Regulations
1. Incorporation and Amendments
CISA - Central de Inversiones S.A. was incorporated under Public Deed No 1084, granted on the 5th of March, 1975 by Notary 4 of the Circle of Bogotá and registered in the Chamber of Commerce of Bogotá on the 26th of March 1975, under number 25471, book IX. It has undergone various amendments.
2. Legal Status
CISA - Central de Inversiones S.A., is a commercial partially government owned corporation, at a national level and related to the Ministry of Finance. It has a unique nature and all its acts and contracts are governed by private law, as provided in Law 795, 2003 and Decree 4819, 2007, amended by Decree 4393 of November 23, 2010.
3. Corporate Purpose
The purpose of the corporation is to manage, acquire, administrate, commercialize, charge, collect, act as intermediary, alienate and lease, under any title, all types of real estate, chattels, shares, securities, and contractual, fiduciary, credit or litigation rights, included entitlements to settlement processes owned by public agencies of any order or nature; autonomous and independent entities described in the Political Constitution and in the law or in corporations with state contributions subject to a special regime and trust properties holding assets from any of the entities herein described. It can also to provide technical and professional assistance to the entities above in diagnosing, managing, valuating, acquiring and/ or handling assets and in topics related to the corporate purpose.
In managing and dealing with assets, CISA can also present offers of acquisitions to third parties, whether public or private, for homes for low income families, either second hand or new ones, and complying with the conditions set forth for this purpose by the Ministry of Environment, Housing and Territorial Development.
It may also purchase the participation of private third parties to share the ownership with CISA, in chattels or fiduciary transactions with assets comprised of shares and/or chattels.
4. Contracting regulations to acquire public assets Decree 4848, 2007 – Onerous alienation of assets to CISA of entities subject to liquidation: One year after the liquidation or dissolution of a state owned entity, the entity must alienate its assets to CISA by means of an inter-administrative contract, following the valuation method of CISA.
While the alienation process takes place, CISA may manage, clear, maintain and recover the properties.
Decree 4054, 2011 – Regulated Articles 8, Law 708, 2001 and 238, Law 1450, 2001 seeking to dynamize the transfer of the State’s assets so the public entities of national order, except the state financial entities, the state industrial and commercial enterprises, the partially government owned corporations and the entities subject to liquidation can assign their portfolio and transfer the chattels they own, free of cost and in full compliance with the requirements provided therein.
Furthermore the Decree provides a new procedure on Onerous Alienation Plans for the Industrial and Commercial State owned companies and the Autonomous and Independent agencies.
Decree 4444 de 2008 – Alienation of State assets: State entities governed by the General Contracting Statutes of the Public Administration can alienate their assets through the “Central de Inversiones” or sell them directly to CISA; in both cases by executing an inter-administrative agreement.
Decree 2555, 2010 compiles and reissues the regulations on the financial and insurance sector and the stock market and sets forth other provisions (ALIENATION OF ASSETS TO THE CISA - CENTRAL DE INVERSIONES S.A. resulting from the Credit Agencies of Public Nature in a liquidation procedure.)
5. CISA as Collector of Public Assets and Coordinator of the State’s Real Estate Management.
As collector of Public Assets and Coordinator of the State´s Real Estate Management, the Central de Inversiones was accountable for developing a Public Assets Management System, thus authorizing it to manage the Public Assets Management Program – PROGA and to standardize and monetize real estate assets received during the development of the program under its policies and procedures.
6. Internal applicable regulations to standardize and commercialize the Assets Acquired
CISA - Central de Inversiones S.A. in developing its corporate purpose, adopts measures to guarantee contracting transparency, morality, efficacy, economy, impartiality and publicity, encompassed in the Good Governance Code and in the Internal Regulating circulars of the Entity, incorporating policies and procedures for the acquisition, standardization, clearance, management and alienation of its assets, amongst others.
6.1. Good Governance Code
CISA - CENTRAL DE INVERSIONES S.A. carries out its corporate purpose based on values, ethical rules, and conduct as well as adequate information to improve its governance tools, the effectiveness of its shareholders and clients’ rights, respect for stakeholders as well as the quality of its performance. Consequently the Good Governance Code was implemented and it is applicable as follows: Members of the Board of Directors, President, Vice Presidents, legal representatives, managers, directors, staff in general, proxies, contractors, personnel appointed and employees in mission or outsourced, who must adhere to the ethical guidelines and conduct comprised in the Code, and are compelled to apply it in their activities with CISA Good Governance Code.
6.2. Regulating Circulars
The company regulates its activities by issuing regulating circulars describing the appropriate guidelines to ensure compliance of the activities related to its corporate purpose.
6.3. Applicable regulations for the operation contracts
The operation acts and contracts of CISA - Central de Inversiones S.A. are governed by the Private Law Regime, therefore the entity adopted a general policy for the execution of its contracts, by issuing Regulating Circular No. 44, Contracting Manual applicable to the operation contracts of the Entity.
Regulating Circular No. 44.
7. Occupational Health.
8. Business Place
As provided in Article 3 of the Statutes, Bogotá, D.C. is the main business place of the Corporation, and it will have branches, agencies or affiliates in the national territory. Currently we have four branches in Bogotá, Barranquilla, Cali and Medellín.
9. State Oversight
CISA - Central de Inversiones S.A. is subject to the supervision of the Corporation Superintendence, the General Comptroller’s Office of the Republic of Colombia and the Accountant General’s Office.
10. Budgetary Regime
The corporation´s budgetary regime is the one applicable to partially government owned corporations providing financial services.
11. Manual on asset laundering prevention
Central de Inversiones is required to cooperate in asset laundering prevention. Although we are not a financial agency, we take basic measures to prevent the Company from being used for criminal purposes. In this sense the company has regulated its procedures in order to prevent them.
Regulating Circular No. 71.