SFC Assigns Oversight to Citibank: Senator Files Suit in Constitutional Court Against Recent Tax Reform
17 enero 2020

The Colombian Financial Superintendency (SFC for its acronym in Spanish) published a resolution assigning the coordination of the supervision of financial conglomerates to oversight departments for those entities under surveillance. This includes the assignment of the supervision of Citibank to the Directorate for Financial Intermediaries Two of the Office of the Delegated Superintendent for Financial Intermediaries, a resolution which is already in force. 

In other news, Senator Roy Barreras (Partido de la U – allied to the ruling party) filed a complaint before the Constitutional Court highlighting procedural flaws in the Economic Growth Law (or Law 2010 of 2019), passed in December 2019.

“This is a regressive, inequitable, anti-technical rule which worsens the fiscal deficit,” said the legislator  about the 2010 Law of 2019, which was passed to replace the Financing Law earlier declared unconstitutional by the Constitutional Court in October 2019 and which expired on January 1, 2020. The Colombian Constitutional Court is expected to rule on the regulations in the coming months.


“This bill was passed with flaws yet again, for the second time,” claimed Senator Barreras, explaining that explained that some of the procedural flaws lie in the fact that “58 proposals made in the committees were filed in an irregular way” and that four articles were drafted differently in the final texts approved by each of the chambers, and hence not reconciled as dictated by the regulations.

He also considered that on December 18, 2019, when this Law was debated, an irregular session was conducted in the House of Representatives. There the session restarted even though the Vice President María José Pizarro (Decentes-opposition), who was presiding over the session at that time, had decided to end it.