External Regulatory Circular DCIP-83 of August 25, 2026, Subject 10: Procedures Applicable to Exchange Operations

Bulletin of the Board of Directors of the Bank of the Republic Number: 22 Date: August 25, 2026 Pages: 5 Content

• External Regulatory Circular DCIP-83 of August 25, 2026, Subject 10: Procedures applicable to exchange operations.
  This bulletin is published in development of the provisions of literal a) of article 51 of Law 31 of 1992 and the paragraph of article 108 of Law 510 of 1999.
  Board of Directors Secretariat – Carrera 7 14 78, sixth floor – Bogotá, D. C. –Telephone: +57 (601) 484-9980

Document No: OT/PF/AUG/2026/151773
Sheet 10 - 00
Recipient: Main Office and Branches of the Bank of the Republic, foreign exchange market intermediaries, natural and legal persons carrying out exchange operations and international investments Subject 10: Procedures applicable to exchange operations External Regulatory Circular DCIP 83 is modified, in order to incorporate the provisions of Decree 1044 of August 5, 2026, by which article 2.17.2.5.1.1 of Decree 1068 of 2015 was modified:
First: The first and second paragraphs of numeral 7.1 “General aspects” are modified, which will read as follows:
In development of the provisions of Decree 1068 of 2015 modified by Decree 119 of 2017 and Decree 1044 of 2026 (hereinafter Decree 1068/2015), as well as External Resolution 1 of 2018 of the Board of Directors of the Bank of the Republic (hereinafter R.E. 1/18 J.D.), this Chapter determines the procedures for channeling foreign currency and registering international investments, as well as the information that must be reported to the Bank of the Republic (hereinafter Banrep). The provisions of this Chapter apply to the registration of international investments, initial or additional, substitutions (changes in titleholders, destination or in the recipient company) and cancellations, without considering the date of the operation. Second: literal a) “Substitution” of numeral 7.2.1.4 “Substitution, cancellation and capital recomposition of direct foreign capital investment” is modified, which will read as follows:
a) Substitution
Substitution of direct foreign capital investment is understood as the change of the investment titleholders for other non-resident investors, as well as the change in the destination or in the recipient company of the investment, including the assignment of rights derived from advances for future capitalizations channeled before July 26, 2017, in accordance with the provisions of numeral 7.1 of this Chapter. Substitution may lead to the partial or total cancellation of the initial registration and a new registration. The substitution of foreign capital investment must be registered at any time by investors, their attorneys, legal representatives or legal representatives EXTERNAL REGULATORY CIRCULAR DCIP-83 INTERNATIONAL EXCHANGE AND PAYMENTS MANUAL Date: August 25, 2026

Document No: OT/PF/AUG/2026/151773
Sheet 10 -01
EXTERNAL REGULATORY CIRCULAR DCIP-83
Date: August 25, 2026
Subject 10: Procedures applicable to exchange operations of the recipient companies of their investment, through the Foreign Exchange Information System, without supporting documents for the operation.
Substitutions of direct foreign capital investments derived from corporate reorganization processes (mergers or spin-offs) must be registered by investors, their attorneys, legal representatives or legal representatives of the recipient companies of their investment, through the Foreign Exchange Information System, without supporting documents for the operation. In procedures carried out through the attorney, legal representative of the investor or legal representative of the recipient company of their investment, the provisions of literal b) of numeral 4 of Annex 3 of this Circular must be complied with. For the registration of substitution of direct foreign capital investment, the provisions of article 1.6.1.13.1.1 of Decree 1625 of 2016 and the norms that modify or complement them will be taken into account. Contributions of assets with foreign capital investment registration made to autonomous trusts must be registered under the substitution procedure due to a change in investment destination. Third: literal b) “Cancellation” of numeral 7.2.1.4 “Substitution, cancellation and capital recomposition of direct foreign capital investment” is modified, which will read as follows:
b) Cancellation
Cancellation of direct foreign capital investment is understood as the total or partial decrease or liquidation of an investment previously registered with Banrep. The cancellation procedure will only proceed when there is a prior registration subject to cancellation and when, due to any legal act or fact, the non-resident investor ceases to be the titleholder of the investment, for the reasons displayed in the Foreign Exchange Information System. The cancellation must be registered at any time by the investor, their attorney, legal representative, or by the legal representative of the recipient company of their investment, by transmitting the Declaration of Cancellation of International Investments through the Foreign Exchange Information System, without supporting documents for the operation.

