April/May 2019
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Sponsored by Brigard UrrutiaLaw 1870 of 2017, the Colombian Financial Conglomerates Law entered into force on February 6 2019. The Colombian Superintendence of Finance (SFC) has begun the process of supervising 13 financial conglomerates in the country, five of which are local and eight foreign. The SFC will supervise: Sura – Bancolombia Group, Aval Group, Bolívar financial conglomerate, BBVA Colombia, Fundación Social, Coomeva, Scotiabank Colombia, Itaú Colombia, BNP Paribas Colombia, BTG Pactual Colombia, Credicorp Capital Colombia, GNB Sudameris Colombia and Old Mutual Colombia. -
Sponsored by Riquito AdvogadosSince President Kennedy's proclamation, in 1962, that "consumer, by definition, includes us all", modern legal systems have increasingly dedicated their attention to consumer relations and rights. The impact of such legislation, however, is thought to reach much deeper than the immediate protection of consumers in their relations with business operators: consumer protection laws tend to increase consumers' confidence and, consequently, they serve as an important factor in increasing (or maintaining) consumption levels.
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Sponsored by Nagashima Ohno & TsunematsuOn January 31 2019, the Cabinet Office Order to Partially Amend the Cabinet Office Order on Disclosure of Corporate Affairs was issued by the Financial Services Agency. It was suggested that the original order be revised based on the recommendations made in the Financial System Council's 'disclosure working group report' announced in June 2018. Following is an outline of the revisions to be made:
