Incorporation of Shares (Article 3.1.1.6.1. Decree 2555 of 2010)

Shares in a FIC are constituted when the investor effectively delivers the resources and these are fully identified. The collective investment fund managing society must provide documentary evidence of the delivery of the resources and, no later than the following business day, deliver the document representing the investment with the corresponding number of units.

In closed-end funds, investors can commit to subscribe to shares by means of a promise to pay. Likewise, the regulations may establish contributions in kind.

Limits (Article 3.1.1.6.2. Decree 2555 of 2010)

An investor, directly or indirectly through an omnibus account, may not hold a stake that exceeds the percentage of the value of the fund's assets established in the regulations, considering the risks and characteristics of the fund. The limits do not apply during the first year of operation or in extraordinary situations.

Representative Documents of the Holdings

In open-ended funds, the shares are represented by documents which will not have the character or prerogatives of securities, are not considered securities and will not be negotiable (Article 3.1.1.6.3. Decree 2555 of 2010). 

In closed-end funds, the shares are represented in documents that have the quality of securities. These may or may not be registered in the RNVE and may be negotiable in Securities Trading Systems (Article 3.1.1.6.4. Decree 2555 of 2010).