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Function and Objetives

 


Functions/Duties

 

Article 7. General Duties of the Superintendency of Corporations. The Superintendency of Corporations will have the duties established in Decree 410 of 1971, Decree 1746 of 1991, Law  222 de 1995, Law 363 of 1997, Law 446 of 1998, Decree 1517 of 1998, Decree 1818 of 1998, Law 550 of 1999, Law 603 of 2000, el Decree 2080 of 2000, Law  640 of 2001, Decree 1844 of 2003, Law 1116 of 2006, Law 1173 of 2007, Law 1258 of 2008, el Decree 4334 of 2008, Law 1314 of 2009, Law 1429 of 2010, Law 1445 of 2011,  Law 1450 of 2011, Decree 19 of 2012 and those which may modify or addition them, as well as others stated to do so by current applicable laws and those delegated by the President.

 

1.  Advise the National Government and participate in the formulation of politics in all matters that have to do with the inspection, surveillance and control of merchant and unipersonal companies.

2.  Exercise, in accordance with the law, the inspection, surveillance and control over commercial companies, branches of foreign companies, unipersonal companies and any other determined by law.

3.  Occasionally request, confirm and analyze, and in the way, detail and terms determined by her, the information required about the legal, accounting, economic or administrative situation of any company not surveyed by the Financial Superintendency of Colombia, or about specific operations  by them. Regarding these companies, the Superintendency may by its own initiative carry out administrative investigations.

4. Make sure that companies not subject to the surveillance of other Superintendencies, in their formation, operation and in carrying out their purpose, are adjusted to the law and statues.

5.  Subject to control any commercial company, branch of foreign company or unipersonal company not surveyed by Superintendency, and order the necessary correctives to rectify any critical legal, accounting, economic or administrative situation inside the company.

6.  Adopt the necessary measures, regarding companies not surveyed by the Financial Superintendency of Colombia, in the terms established by law.

7.    Exercise the functions assigned by law in relation to companies that administer plans of commercial self-financing and stockbreeder funds.

8.    Convene to a recovery process clubs with professional sportsmen organized as athletic corporations or associations.

9.   Subject to the surveillance of the Superintendence of Companies any company not surveyed by Superintendency in the terms established by law.

10. Develop the functions of judicial police in the terms established by law and under the direction of the office of the Attorney General of the Nation.

11. Exercise the functions related to compliance of the currency exchange regime in Colombia, Colombian investment abroad by legal and natural persons, as well as foreign debt operations by public or private companies.

12. Recognize the occurrence of situations that give rise to the inefficacy penalty in the terms establish by law.

13.  Authorize the reduction of capital in any company when the operation implies and effective refund of contributions.

14.  Approve the reserves or actuarial calculations in required cases.

15.  Exercise, regarding parent companies, subordinates and business groups the functions established by law.

16.  Develop in relation to the right of absent or dissident partners to withdraw the functions established by law.

17.  Demand the preparation and diffusion of financial statements of intermediate periods and order the rectification of the statements or their notes, when they do not conform to the legal dispositions.

18.  Settle controversies that arise regarding the right to inspect.

19.  Remove administrators or statuary auditor when required.

20.   Determine that shareholders with preferential dividends and without a right to vote participate with voice and vote in the general assembly of shareholders, as long as the irregularities that gave rise to the non-payment of the dividend persist.

21. Interrogate under oath any person whose testimony is required to examine facts related to the direction, administration or oversight of the companies over which it exercises inspection, surveillance and control.

22. Impose fines, successive or not, up to two hundred legal minimum monthly salaries, to those who fail to observe the Superintendency’s orders, break the laws or their own statutes.

23. Set and collect the amount of contributions that the companies subject to its surveillance or control must pay.

24.  Exercise the functions that in matter of coercive jurisdiction are assigned to the Superintendency by law.

25.  Designate the liquidator in the cases established by law.

26. Instruct the entities subject to its supervision about the measures they are to adopt to prevent the risk of money laundering and financing of terrorism.

27. Make recommendations and observations to the Ministry of Commerce, Industry and Tourism, the Ministry of finance and Public Credit, and the Technical Council of Public Accounting in relation to the principles and rules of accounting that should exist in the country regarding commercial companies of the real sector of the economy.

28.  Authorize the mechanism of normalization of pensional passive, prior favorable concept of the Ministry of Labor.

29.  Cooperate in the terms defined by the law, in order to tend to requests by international entities.

30.   Provide support in matters of its competence to the business sector and State bodies.

31.   Act as conciliator in the cases established by law.

32.  Manage the Conciliation and Arbitration Center of the Superintendency of Corporations. en el punto 32 no es administer sino “

33.   Oversee that economic entities subject to inspection, surveillance and control, as well as their administrators, employees and information assurance professionals, comply with the rules regarding accounting, financial information and information assurance.

34.  Issue special technical norms, interpretations and guides regarding accounting and financial information and information assurance in the terms established by law.

35. Exercise the jurisdictional duties assigned by law.

36.  Adopt the intervention measures determined by law.

37.  Impose, based on applicable law and procedure, the pertinent penalties.

38.  Issue special technical norms, interpretations and guides regarding accounting and financial information and information assurance  applicable to commercial companies of the real sector of the economy, within the limits defined by regulation issued by the Ministry of Commerce, Industry and Tourism and the Ministry of Finance and Public Credit, in accordance with Law 1314 of 2009.

39.  All other functions assigned by rules currently in force.


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