Regulatory Alerts2026-07-28
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Derogation of Operational and Services External Circular DEFI-501, Subject 4: Rules on Mandatory Investments in Agricultural Development Securities
The Financial Stability Department of the Superintendencia Financiera de Colombia derogates Operational and Services External Circular DEFI-501, Subject 4, which established rules for mandatory investments in Agricultural Development Securities. This action follows the Constitutional Court's ruling in Sentence C-221 of 2026, which declared Article 9 of Legislative Decree 0175 of 2026 unconstitutional. Consequently, the ordinary regime for financial institution investments, as provided in Article 112 of the Organic Statute of the Financial System and External Resolution 3 of 2000 of the Bank of the Republic, is immediately reactivated. The derogation applies to credit establishments and the Bank of the Republic's main office and branches.
Document No: OT/PF/JUL/2026/146993 Hoja 4 - 00 Recipient: Recipient: Credit Establishments, Superintendent of Finance of Colombia, Main Office and Branches of the Bank of the Republic. Subject 4: Rules applicable to mandatory investments in Agricultural Development Securities and their substitute placements in accordance with Articles 220 and 221 of Law 2294 of 2023 and Article 9 of Legislative Decree 0175 of February 24, 2026
Operational and Services External Circular DEFI-501, Subject 4: “RULES APPLICABLE TO MANDATORY INVESTMENTS IN AGRICULTURAL DEVELOPMENT SECURITIES AND THEIR SUBSTITUTE PLACEMENTS IN ACCORDANCE WITH ARTICLES 220 AND 221 OF LAW 2294 OF 2023 AND ARTICLE 9 OF LEGISLATIVE DECREE 0175 OF FEBRUARY 24, 2026” dated June 16, 2026 from the corporate manual of the Financial Stability Department is hereby repealed.
The foregoing, in accordance with what is established by the Constitutional Court in Sentence C-221 of 2026 (Rapporteur Paola Meneses Mosquera), in conformity with the press release of July 23, 2026 published by the same corporation, which declared unconstitutional, among others, Article 9 of Legislative Decree 0175 of February 24, 2026 “By which extraordinary measures are adopted for financing, credit and debt relief, and other provisions are issued for the reactivation of the agricultural and rural development sector within the framework of the Economic, Social and Ecological Emergency declared through Decree number 150 of 2026”. According to the aforementioned press release, the Constitutional Court “ordered the immediate reactivation of the ordinary regime provided for in Article 112 of the Organic Statute of the Financial System (EOSF) and in External Resolution 3 of 2000 of the Bank of the Republic”.
This circular takes effect from its issuance.
Sincerely,
HERNANDO VARGAS HERRERA Technical Manager ANDRÉS MURCIA PABÓN Deputy Manager for Monetary and International Investments
OPERATIONAL AND SERVICES EXTERNAL CIRCULAR DEFI-501 FINANCIAL STABILITY DEPARTMENT Date: Tuesday, July 28, 2026
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