges.

Article46. PROVIDINGINFORMATION.TheBancodelaRepúblicamayrequestfromresidentsandcurrency‐marketintermediariesinformationonthederivativeoperationsunderthisChapter,insuchformandtermsastheBankmayspecify.

Article47. LIMITATION.InderivativeoperationsunderthisChapter,thetotalpurchaseandsaleofforeignexchangebyauthorizedpartiesmustnotexceedtheoriginalamountoftheoperationplusthenetresultofthederivativeoperation.

CHAPTERIXHYDROCARBONANDMININGSECTORS

Article48. SURRENDEROFFOREIGNEXCHANGE.Foreignexchangemaynotbesurrenderedtothecurrencymarketwhenitrepresentstheproceedsofforeign‐currencysalesmadebycompaniesthathaveforeigncapitalandareengagedinexploringforandexploitingoil,naturalgas,coal,ferronickeloruraniumorareexclusivelyengagedinprovidingtechnicalservicesforoilexplorationandexploitationunderLaw9of1991,Article16,Decree2058of1991andrelatedlawsandregulations,asamendedorsupplemented.

Article49. EXPENDITURESABROADANDINCOLOMBIA.ThecompaniesreferredtointhepreviousArticlemaynotacquireforeignexchangeinthecurrencymarketforanypurpose,andtheymustsurrendertothecurrencymarkettheforeignexchangetheyneedtomeetexpensesinColombianlegaltender.

Article50. REGIMES.ThecompaniesreferredtoinArticle48thatdonotwishtotakeadvantageofthespecialprovisionslaiddownintheprecedingArticlesmustinformtheBanco

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delaRepúblicathereofandshallbecomeexemptfromtheapplicationofsaidprovisionsforanunchangeableperiodofatleasttenyearsfromthedateofpresentationoftherespectivecommunication.Consequently,allforeign‐exchangeoperationsthattheycarryoutshallbesubjecttotheordinaryprovisionsoftheforeign‐exchangeregime,includingthoseregardingtheuseofclearingmechanisms.

Article51. AUTHORIZATIONFORFOREIGN‐CURRENCYPAYMENTS.TheprovisionsofArticle79hereofnotwithstanding,Colombiancompaniesthathaveforeigncapitalandareengagedinexploringforandexploitingoil,naturalgas,coal,ferronickeloruranium,andcompaniesexclusivelyengagedinprovidingtechnicalservicesforoilexplorationandexploitationunderLaw9of1991,Article16,Decree2058of1991andrelatedlawsandregulations,asamendedorsupplemented,mayenterintoandmakepaymentsunderforeign‐currencycontractsamongthemselves,insideColombia,providedtherespectiveforeignexchangecomesfromresourcesgeneratedbytheiroperation.

Furthermore,paymentmaybemadeinforeigncurrencyforthepurchaseandsalebetweenresidentsofColombiaoffuelforshipsandaircraftoninternationalroutes,andthepurchaseandsaleofdomesticallyproducedcrudeoilandnaturalgasbyECOPETROLandotherentitiesengagedintheindustrialactivityofoilrefining.

ResidentsofColombiamaymakeforeign‐currencypaymentsfordomesticallyproducednaturalgassoldbycompaniesthathaveforeigncapitalandareengagedinoilandnatural‐gasexplorationandexploitation.

Article52. BUDGETOFEMPRESACOLOMBIANADEPETRÓLEOS.TheEmpresaColombianadePetróleos‐ECOPETROL‐mustsubmitforapprovalbytheBancodelaRepública’sBoardofDirectors,nolaterthanDecember31stofeachyear,abudgetthatincludesallitsforeign‐currencyreceiptsandpaymentsprojectedforthefollowingyear.

Inaddition,ECOPETROLshallsubmittotheBancodelaRepública’sBoardofDirectors,withinthefirsttwenty(20)workingdaysofeachquarter,areportthatincludesallitsforeign‐currencyreceiptsandpaymentsfortheimmediatelyprecedingquarter,highlightingthechangesthathaveoccurredrelativetothebudgetoriginallyapproved.

CHAPTERXINDUSTRIALFREEZONES

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Article53. USEOFFOREIGNEXCHANGE.Theindustrialusersofgoodsinstalledwithintheperimeterofindustrialfreezonesarenotrequiredtosurrendertothecurrencymarkettheforeignexchangetheyobtainfromexportsorotherforeign‐currencyoperations.Saidcompaniesmay,however,channelthroughthecurrencymarkettheforeignexchangetheyneedformeetingtheirexpensesinColombianorforeignlegaltender.

Paragraph. Usersinstalledwithintheperimeterofindustrialfreezonesofgoodsmayobtainfinancingfromtheirsuppliers,currency‐marketintermediariesandexternalfinancialentities,forthepurchaseofmerchandise,withoutbeingrequiredtomakethedepositreferredtoinArticle26hereof.

TheBancodelaRepúblicamayrequestsuchinformationasitconsidersrelevantformonitoringthefinancingsreferredtointhisArticle.

Article54. OPERATIONSWITHRESIDENTSOFCOLOMBIA.PaymentmaybemadeinforeignexchangeorinColombianlegaltenderforimportsandexportsofgoodsandservicesbetweenresidentsofColombiaandindustrialusersofgoodsinstalledinindustrialfreezones.

CHAPTERXIFOREIGN‐CURRENCYCURRENTACCOUNTS

Article55. AUTHORIZATION.ResidentsofColombiamayfreelydepositinoverseascurrentaccountstheforeignexchangeacquiredinthecurrencymarketorfromresidentsofColombiawhoarenotrequiredtochannelitthroughthecurrencymarket.

Thedepositsmadeintheseaccountsmaybeusedforanyforeign‐exchangeoperationotherthanthoserequiredtobechanneledthroughthecurrencymarketunderArticle7hereof.Thereturnsoninvestmentsordepositsmadefromtheseaccountsmayalsobeusedforthesamepurposes.

