0. 1. What is the data collection system underlying your CPIS?

Equity

Long Term

Short Term

Comments

Security-By-Security

End-Investor

Banks

Insurance

Pension fund

Mutual funds, unit trusts

General Government

Nonfinancial corporation

No data is collected from nonfinancial private sector entities. The most important nonfinancial public entities are included in the CPIS

Household

Other

Custodian

Banks

Insurance

Pension fund

Mutual funds, unit trusts

General Government

Nonfinancial corporation

Household

Other

Aggregated

End-Investor

Banks

Insurance

Pension fund

Mutual funds, unit trusts

General Government

Nonfinancial corporation

Household

Other

Custodian

Banks

Insurance

Pension fund

Mutual funds, unit trusts

General Government

Nonfinancial corporation

Household

Other

1. 1 Legal and institutional environment

1. 1. 1. What is the legal basis that governs the collection of the CPIS information? Ref.: CPISG2, par. 4.8 & 4.9

Response

Specify

Comments

CPIS is collected under statistical or other legislation that empowers the collection of statistics in general

CPIS is collected under specific legislation empowering the collection of CPIS statistics

CPIS is on a voluntary basis

Other

1. 1. 2. Which institution(s) is/are responsible for collecting the CPIS statistics.? Ref.: CPISG2, par. 4.8 & 4.9

Response

Specify

Comments

National central bank

National statistical office

Ministry of Finance or other ministries

Financial regulator (if not central bank or other government ministry)

Other

1. 1. 3. Which domestic institution(s) is/are responsible for publishing the CPIS statistics? Ref.: CPISG2, par. 4.8 & 4.9

Response

Specify

Comments

National central bank

National statistical office

Ministry of Finance or other ministries

Financial regulator

Other

Do not publish the CPIS data

1. 1. 4. If there are restrictions placed on cross-border portfolio investments, which of the following sectors (i) cannot invest in securities issued by nonresidents or (ii) can invest in securities issued by nonresident only within a certain threshold? (If there are not restrictions on outward portfolio investment, please go to the next question.)

No restriction

Not allowed

Allowed up to a threshold

Threshold

Specify

Comments

Banks

See comments

Banks are not allowed to invest in securities issued by their subsidiaries

Insurance

Pension funds

See comments

The portfolio net value could be invested abroad subject to different limits, depending on the nature of the fund. For example, in the case of Obligatory Pension Funds, maximum 20% of their portfolio net value could be invested in foreign assets.

Mutual funds, unit trusts, etc

General Government

Monetary authorities

Nonfinancial corporation

Households

Other

1. 1. 5. If you follow a mixed end-investor and custodian approach: how did you organize your survey in order to avoid double-counting between end-investors and custodians? (Otherwise go to the next question)

Respondents to the end-investor survey were required to provide the name and address of the custodian. In the case of securities held with resident custodians, the data were compared with data reported by resident custodians (which identify individual resident clients). In most cases, the end-investor source was preferred.

1. 2. Concepts and Definitions

1. 2. 1. Residence of the securities holder

1. 2. 1. 1. Was the CPISG2 principle adopted for determining the country of residence of the security holder?
Ref.: CPISG2, par. 3.6 to 3.10

Response

Specify

Comments

Yes

Partly

No

1. 2. 1. 2. For countries without offshore financial centers, were you able to implement the definition of residence of holders of securities in accordance with the principle underlining the CPIS? (in line with the answer to question 1. 2. 1. 1.) (Please pay attention to the treatment of resident Special Purpose Entities (SPEs), if relevant; those are defined in the IMF's Balance of Payments Textbook as entities "(1) generally organized or established in economies other than those in which the parent companies are resident and (2) engaged primarily in international transactions but in few or no local operations." For the CPIS, the country of residence of an SPE should be determined by its legal domicile, which, in most cases, will be the country where it is incorporated.

Response

Specify

Comments

Yes

There are no SPEs that have established legal domicile in Colombia.

Partly

No

Do not know

1. 2. 1. 3. For countries with offshore financial centers: were entities without a physical presence treated as resident for the purposes of the CPIS? (Enterprises without a physical presence are those incorporated and unincorporated enterprises legally domiciled in the reporting economy, that (i) either perform little production activity in the reporting country or (ii) undertake productive activities that do not require any physical presence (commonly business services and financial services connected with management of financial assets and liabilities)).

Response

Specify

Comments

Yes

Partly

No

Do not know

1. 2. 2. Distinction between long-term and short term debt securities: principle adopted and practical implementation

1. 2. 2. 1. Were the CPISG2 principles on distinguishing short and long-term debt securities adopted?
Ref.: CPISG2, Appendix 1

Response

Specify

Comments

Yes

Partly

No

1. 2. 2. 2. In practice, were respondents generally able to implement the distinction between short and long-term debt securities in accordance with the principle underlining the CPIS? (in line with answer to question 1. 2. 2. 1.)
Ref.: CPISG2, par. 3.87 to 3.94

Response

Specify

Comments

Yes

Partly

No

Do not know

1. 2. 3. Distinction between direct and portfolio investment: principle adopted and practical implementation

1. 2. 3. 1. Were the CPISG2 principles for distinguishing between direct and portfolio investment adopted?
Ref.: CPISG2, par. 3.51 to 3.58

Response

Specify

Comments

Yes

Partly

No

1. 2. 3. 2. In practice, how did you implement the distinction between direct and portfolio investments in accordance with the principle underlining the CPIS? (in line with answer to question 1.2.3.1.)
Ref.: CPISG2, par. 3.51 to 3.58

Response

Specify

Comments

A separate direct investment survey was run for sectors believed to have direct investment relationship

Guidance note was supplied to respondents to clarify the definition of direct and portfolio investment

Other

1. 2. 4. Valuation of portfolio investment holdings

1. 2. 4. 1. Were the CPISG2 principles on valuing stock of assets at current market prices at the appropriate reference date adopted?
Ref.: CPISG2, par. 3.33 to 3.42

Response

Specify

Comments

Yes

Partly

No

1. 2. 4. 2. In practice, were respondents able to implement the market valuation of securities in accordance with the principle underlining the CPIS? (in line with answer to question 1.2.4.1.)
Ref.: CPISG2, par. 3.33 to 3.42

Equity securities

Debt securities

Specify

Comments

Listed on organized market/readily tradable

Not quoted on stock exchanges/not regularly traded

Yes

Partly

No

Do not know

1. 3. Statistical techniques

1. 3. 1. Was there any exemption threshold? (if yes, please specify the sector where the threshold applies, the value and the currency and currency unit used)

Threshold

Simplification

Exemption

Specify

Comments

For all respondents

For some class of respondents only

No

No exemptions are applied

1. 3. 2. If you answer "Yes" to question 1. 3. 1., do you have an indication of the proportion of holdings in hands of the survey population below the threshold?

Response

Specify

Comments

Yes

No

Not applicable.

1. 3. 3. What steps were undertaken to deal with nonresponse?

Response

Specify

Comments

Grossing-up techniques

Other estimation techniques

Contact with respondents

No action

Law requiring response are strictly enforced. Therefore, there is no non-response.

Other

1. 4. Assessment and validation of data

1. 4. 1. Are independent checks made on CPIS data supplied by respondents?
Ref.: CPISG2, par. 5.28 to 5.52

Response

Specify

Comments

CPIS data compared with totals obtained from regulatory sources

CPIS data reconciled with IIP data supplied by respondent

A reconciliation is done between the CPIS and the IIP

CPIS data reconciled with BOP flow data for the respondent

A reconciliation is done between the CPIS and the BOP

CPIS data compared with data supplied from other statistical collections

A reconciliation is done between the CPIS and the financial accounts.

Other

A reconciliation is done between the CPIS and the TIC system data.

No

1. 4. 2. What kind of action was taken when the checks showed some errors?

No errors found in the CPIS compilation process.

1. 5. 1. Were data collected (but not provided) for any of the following CPIS encouraged items?
Ref.: CPISG2, par. 2.11 to 2.14

Equity securities

Long-term debt securities

Short-term debt securities

Comments

Portfolio investment liabilities

Currency breakdown of portfolio investment assets

Sector breakdown of portfolio investment assets according to institutional sector of the holder

1. 5. 2. If sector data for assets were produced, which sector classification was used?
Ref.: CPISG2, par. 3.43 to 3.50

Response

Specify

Comments

Not applicable, no sector data.

1993 System of National Accounts (SNA) classification

Balance of Payments Manual (5th edition) (BPM5) classification

BPM5 classification extended in line with the SNA framework

Other

1. 6. Consistency issues

1. 6. 1. Which institution is in charge of compiling the international investment position (IIP) statement in your country/jurisdiction?

