LAVCA held a “Regulatory Luncheon” with the Superintendencia Financiera de Colombia in August 2015, the URF (Unidad de Regulacion Financiera) and ColCapital (local PE/VC Association) to address the PE/VC regulatory issues in that market. As a note, Colombia was downgraded on the indicator “Laws on PE/VC Fund Formation.” The chief concerns LAVCA expressed to Colombian regulators were in reference to the following norms.
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In response to the draft regulation regarding the Colombian pension fund regime “Revisión al Régimen de Inversión de los Fondos de Pensiones Obligatorias y Cesantía, LAVCA produced a letter advocating on behalf of member firms to increase the pension fund’s limits on alternative investment allocations providing an alternative proposal and evidence for increasing the limit based on: international best practice, knowledge of economies of scale, profitability and diversification, illiquidity and demographic consideration, changes in volatility and cash limits.
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LAVCA recently sat down with David Druley, leader of Cambridge Associates’ global pension practice, Aaron McKay, a private investments specialist and leader of Cambridge’s Latin America initiative, and Andrea Auerbach, global head of private equity research and co-investments, to talk about a global pension funds’ approach to funds, co-investing, and directs as a model for local institutional investors.
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The 2016 Budget presented by Mexican President Enrique Peña Nieto last September 8, 2015 proposes changes in legislation concerning investment vehicles. Among the proposals are the creation of the real estate trust for the Energy Sector and Infrastructure (FIBRA E) and Investment Projects backed Certificates (CerPI); as well as changes in the rules for Private Equity Trusts (FICAP)
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El 20 de octubre de 2015 se publicó en el Diario Oficial de la Federación la Resolución que modifica las disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores (“La Circular”).