The Financial Superintendence of Colombia held its final technical roundtable to gather feedback on the update of the Basic Legal Circular (Circular Básica Jurídica, CBJ), part of a strategic regulatory clean-up project launched in 2023 and described as being in its final stage. The overhaul is intended to remove obsolete and duplicative provisions and reduce unnecessary compliance burdens to improve regulatory clarity. The process included two rounds of public comments that generated more than 3,500 suggestions from industry, academia and supervisory teams, followed by an internal expert review by supervisors that consolidated the revised CBJ content. The updated circular is also set to include a new digital access system to make consultation and referencing of the rules easier. No publication or implementation date for the revised CBJ was specified.
Superintendencia Financiera de Colombia 2025-02-13
Financial Superintendence of Colombia completes final technical roundtable as it finalises overhaul of the Basic Legal Circular
The Financial Superintendence of Colombia concluded its final technical roundtable on updating the Basic Legal Circular (CBJ) as part of a regulatory clean-up project. The initiative aims to eliminate obsolete provisions and reduce compliance burdens, incorporating over 3,500 suggestions from public consultations. The revised CBJ will feature a new digital access system, though no publication date has been announced.