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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 Colombian Tax Office (“DIAN”) and the Superintendence of Companies have entered into an inter-administrative agreement for the exchange of information related to the Ultimate Beneficial Owner Registry, to strengthen the inspection and control functions of these entities and their investigative powers.

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”.

All those persons registered in the Sole Registry of Bidders (Registro Único de Proponentes) (RUP for its acronym in Spanish) must update their registration no later than 5 April 2024, otherwise, the effects of the registration will cease and they will have to register again, providing all the necessary documentation, as if it were the first registration.

Join us for a four-part webinar series as our US moderators welcome colleagues from around the globe to share the latest labor and employment law updates and trends. US-based multinational employers with business operations in Asia Pacific, Europe, the Middle East and Africa, and the Americas regions will hear directly from local practitioners on the major developments they need to know, and come away with practical tips and takeaways to implement.

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.