After a colon it is standard practice not to capitalise the first letter of the following text.

Small_OK The academic year is divided into two quite distinct periods: the first and the second semesters.

If the statement introducing a vertical list is a complete sentence, close it with a colon. Then capitalise the first letter of each item of the list and close each item with a full stop, whether or not it is a complete sentence.

Small_OK Students can pass the course only in the following circumstances:
a) They attend 80% of all the classes.
b) They hand in all the course work on time.
c) They get at least 50% in the final exam in June.
Small_OK Students must present the following documents:
a) The official application form.
b) A motivation letter.
c) A photocopy of their passport.

However, if the statement introducing a vertical list is a sentence fragment, not a complete sentence, do not close it with a colon and lowercase the first letter of each item. Finish each item with a comma, except the last one, which should finish with a full stop.

Small_OK Students will have more chance of successfully completing the course if
a) they are given clear instructions,
b) they are regularly reminded of their obligations,
c) they are closely supervised.

Likewise, a capital letter is often used after a colon placed immediately after formulaic expressions in some administrative documents.

Small_OK I, Mr Jack Hawkins, coordinator of the Language Service, CERTIFY:
That Ms Neus Puig Peralta attended the workshop held at this university on Saturday 14 April.

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