{"id":228,"date":"2018-10-09T11:09:59","date_gmt":"2018-10-09T16:09:59","guid":{"rendered":"https:\/\/quarta.co\/?post_type=blog&p=228"},"modified":"2025-11-06T10:26:49","modified_gmt":"2025-11-06T15:26:49","slug":"regulacion-del-crowdfunding-en-colombia-incentivo-o-limitacion-a-la-inversion","status":"publish","type":"blog","link":"https:\/\/quarta.co\/en\/blog\/regulacion-del-crowdfunding-en-colombia-incentivo-o-limitacion-a-la-inversion\/","title":{"rendered":"Crowdfunding regulation in Colombia: Boost or limitation to alternative investment?"},"content":{"rendered":"

The new crowdfunding regulation in Colombia is contained in the Decree 1357 of 2018 (\u201cthe Decree\u201d) which modifies the Main Financial Act of this country. This regulation defines crowdfunding as a collaborative financing activity, developed by authorized entities by the Financial Superintendence of Colombia (hereinafter \u201cSFC\u201d) through platforms that contact several contributors with recipients, who request financing on their own behalf to allocate it to a productive investment project. crowdfunding<\/em> en Colombia, mediante la modificaci\u00f3n del Decreto 2555 de 2010, que es una de las normas esenciales del mercado de valores en este pa\u00eds. El crowdfunding, entendida como una actividad de financiaci\u00f3n colaborativa, es definida por el Decreto 1357 de 2018 como aquella desarrollada por entidades autorizadas<\/u><\/strong> por la Superintendencia Financiera de Colombia (en adelante, SFC)\u00a0 a trav\u00e9s de plataformas que ponen en contacto a varios aportantes con receptores, los cuales solicitan financiaci\u00f3n en nombre propio para destinarlo a un proyecto productivo de inversi\u00f3n.<\/p>\n

Crowdfunding, as financing activity may be held out through bonds or shares, must only be carried out by certain companies and, like any company in Colombia that intends to be a securities issuer, must be monitored by the SFC, registered in the National Registry of Agents of the Securities Market, have the approval of the SFC regarding the Investment Regulation, among other duties that financial entities must comply with, according to the State\u00b4s commitment to protect the rights of the investors.<\/p>\n

Thereon, Decree 1357 of 2018 requires that the company who intends to issue crowdfunding securities, conforms to all of the requirements established in the Organic Financial Statute, specially the company capital, which is different for each financial entity (insurance company, fiduciary or pension fund manager). However, since these types of companies have a specific purpose, the exact amount of the capital which they require to establish themselves as crowdfunding companies is not yet known or regulated by law.<\/p>\n

Regardless of the setting of the amount, a great financial muscle is required for an entity to be considered as a collaborative financing company that has the competence to issue collaborative financing securities such as bonds or shares. Therefore, it is necessary to examine whether the new regulation promotes investment through crowdfunding platforms or, in the contrary, makes it considerably difficult to connect investors with the productive projects in the financial sector. crowdfunding<\/em> o si, por el contrario, dificulta considerablemente conectar a los inversionistas con los proyectos productivos, en el sector financiero.<\/p>\n

According to the legal analysis above, it should be noted that, apart from the amount required to set up a legally authorized company to create a crowdfunding platform, the contributors must also have specific qualities when making an investment to acquire collaborative financing securitiespatrimony equal to or greater than ten thousand (10,000) Colombian minimum wages and second, be a holder of an investment portfolio in securities, different than a collaborative financing values, equal to or greater than five thousand (5000) Colombian minimum wages. los aportantes tambi\u00e9n deben tener unas cualidades espec\u00edficas<\/u><\/strong> al momento de realizar una inversi\u00f3n para adquirir valores de financiaci\u00f3n colaborativa, a saber;\u00a0 (i) un patrimonio igual o superior a diez mil (10.000) salarios m\u00ednimos mensuales legales vigentes (SMMLV) y \u00a0\u00a0(ii) ser titular de un portafolio de inversi\u00f3n en valores, distintos a valores de financiaci\u00f3n colaborativa, igual o superior a cinco mil (5.000) salarios m\u00ednimos\u00a0 legales mensuales vigentes (SMMLV).<\/p>\n

The aforesaid confirms that it is required to have a considerably high amount of assets and\/or company capital to even be considered as a contributor to the different productive projects or to be part of the financial market. It should be noted that, if an ordinary person wants to make a donation or payment for a service or a productive project, they won\u2019t be able to do it through \u201ccollaborative financing securities\u201d ( meaning crowdfunding securities) , since they cannot even participate in the market, which does not mean that cannot do so by means of an operation outside the market, as a donation or a compensation payment.<\/p>\n

Hence, it is necessary to analyse how crowdfunding is regulated in the United Kingdom, which, together with the United States, are the worldwide crowdfunding pioneers, according to statistics provided by Statista. [1]. crowdfunding<\/em> a nivel mundial, seg\u00fan las estad\u00edsticas proporcionadas por Statista.[1]<\/a><\/p>\n

As stablished in the Financial Services Act and the Financial Market of the United Kingdom in 2000, there are two types of crowdfunding regulated by the Financial Conduct Authority (FCA): loan and investment. There are also two types of crowdfunding that are not considered as a financial activity but that are regulated and monitored by the FCA, such as a donation and payment as consideration for products or services. crowdfunding<\/em> regulados por la Autoridad de Conducta Financiera (FCA, por sus siglas en ingl\u00e9s): tipo pr\u00e9stamo y tipo inversi\u00f3n. Asimismo, hay otros dos tipos de crowdfunding<\/em> que no son considerados como actividad financiera pero que, si est\u00e1n regulados y monitoreados por la FCA, tales como la donaci\u00f3n y el pago como contraprestaci\u00f3n de productos o servicios.<\/p>\n

