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Colombian regulator looks to cut capital market costs, ease bureaucratic burden

Jorge Castaño, the head of Colombia's financial regulator, revealed plans to facilitate financial result disclosures for companies listed on the local stock exchange and lower overall costs in an effort to attract more companies to the capital market.

In an industry seminar covered by La Republica, Castaño said regulators are studying ways for companies to upload financial data faster as some firms hesitate to participate in the market since "the mechanisms to disclose information are extensive."

Starting from Sept. 17, issuers will be able to adopt a standardized procedure to seek approval for a public offering, he noted. Additionally, starting from March 2019, compulsory biometric systems will be implemented for several products and transactions.

Juan Camilo Granados, an executive at the Colombian stock exchange, spoke about the development of the Ascenso technology platform, designed for small and medium-sized enterprises, which should help address a lack of access to financing for the SME sector.

Granados said between 40% to 45% of SMEs in the country do not have access to adequate funding.

"Although the capital market has been a great funder of the business sector, there is concentration in few companies," he was quoted as saying.