Document No: OT/PF/AUG/2026/151773
Sheet 10 -02
EXTERNAL REGULATORY CIRCULAR DCIP-83
Date: August 25, 2026
Subject 10: Procedures applicable to exchange operations Cancellations of direct foreign capital investments, derived from corporate reorganization processes (mergers or spin-offs), must be registered by the investor, their attorney, legal representative or by the legal representative of the recipient company of their investment by selecting the cancellation reason “Corporate reorganization” in the Declaration of Cancellation of International Investments, through the Foreign Exchange Information System, without supporting documents for the operation. In procedures carried out through the attorney, legal representative of the investor or legal representative of the recipient company of their investment, the provisions of literal b) of numeral 4 of Annex 3 of this Circular must be complied with. For the cancellation of direct foreign capital investment, the provisions of article 1.6.1.13.1.1 of Decree 1625 of 2016 and the norms that modify or complement them will be taken into account. When it comes to a decrease in supplementary investment to the assigned capital of branches of foreign companies under the general or special regime, cancellation should not be processed. When the foreign investor loses their non-resident status, they may request the cancellation of their investment through a Special Request. In accordance with Article 2.17.2.2.4.2 of Decree 1068/2015, Banrep will proceed with the cancellation of the registration by order of the competent authority when the latter establishes that any of the events indicated in the aforementioned norm has occurred. Fourth: literal a) “Substitution” of numeral 7.3.4 “Substitution, cancellation and capital recomposition of Colombian investment abroad” is modified, which will read as follows:
a) Substitution
Substitution of Colombian investment abroad is understood as the change of the investment titleholders for other resident investors, as well as the recipient company of the investment (society, branch or any type of company abroad).
Substitution may lead to the partial or total cancellation of the initial registration and a new registration. The substitution of Colombian investment abroad must be registered at any time by investors, their legal representatives or their attorneys, through the System

Document No: OT/PF/AUG/2026/151773
Sheet 10 -03
EXTERNAL REGULATORY CIRCULAR DCIP-83
Date: August 25, 2026
Subject 10: Procedures applicable to exchange operations of Foreign Exchange Information, without supporting documents for the operation, or with the provision of information on the minimum data of foreign exchange operations for international investments (Exchange Declaration) through the Foreign Exchange Information System, if the operation was channeled through the foreign exchange market. Substitutions of Colombian investments abroad derived from corporate reorganization processes (mergers or spin-offs) must be registered by investors, their legal representatives or their attorneys through the Foreign Exchange Information System, without supporting documents for the operation. In procedures carried out through an attorney or legal representative of the investor, the provisions of literal b) of numeral 4 of Annex 3 of this Circular must be complied with. Fifth: literal b) “Cancellation” of numeral 7.3.4 “Substitution, cancellation and capital recomposition of Colombian investment abroad” is modified, which will read as follows:
b) Cancellation
Cancellation of Colombian investment abroad is understood as the total or partial decrease or cancellation of an investment previously registered with Banrep. The cancellation procedure will only proceed when there is a prior registration and when, due to any legal act or fact, the resident investor ceases to be the titleholder of the investment, for the reasons displayed in the Foreign Exchange Information System. The cancellation must be registered at any time by investors, their legal representatives or their attorneys by transmitting the Declaration of Cancellation of International Investments through the Foreign Exchange Information System, without supporting documents for the operation. Cancellations of Colombian investments abroad derived from corporate reorganization processes (mergers and spin-offs) must be registered by investors, their legal representatives or their attorneys by selecting the cancellation reason “Corporate reorganization” in the Declaration of Cancellation of International Investments, through the Foreign Exchange Information System, without supporting documents for the operation.

Document No: OT/PF/AUG/2026/151773
Sheet 10 -04
EXTERNAL REGULATORY CIRCULAR DCIP-83
Date: August 25, 2026
Subject 10: Procedures applicable to exchange operations In procedures carried out through an attorney or legal representative of the investor, the provisions of literal b) of numeral 4 of Annex 3 of this Circular must be complied with.
In accordance with Article 2.17.2.2.4.2 of Decree 1068/2015, Banrep will proceed with the cancellation of the registration by order of the competent authority when the latter establishes that any of the events indicated in the aforementioned norm has occurred. When the investor loses their resident status, they may request the cancellation of their investment through a Special Request. Sixth: this Circular is effective from its publication. Sincerely, ______________________________________ ____________________________________ MARCELA OCAMPO DUQUE DIONISIO VALDIVIESO BURBANO Executive Manager Deputy Manager of Payment Systems and Banking Operations