The Superintendency of Corporations determined the companies mandated to adopt Compliance Programs


On August 1st 2016 the Superintendency of Corporations issued Resolution 100-002657, which sets forth the companies mandated to adopt a Compliance Program in accordance with the provisions of Law 1778 of 2016.

According to the resolution, the companies under supervision of the Superintendency of Corporations, which in the immediately preceding year had conducted, on a regular basis, businesses of any nature with foreign individuals or companies of public or private nature (“International Businesses or Transactions”), are mandated to adopt Compliance Programs, as long as:

  • Such International Businesses or Transactions had been conducted through intermediaries or contractors, or through subsidiaries or branches set up by such company in other countries; or
  • Such  International Businesses or Transactions are related to one of the following sectors of the economy: pharmaceutical, infrastructure and construction, manufacturing, mining and energy, and technologies and communications. In this case, the obligation to implement a Compliance Program will depend on whether or not the company, as of December 31 of any given year, meets the thresholds regarding gross income, total assets or size of staff, which are provided by the resolution for each sector.

The deadline for the adoption of the Compliance Program expires on March 31, 2017, for those companies that meet the abovementioned parameters on December 31, 2015.

By clicking here, you may find the full text of Resolution 100-002657 of 2016.

Also, on July 26, 2016, the Superintendency of Corporations issued the Guidelines for the Adoption of Compliance Programs, according to Law 1778 of 2016 on transnational bribery, which you can find by clicking here.