News of the week in the area of finance
News of the week in the area of finance

1. On November 9th, the Superintendence of Companies published a draft external circular for comments, which proposes adding administrative orders to implement the business sustainability program – Basic Legal Circular.

The proposal is to guide and promote the best business practices in the field of sustainability and corporate social responsibility among the monitored companies in such a way that a framework is established that allows identifying and addressing sustainability risks, for which the Superintendency of Companies would require its supervised parties to implement a sustainability program, which must be revealed annually, with the results obtained in a complete report of information and activities established within the implementation plan.


2. On November 20th, the Superintendency of Companies published for comments a draft addition to Chapter XVI of the primary legal circular – General instructions regarding foreign non-profit entities with permanent businesses in Colombia.

The purpose of this project is to reference its regulatory, jurisprudential, and doctrinal framework applicable to foreign non-profit entities with permanent businesses in Colombia, in turn, some aspects related to the constitution of representatives and operation, as well as the private liquidation of their company and heritage in Colombia.

The project is posted for comments until December 12th, 2023.



3. On November 2nd, the Superintendency of Companies issued External Circular 100-000009, which groups together the requirements for the presentation of financial information and additional documents of business entities.

The sole information requirement circular (CURIF) – its acronym in Spanish- aims to understand better the standards and information requirements applicable to entities that the Superintendence of Companies supervises.

It is aimed at legal representatives, tax auditors, public accountants, commercial companies, branches of foreign companies, sole proprietorships, and executive presidents of chambers of commerce.



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