COLOMBIA Law and Practice Contributed by: Jaime Trujillo, Juan David Velasco, Natalia Ponce de León and Angelica Navarro, Baker McKenzie S.A.S.
For full filings, the SIC has an initial stage (Phase 1) to review and decide on the submission, which lasts 30 business days from the date the neces - sary information is submitted. During this phase, the SIC may either approve the transaction or proceed to a more detailed review (in a second phase). During Phase 1, the SIC also posts a notice on its website to inform third parties about the transaction, allowing them ten business days to file any challenges and relevant information. If the SIC considers that the transaction requires further review and analysis, it will move the sub- mission to Phase 2. This second phase lasts three months from the date the required informa - tion is submitted. The SIC can extend this term at least once. In this phase, the SIC requests additional information from other authorities, competitors, clients and suppliers to perform its market analysis. If the SIC issues a request for further information (RFI) to the parties during Phase 2, this resets the three-month period, but only the first RFI has this effect; subsequent RFIs do not suspend the duration of the review. 6.3 Cartels Colombian competition law generally prohibits anti-competitive agreements between competi - tors, such as price fixing, bid rigging and market allocation, among others. Antitrust laws apply to any market agent, wheth - er domestic or foreign, whose conduct has or may have an effect, even if partially, in any mar - ket in Colombia. Penalties for companies engaging in anti-com - petitive agreements can be of up to 100,000 minimum monthly salaries (COP142.3 billion or USD34 million). Fines against individuals can be as high as 2,000 minimum monthly salaries (roughly COP2.8 billion or USD683,000 at cur -
rent exchange rates). The SIC can impose fines against corporate officers and employees who executed, authorised or tolerated the conduct. 6.4 Abuse of Dominant Position Colombian competition law generally prohibits anti-competitive behaviour (ie, behaviour that is restrictive regardless of the existence of a dominant position) and abuses of dominance (eg, tying, discrimination and market access obstruction, among others). Penalties for companies engaging in abusive unilateral conduct can be of up to 100,000 minimum monthly salaries (COP142.3 billion or USD34 million). Fines against individuals can be as high as 2,000 minimum monthly salaries (roughly COP2.8 billion or USD683,000). The SIC can impose fines against corporate officers and employees who executed, authorised or toler - ated the conduct. A patent is an exclusive right granted to an inventor over their invention. In Colombia, the patent protection period lasts for 20 years from the filing date, and it cannot be renewed. The registration process begins with the sub - mission of the application to the SIC, along with the required registration fees. Following this, the office carries out formal and substantive examinations to ensure compliance with legal requirements and to assess the invention’s nov - elty, inventive step and industrial applicability. If all criteria are satisfied, the patent is granted. Enforcement of patent rights may involve cease- and-desist letters and conducting mediation 7. Intellectual Property 7.1 Patents
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