On July 26, 2019, the Colombian Ministry of Finance & Public Credit published Decree 1351/2019, which amended Colombia’s rules governing public offers of securities in Colombia and created a new exemption from the local prospectus and registration requirements for equity compensation awards granted by a foreign parent corporation to employees of its subsidiaries in Colombia. Under the new exemption, the grant of equity compensation awards made by an offshore parent of a Colombian subsidiary to employees of the Colombian subsidiary will not be treated as a public offer of securities (regardless of the number of award recipients), provided that the offer is made in writing, is part of an employee incentive plan and such plan is included in the corresponding Colombian “labor contract” of the award recipient in Colombia.