COLOMBIA

On January 18 the Colombian Financial Superintendency (SFC, for its acronym in Spanish) published a circular on the minimum mandatory returns for severance and pension funds. The regulations, which are already in force, establish a minimum annual return of between 0.55% and 5.96% of the funds. Meanwhile, the Bank of the Republic (BanRep) opened a public consultation on a draft regulation for high-value payment systems. Those interested in providing their comments may do so through the following link until January 23, 2021.

The SFC circular determines that the minimum mandatory return on the short-term portfolio for severance funds for the period September 30 to December 31, 2020 should be 0.55% per year, whereas the minimum return for the type of retirement fund scheduled for the period running from June 30, 2018 to December 31, 2020 should be 5.96%. 

BanRep’s draft regulation modifies External Resolution No. 5 of 2009, amending the sections related to the concepts of “transfer order,” “credit risk,” “asset laundering risk,” “systemic risk,” “high value payment system” and “low value payment system,” among others. It also amends an article on entities administrating high value payment systems.