TMT 2025

COLOMBIA Law and Practice Contributed by: Maria Carolina Pardo, Ciro Meza, Angélica Navarro and Carlos Ignacio Arboleda, Baker McKenzie

8. Trust Services and Digital Entities 8.1 Trust Services and Electronic Signatures/Digital Identity Schemes In Colombia, the legal framework for trust ser - vices, electronic signatures and digital identity schemes is well-established. Trust services are regulated by the SFC, which oversees the enti - ties authorised to offer these services. Colombian law sets out a number of legal duties for trustees, which cannot be delegated to third parties or waived. These duties include the fol - lowing: • trustee activities must be carried out in a diligent manner; • assets must be segregated; • assets in a trust must be managed in accord - ance with a trust agreement; • trustees must act on behalf and for the ben - efit of the beneficiaries; • trustees must consult the SFC when in doubt about their duties or when they deem it nec - essary to act against the instructions set out in the trust agreement; • trustees must make every effort to maximise a trust’s profitability; • upon the trust’s termination, trustees must transfer the assets to the final beneficiary set out in the agreement; and • trustees must report accounts at least every six months. In turn, electronic signatures are governed by Law 527 of 1999, which provides the basis for their use and enforceability. This law distinguish - es between electronic signatures and digital sig - natures, with the latter requiring a digital certifi - cate issued by an authorised entity.

collection) of personal data, as well as for data transfers. A privacy policy must be available in Spanish for consent to be informed, and thus valid. Regarding consumer protection, the general statute includes the obligation to provide full, clear and understandable information to con - sumers. Furthermore, regulated services such as banking and financial services have specific consumer protection obligations. Price revisions are allowed as long as the consumer is notified prior to the change taking effect and is given an option to opt out of the new service terms. To secure adequate terms in telecommunica - tions service agreements, companies should first ascertain current market rates for compa - rable services to guarantee competitive pricing in compliance with competition rules. Emphasising flexibility is also crucial, as shorter contract durations allow for the adaptation to technological advancements and regulatory changes. 7.2 Service Agreements and Interconnection Agreements When entering interconnection agreements, TMT companies should ensure compliance with local and international regulations govern - ing interconnection, including those related to data privacy and security. Note that Colombian telecommunications regulations require that all PRSTs register in the ITC registry managed by the ITC Ministry. This registration enables the general provision of telecommunications ser - vices in the country.

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