Financial Superintendence of Colombia extends to 24 June feedback window on replacing the Basic Accounting and Financial Circular with CBRAPIF

The Financial Superintendence of Colombia has extended to 24 June 2025 the deadline for experts, academics and the public to submit comments on proposed changes to the Basic Accounting and Financial Circular (CBCF) under the second phase of a regulatory clean-up process launched in 2024. The project would rename and restructure the CBCF into the Basic Circular on Risks, Prudential Matters and Financial Information (CBRAPIF). To support stakeholder review, the supervisor published an equivalence table linking existing CBCF instructions to the proposed CBRAPIF structure and indicating new chapters, and made available a change-control file for chapters that will remain. The draft CBRAPIF is envisaged as four parts covering risks, prudential matters and legal controls, financial information, and other topics, with uniquely numbered paragraphs to facilitate cross-referencing and future updates. The clean-up is framed around addressing obsolescence, unclear drafting, unnecessary burdens, duplication and technical adjustments, with the aim of aligning supervised entities’ risk management and financial information with prudential requirements and information principles. Feedback is to be submitted using the authority’s Excel template and referencing filing number 2024070477. The supervisor also indicated the broader optimisation effort will be complemented by additional instructions requiring specialised treatment, including IFRS 17 and technical reserves, IFRS 9, the Environmental and Social Risk Management System (SARAS) and FNG solvency.