Currently this task is mainly carried out by trust companies that carry out the securities custody services and other trust companies that not, under a trust contract. However, local broker dealers are also legally authorized to act as attorney-in-fact of a foreign portfolio investor.

In order to carry out the responsibilities in tax, customs or foreign exchange in accordance with the applicable Colombian tax regulations governing the Single Tax Registry (RUT in Spanish), including Decree 2460 of 2013 and related provisions, the attorneys-in-fact is responsible for registering the foreign portfolio investor in the Single Tax Registry (RUT), updating the information (e.g., inclusion of new attorneys-in-fact) and requesting its cancellation, where permitted under applicable regulations, as well as ensuring compliance with the foreign portfolio investor’s tax and foreign exchange obligations in Colombia.

Foreign portfolio investors' attorneys-in-fact must comply with the following obligations:

• Foreign exchange
• Taxes: Income Tax and Complementary taxes
• Beneficial Ownership Report
• Corporate Events