- the obligatory nature of representative offices governmental regulation is clarified;
- the list of exceptions from the obligation of establishing a representative office in Colombia is unified.
The Circular also states that representative offices may only develop activities tending to allocate external credit in Colombia.
It is authorized the opening of marketing offices of foreign financial institutions that will depend on the representative office already authorized by the Superintendency of Banks. Such marketing offices may be established within the country in places different from that of the domicile of the representative office.
The term of two months for previous announcement of the closing of representative offices was reduced to one month.
The term for informing the Banking Superintendency regarding opening of representative offices of Colombian financial institutions applies within the month following to their establishment abroad.
Prepared by Carlos Alberto Riveros from Gomez Pinzon & Asociados. These notes are intended to provide only a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
GOMEZ PINZON & ASOCIADOS Carrera 9 No. 73-24 Pisos 1, 2, 3 y5 Santafe de Bogota, Colombia Telephone: 571 - 310 7055/5066 Facsimile: 571 - 310 6646/6657 http://ourworld.compuserve.com/homepages/GOMEZP_LAW
