On November 4, the National Government issued Decree 1166/25, which introduces the figure of the “letter of responsibility”: a document that modifies the necessary requirements for authorization and execution of urban planning interventions. This change applies to the modalities of family housing allowance, housing improvement, progressive housing or construction on own site, as long as the National Government is the granter of the subsidy.

The letter of responsibility, which replaces building permits for the aforementioned modalities, aims to encourage subsidies for housing improvement. In these terms, those in charge of carrying out the work (architects, engineers, etc.) are the delegates to carry out technical checks and must assume responsibility in case of non-compliance. The works will be monitored by the territorial entities, the National Government and the Family Compensation Funds, which must certify compliance with the rule.

The decree has generated a high controversy, since there are sectors that consider that this measure generates an institutional setback, as there is no way to control public investment and, additionally, the security is put at risk, not only of the owners of the home, but of society in general (councillor Sandra Forero). Additionally, the replacement of an administrative act by a document that is subject to the subjectivity of the professionals is generated. With this change, the competences headed by the legal system are distributed in the different architects and engineers who have a professional card, without specifying the particularities of their function.

On the other hand, the National College of Urban Curators (CNCU) clarified that the decree does not eliminate construction licenses in general, they are only replaced by the letter of responsibility in social housing projects, in the modalities mentioned above. Likewise, it was clarified that the measure has not been regulated, so the Government has 6 months to establish the margins of its application. Finally, emphasis was placed on the continuity of technical controls, with the variation that those responsible for the certification of compliance with the rules are the professionals.

Bibliography:

• Mayor’s Office of Bogotá. (2025, November 4). Decree 1166 of 2025. Mayor’s Office of Bogotá.

• Acosta, J. (November 13, 2025). ‘Decree 1166 does not eliminate building permits for remodeling’: Urban Curators clarify its scope. Portfolio.

• Otalero Álvarez, N. (2025, November 13). Government rule that eliminates housing construction licenses has exceptions for those who have subsidies. Infobae Colombia.

• Escobar Fernández, J. (November 2025). Analysis: the “letter of responsibility” of Decree 1166: the oxymoron of urban licensing without a building permit

Do not hesitate to contact Brick Abogados if you have any questions or if you would like further details on the topic discussed above.

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This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.

The Directorate of National Taxes and Customs (DIAN) issued Resolution 000230 of October 20, 2025 (“Resolution 000230”), by which it modifies article 2.2.5 of Resolution 000180 of 2024, establishing new deadlines for the presentation of exogenous exchange information by the holders of compensation accounts.

This decision responds to the need to extend the terms initially provided for, in order to allow those obliged to complete the computer developments required to comply with the technical specifications established in the External Regulatory Circular DCIP 83.

¿What changed?

With the entry into force of Resolution 000230, the reporting deadlines that had been previously established by Resolution 000204 of 2025 are modified. According to the latter, the holders of compensation accounts should:

• Report to the DIAN, no later than October 31, 2025, the information corresponding to the operations carried out during the fourth quarter of 2023 and the four quarters of the year 2024.

• Report no later than January 31, 2026, the information corresponding to the operations of the year 2025 (that is, of the four quarters of that year).

Now, with Resolution 000230 of 2025, these deadlines were modified and unified as follows:

The exogenous information would change from the holders of compensation accounts, corresponding to the last quarter of 2023; as well as that of the year 2024, it must be submitted to the DIAN no later than the last calendar day of January 2026.

For its part, the exogenous exchange rate information of the holders of compensation accounts corresponding to the year 2025; and that corresponding to the first quarter of the year 2026 must be submitted to the DIAN no later than the last calendar day of April 2026.

From the second quarter of 2026 onwards, the information must be presented in accordance with the quarterly calendar indicated in article 2.2.1. of Resolution 000180 of 2024, as follows:

Last digit of the NIT (not including verification digit) or ID	Delivery date to the DIAN
1 and 2	Tenth (10) and eleventh (11) business day of April, July, October and January
3 and 4	Twelfth (12) and thirteenth (13) business day of April, July, October and January
5 and 6	Fourteenth (14) and fifteenth (15) business day of April, July, October and January
7 and 8	Sixteenth (16) and seventeenth (17) business day of April, July, October and January
9 and 0	Eighteenth (18) and nineteenth (19) business day of April, July, October and January

Important:

The formats contained in the Technical Annexes of Resolution 000204 of 2025 will continue to be applicable for these purposes, and compliance with these new deadlines does not exempt reporters from their obligation to guarantee the veracity, accuracy and completeness of the information provided.

