Colombia has a foreign exchange regime that is clear and reasonably steady. Although the exchange market flows freely, the foreign exchange regulations state that some operations must be channeled through the exchange market (i.e. Regulated Market) subject to certain proceedings and requirements. 

The operations belonging to the Regulated Market are as follows: (i) Import and export operations; (ii) foreign indebtedness; (iii) foreign investments; (iv) guarantees and endorsements; and (v) Operations involving derivative-based operations. At its turn, applicable proceedings and requirements will depend in each case upon the specific operation that is been carried out.