Management companies and external managers, if any, must refrain from carrying out a series of activities to avoid conflicts of interest and ensure compliance with the regulations.  

It is not allowed to develop or promote operations that seek to evade state controls or artificially manipulate the value of the shares (Article 3.1.1.10.1. Decree 2555 of 2010). It is also prohibited to offer or administer funds without proper authorization or authorization. They may not grant loans with resources from the fund, except in specific cases of repo operations or temporary transfer of securities. Administration and management responsibilities cannot be delegated without complying with the relevant regulatory provisions. In addition, the fund's shares cannot be used as collateral for loans granted to investors in the same fund. 

The promotion and sale of funds must comply with the requirements established in the applicable regulations, and it is prohibited to invest the fund's resources in securities issued by the collective investment fund managing society itself or external manager. The funds must not allocate resources to support the liquidity of related entities or acquire securities that have not yet completed their placement process. Nor can they be identified as Mutual funds without complying with all regulatory conditions, nor act as a counterparty in ordinary transactions or between funds managed by the same company. 

It is inadmissible to use the fund's assets to facilitate other operations for the collective investment fund managing society or related entities, or to manipulate the value of the fund's portfolio. In addition, the priorities in the business order must be respected to avoid benefiting the collective investment fund managing society or related entities. Borrowing to conduct business with the fund is prohibited except in specific circumstances, and no liens may be placed on the assets of the fund, except for collateral for certain transactions. 

The prohibitions also cover the management of political rights of investments in favor of the collective investment fund managing society or related persons, the appearance of purchase and sale operations to manipulate securities, and the failure to prioritize business orders. Manipulation or disrespect for investment conditions is strictly prohibited.