Response

Specify

Comments

The same institution(s) that is/are in charge of compiling the CPIS

Institution(s) other than the institution(s) in charge of compiling the CPIS

International investment position data are not compiled

Other

1. 6. 2. If the IIP is compiled, will your CPIS results be used to compile the portfolio investment item of the IIP?

Response

Specify

Comments

Not applicable - international investment position data are not compiled

Yes, CPIS and IIP data will be identical

Yes, but they will differ due to differences in coverage/adjustments etc.

No

CPIS data were not available when the IIP was completed.

1. 6. 3. If the IIP data are compiled and differ from the corresponding CPIS results, will the differences be documented and explained for data users?

Response

Specify

Comments

Not applicable - international investment position data are not compiled or are identical to CPIS data.

Yes, differences between CPIS and IIP will be documented and explained

No

1. 7. 1. If the CPIS results are subject to revision, is there a policy regarding the treatment of revised data?

Response

Specify

Comments

Yes

Revision is subject to the availability of new information provided by the respodents.

No

1. 8. 1. Will the CPIS results be published (other than in IMF publications)?

Response

Specify

Comments

Paper publication

Web site

Press releases

Other

No

1. 9. 1. Will CPIS metadata (i.e., information on definitions, methods, etc.) be disseminated (other than in IMF publications)?

Response

Specify

Comments

Paper publication

Web site

Starting in 2004, definitions, methodology and formats are posted in the website of the central bank.

Press releases

Other

No

1. 11. Other

1. 11. 1 Are there any other comments that you wish to make that would assist users in the interpretation of the CPIS results?

No additional comments.

2. 1. Source data

2. 1. 1. For what were data collected from end-investors?

Response

All holdings

Own custody or nonresident custodian holdings

2. 1. 2. Please give the reason for adopting a collection system based on reporting by end-investors?
Ref.: CPISG2, Chapter 4

Response

Specify

Comments

Investment in foreign securities is mostly carried out by a relatively small number of large domestic institutional investors.

There is a tradition and/or sound legal framework for collecting cross-border financial statistics from end-investors

Resident investors keep securities mostly with nonresident custodians

Reporting preference by respondents

Other

2. 1. 3. If your end-investor CPIS collection system covers the household sector, could you describe the main difficulties encountered in approaching this sector? (Otherwise, please go to the next question)

The household sector was covered indirectly through the survey of resident custodians.

2. 1. 4. In the framework of your end-investor approach, what steps were taken to ensure that (end-investor) respondents provide the correct identification of the residence of issuers of securities?

Response

Specify

Comments

Respondents were provided with comprehensive explanatory notes for completing the CPIS forms

Web page guide

Respondents were required to check against ISIN or other security identification codes

Respondents were told that the market of issue should not be a proxy for residence of the issuer

Other

2. 1. 5. What are the sources used to build up registers of resident entities included in the CPIS and to maintain them over time?
Ref.: CPISG2, par. 5.9 to 5.24

Main

Secondary

Occasional

Specify

Comments

Government administrative sources

International Transaction Reporting System

Taxation records, files, or lists.

Information held by foreign investment approval or monitoring boards.

Central bank records

Information held by other regulatory authorities

Statutory company reports and company registration details.

Records held in foreign exchange controls or international transaction reporting systems

Other

Publicly available databases

The stock exchange register.

Bloomberg.

Commercial equity registers’ information services.

Market research reports or services

Media reports

Trade associations and their associated reports and releases.

Other

2. 1. 6. Could you please indicate (1) the number of CPIS end-investors approached (outside the household sector), (2) the entities actually reporting CPIS data, and (3) the coverage of the reported CPIS holdings as a percentage over the national total? (Careful estimates are acceptable.)
(Careful estimates are acceptable.)

Entities approached

Entities reporting

CPIS coverage as a percentage of the national total value of holdings in foreign securities.

Specify

Comments

Total

364

364

Banks

35

35

Insurance

103

103

Pension funds

40

40

Mutual funds, unit trusts, etc

165

165

IBCs / SPEs

General government

1

1

Nonfinancial corporations

20

20

Data were collected from the most important nonfinancial public sector entities and all public sector entities. No data were collected from nonfinancial private sector entities.

