New criteria for the adoption of Business Ethics and Transparency Programs

Through Resolution 100-006261 of October 2, 2020, the Superintendence of Companies established new parameters that must be considered by the companies supervised by such entity to determine whether they are obliged to adopt a Business Transparency and Ethics Program (PTEE).

According to the following criteria, which will be in force as from January 1, 2021, companies that, in the immediately preceding year: i) have carried out international business or transactions of any nature, whose amounts are equal to or greater than 100 SMMLV; and that, ii) have obtained income or total assets equal to or greater than 40,000 SMMLV, would be obliged to adopt a PTEE.

Regarding the relationship with transactions or businesses entered with third parties, these may have been carried out directly or through an intermediary, contractor or through a subordinate company or a branch, with foreign natural or legal persons under public or private law.

It is important to point out that, to comply with this obligation, the Superintendence of Companies established a term until April 30 of each year for the companies that as of December 31 of the immediately preceding calendar year comply with the above-mentioned criteria to adopt the PTEE.

Thus, and in accordance with the powers granted to the Superintendence of Companies, this entity may verify compliance with this obligation at any time, under penalty of imposing sanctions.