Theforegoingiswithoutprejudicetocompliancewithapplicabletaxlawsandregulations.

Article56. CLEARINGMECHANISM.InadditiontotheprovisionsofthepreviousArticle,residentsinColombiawhouseoverseascurrentaccountsforoperationsrequiredtobe

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channeledthroughthecurrencymarketmustregisterthemasclearingcurrentaccountsattheBancodelaRepública.

Registrationofclearingaccountsmustbemadenolaterthanwithinthemonthfollowingthedateofopeningthereoforthedateofmakinganoperationrequiredtobechanneledthroughthecurrencymarket.

Theopeningandmaintainingofclearingaccountsissubjecttothefollowingrules:

1. Foreign‐exchangedeclaration.FromthedateofregistrationoftheclearingaccountsreferredtointhisArticle,theholdersthereofmustsubmittotheBancodelaRepública,withineachcalendarmonthfollowingsaiddate,theforeign‐exchangedeclarationcorrespondingtotheoperationscarriedoutandalistoftheoperationsperformedthroughsaidaccountsduringthepreviousmonth,includingthereportoninvestmentsoftheirbalancesandontheoriginofthedepositedforeignexchangenotobtainedfromthecurrencymarket.

2. Saleanduseofforeignexchange.Foreignexchangefromtheaccountsmaybesoldtocurrency‐marketintermediariesandtoholdersofotherclearingcurrentaccountsandmaybeusedtopayforanyoperationwhetherornotrequiredtobechanneledthroughthecurrency.Salesofforeignexchangetocurrency‐marketintermediariesmustberecordedashavingbeenmadefromaclearingaccountbalance.

3. Prohibition.Theopeningandmaintainingofregistrationofclearingaccountsisconditionalontheholderthereofnothavingbeenpenalizedforinfractionsoftheforeign‐exchangeregime,foradministrativecustomsinfractionsorforviolationofcontrolregulationsonassetlaundering,andnothavingbecomesubjecttosuspensionofthetaxbenefitprovidedbyTaxRefundCertificates–CERT.

TheBancodelaRepúblicashallberesponsibleforordering,ineachcase,thattherespectiveregistrationbecancelledornotmade,ifitestablishesthattheaccountshavenotbeenmanagedproperly,oriftheholdersthereofdonotmakeavailabletotheStatetheinformationrequiredundertheforeign‐exchangeregimewithinthetimeprescribedtherefor.Cancellationoftheregistrationobligestheholdertoselltheaccountbalancestothecurrencymarket.Theforegoingnotwithstanding,theBancodelaRepúblicamay,exceptionallyandafteranalyzingthenatureandextentofthefaultcommittedandtherequestingparty’srecord,authorizeormaintaintheclearingaccount’sregistration.

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TheprovisionsofthisPoint3areunderstoodtobewithoutprejudicetoanypenaltiesthatmaybeimposedbytheentitiesinchargeofcontrolandoversightofcompliancewiththeforeign‐exchangeregime.

Article57. MANAGEMENTOFTHENATIONALCOFFEEFUND’SFOREIGN‐CURRENCYRESOURCES.TheNationalCoffeeFundmaykeepresourcesinaForeign‐CurrencyFundtomeetoverseaspaymentsinrespectofinvestmentsandcostsofcoffeecommercialization,advertizing,runningoffices,andforeign‐currencyloans,inaccordancewithanannualbudgettobesubmittedforapprovaloftheNationalCommitteeofCoffeeProducersandtheBancodelaRepública’sBoardofDirectors,nolaterthanDecember31stoftheimmediatelyprecedingyear.

TheNationalFederationofCoffeeProducersshallpresenttheforeign‐exchangedeclarationtotheBancodelaRepúblicaonamonthlybasisinaccordancewiththeprovisionsoftheaboveArticle.

CHAPTERXIICURRENCY‐MARKETINTERMEDIARIES

SECTIONI

ARTICLE58. AUTHORIZEDINTERMEDIARIES.Thecurrency‐marketintermediariesare:commercialbanks,mortgagebanks,investmentbanks,commercialfinancecompanies,FinancieraEnergéticaNacional‐FEN‐,BancodeComercioExteriordeColombiaS.A.‐BANCOLDEX‐,financialcooperatives,stock‐brokeragefirmsandforeign‐exchangefirms.

Intheircapacityascurrency‐marketintermediariestheaforementionedentitiesshallbesubjecttotherulesandobligationslaiddowninthisResolution.

SECTIONII

Article59.AUTHORIZEDOPERATIONS.Currency‐marketintermediariesmaycarryoutforeign‐exchangeoperationsinaccordancewiththefollowingclassification:

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1. Commercialbanks,mortgagebanks,investmentbanks,aswellascommercialfinancecompaniesandfinancialcooperativeswhosepaid‐upcapitalandlegalreserveamounttotheminimumrequiredforsettingupaninvestmentbankmaycarryoutthefollowingforeign‐exchangeoperations:

a. Acquireandsellforeignexchangeandinstrumentsrepresentingforeignexchangethatisrequiredtobechanneledthroughthecurrencymarket,aswellasforeignexchangethat,despitebeingexemptfromthatobligation,isvoluntarilychanneledthroughsaidmarket.

b. EnterintotransactionsofpurchaseandsaleofforeignexchangeandinstrumentsrepresentingforeignexchangewiththeBancodelaRepúblicaandcurrency‐marketintermediaries,aswellaspurchaseandsaleofclearing‐accountbalances.

c. Obtainforeign‐currencyfinancingfromexternalfinancialentitiesorcurrency‐marketintermediariesorthroughplacementofsecuritiesabroad,forthepurposeofcarryingoutthefollowingactivities:

i. Tocarryoutexpresslyauthorizedactiveforeign‐currencycreditoperations,withamaturityequaltoorlessthanthatofthefinancingobtained.

ii. Tocarryoutactiveforeign‐currencyoperationstocoverderivativespositions,withamaturityequaltoorlessthanthatofthefinancingobtained.

