LAVCA held a “Regulatory Luncheon” with the Superintendencia Financiera de Colombia in August 2015, the URF (Unidad de Regulacion Financiera) and ColCapital (local PE/VC Association) to address the PE/VC regulatory issues in that market. As a note, Colombia was downgraded on the indicator “Laws on PE/VC Fund Formation.” The chief concerns LAVCA expressed to Colombian regulators were in reference to the following norms.