Open Finance Reform in Colombia – Obligatory Open Finance
Financial Services attorney Juan Felipe Fontecha Mejía published an article in Asuntos Legales analyzing a bill that seeks to reform Colombia's open finance system. The proposed changes include most notably a switch from a voluntary regulatory scheme to a mandatory one, which means the country's Superintendency of Finance (SFC) must offer details about how financial institutions can access client information and how they should protect their personal data. The rest of the article highlights other modifications and their implications for the industry.
Mr. Fontecha also published a Holland & Knight alert on this topic.
READ: Open Finance Reform in Colombia – Obligatory Open Finance