Colombia: Upcoming changes for the SIC

Colombian superintendent of Industry and Commerce Andrés Barreto has advanced some changes that his administration will push forward at the head of this regulatory entity, including changes to imposed sanctions, prevention programs, and the creation of new delegations.

“… We want to work on prevention. The authority should not be perceived as only sanctioning, it is desirable that there is prevention and control within the companies” said Barreto, adding that the creation of delegations in chambers of commerce and reforms to the organizational and legislative structure would also be explored, in support of free enterprise.

The SIC has collected sanctions, mainly for cartelization, worth $2 billion pesos (US$ 633 million), resources that are sent to the Ministry of Finance and do not contribute to the Budget of the SIC. “The fines cannot be expropriatory, but neither can they be inefficient” he concluded.