ThisfinancingshallbeexemptfromdepositattheBancodelaRepúblicaandmaynotbeusedforanypurposeotherthanspecifiedinthispoint.

d. Toreceiveforeign‐currencydepositsfromcompanieslocatedinfreezones,internationaltransportcompanies,travelandtouristagencies,duty‐freewarehousesanddepots,entitiesprovidingharborandairportservices,individualsandlegalentitiesnotresidentsofColombia,diplomaticandconsularmissionsaccreditedtotheGovernmentofColombia,andmultilateralorganizationsandtheirstaff.ThesedepositsshallnotrequireregistrationattheBancodelaRepública.

ToreceivedepositsalsoinColombianlegaltenderfromindividualsandlegalentitiesnotresidentsofColombia,whichshallbeusedsubjecttothecurrencyregulations.ThesedepositsshallnotrequireregistrationattheBancodelaRepúblicaeither.

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e. Toprovidesuretiesguaranteestobackobligationsarisingfromforeign‐exchangeoperationsrequiredtobechanneledthroughthecurrencymarket,andalsoforthefollowingpurposes:

i. ToprovidebidandperformancebondstoColombianandforeigncompaniesincompetitivebiddingsormerit‐basedselectionprocessesorganizedbypublic‐orprivate‐sectorcompaniesresidentinColombiaorabroad.

ii. TobackthefulfillmentofobligationsincurredbyresidentsofColombiaundercontractsforexportinggoodsorprovidingnon‐financialservicesoverseas.

iii. Tobackobligationsofoverseasresidents.

f. Toprovideforeign‐currencyloanstoresidentsofColombiaandtooverseasresidentsonthetermsauthorizedbyChapterIVofthisTitle.TheseloansmustbereportedtotheBancodelaRepública,regardlessoftheirmaturity,withinthetermsspecifiedbythisentity.

g. Tocarryoutcapitalinvestmentsabroadinaccordancewiththeapplicablelawsandregulationsandmaketemporaryfinancialinvestmentsandinvestmentsinfinancialassetsissuedbyoverseasbankingentitiesotherthantheiraffiliatesandsubsidiaries,orinbondsandsecuritiesissuedbyforeigngovernmentsthatallowreturnstobeobtainedinforeigncurrencyontheliquidationthereof

h. Tosendorreceiveforeign‐currencypaymentsandmakeforeign‐exchangeremittancestoorfromoverseas,andarrangeforcollectionorsimilarbankingservices.

i. Tomanageandadministerinternationalcreditanddebitcardsystems,accordingtotheoperationsauthorizedforeachclassofintermediary.

j. TocarryoutderivativeoperationsinaccordancewiththeprovisionsofChapterVIIIofthisTitlehereof.

2. Commercialfinancecompaniesandfinancialcooperativeswhosepaid‐upcapitalandlegalreserveamounttolessthantheminimumrequiredforsettingupaninvestmentbank,andstock‐brokeragefirmsandforeign‐exchangefirmswhosecapitalexceedsthreeandahalfbillionpesos(Col$3,500,000,000)maycarryoutthefollowingforeign‐exchangeoperations:

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a. Sendingorreceivingforeign‐currencytransfersforoperationsofimportation,exportation,foreigninvestment,andColombianoverseasinvestment.

b. Buyingandsellingforeignexchangeforoperationsofgoodsimportationandexportation,foreigncapitalinvestment,andColombianoverseasinvestment.

c. Managingandadministeringinternationalcreditanddebitcardsystems,accordingtotheoperationsauthorizedforeachclassofentity

d. Buyingandsellingforeignexchangetoandfromcurrency‐marketintermediariesandbalancesofclearingcurrentaccounts.

e. Sendingorreceivingtransfersandremittancesofforeignexchangenotrequiredtobechanneledthroughthecurrencymarket.

f. Buyingandsellingforeignexchangeorinstrumentsrepresentingsameforoperationsnotrequiredtobechanneledthroughthecurrencymarket.

g. Carryingoutcapitalinvestmentsabroadinaccordancewiththeapplicablelawsandregulationsandmakingtemporaryfinancialinvestmentsandinvestmentsinfinancialassetsissuedbyoverseasbankingentitiesotherthantheiraffiliatesandsubsidiaries,orinbondsandsecuritiesissuedbyforeigngovernmentsthatallowreturnstobepaidinforeigncurrencyontheliquidationthereof.

Paragraph1.Theforeign‐exchangepurchaseandsaleoperationsthatstock‐brokeragefirmsareauthorizedtoperformmaybecarriedoutbydebitingtheirownpositionorunderfeecontracts.

Paragraph2.Currency‐marketintermediariesmaynotusetheirforeign‐exchangeliquidityforcarryingoutoperationsthattheyarenotexpresslyauthorizedtoperform.

WithoutprejudicetotheprovisionsofthisArticle’spoint1.c.ii,intermediariesmaynotincurforeign‐exchangedebtforthepurposeofcarryingoutforeign‐currencypurchaseandsaleoperations.

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Stock‐brokeragefirmsmaynotincurdebtinColombianlegaltenderoranyforeigncurrencyforthepurposeofcarryingoutauthorizedforeign‐exchangeoperations.

Paragraph3.ThecapitalamountsspecifiedinthisArticleshallbeadjustedannuallyinthesamedirectionandpercentageasthevariationintheconsumerpriceindexreportedbytheNationalStatisticsOffice(DANE).Theresultingvalueshallberoundeduptothenextmultipleofamillionpesos.ThefirstadjustmentshallbemadeinJanuary2001onthebasisoftheconsumerpriceindexrecordedfor2000.

