COLOMBIA Law and Practice Contributed by: Gabriela Mancero, Daniel Peña, Maria Fernanda González and Andrea Sánchez Gallardo, Peña Mancero Abogados
7. Overview of Regulatory Requirements 7.1 Regulations Applicable to a Technology Company
sation, healthcare service providers offering telemedicine services through technological platforms must ensure the authenticity, integ- rity, availability and reliability of the data, and comply with guidelines for security, privacy and personal data protection. 7.2 Primary Securities Market Regulators The primary regulator overseeing M&A transac- tions in the securities market is the FSC. The FSC is responsible for regulating and supervising financial institutions, including stock exchanges and securities markets, ensuring compliance with relevant laws and regulations related to securities and financial transactions. For certain aspects of M&A transactions, par- ticularly those in relation to merger control, the SIC may also be involved. 7.3 Restrictions on Foreign Investments Foreign investment is prohibited in the following sectors: • activities related to national defence and security; and • processing, disposal and waste management of toxic, hazardous or radioactive materials not produced in the country. Foreign investment is limited in concession com- panies providing open television services, which cannot have foreign investment exceeding 40% of the total share capital of the concessionaire. 7.4 National Security Review/Export Control Besides the above-mentioned foreign invest- ment restrictions, there is no additional national security review of acquisitions.
Providers of telecommunications networks and services, including operators of open broadcast- ing television and sound broadcasting services, must register with the Single Information Tech- nology and Communications’ Registry, managed by the Ministry of Information and Communica- tion Technologies. With this registry, the general authorisation for the provision of telecommunications networks and services will be formally deemed granted, which also includes the authorisation for the installation, expansion, modification, operation and exploitation of networks for the provision of telecommunications services. Additionally, technology companies may require specific permits and approvals in certain regu- lated sectors or are subject to specific regula- tions, such as the following. • Fintech: In general, fintechs that engage in financial, securities and insurance activities, as well as any other activities related to the management and investment of public funds, will require an operating licence from the FSC. This includes platforms for crowdfund- ing, digital wallets, crypto asset exchanges and digital banks. The FSC must decide on the authorisation request within four months from the date the applicant submits all required documentation. This timeframe may be suspended if the FSC requests additional information or clarifications. • Healthtech: Although the technology provider is not considered a healthcare service pro- vider and, therefore, does not require authori-
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