Colombia: The chambers of commerce and foreign non-profit organizations will be required to adhere to self-regulation systems, transparency standards and principles of business ethics

Colombia - 11 / 10 / 2023

A recent directive, released by the Superintendency of Companies, includes such organizations with a permanent presence in Colombia as obligated entities. Therefore, they are required to initiate the “SAGRILAFT” and “PTEE” programs by no later than August 31, 2024.

The Superintendency of Companies, on October 4 2023, issued the External Directive 100-000004, requiring the chambers of commerce and foreign non-profit organizations with permanent business presence in Colombia, to implement a Comprehensive Self-Control and Risk Management Regime (SAGRILAFT) and Business Ethics and Transparency Programs (PTEE).

Specifically, this directive modified the Chapter X of the Basic Legal Circular 100-000016 issued on December 24, 2020, along with its subsequent amendments, as well as the Chapter XIII of the Basic Legal Circular 100-000011 issued on August 9, 2021.

Regarding the deadlines, the chambers of commerce and foreign non-profit entities with permanent businesses in Colombia that are currently under the supervision of the Superintendency of Companies must ensure that the SAGRILAFT and PTEE programs are in operation, in accordance with the guidelines specified in Chapters X and XIII, respectively, by August 31, 2024, at the latest.

After this date, the chambers of commerce and foreign non-profit entities that come under the supervision of the Superintendency of Companies must implement the SAGRILAFT and PTEE no later than May 31 of the following year, in accordance with the provisions of Section 7.1 of Chapter X and Section 9 of Chapter XIII.