On December 27, the Colombian Superintendency of Finance (SFC, for its acronym in Spanish) issued a circular and a document modifying the authorization regimes for foreign banks’ representative offices in Colombia, and the requirements for entering into correspondent agreements with foreign financial or securities market institutions for the cross-border provision of financial services. The regulations will enter into force on January 15, 2020.
The regulations add special provisions for the operation of representative offices as defined in the SFC’s Basic Legal Circular, including new representation requirements for the office shared with other entities abroad, through a subsidiary, as well as for the closure of these offices in Colombia. In the case of correspondent contracts, the initiative adds special requirements for contract authorization procedures.
The regulation also establishes that requests for the authorization of correspondent contracts for stock exchange commission agents and financial corporations under way when the norm enters into force shall follow the earlier procedure in force when these were filed.