Regulatory Alerts2026-06-16
Added · Updated
Operational and Services External Circular DEFI-501, Subject 4: Rules Applicable to Mandatory Investments in Agricultural Development Bonds and Their Substitutive Placements
The Department of Financial Stability of the Bank of the Republic issued Circular DEFI-501 to consolidate the rules governing mandatory investments in Agricultural Development Bonds (TDA) and their substitutive placements under Articles 220 and 221 of Law 2294 of 2023 and Article 9 of Legislative Decree 0175 of 2026. The circular mandates that credit institutions allocate 60% of their mandatory investment requirement to Class A TDA and 40% to Class B TDA, while limiting substitutive placements to 20% of qualifying agricultural portfolio value. It further specifies that existing substitution weighting rules from External Resolution 3 of 2000 remain in effect until the National Agricultural Credit Commission (CNCA) issues new regulations.