Overview: Law 964/2005 is the framework of the public securities market. It establishes general rules, objectives and criteria to which the national government must adhere to regulate the activities of management, use and investment of resources collected from the public through securities. 

Article 4. The national government will establish the rules for the disclosure of information that must be provided to the Superintendence of Securities, the public and investors or shareholders. It will also establish rules for the preservation of industrial secrets and information of a personal nature. It will also issue rules on the improper use of privileged information directed at market participants and public servants with access to said information.

Article 6: The Superintendence of Securities must: 

1. Instruct the entities subject to its inspection and permanent surveillance or control about the way in which the provisions that regulate their activity in the stock market must be complied with, establish the technical and legal criteria that facilitate compliance with such regulations and indicate the procedures for its full application; 
2. Monitor compliance with the provisions of the Banco de la República in relation to the persons subject to its inspection and permanent surveillance; 
3. Preventively suspend when there is a well-founded fear that damage may be caused to investors or the stock market, a public offering in any of its modalities; the negotiation of certain security, the registration of securities, or of the issuers of the same in the National Registry of Securities and Issuers; the registration of a specific person in the National Registry of Stock Market Agents; the registration of a specific person in the National Registry of Securities Market Professionals … 

Article 25. Those who carry out securities intermediation activities must self-regulate. 

• Paragraph 3. The self-regulatory organizations will be civilly liable only when there is gross negligence or fraud.

Article 26. The rules of the self-regulatory body must be designed to:

• Prevent manipulation and fraud in the market. 
• Promote coordination and cooperation with regulatory bodies. 
• Enable clearing and settlement processes. 
• Process information and facilitate transactions. 
• Remove barriers and create the conditions for the operation of free and open markets at the national and international level. 
• Protect investors and the public interest.