The general regime for foreign capital investment in Colombia and Colombian investments abroad, establishes that foreign capital investors must appoint an attorney-in-fact in Colombia, in accordance with the terms set forth in Colombian legislation, and that all foreign portfolio capital investments must be made through an administrator who must act as attorney-in-fact.

Only local broker dealers, trust companies or investment management companies, subject to the inspection and surveillance of the Financial Superintendence of Colombia, may be attorneys-in-fact for the investment of foreign portfolio capital. In the case of trust companies that have authorized the custody activity referred to in Book 37 of Part 2 of Decree 2555 of 2010 and the rules that modify, add or replace it, such entities may be proxies of portfolio capital investors as custodians and under the rules that regulate the referred activity.