LIBOR transition to risk-free rates and aviation finance
On July 27, 2017, the FCA announced that they would no longer compel or persuade banks to make submissions to LIBOR as from the end of 2021.
Resolution 1238 of 2018 establishes new rules regarding the implementation of the Information System to Report Foreigners (SIRE), parameters for the fulfillment of immigration obligations and the sanction procedures to be followed in case of breaches. Following you will find the main aspects to be considered
Natural or legal persons hiring foreign employees, are subject to immigration verifications and have the obligation to keep reporting through the Information System to Report Foreigners (SIRE), in particular the starting or termination of the foreigner’s contracts. Additionally, any changes in the foreigner’s visa category must also be reported.
The economic sanctions for the omission in the reports carried out before the SIRE or in case of surpassing the dates for the reports, were increased. The Resolution establishes that depending on the nature of the fault committed (slight or moderate) the economic sanction could vary between half and 40 legal monthly minimum wages.
The foreigners under an irregular permanence in Colombia, could request to leave the country voluntarily, through the previous execution of a memorandum and the issuance of a safe-conduct up to 5 days issued by the immigration authority.
The Resolution enshrines the irregular permanence of a foreign in the country, as well as some other conducts, as serious infraction. The penalty for these actions consist in the deportations of the foreigns, unless there is a constitutional guarantee under threat, case in which it would be possible to apply an economic penalty.
In case there is serious fault, the Resolution establishes that the foreign could be discretionally expelled of the national territory.
It is important to bear in mind that in Colombia the education for the children and the teenagers, is a fundamental right and a public service. Therefore, the provision of said service must be granted regardless of the immigration situation. The educational institution must do the respective report of foreign students through SIRE.
However, the child or teenager and their legal tutors must regulate their immigration status in Colombia.
Finally, please consider that this Resolution is valid since May 16, 2018.