It is important to recognize that the loan type is regulated by contracts between individuals and companies, but still supervised by the FCA, while creating an investment crowdfunding platform requires obtaining a license from FCA. crowdfunding<\/em> de inversi\u00f3n requiere obtener una licencia de FCA y dentro de la misma, se deben clasificar los inversionistas sofisticados y no sofisticados, a estos \u00faltimos no se les permite invertir m\u00e1s del 10% de su activo corriente, y a igual que en Colombia, la inversi\u00f3n se adquiere por medio de un t\u00edtulo valor representativo de deuda o de capital.<\/p>\n

De acuerdo con un estudio realizado en julio de este a\u00f1o por esta autoridad[2]<\/a> \u00a0With this comparison it is reasonable to think that such a regulation is more accurate to the dynamics of the market than Decree 1357. Notwithstanding the fact that other types of crowdfunding which operate outside the financial market are already comprehended in the law, such as donations and direct payments for products or services, the SFC should be more involved in those ways of crowdfunding as they are more reachable and accurate to some entrepreneurs.<\/p>\n

En cuanto al crowdfunding<\/em> tipo pr\u00e9stamo (P2P), la FCA establece que deben tener un capital m\u00ednimo para operar de 50.000 GBP, es decir, \u00a0aproximadamente ciento noventa y cinco millones de pesos ($195.000.000)- que es mucho menor de lo que se contempla en Colombia- y seguir todas las normas proferidas por dicha instituci\u00f3n, ya que est\u00e1n captando recursos del publico y deben ser regulados. Por otro lado, es el tipo de crowdfunding<\/em> que m\u00e1s dinero mueve en UK, en tanto conecta a m\u00e1s personas con los proyectos. A diferencia de este pa\u00eds, en Colombia este tipo de crowdfunding<\/em>, ni siquiera se contempla en el Decreto 1357 de 2018, por lo tanto, no es considerado como actividad de financiaci\u00f3n colaborativa.<\/p>\n

Una vez consultado este reporte, se puede apreciar que todas las plataformas de crowdfunding<\/em> de inversi\u00f3n y tipo pr\u00e9stamo en UK, en general, \u00a0tienen altos niveles de regulaci\u00f3n, tienen principios de conductas muy orientados a la transparencia del mercado y la protecci\u00f3n del inversionista. Sin embargo, la FCA tambi\u00e9n regula el crowdfunding<\/em> a trav\u00e9s de donaciones y el pago como contraprestaci\u00f3n de servicios o productos que la gente del com\u00fan otorga a las empresas que realizan proyectos productivos o presentan ideas.<\/p>\n

Claramente, la cantidad de dinero que puede manejarse en el mercado financiero ya sea por pr\u00e9stamo o inversi\u00f3n, para financiar los proyectos productivos es mucho m\u00e1s elevada a comparaci\u00f3n de la que se podr\u00eda llegar a gestionar a trav\u00e9s de donaciones o pagos por productos o servicios y, aunque no sea competencia de la SFC, se deber\u00eda dar una orientaci\u00f3n al consumidor financiero y al consumidor en general, al respecto. Igualmente, a aquellos ciudadanos que, si bien no tienen un patrimonio tan alto como el requerido en la norma, tienen la capacidad de invertir y se les ha informado de todos los riesgos e implicaciones de la inversi\u00f3n, as\u00ed como de los posibles beneficios y el potencial de la idea de negocio.<\/p>\n

De otro lado, a comparaci\u00f3n de UK, en Colombia ni siquiera se contempla la posibilidad de hacer financiaci\u00f3n colaborativa a trav\u00e9s de plataformas que faciliten pr\u00e9stamos entre aportantes y los creadores de los proyectos productivos, lo cual tambi\u00e9n limita en gran medida la inversi\u00f3n que se podr\u00eda canalizar a trav\u00e9s de esta figura.<\/p>\n

As\u00ed las cosas, si bien es importante tener una regulaci\u00f3n que proteja los intereses de los inversionistas, y tenga en cuenta el riesgo de los valores de financiaci\u00f3n colaborativa, tambi\u00e9n lo es otorgar estrategias para promover la inversi\u00f3n en proyectos productivos e ideas innovadoras, que no s\u00f3lo est\u00e9n reservadas para aquellas personas que tengan un patrimonio tan alto o que ya hagan parte del mercado financiero.<\/p>\n

[1]<\/a>Crowdfunding – Statistics & Facts. Recuperado de: https:\/\/www.statista.com\/topics\/1283\/crowdfunding\/<\/p>\n

[2]<\/a>Consultation Paper (CP) by 27 October 2018.Recuperado de https:\/\/cdn.crowdfundinsider.com\/wp-content\/uploads\/2018\/07\/FCA-Loan-Based-and-Investment-based-Crowdfunding-Platforms-Post-implementation-review-7.27.18cp18-20.pdf<\/p>","protected":false},"excerpt":{"rendered":"

El Decreto 1357 de 2018 regula el crowdfunding en Colombia, mediante la modificaci\u00f3n del Decreto 2555 de 2010, que es una de las normas esenciales del mercado de valores en este pa\u00eds.<\/p>","protected":false},"featured_media":339,"template":"","tipo-articulo":[17,16],"class_list":["post-228","blog","type-blog","status-publish","has-post-thumbnail","hentry","tipo-articulo-publications","tipo-articulo-news"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/blog\/228"}],"collection":[{"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/types\/blog"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/media\/339"}],"wp:attachment":[{"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/media?parent=228"}],"wp:term":[{"taxonomy":"tipo-articulo","embeddable":true,"href":"https:\/\/quarta.co\/en\/wp-json\/wp\/v2\/tipo-articulo?post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}