Colombia

  • Colombia regulates the temporary transfer of securities and investments in participations issued by ETFs

    With the issuance of Decree 1351 of 2019, some provisions of Decree 2555 of 2010, were modified related to investments in participations issued by stock exchange funds, temporary transfer operations of securities in the counter market, and the disclosure of information in the securities market through electronic means, among others.

  • Colombia: The six labor amendments in the National Development Plan (NDP)

    By means of Law 1955 of 2019, the National Government passed the National Development Plan (NDP) for the four-year term (2018-2022). The Plan includes a series of changes in Colombian labor policy, which are presented below.

  • Colombia: The EPS cannot order employers to provide the medical records of their employees to process incapacity to work

    The Ministry of Health and Social Protection, in a resolution dated February 20, 2019, has established that due to the private and reserved nature of medical records, health care entities (EPS) cannot order employers to provide the medical records of their employees and employers cannot request said records from their employees to process incapacity to work.

  • Colombia aims to promote the use of small-scale distribution channels for financial products

    The Colombian government released a technical document analyzing ways to extend the use of financial services, promoting access to technological innovation. 

  • Garrigues wins Latin Lawyer’s Deal of the Year for the Bogotá metro project

    Garrigues took the award for Latin American Deal of the Year in the banking and finance category for its advice to Metro de Bogotá and Financiera de Desarrollo Nacional on the financing of the largest urban transport project in Colombia. The awards are presented annually in São Paulo by Latin Lawyer, one of the most prestigious publications in the sector, and bring together the main firms and companies in the region. 

  • Shareholders only have the right to inspect certain documents and content

    In Colombian public limited companies and simplified joint stock companies, inspection rights are subject to a series of rules regarding the documents and content that can be inspected. We recommend preparing regulations setting out how shareholders can exercise their rights in these cases. To that end, key points to be borne in mind are set out below.

  • DIAN issues a reminder of the mandatory deadlines for renewing the registration of not-for-profit entities for the purposes of the Special Tax Regime

    The Directorate of National Taxes and Customs (DIAN) recently issued a reminder to taxpayers of the deadlines - established in Decree no. 2442 of December 27, 2018 issued by the Ministry of Finance - by which not-for-profit entities (ESAL) and Cooperative Sector Entities (ESCOOP) must update their registration in order to remain under the Special Tax Regime. Failure to complete this step can result in this special regime becoming non-applicable and loss of the benefits that it offers.

  • Regulations are issued on the use of cloud computing for financial services in Colombia

    In response to the digital transformation of services for the storage, processing and use of data, and to promote the use of cloud computing for the provision of financial services, the Colombian Finance Authority (Superintendencia Financiera de Colombia or “SFC”) has issued External Circular no. 005- 2019, in which it sets out instructions relating to the use of cloud computing services.

  • Latest developments regarding Cooperative Work Associations in Colombia

    The highest administrative Court in Colombia -the “Consejo de Estado”- recently annulled several important rules regarding Cooperative Work Associations -known in Colombia as Cooperativas de Trabajo Asociado. Through a Decision emitted on the 19th of February, 2018, the Court declared articles 2, 4 -paragraphs first and third-, 5, 9 and 10 of Decree n°. 2025 of 2011 to be null and unenforceable.