External Circular No. 100-000011 of August 9, 2021
Integral modification to the regulation of the PTEE established by the Superintendence of Companies
The Superintendence of Companies (the “Superintendence”) enacted the External Circular No. 100-000011 of August 9, 2021 (the “Circular”) by means of which it integrally modified the External Circular 100-000003, 2016 (modified by Resolution No. 100-006261 of October 2, 2020) y, por lo tanto, established a new regulation to the Business Ethics and Transparency Programs (“PTEE” per its Spanish acronym).
The purpose of the PTEE is to prevent risks regarding international bribery and corruption with respect to employees, contractors, managers and associates of a company.
The companies obliged to adopt a PTEE as of December 31 of the relevant year, will have until may 31 of the next year to adopt it.
The breach of the Circular will derived in the imposition of fines by the Superintendence of Companies of up to 200 minimum monthly legal wages to the company, Compliance Officer, Statutory Auditor or its managers.
The Circular will be enforceable as of January 1, 2022. Date as of which the External Circular 100-000003, 2016 (modified by Resolution No. 100-006261 of October 2, 2020) will be reappealed.
In the following link you will find the External Circular No. 100-000011 of August 9, 2021.
Author: Raúl Vargas I rvargas@lloredacamacho.com I Corporate Law