1. Inspection, monitoring, and control functions of foreign non-profit entities with permanent businesses in Colombia.
Through Decree 326 of March 2023, the Superintendency of Companies delegated monitoring and control functions over this entity type. As a result of this designation, the Superintendency of Companies already required a first information report through report No. 77 (due date was July 31) to begin coordination work with other entities. that carry out monitoring and verification over non-profit entities. As part of the training and communication actions that the Superintendency has been carrying out in this regard in recent months, it is worth emphasizing that:
- The object and scope of the delegated functions include the attribution of supervising the entities above so that “their income is preserved and properly applied and so that in all essential matters the will of the founders is complied with” under section 26 of article 189 of the Political Constitution.
- Foreign non-profit entities with permanent businesses in Colombia should keep an accounting process.
- Article 166 of Decree-Law 019 of 2012 orders the registration of these companies to the corresponding Chamber of Commerce.
See: https://jadelrio.com/Boletines/Colombia/Flash39/1.Capacitacion-de-funciones-inspeccion-vigilancia-y-control-ESALES-extranjeras.pdf
2. New Report 75 -SAGRILAFT & PTEE.
Last September 11th, the Superintendency of Companies issued the External Circular 100-000003 through which:
- Established the deadlines and minimum requirements for the presentation of report 42 – Business Practices, the responsibility of which falls on the administrators of the obligated subjects.
- Are integrated into report 75 SAGRILAFT & PTEE the previous ones. Into report 50 ML/FT/FPADM Risk Prevention – SAGRILAFT and into report 52, the transparency and Business Ethics Program & PTEE.
- The requirements and deadlines for the presentation of the Compliance Officers report 58. They must be sent within the next 15 business days following the appointment and may occur at any time of the year with the subsequent sending of additional document.
See: https://jadelrio.com/Boletines/Colombia/Flash39/2.Circular-Cumplimiento-2023-01-734390.PDF
3. Legal effects of the Statutory Auditor´s signature.
The Technical Council of Public Accounting (CTCP- as its acronym in Spanish) sent an official communication to the Superintendency of Companies, in which it presents some observations regarding the concept issued by The Superintendency through Official Letter No. 220-142346 of 2023, in which it concludes that “the legal representative´s registration or Statutory Auditor has a constitutive nature; that designation only produces legal effects when it has been registered in the respective chamber of commerce.”
The CTCP considers and states, following the legal regulations and jurisprudence in this regard, that the registration in the Chamber of Commerce of the Statutory Auditor´s inscription is the responsibility of the contracting entity. It has a declarative and informative nature for advertising to third parties, while the Statutory Auditor´s designation is a constitutive nature. It enables him to assume the position, exercise his functions and powers, and respond to his process from his designation.
See:
- https://jadelrio.com/Boletines/Colombia/Flash39/3.OFICIO220-142346-19DEJULIODE2023.pdf
- https://www.ctcp.gov.co/noticias/2023/ctcp-dirige-comunicacion-a-la-superintendencia-de
The content of this newsletter is merely informative, that´s why it cannot be used under any circumstances as advice on the matter described in it. If you need advice on any of the aspects discussed, our team of professionals will be willing to assist you. contacto@jadelrio.com
