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Arbitration

Colombia

Overview
Including: Local Arbitration; International Arbitration; Recognition and Enforcement of Foreign Awards.

The Constitutional Court has decided that private parties are free to agree on the procedural rules that will govern a domestic arbitration. The ruling was rendered while reviewing the Amendment to the Statutory Law of Justice, approved by Congress in 2007. This decision ends a lengthy debate as to whether parties could freely agree on the applicable procedure.

Corporate Finance/M&A

Colombia

Overview
Including: Due Diligence; Basic Transactions; Shareholders Agreements; Other Legal Considerations.

A recent resolution defines new illegal, non-authorized and insecure practices in relation to publicly traded companies in order to protect the rights of minority shareholders and to guarantee transparent decisions at general shareholders meetings.

Circular Letter 10 was issued by the Superintendency of Industry and Trade on August 6 2001 and states the conditions under which companies must seek the superintendency's approval for a merger.

Antitrust regulations in Colombia have changed recently with provisions included in Decree 266, dated February 22 2000. Article 118 amends Article 4 of Law 155 of 1959, regulating restrictive business practices and determining which powers are to be given to the Superintendency of Industry and Trade .

E-commerce

Colombia

Overview
Including: Electronic Messages; Digital Signatures; Certifying Entities; Copyright; Domain Names and Intellectual Property; Consumer Protection and Competition

A recent decree aims to prevent access to child pornography on the Internet. The law places obligations on internet service providers, web hosting companies and corporate users to filter and restrict access to illegal content. Infringements will be punished by fines, suspensions or removal of the offending web page.

In March 2002 Colombia became party to the World Intellectual Property Organization's Copyright Treaty (WCT). The treaty will help to protect copyrights on the Internet and create the necessary conditions for a wide and legitimate distribution of creative works on the Internet.

The Colombian Administrative Court recently ruled that the Colombian country code top-level domain name '.co' is part of the Colombian national and cultural identity, and its administration is a public service which must be regulated by the state. This ruling may bring about a change in the domain name's administrator.

The Colombian Congress has approved a law on the access to and use of digital signatures in electronic commerce, and on the creation of certification entities. However, the law has yet to be implemented by further regulations and issues relating to foreign exchange, intellectual property and taxation have yet to be addressed.

Telecommunications

Colombia

Overview
Including: Restrictions on Foreign Ownership; Licences, Authorizations and Concessions; Licence and Concession Fees; New Telecommunications Services; Recent Developments

The National Council of Economic and Social Policy has issued Document 3,145, which sets out guidelines for the future policies and activities of the National Telecommunications Company (Telecom), taking into account its current financial and economic situation.

With the issuance of Decree 575 the government has entered the final stage of establishing a Personal Communication Services network. The process will be completed with the issuance of rules for participating in the concession bidding process.

Two important changes have occurred in the telecommunications industry this year. First, the Personal Communications System Law was enacted. Second, BellSouth announced its acquisition of 50.35% capital in Celumovil, one of Colombia's largest cellular telephone companies.