Securities are an instrument of financial markets through which the agents of the market get short term financiation. In this text, in first place we will study the regulation of this instrument in Colombia while we propose an additional use as a financiation source in infrastructure projects which are developed in schemes of Public Private Partnership in accordance to the Law 1508 of 2012. Latter we will study the role of securitization in the development of the global financial crisis of 2007 and 2008, and from this narrative we will explain the market inefficiencies that come along this instrument, mainly problems of asymmetric information. In third place, we will take risk retention as a regulatory proposal for this instrument which aims to reduce the problems previously explained; we will put special attention in the actual risk retention regulation from The United States and the European Union. Lastly, we are going to analyze the existing regulation of risk control in Colombia, with the objective in mind of proposing a modification that adapts the risk retention proposal.