Colombia Corporate Law Update: Report 58 (Appointment of SAGRILAFT Compliance Officers)

With the issuance of External Circular 100-000016 of November 17, 2021 (the “Circular”), the Superintendency of Companies established the deadlines and conditions under which the companies monitored, controlled and inspected must deliver basic financial statements for the year 2021. Likewise, it established which are the reports through which financial information must be presented, and introduced Report 58, through which SAGRILAFT Compliance Officers must submit non-financial information.

According to section 3 of chapter 3 of the Circular, the submission of Report 58 must be made in the following terms:

• Business entities obliged to comply with the provisions of Chapter X of the Basic Legal Circular of the Superintendence of Companies (the “Basic Circular”) are obliged to submit it. The responsibility for the processing, the content and its veracity will fall on the administrators of the obliged entities.
• Report 58 must: (i) be completed in the STORM User application, which is downloaded by entering the website of the Superintendency of Companies (supersociedades.gov.co) and (ii) be sent within 15 business days following the appointment or change of the SAGRILAFT Compliance Officer.
• Within 2 working days following the submission of Report 58, the following additional documents must be submitted in PDF version, through the STORM User module of the website of the Superintendency of Companies (supersociedades.gov.co):
  • Certification signed by the legal representative of the obliged entity expressly indicating that the SAGRILAFT Compliance Officer complies with the requirements demanded by Chapter X of the Basic Circular.
  • Resume of the SAGRILAFT Compliance Officer.
  • Copy showing that the SAGRILAFT Compliance Officer was registered with SIREL.
  • Copy of the extract of the minutes of the highest corporate body in which the appointment of the SAGRILAFT Compliance Officer is recorded.
  • Document that accredits the knowledge of the SAGRILAFT Compliance Officer in issues of LA/FT or risk of LA/FT/FPADM, whether courses, diplomas, specialization, seminars, congresses, among others.

By Katerine Delgado, LLOREDA CAMACHO & CO, Colombia, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact colombia@transatlanticlaw.com 

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