Paragraph4.WithoutprejudicetotheprovisionsoncapitalrequirementslaiddowninthisArticle,financialcooperativesmayactascurrency‐marketintermediariesonbeingauthorizedtodosobytheBankingSuperintendency.Saidentitymustassessthetechnicalandoperatingconditionsthatallowthefinancialcooperativetomanageproperlyandexerciseduecontroloveralltheauthorizedforeign‐exchangeoperations.

Article60. OBLIGATIONS.Currency‐marketintermediariesshallbeobligedto:

1. Requirepresentationofaforeign‐exchangedeclarationforeachoperationtheyperform,andtocheckthedeclarant’sidentificationagainsttheidentificationstatedontheforeign‐exchangedeclaration.Whereappropriate,theymustaskforthedocumentsspecifiedbytheforeign‐exchangeregime.Foroperationsrequiringadeposit,theymustverifythatevidencehasbeeprovidedoffulfillmentofsaidobligationasapriorconditionforchannelingtheforeignexchangethroughthecurrencymarket.

2. ProvidetheBancodelaRepúblicawithinformationontheforeign‐exchangeoperationstheyhavecarriedout,insuchformandwithinsuchtermsasthisentitymaydecide.

3. ReporteverydaytotheBankingSuperintendencyandtheSecuritiesSuperintendency,asappropriate,insuchtermsastheseentitiesmayspecify,theratesofexchangeatwhichtheymaketheiroperationsofpurchaseandsaleofforeignexchangeorofinstrumentsrepresentingsame.

4. MakequarterlyreportstotheBankingSuperintendencyortheSecuritiesSuperintendency,asappropriate,onmovementsintheiroverseascurrentaccounts.

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5. MakequarterlyreportstotheBankingSuperintendencyandtheBancodelaRepúblicaonaccountsopenedinaforeigncurrencyorColombianlegaltenderbyindividualsandlegalentitiesnotresidentsofColombiaandonmovementsinsaidaccounts.

6. Provideinformationandcooperationrequiredbythecompetentauthorities,inparticulartheStateProsecutor’sOfficeortheFinancialInformationandAnalysisUnit,forthepurposeofpreventingcriminalandasset‐launderingactivities.

Paragraph.UnderLaw9of1991,theFundamentalStatuteoftheFinancialSystem,andLaw27of1990,andrelatedlawsandregulations,failuretofulfillallorpartoftheseobligationsand,ingeneral,thisResolution’sprovisionsoncurrency‐marketintermediaries,shallleadtopenaltiesbeingimposedbytheBankingSuperintendencyortheSecuritiesSuperintendency,accordingtotheirauthority,bothontheentityandontheresponsibleemployeeswhofailtocomplywiththeseprovisions.

Article61. SPECIALOBLIGATIONSOFSTOCK‐BROKERAGEFIRMS.Withoutprejudicetofulfillmentoftheobligationslaiddownforcurrency‐marketintermediaries,stock‐brokeragefirmsmustprovideevidenceofcompliancewiththetechnicaloroperatingconditionssetinageneralmannerandwithintheframeworkoftheirauthoritybytheSecuritiesSuperintendency’sGeneralBoardortheSecuritiesSuperintendency.Thesebodiesmaysetcreditorcounterpartyriskcontrollimitsandimposeonsuchfirmstheobligationofusingelectronicforeign‐exchangetradingsystemsintheiroperations.

SECTIONIIIFOREIGN‐EXCHANGEFIRMS

Article62. DEFINITION.Foreign‐exchangefirmsarelegalentitiesorganizedaccordingtotheprovisionsofthisResolutionfortheexclusivepurposeofperformingtheforeign‐exchangeoperationsauthorizedbyArticle59(2).

Foreign‐exchangefirmsbecomelegallyestablishedoncetherespectivepublicnotarialinstrumenthasbeensignedbutmaynotperformtheactivitiesconstitutingtheirauthorizedoperationsuntiltheyhaveobtainedtheauthorizationcertificateissuedtothembytheBankingSuperintendency.

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Article63. AUTHORIZATIONOFFOREIGN‐EXCHANGEFIRMS.UnderArticle53oftheFundamentalStatuteoftheFinancialSystem,asamendedorsupplemented,foreign‐exchangefirmsmusthavethepriorauthorizationoftheBankingSuperintendency.

TheauthorizationshallbegivenbymeansofareasonedresolutionissuedbytheBankingSuperintendency,onceithasbeenverifiedthattherequirementslaiddowninthisResolutionhavebeenmetandtheapplicantshaveprovidedsatisfactoryevidenceofthecharacter,reliability,suitabilityandfinancialsolvencyofthepartiesparticipatingintheoperation,includingtheconductshownbysaidpartiesinperformingactivitiesconnectedwithmanaging,makinguseoforinvestingresourcesobtainedfromthepublic.

Paragraph. Allstocktransactionsofforeign‐exchangefirms,regardlessofthepercentage,shallrequire,onpainofinvalidity,priorauthorizationfromtheBankingSuperintendencyaccordingtothetermsofArticle88oftheFundamentalStatuteoftheFinancialSystem.

Article64. REQUIREMENTS.ToobtainfromtheBankingSuperintendencytheauthorizationcertificatereferredtointhepreviousArticle,foreign‐exchangefirmsmustprovidesaidentitywithevidenceofthefollowingrequirementsof:

a. Beingorganizedascorporations.

b. Havingacapitalofoverthreeandahalfbillionpesos(Col$3,500,000,000).ThisamountshallbereadjustedannuallyinthesamedirectionandpercentageasthevariationintheconsumerpriceindexreportedbytheNationalStatisticsOffice(DANE).Theresultingvalueshallberoundeduptothenextmultipleofamillionpesos.ThefirstadjustmentshallbemadeinJanuary2001onthebasisoftheconsumerpriceindexrecordedfor2000.

c. PossessinganinfrastructurethatallowsalltheiroperationstobeproperlymanagedanddulycontrolledbytheBankingSuperintendency.

