COLOMBIA
The Financial Regulation Unit (URF) published on May 13 a document with the main aspects of the Regulatory Agenda 2021, updated as of March. The document shows the 5 areas on which the entity will issue regulations and reports throughout this year. Among the regulations to be issued by the URF is a draft decree on open banking and financial portability, which would be published during the third quarter of the year. The file is complemented by the Work Agenda 2021, published in December 2020. Please find more information below:
- Promote access to the payment system
In the third quarter of this year, the government plans to publish a decree to promote open banking and the establishment of standards that favor the implementation of financial portability. This will promote innovation and modernization of financial services. It is also planned to launch a study on the digitization of government payments and collections and the progress and challenges of the digitalization of mass payments in the economy.
- Foster financial inclusion
The URF will issue a draft decree to improve the planning and monitoring powers of regulatory agencies in the area of financial inclusion. The agency will also publish a study on the gaps in financial inclusion at the geographic, social and gender levels, in order to compare Colombia’s situation with that of other countries and design strategies to address this problem. In addition, the URF will prepare a report on the microfinance industry in Colombia.
- Promote efficient transformation of savings and investment
In this area, the entity plans to publish studies on the issuer and infrastructure regime and on disclosure standards for asset management commissions. In the first case, aspects related to the protection of minority investors and the strengthening of the capital market will be analyzed. Meanwhile, the second report will review the setting of fees by asset managers to promote competition among players and market transparency.
- Consolidate financial security and stability
The URF will issue draft decrees to regulate the administration of third party assets and the technical reserves of insurance companies.