Applicable law allows certain local securities intermediaries (e.g., broker-dealers) to distribute non-Colombian collective investment funds that meet certain conditions and criteria (regardless of their denomination), provided that the supervising authority in the place of incorporation of the fund has executed an information-sharing protocol or agreement with the SFC. For this mechanism to be viable, the fund must be subject to regulatory supervision.

The SFC has executed information-sharing agreements with a number of regulators, including CIMA (Cayman Islands), CONSAR (Mexico), SBIF (Chile) and OSFI (Canada).

Under this distribution structure, the fund itself will not be subject to SFC supervision, but the local distributor will continue to be subject to local distribution rules and SFC supervision.