Paragraph. Theminimumcapitalamountlaiddowninpoint(b)ofthisArticlemustbeheldpermanentlybyforeign‐exchangesfirmsthatareauthorizedandinoperation.TheBancodelaRepúblicashallindicateinageneralmannerthecapitalaccountsthatshallbetakenintoaccountincalculatingthecapital.

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Article65. CANCELLATION.TheBankingSuperintendencymaycancelaforeign‐exchangefirm’sauthorizationinanyofthefollowingcases:

1. Attherequestofthelegalrepresentative.

2. Intheeventofthefirm’sliquidation.

3. FailuretomeettheminimumcapitalrequirementlaiddowninthepreviousArticle.

4. Failuretocarryoutitscorporatepurposeforone(1)yearorlonger.

5. WhereanyinformationordocumentspresentedinordertoobtaintheoperatingauthorizationandallotherapprovalsspecifiedinthisResolutionprovetobeincompleteorcontrarytothefacts.

6. Failuretofulfillanyoftheobligationsestablishedintheforeign‐exchangeregime,theFundamentalStatuteoftheFinancialSystemwhereapplicable,andtheinstructionsgivenbytheBankingSuperintendency.

7. Asapenalty,inthecasescontemplatedbythegoverninglawsandregulations.

Article66. OBLIGATIONS.Foreign‐exchangefirmsandtheiradministratorsaresubjecttocompliancewiththefollowingspecialobligations:

1. Toperformexclusivelytheforeign‐exchangeoperationsallowedtothembytheforeign‐exchangeregime,strictlysubjecttotherequirementsandconditionslaiddownintherelevantprovisions,andinparticulartocomplywithtaxprovisionsonthewithholdingtax.

2. Tocooperateactivelywiththeentitiesresponsibleforoversightandmonitoringofcompliancewiththeforeign‐exchangeregime,andwithsuchotherentitiesasareauthorizedtorequestinformationfromthem.Inperformingthisobligationtheymust:

a. ReporttotheBankingSuperintendencythetransactionsmadeincarryingouttheiractivities,withinsuchtimelimits,insuchformandonsuchconditionsassaidentitymayestablishforthepurpose.

b. AllowandfacilitatetheinspectionatanytimebytheBankingSuperintendencyofthebooks,vouchers,journalentries,supportingdocuments,bankstatementsand,ingeneral,alldocumentsconnectedwiththeiractivity.

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c. PresenttotheBankingSuperintendencythefinancialstatementsintheformandwithinthetimelimitssetbythisentity.

d. ProvidetheBankingSuperintendencywithinformationontheforeign‐exchangepurchaseandsaletransactionsreferredtoinArticles102to107oftheFundamentalStatuteoftheFinancialSystem,asamended,supplementedorcomplemented.

e. ProvidesuchinformationandcooperationasmayberequiredbytheStateProsecutor’sOfficeunderArticles102and107oftheFundamentalStatuteoftheFinancialSystem,asamended,supplementedorcomplemented,andbytheFinancialInformationandAnalysisUnitunderLaw526of1999.

3. PerformregularaccountingoftheirbusinessesinaccordancewithBankingSuperintendencyregulations.

4. Whereappropriate,applythewithholdingtaxtotheforeign‐exchangeoperationstheycarryout.

5. Haveaninternalauditor,asstipulatedbyArticle79oftheFundamentalStatuteoftheFinancialSystemandotherlegalprovisions,tocertifytheirfinancialstatementsandthevouchersandreportsperiodicallyrequiredbytheBankingSuperintendency.

6. Fullyidentifythepartywithwhomthetransactionisbeingmade,andtheparty’scharacteristics,insuchformandquantitiesastheBankingSuperintendencymaydecide.SaidinformationistobepresentedtotheSuperintendencyandtoallotherauthoritiesthatsorequireintheperformanceoftheirfunctions.

7. Theirdirectors,legalrepresentativesandinternalauditorsmust,beforetakinguptherespectiveposts,beformallyinstatedinthembytheBankingSuperintendency,whichshallaccordtheinstatementoncetheapplicantshaveprovidedsatisfactoryevidenceoftheircharacter,reliability,suitabilityandfinancialsolvencyinsuchmannerastoinspireconfidenceinitabouthowtheywillparticipateinthefirm’smanagement,administrationandcontrol.Atallevents,theSuperintendencyshallassesthepreviousrecordsofthepersonsconcernedasregardsmattersofforeignexchangeandcustomsandinrelationtotheBankingandSecuritiesSuperintendencies

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8. Toreportanyopening,relocationorclosingoftheirbusinessestablishmentswithinsuchtimeandinsuchformastheBankingSuperintendencymaydirect.

9. Requirethepresentationofaforeign‐exchangedeclarationinalltheforeign‐exchangeoperationstheyperform,andprovidesuchinformationontheseoperationsasisstipulatedbytheBancodelaRepública,withinthetermsspecifiedbythisentityand,atallevents,withinthenextthreedaysaftertheoperationhasbeencarriedout.

Article67. FOREIGN‐EXCHANGEDECLARATIONFORSALEOFFOREIGNEXCHANGETOCURRENCY‐MARKETINTERMEDIARIES.Foreign‐exchangefirmsmustpresentaforeign‐exchangedeclarationinallsalesofforeigncurrencythattheymaketoothercurrency‐marketintermediaries,togetherwithacertificateissuedbythefirm’sinternalauditorcertifyingthatallapplicablelegalprovisionshavebeencompliedwithinrespectoftheforeignexchangebeingsold.