Additionally, the Bank of the Republic has implemented a technological improvement in the Foreign Exchange Information System (SIC) that revolutionizes the process of obtaining external debt statements. Starting in October, system users can generate these documents automatically.

¿What is the novelty?

The SIC now has a specific module that allows the automated generation of external debt statements, replicating the agility tha already existed for foreign investment statements. This innovation eliminates procedures and substantially reduces waiting times, since previously, obtaining an external debt statement was a process that could take up to 15 working days, requiring the formal presentation of a right of petition. With the new platform authorized users can:

• Request the statement directly from your access to the SIC.
• Receive it in your email approximately 10 minutes.
• Avoid face-to-face documentary procedures.

To access this tool, users must have:

• External credit identification number to be consulted.
• Identity document of the applicant.
• Specification of the role in the operation (creditor or debtor).

Do not hesitate to contact Brick Abogados if you have any questions or if you would like further details on the topic discussed above.

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This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.

The trend of mergers and acquisitions (M&A) shows clear signs of recovery, with growth projections towards 2026. Sectors such as technology, health and consumption lead the interest, while emerging industries such as sport are gaining prominence. In Colombia, investor appetite is also growing, with an increase in Foreign capital and relevant operations in strategic sectors.

I. Global overview of M&A

The global merger and acquisition market is in a sustained recovery phase. According to Goldman Sachs’ 2025 M&A Outlook report, after three years of volatility and moderation, the fundamentals for an expanding cycle (bull market) are aligning. With the normalization of monetary policy, a more predictable regulatory environment and a rebound in the confidence of the CEOs of major companies, it is projected that 2026 could mark a historical record in global M&A volumes.

Companies are moving from a defensive logic to an offensive one, focusing on strategic growth and the acquisition of new capabilities. Likewise, private equity funds face increasing pressure to deploy capital, given unprecedented levels of dry powder and expectations of more agile returns. The combination of these factors, added to the reduction in the cost of capital and the reactivation of debt markets, anticipates an environment of intense competition for quality assets.

II. Driving factors and sectors with greater capital attraction

Transactional activity will be marked by clear sectoral trends. Goldman Sachs believes that technology (AI), health, consumption and financial services will be the engines of the next cycle. However, other sectors are capturing a growing portion of investor attention: entertainment, sports and infrastructure.

The case of Apollo Global Management illustrates this. According to the Financial Times, the firm announced the creation of an investment vehicle of USD 5 billion intended exclusively for the sports sector, focused on the acquisition of shares in clubs, leagues and related assets. The initiative reflects how sport has established itself as a high-performance alternative asset, leveled on stable flows, global audiences and expanding broadcasting rights.

III. Trends in Latin America and the Colombian case

Latin America has not remained on the sidelines of this sway. While total regional M&A volumes still represent a small fraction of the global market, there is an increase in the arrival of international investors seeking diversification and undervalued assets. In Colombia, this interest begins to materialize in operations that transcend traditional sectors.

The recent acquisition of Club Deportivo La Equidad by a group of international investors – including Ryan Reynolds, Rob McElhenney and Eva Longoria – shows the inflow of foreign capital in national cultural and sports industries.

From Brick Abogados, we have been active participants in this gradual reactivation of the market since the end of 2024, accompanying national and international clients in operations that reflect renewed confidence in the Colombian economy and the global appetite for strategic assets. In recent months, we have advised relevant transactions such as the sale of the ice cream business “Mimo’s” to Grupo Nutresa (consumer), the acquisition of Localpack S.A.S. (chemical products merchant) by Azelis Ibérica Holdings, and the sale of Advanced Teaching Systems and Processes S.A.S. (education) to the British Columbia Education Group, in addition to multiple financing operations Structured and corporate reorganizations in sectors such as infrastructure, consumption, technology and energy. These experiences confirm the growing sophistication of the market and the role of Colombia as an attractive destination for investment in the region.

IV. Conclusion – Perspective of Brick Abogados

At Brick Abogados we share the optimism reflected by the main players in the market. The stabilizing macroeconomic environment, innovation in transactional structures and the appetite of investors for non-traditional sectors configure a favorable situation for a new expansive M&A cycle.

We hope that Colombia will be an active participant in this global movement and we reaffirm our commitment to accompany our clients in the structuring of complex, efficient transactions aligned with international best practices.

Do not hesitate to contact Brick Abogados if you have any questions or if you would like further details on the topic discussed above.

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This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.