Recently amended competition laws charged the Superintendence of Industry and Commerce (SIC) with defining relevant markets in the financial and insurance sectors, evaluating competition levels in such markets and highlighting any discernible market failures. Consequently, the SIC will be able to recommend new regulation in order to foster competition, boost efficiency and improve consumer welfare in these sectors.
Colombian antitrust laws have evolved in several phases. A couple of recently enacted statutes – the Anti-corruption Statute and the Anti-bureaucracy Statute – have introduced some notable interesting changes. In addition, the Anti-bureaucracy Statute modified certain procedures that must be followed in investigations and procedures carried out by the Superintendence of Industry and Commerce.