Antitrust regulations in Colombia
Antitrust regulations in Colombia have changed recently with the provisions included in Decree 266, dated February 22 2000. Article 118 of the new decree amends Article 4 of Law 155 of 1959, which regulates restrictive business practices in our country.
Article 118 of Decree 266 states: "The Superintendency of Industry and Trade must issue a decision regarding the merger, consolidation, integration and acquisition of control of companies which jointly represent 25% or more of the respective market, or whose assets exceed fifty thousand (50,000) legal minimum wages, in cases required by regulations regarding restrictive business practices. In addition to the causes included in applicable regulations, the transactions must be objected to when they constitute the means of obtaining a dominant position within the market."
Decree 2153 of 1992 empowers the Superintendency of Industry and Trade with the role of ensuring compliance with the regulations on competition, promotion and restrictive business practices in the national market. External Circular 2 of 2000 establishes the information which must be submitted to the Superintendency when conducting an antitrust filing under Article 228 of Decree 266. This information includes, among other things, description of the transaction, identification of the market (products, consumers, competitors and geographic area), and identification and description of suppliers and distribution channels involved.
Once the relevant antitrust filing is presented before the Superintendency of Industry and Trade, the Superintendency has 30 working days to answer the petition.
The Superintendency of Industry and Trade may demand any additional information needed in order to analyze the information included in the antitrust filing. In the event that additional information is required, the 30 working days term starts again on the date on which this information is provided.
If the Superintendency of Industry and Trade fails to answer the petition within the term granted by the law, the administrative positive silence will come into effect. This means that it will be legally presumed that the Superintendency has granted the authorization to proceed with the proposed transaction.
Gómez-Pinzon y Asociados
Tel: +57 1 310 5066
Fax: +57 1 310 6646