On March 26, the Financial Superintendency of Colombia (SFC) opened a public consultation on a draft regulation and an attached document through which it provides instructions related to the controlled test space (CTS) for financial innovation activities. Those who are interested may send their comments until April 16, 2021, by writing to [email protected].
This regulation seeks to add to the Basic Legal Circular a chapter on the controlled test space for financial innovation activities. This section will regulate the requirements to enter the CTS and the applications for the issuance of the temporary operation certificate. In addition, it will also regulate the follow-up, evaluation and supervision in the CTS, the end of operations in the controlled test area and the advertising information to be provided by the entities on the products and services offered within the space.
In relation to the advertising of the products and/or services offered in the CTS, the measure establishes that the entities must include clarifying information in the interface where the first contact with the financial consumer is made, whether in mobile applications, web pages or other channels. Among the information required by the SFC are: to clarify that the entity offers the product and/or service under a temporary operating license; the end date of the temporary trial and its extensions; and the financial consumer protection mechanisms and the service channels available.