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State intervention in financial activity operations

State intervention in financial activity operations

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On August 13, 2021, External Circular No. 100-000014 of 2021 was published in the Official Gazette of Colombia, which covers the intervening agents and other procedural subjects of the judicial stage of the State Intervention in financial activities.

1. What does state intervention consist of?

State Intervention is the set of measures by virtue the National Government intervenes the businesses, operations, and/or patrimony of natural or legal persons developing or participating in a financial activity without due State authorization through whether the Superintendence of Corporations, ex officio, or at the request of the Superintendence of Finance of Colombia, seeking the suspension of this illegal activity and the prompt refund of the resources obtained in the development of such activities.

2. Judicial intervention process

The judicial intervention process is the set of coordinated acts constituting the judicial phase of the State Intervention and through which any of the measures established in Article 7 of Decree-Law 4334 is taken as appropriate to adopt, seeking to refund to those affected the resources delivered to the captors, as soon as possible.

3. Precautionary measures

El auxiliar de la justicia adelantará las siguientes actuaciones frente a las medidas cautelares decretadas por el juez de la intervención:

  • Verify that the registration authority registers the seizure measures or unnamed ones that have been ordered related to property subject to registration.
  • Verify that precautionary measures on financial products are registered on behalf of the intervened subjects.
  • Report those registered and those practiced on each of the assets other than money that are part of the valued inventory.

4. Asset recovery

The auxiliary of justice shall not only ensure the preservation and protection of the property delivered to him as a legal representative, administrator of property, and receiver but shall also endeavor to make the best efforts to find the property of the persons seized and recover what own third parties.

5. Financial reporting

In the case of persons obliged to keep accounts, the intervenor must continue to keep regular accounts of the business of the intervened party, documenting the economic facts through the respective supports, drawing up accounting vouchers, and recording the operations in the accounts.

6. Effectiveness date

The circular is effective as of August 13, 2021 and repeals circulars contrary to it.

Source: Diario Oficial 24/08/21

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