The Constitutional Court declared Article 261 of Law 2294 of 2023 unconstitutional, which authorized SAS (Simplified Stock Companies) to trade their securities on the public market. The decision does not dismiss the measure itself but asserts that the National Development Plan is not the appropriate mechanism to regulate this matter. Moreover, it determined that selling stocks does not automatically guarantee financing for SMEs, as it depends on investors’ willingness, thereby failing to ensure that these companies secure the necessary resources for their growth.
This ruling does not prevent SAS from accessing the stock market in the future, but it confirms that such regulation must be established through a specific law that defines the conditions for their participation. Currently, only SA (Corporations) can issue shares on the stock exchange, meeting requirements such as financial transparency, risk disclosure, and oversight by the Financial Superintendence.
Eliminating this provision does not close the debate. The possibility of SAS entering the public securities market remains open, as long as a legal framework is created to ensure legal certainty for both investors and companies. This discussion will be crucial for the development of Colombia’s capital market and corporate law.
