Having not secured a deferred prosecution agreement in respect of U.K. Bribery Act offences since 2021 and having been rocked by a series of shortcomings regarding its investigation and prosecution of cases, the SFO has arguably been at its lowest ebb.

The Superintendence of Companies, through its External Circular No. 100-000003 of 23 April 2024 (hereinafter the “Circular”), extended the deadlines for the Chambers of Commerce and Foreign Non-Profit Entities (in its acronym in Spanish “ESALs”) to implement the Integral Self-Control and Risk Management System of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction and Business Transparency and Ethics Programs. The new deadline is on 31 May 2025.

In a recent decision, the Superintendence of Companies determined that an Excel-based risk matrix of the Self-Control and Integral Management System of Money Laundering, Terrorism Financing and Financing of the Proliferation of matrixes and of the Business Transparency and Ethics Program was insufficient because it did not allow to individualize, measure, assess and mitigate the risks identified.

The Superintendence of Industry and Commerce through Resolution No. 17526 of 2024 established the new fees for merger control procedures applicable during 2024. The parties must pay the applicable fee depending on the type of procedure: fast track notification, pre-assessment request phase I or pre-assessment request phase II. These new fees will be effective as of the date of publication of the resolution and the amount must be paid prior to the filing of the application before the SIC.

On 21 March 2024, the National Government issued the Decree 390 of 2024, by which it established the procedure for granting the Leniency Program in transnational bribery and corruption (“Leniency Program”) matters. Under the Leniency Program, it is possible to obtain full or partial immunity from possible sanctions for corruption and transnational bribery. In order to obtain the benefits of the Leniency Program, the company must provide relevant information on the aspects of the commission of such acts and the benefits obtained.

In the last few days, the Superintendence of Companies ( “SoC”) has begun to invite various companies under its surveillance and control to participate, on a voluntary basis, in a diagnostic exercise on the implementation of sustainable practices. This is in accordance with Chapter XV of the Basic Legal Circular of the SoC: “Administrative Recommendations for the Submission of the Sustainability Report”.

Data is a critical asset in today’s globally connected economy. Rapidly evolving technologies have made it easier than ever for companies to collect, use and transfer data throughout the world. Yet strict data protection, privacy and cybersecurity regulation is evolving rapidly, imposing complex and often inconsistent standards. Our Global Data Privacy & Cybersecurity Handbook is updated annually to help you keep up with the dynamic legal landscape. We provide detailed overviews and allow a comparative perspective of the increasingly complex and sophisticated data privacy and cybersecurity standards in over 50 countries.

Most major companies have implemented a compliance program but often struggle with two issues: ensuring the compliance program remains effective in light of their existing and changing landscape and making it more efficient by leveraging technology. The Compliance Cockpit specifically addresses both issues.

The Superintendence of Industry and Commerce, the sole authority for competition protection in Colombia, issued a Guide to Provide Orientation in the Implementation of Competition Compliance Programs. Although the Guide has a doctrinal scope and does not impose obligations, its publication allows the market to understand the vision that the SIC has on the relevance of these types of programs, the benefits of implementing them, and the key elements that they should contain and develop. In this way, the SIC highlights the value of these programs as a mechanism for the prevention and early detection of anticompetitive conduct.

The Annual Compliance Conference begins next week and attracts over 6,000 in-house senior legal and compliance professionals from across the world. This leading compliance conference will be held across five weeks from 6 September – 6 October 2022. We will be virtually delivering our cutting-edge insights and guidance on key global compliance, investigations and ethics issues. Our global experts will provide practical insights and analysis on significant developments:
• anti-bribery
• corruption and economic crime
• customs and FTAs
• ESG, supply chain and product compliance
• antitrust and competition
• export controls, sanctions and foreign investment

Click here to view the full agenda and register your interest in joining us virtually at this must attend global compliance conference for senior in-house legal and compliance professionals.