SECTIONIVFINALPROVISIONS

Article68. OVERSEASCURRENTACCOUNTS.Currency‐marketintermediariesmaypossessandmanageoverseascurrentaccountsforthenormalperformanceoftheiractivities.TheseaccountsshallnotbesubjecttoregistrationattheBancodelaRepública.

Article69. REPORTOFCONTINGENCYLOANS.Contingencyloansorguaranteesprovidedbycurrency‐marketintermediariesauthorizedtodosoinfavoroftheirrespectiveoverseasaffiliatesorsubsidiariesmustbereportedtotheBancodelaRepública,insuchformandatsuchtimesasthisentitymayspecify.

IntermediariesmakingcontingencyloansmustundertaketoprovidetotheBankingSuperintendency,withsuchregularityasthelattermayspecify,allsuchinformationontheoperationsofitsaffiliateassaidentitymayrequire.

Article70. INTERMEDIARIES’EXCHANGERATES.Theexchangeratesforpurchaseandsaleofforeigncurrencyshallbesuchasarefreelyagreedbetweenthepartiestothetransaction,andnofeesshallbecharged,exceptinthecaseofoperationscarriedoutbystock‐brokeragefirmsunderfeecontracts.

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Intermediariesmayenterintospotoperationsforthepurchaseandsaleofforeignexchange,tobeexecutedwithinthenexttwoworkingdays,andshallannounceonadailybasisthepurchaseandsaleratestheyofferthepublicforover‐the‐counteroperations.

Inforeign‐exchangepurchaseandsaleoperationscarriedoutunderfeecontracts,theratesofferedmustincludethecorrespondingfees.

Paragraph1.Theforeignexchangerequiredforpaymentofoverseaspersonalexpensesthroughinternationalcreditanddebitcardsystemsadministeredbycurrency‐marketintermediariesshallbepaidforinColombianlegaltenderattheexchangeratetheyannouncetothepublic.

Paragraph2.TheBankingandSecuritiesSuperintendencies,asappropriate,shallestablishtheforminwhichtheforeign‐exchangepurchaseandsaleratesreferredtointhisArticlemustbepublished.

Article71. PAYMENTANDSURRENDERCURRENCIES.Currency‐marketintermediariesmaycomplywithrequestsforsaleofanycurrencyneededtopayforoverseasobligationsstipulatedinadifferentcurrency.Similarly,residentsofColombiamaychannelthroughthecurrencymarketacurrencydifferentfromtheoneoriginallystipulated

CHAPTERXIIIONTHEBANCODELAREPÚBLICA

Article72. RESERVECURRENCIES.TheBancodelaRepúblicamayperformitsoperationsinSpecialDrawingRightsandthefollowingcurrenciesandshallpublishonadailybasistheirratesofconversiontotheUnitedStatesdollar:Swedishcrowns,Danishcrowns,Austrianshillings,euros,Dutchguilders,Belgianfrancs,Frenchfrancs,Swissfrancs,poundssterling,Italianlira,Deutschemark,SpanishpesetasandJapaneseyen.

Article73. MARKETINTERVENTION.TheBancodelaRepúblicamayinterveneinthecurrencymarkettopreventundesirablefluctuationsbothintheexchangerateandintheamountoftheinternationalreserves,inaccordancewithguidelinessetbytheBank’sBoardofDirectors,throughdirectorindirect,spotorfuturepurchaseorsaleofforeignexchangefromortocommercialbanks,mortgagebanks,investmentbanks,commercialfinancecompanies,financialcooperatives,FinancieraEnergéticaNacional‐FEN‐,BancodeComercioExteriorde

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ColombiaS.A.‐BANCOLDEX‐,andtheNationrepresentedbytheMinistryofFinanceandPublicCredit.

TheBancodelaRepúblicamaybuyandsellforeignexchangeatmarketrates.

Furthermore,theBancodelaRepúblicamayissueandplaceinstrumentsrepresentingforeignexchange,inaccordancewithregulationsissuedbytheBoardofDirectors.

Paragraph. TheBancodelaRepúblicamaycarryouttheoperationsreferredtointhisArticlebymeansofthevarioussystemsandmechanismsthroughwhichinterbankforeign‐exchangeoperationsareperformed.

Article74. FOREIGN‐CURRENCYPAYMENTS.Theforeign‐currencypaymentsthattheBancodelaRepúblicahastomakeinthenormalcourseofitsactivitiesshallbedebitedfromtheinternationalreserves,subjecttosuchquantitiesandlimitsasmaybesetbytheBoardofDirectors.

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TITLEIICOMPLEMENTARYPROVISIONS

CHAPTERIHOLDING,POSSESSINGANDTRADINGINFOREIGNEXCHANGE

Article75. PROHIBITION.SaveasotherwiseprovidedbyspecialprovisionsofthisResolution,itisnotallowedtomakedepositsoranyotherfinancialoperationsinaforeigncurrencyor,ingeneral,anycontractoragreementbetweenresidentsofColombiainaforeigncurrencythroughuseoftheforeignexchangereferredtointhisTitle.

ResidentsofColombiamaybuyandsellforeignexchangeprofessionally.Saidactivitymaybeperformedafterenrollmentintheofficialregistryofcommercialconcerns.Thepartiesperformingthisactivitymustprovidesuchinformationandcooperationasmayberequiredbythecompetentauthorities,inparticulartheStateProsecutor’sOfficeortheFinancialInformationandAnalysisUnit,forthepurposeofpreventingcriminalandasset‐launderingactivities.

