COLOMBIA

On December 31 the Colombian Financial Regulation Unit (URF in Spanish) published the regulatory agenda for the year 2022. The regulatory agenda is based on Bill 413, which was not approved in the Senate during 2021, and therefore, it must be debated after the parliamentary recess, starting on March 16, 2022. 

The URF, through the regulatory agenda, details that by 2022 it will seek to promote the efficient transformation of savings into investment, foster financial inclusion, consolidate financial security and stability and promote access to the payment system. For this purpose, draft decrees are scheduled to be published in the first quarter of next year. Among them are the draft decrees on Capital Market Promotion, Inclusive Portfolio, Large Exposures and Open Financial Architecture.

In addition, the issuance of a regulatory framework is planned to develop the legislative initiatives stipulated in Bill 413 of 2021 for the institutional strengthening of the URF in aspects related to its corporate governance, improvements to the regulatory governance cycle, advisory role of the Ministry of Finance for the construction of public policy for the financial system, contribution scheme and its organizational structure.