Other

3. 1. Source data

3. 1. 1. Could you please explain the reason for adopting a collection system centered around resident custodians and other indirect sources?

Response

Specify

Comments

There is a tradition and/or sound legal framework for collecting cross-border financial statistics from custodians.

Domestic investors by large keep their securities with resident custodians.

Ability to reduce reporting burden on respondents

Other

3. 1. 2. Are custodian services provided by resident entities other than banks? (e.g. investment managers, brokers, dealers, etc)

Response

Comments

Yes

Partly

No

3. 1. 3. If "yes" or "partly" to question 3. 1. 3., are investment managers likely to use the services of resident custodians? (If "no" to question 3. 1. 3., go to the question 3. 1. 5.)

Response

Comments

Yes

Partly

No

3. 1. 4. If "yes" or "partly" to question 3. 1. 3., are resident brokers/dealers likely to use the services of resident custodians? (If "no" to question 3. 1. 3., go to the question 3. 1. 5.)

Response

Comments

Yes

Partly

No

3. 1. 5. What are the main difficulties that resident custodians encounter in identifying the residence of beneficial holder?

No major difficulties.

3. 1. 6. How did you organize your survey in order to avoid double-counting between custodians (resulting from chains of custodians responsible for the same security)?

The survey apply a cross check between the data furnished by end-investor and the custodian residents in order to avoid double counting.

3. 1. 7. How did you organize your survey in order to avoid inclusion of securities held on behalf of direct investors?

The survey includes all the information necessary in order to avoid the double counting between custodians and direct investors, including investment managers and dealers.

3. 1. 8. If your survey includes custodians, investment managers and brokers/dealers, how did you organize your survey to avoid the double counting between custodians, investment managers and brokers/dealers? (otherwise, go to next question)

The end-investor survey asked the reporting entity to provide the name and country of residence of the custodian.

3. 1. 9. How did you organize your survey to cover holdings of residents with nonresident custodians?

The end-investor survey asked the reporting entity to provide the name and address of the custodian.

3. 1. 10. Could you please indicate (1) the number of custodians/investment managers/brokers/dealers approached (as relevant), (2) the entities actually reporting CPIS data, and (3) the coverage of the reported CPIS holdings as a percentage over the national total? (Careful estimates are acceptable.)

Entities approached

Entities reporting

CPIS coverage as a percentage of the notional total value of holdings in foreign securities.

Total

72

72

Custodians

15

15

Investment managers/ brokers/ dealers

57

57

4. 1. Source data

4. 1. 1. For what reasons do you prefer security-by-security reporting to aggregate reporting?
Ref.: CPISG2, Chapter 4

Response

Specify

Comments

Ability to cross-check data on the country of residence of the issuer.

Ability to cross-check data on the market value of the security.

Ability to cross-check data to avoid double counting.

Ability to cross-check other information for verification/quality control

Ability to draw on the securities database for information on the issue and issuer

Ability to reduce reporting burden on respondents

Other

4. 1. 2. What are the sources of data on individual securities and issues used in your CPIS?
Rate on scale of importance: 1 -main; 2 - secondary; 3 - occasional; 4 - not at all.

Eq. sec.

Gov. L-T debt sec.

L-T debt sec. banks

L-T debt sec. nonbanks

Gov. MMI

Banks MMI

Nonbanks MMI

Specify

Comments

Securities issued in foreign financial markets by non-residents

Commercial security database

National numbering agency/ies

Stock exchange

Security-by-security data reported by end-investors

1

1

1

1

1

1

1

Security-by-security data reported by custodians

1

1

1

1

1

1

1

Banking records

Securities registers

Business registers

UIC database

BIS database for international debt securities

Other

Securities issued in domestic financial markets by non-residents

Commercial security database

National numbering agency/ies

Stock exchange

Security-by-security data reported by end-investors

1

1

1

1

1

1

1

Security-by-security data reported by custodians

1

1

1

1

1

1

1

Banking records

Securities registers

Business registers

UIC database

BIS database for international debt securities

Other

4. 1. 3. If you collected security-by-security data primarily or exclusively from custodians, did you also ask end-investors to identify their custodians and the amount entrusted to them? If “yes” how useful did you find these data to be?

End-investors were asked to report the amount entrusted to a custodian, its name and country (resident or non-resident). This information permitted checks to avoid double-counting.