Article76. USEOFFOREIGNEXCHANGE.ForeignexchangereceivedbyresidentsofColombiafromoperationsnotrequiredtobechanneledthroughthecurrencymarketmayonlybeusedforbeingsoldtootherresidentsand,whereappropriate,forpayinginColombiaforinternationalfreightandtransporttickets,personalexpensesmadethroughinternationalcreditcards,premiumsofforeign‐currencydenominatedinsurancecontractsunderDecree2921of1991andrelatedprovisions,andforpaymentofobligationsunderexternalreinsurancecontractsorformakingpaymentsabroadorinColombiaofthevalueofclaimsthatinsurancecompaniesestablishedinColombiahavetocoverinforeigncurrency,inaccordancewithgovernmentdecisionsunderLaw9of1991,Article14.Theymayalsobeusedtomakeoverseasfinancialandassetinvestments,andanyotheroperationsdifferentfromthoserequiredtobechanneledthroughthecurrencymarket,ortochannelthemvoluntarilythroughsaidmarket.

Article77. PURCHASEOFFOREIGNEXCHANGEFROMTOURISTS.Touristagenciesandhotelsreceivingforeignexchangefromsellinggoodsandservicestoforeigntouristsmustfullyidentifythepartytheymakethetransactionwithandmustkeeptheinformationregardingsaidparty’snameandaddress,numberandtypeofforeignidentitydocument,amountanddateoftheoperationandformofpaymentofthetransaction.

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Currency‐marketintermediariesbuyingforeignexchangefromtouristagenciesandhotelsmustrequirecertificationfromtherespectiveestablishment’spublicaccountantorinternalauditorthattheprovisionsofthisArticlehavebeencompliedwith.

PersonsenteringorleavingColombiawithforeignexchangeincashorinstrumentsrepresentingforeignexchangeinanamountexceedingtenthousandUnitedStatesdollars(US$10,000)oritsequivalentinothercurrenciesmustpresentthecorrespondingCustomsDeclaration.

Article78. PAYMENTFORFOREIGNEXCHANGE.Paymentbycurrency‐marketintermediariesforthepurchaseofforeigncurrencyinanamountequaltoorgreaterthantenthousandUnitedStatesdollars(US$10,000)ortheequivalentthereofinothercurrenciesshallbemadeinthefollowingmanner:

Paymentshallbemadebyissuingacheckpayabletotheforeign‐exchangebeneficiary,withaclauselimitingitsfreenegotiabilityand“fordepositonly”.Butinthecaseoftransfersthroughcommercialbanksandmortgagebanks,paymentmayonlybemadebymeansofadeposittoacurrentaccountorsavingsaccount.

Paragraph. Inthecaseofforeign‐exchangefirmstheamountestablishedinthisArticleshallbethreethousandUnitedStatesdollars(US$3,000)regardingtheacquisitionofforeignexchangeorreceiptoftransfersfromabroad.

CHAPTERIISTIPULATIONOFFOREIGN‐CURRENCYOBLIGATIONS

Article79. FOREIGN‐CURRENCYOBLIGATIONS.Obligationsstipulatedinaforeigncurrencyandnotpertainingtoforeign‐exchangeoperationsshallbepaidinColombianlegaltenderattherepresentativemarketexchangerateprevailingonthedatetheywereincurred,unlessadifferentdateorbenchmarkratehasbeenagreedonbytheparties.

Obligationsstipulatedinaforeigncurrencyandpertainingtoforeign‐exchangeoperationsshallbepaidinthecurrencystipulated.

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Paragraph1.Whereobligationspertainingtoforeign‐exchangeoperationsarestipulatedinaforeigncurrency,andforlegalpurposestheyarerequiredtobeliquidatedinColombianlegaltender,therepresentativemarketexchangerateprevailingonthedateofpaymentshallbeapplied.

Paragraph2.OperationsbytheentitiessubjecttoBankingSuperintendencyinspectionandoversightmaynotbestipulatedinaforeigncurrency,exceptforexpresslyauthorizedforeign‐exchangeoperations,importleasingcontracts,lifeinsurance,ortheprocurementofsuchinsuranceastheGovernmentmaydetermineunderLaw9of1991,Article14.

Paragraph3.InthecaseofobligationsstipulatedinaforeigncurrencyotherthantheUnitedStatesdollar,theconversionratedeterminedaccordingtoArticle72hereofshallbeusedforpurposesofthepresentArticle.

Paragraph4.TocalculatetheamountofthecoffeelevypaidabroadinUnitedStatesdollars,onauthorizationfromtheGovernment,therepresentativemarketexchangeratecertifiedbytheBankingSuperintendencyforthedateofpaymentmustbeused.

Paragraph5.ResidentsofColombiamaymakeandreceiveforeign‐currencypaymentsindischargeofobligationsarisingfromdomesticoperations,ifsoagreed,bymeansoftransferringorreceivingforeigncurrencytoorinclearingcurrentaccountsopenedforthepurpose.

Theseoperationsaresubjecttothefollowingconditions:

a. Theaccountsthroughwhichforeignexchangeistransferredforpaymentofobligationsbetweenresidentsmayonlybecreatedwithfundsfromoperationsmandatorilyrequiredtobechanneledthroughthecurrencymarket.

Suchforeignexchangemustbeusedtomakepaymentsforobligationsbetweenresidents.Thebalancesmaybesoldtocurrency‐marketintermediariesortoholdersofotherclearingaccounts.

b. Thefundsintheaccountsthroughwhichforeignexchangeisreceivedfrompaymentofobligationsbetweenresidentsmayonlybeusedforoperationsmandatorilyrequiredtobechanneledthroughthecurrencymarket.Thesebalances,too,maybesoldtocurrency‐marketintermediariesortoholdersofotherclearingaccounts.

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c. TheaccountsreferredtointhisParagraph5shallbesubjecttotheobligationslaiddowninArticle56hereof.

Paragraph6.ResidentsofColombiaprovidingairportoperationservicesunderconcessioncontractsmayreceivepaymentsinforeigncurrencyfromotherresidentsinrespectofrunwaychargesforinternationalflights.

