Flash news -  Weekly update on financial and compliance matters in Colombia
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Flash news - Weekly update on financial and compliance matters in Colombia
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Compliance and other matters

1.The Financial Superintendency certified the current bank interest rate for the consumer and ordinary credit modality in force for the month of December at 27.64% annual cash.

This rate, certified by resolution 1715 of November 30 of the current year, is 186 basis points higher than that of the previous month, which was 25.78%. Let us remember that article 884 of the Code of Commerce establishes that when in mercantile businesses capital revenues must be paid, without the interest being specified by agreement, this will be the current bank interest, which will be proven with a certificate issued by the Banking Superintendence. Similarly, the default interest rate is given at 1.5 times the previous rate, for which it will be located at 41.46%.

See: https://www.superfinanciera.gov.co/jsp/10112708

 

2.The Superintendence of Companies issued external Circular 100-000012 of November 22, 2022, through which the entities under its supervision and control are established to present their financial statements and the business practices report for the year 2022.

Through said external circular, both the terms and the conditions under which the supervised, controlled and inspected companies of groups 1, 2 and 3 of application of International Standards will have to send the financial information to this superintendency, as well as their report, are established. of business practices. Said deadlines cannot be extended and were established a) from April 11 to May 9 for sending financial information, with two business days after that for sending additional documents, and b) from May 16 to 30 for the business practices report.

See: https://jadelrio.com/Boletines/Colombia/Flash20/2.Circular100-000012de22denoviembrede2022.pdf 

 

3.Regulations on meetings of Assemblies and Boards of Partners.

With the mid-year end of the health emergency in Colombia, doubts arose as to whether Regulatory Decree 398 of 2020 issued during the emergency would lose its validity (and which allows said corporate bodies to hold their meetings virtually applying the provisions regarding the quorum, calls and majorities, provided in the bylaws or in current regulations), to which the Superintendence of Companies states that said decree is not tied to the emergency, therefore it continues in force; unlike Decree 176 of 2021 whose application was temporary for the pending meetings of the 2019 and 2020 financial years.

Ver: https://jadelrio.com/Boletines/Colombia/Flash20/3.Decreto398de2020.jfif 

Ver: https://jadelrio.com/Boletines/Colombia/Flash20/3.1Decreto_398_de_2020.pdf

 

4.Legal considerations for the modality of collective vacations.

At this time of the end of the year, it is important to remember that collective vacations are not expressly stipulated or regulated by law, but it is legally valid for a company to grant them, for which it must take into accounts some considerations according to the jurisprudence of the Supreme Court of Justice:

- The employer is autonomous to decide collective vacations, however, must consider that the article 187 of the Substantive Labor Code states: "The employer must announce fifteen (15) days in advance, the date on which the vacations will be grant".

- They are paid with the salary that the worker is earning at the time the collective vacation begins

- If the worker terminates his contract before giving rise to the right to vacations, and these were granted in advance on account of collective vacations, the employer cannot deduct the vacations already granted.

- Once the worker enjoys his collective vacations, he can no longer claim more vacations until he causes the right again.

See: https://jadelrio.com/storage/Boletines/Colombia/Flash%2020/4.GJ31n.%202314-2316%20(1969)-comprimido.pdf 

See: http://www.secretariasenado.gov.co/senado/basedoc/codigo_sustantivo_trabajo_pr006.html#:~:text=ARTICULO187.,ylaefectividaddeldescanso.

 

If you require more information regarding this topic, contact us. We will be pleased to assist you: contacto@jadelrio.com

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