Regulation of the electronic sales invoice as a security

The Colombian Ministry of Commerce, Industry and Tourism recently issued Decree 1154 of 2020, regulating the electronic trade of electronic sales invoice as a security.

The Decree will be applicable to the electronic sales invoices as securities that are registered in the RADIAN (electronic registry of electronic invoices) with the purpose of trading the securities and to all entities involved or related to such invoices. Each one of the events associated with the electronic sales invoice must be registered in the RADIAN.

In addition to the entities determined by the tax authority (DIAN), the following are deemed as authorized entities to participate and interact with the RADIAN by performing consultation and registry roles: technological providers, electronic trading systems and administrative authorities with jurisdictional functions, subject to the terms and conditions set forth in the Decree.

The trading of an electronic sales invoice, as a security, will be made according to the intention of the issuer or the legitimate holder, through the electronic endorsement, which traceability can only be consulted through RADIAN.

The Decree sets forth other particular rules which must be complied with by the electronic trading systems.