Article80. REPRESENTATIVEMARKETEXCHANGERATE.Forpurposeshereof,“representativemarketexchangerate”shallmeantheexchangerateforforeign‐currencypurchaseandsaleoperationsthatiscalculatedandcertifiedbytheBankingSuperintendencyonthebasisofavailableinformation,inaccordancewiththemethodologylaiddownbytheBancodelaRepública.Over‐the‐counterandderivativeoperationsshallnotbetakenintoaccountincalculatingsaidrate.

UntilsuchtimeastheBancodelaRepúblicalaysdowntheregulationsunderthisArticle,useshallbemadeofthemethodologysetforthinExternalResolution21of1993,Article96.

Article81. AUTHORIZATION.Thecountry’spublic‐sectorrediscountentitiesmayobtaincreditfromexternalfinancialentitiesforthepurposeofmakingloanstoresidentsofColombiaeitherthroughrediscountingtocurrency‐marketintermediariesordirectly,withamaturityequaltoorlessthanthatofthefinancingobtainedfromabroad.

Creditobtainedfromexternalfinancialentitiesbypublic‐sectorrediscountentitiesshallbeexemptfromdepositattheBancodelaRepúblicaonlyifthecreditisusedfortheabovepurpose.Ifcreditobtainedbypublic‐sectorrediscountentitiesisnotusedforprovidingorrediscountingloanstoresidentsofColombia,saidentitiesmustmakethedepositreferredtoinArticle26hereofbeforedisbursingthecredit.

TheultimateusersofthefundsmustmakethedepositreferredtoinArticle26hereofasarequirementfordisbursementandchannelingoftheloansreferredtointhisArticle,unlessthepublic‐sectorrediscountentityhasdonesobythattime.

TheloansmadeorrediscountedunderthisArticlebypublic‐sectorrediscountentitiesmaybestipulatedinaforeigncurrency.Nevertheless,atthecreditor’schoice,theirdisbursementandrepaymentmaybeagreedtobemadeinthestipulatedforeigncurrencyorinColombianlegal

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tenderattherepresentativemarketexchangerateprevailingonthedateoftherespectiveoperations.

CHAPTERIIIFINALPROVISIONS

Article82. INFLOWOROUTLOWOFCOLOMBIANLEGALTENDER.ExceptforoperationsperformedbytheBancodelaRepública,inflowsoroutflowsofColombianlegaltenderintooroutofColombiamustbemadesolelythroughcurrency‐marketintermediaries.

TravelersleavingorenteringColombiamaytakewiththemColombianlegaltenderinbillsuptoamaximumamountequivalenttotenthousandUnitedStatesdollars(US$10,000)calculatedattherepresentativemarketexchangerateonthedayofleavingorenteringthecountry.

PeopleleavingorenteringthecountrywithColombianlegaltenderinbillsinanamountgreaterthanthatspecifiedabovemustpresenttherespectiveCustomsDeclaration.

Article83. FINALPROVISIONS.InaccordancewithExternalResolution6of2000,thedepositonexternalborrowingreferredtohereinshallbezeropercent(0%).

ExternalloansregisteredattheBancodelaRepúblicabeforetheentryintoforceofExternalResolution5of1997shallremainsubjecttotherulessetforthinArticle2thereof.Inthatcase,whereapplicable,adepositmustbemadeattheBancodelaRepública,inlegaltenderequivalentto10%calculatedattherepresentativemarketexchangerateprevailingonthedateofdepositforaperiodofsix(6)monthsinaccordancewiththeruleslaiddownforthepurposeinExternalResolution21of1993,Article30.ThedepositobligationdoesnotapplytoloansregisteredbeforeExternalResolution5of1997wheretheirfinancialconditionsareamendedasaresultofrestructuringagreementsprovidedforbyLaw550of1999.

Article84. CAPITALGOODS.ForpurposesofthisResolutioncapitalgoodsshallmeanmachineryandequipmentclassifiedassuchinthelistsissuedbytheTaxandCustomsAdministrationandbytheHighCouncilonForeignTrade.

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TheprovisionsofExternalResolution7of1994shallcontinuetoapplytobooks,magazines,serialpamphletsorcollectibles,allofascientificorculturalnature,includedundercustomstariffnumber49.01anddailypublicationsincludedundernumber40.02.

Article85. TRANSITORYREGIME.Foreign‐exchangefirmsnotmeetingtheminimumcapitalrequirementsspecifiedinArticle64hereofuponentryintoforceofthisResolutionmust,withinaperiodofone(1)yearfromsaiddate,maketherespectivecapitaladjustmentsinordertobeabletoperformtheoperationsauthorizedforcurrency‐marketintermediariesbytheprovisionsofsaidArticle.

Duringthatperiodoftransitionsaidentitiesmayperformonlythefollowingexchangeoperations:

1. Buyingandsellingforeignexchangeorinstrumentsrepresentingsameinoperationsnotrequiredtobechanneledthroughandcurrencymarket.

2. Buyingandsellingforeignexchangetoandfromcurrency‐marketintermediaries.

3. Sendingorreceivingforeign‐exchangetransfersinoperationsnotrequiredtobechanneledthroughthecurrencymarket.

Paragraph.Foreign‐exchangefirmsfailingtoprovideevidenceoftheadjustmentreferredtointhisArticlewithinthespecifiedperiodmustbewoundupormakethenecessarychangestotheircorporatenameandcorporatepurpose.

Article85. ENTRYINTOFORCE.ThepresentResolutioncomesintoeffectfromitsdateofpublicationandoverridesExternalResolution21of1993exceptforArticle30and96thereofwhichshallremainineffectforpurposesofArticle80and83hereof.Theprovisionsregardingstock‐brokeragefirmsshallnotcomeintoeffectuntilJuly1,2000.

DoneinSantaFedeBogotá,D.C.,onthefifth(5th)ofMayintheyearTwoThousand(2000).

JUANCAMILORESTREPOSALAZAR

President

GERARDOHERNÁNDEZCORREA

Secretary