Does your country have laws specifically providing for establishment of special purpose entities for securitisation?
The only type of special purpose entity established for securitisation specifically regulated under Colombian law are those engaged in securitisation of mortgage loans. These entities must have as their sole corporate purpose the issuance and placement of mortgage loan securitisation certificates corresponding to housing programmes structured by developers and financial institutions. These are private law entities incorporated in the form of corporations (sociedades anonimas) and are subject to the supervision and control of the Financial Superintendency. So far, there is only one of these entities Titularizadora Colombiana S.A. whose shareholders are financial institutions. Directors and shareholders have the same requirements and status as those of the financial entities. Besides, financial institutions and broker-dealers through administrated securities funds may also carry out securitisation placements in Colombia.
