Blog de la facultad de Derecho

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10 de diciembre de 2014

La Superintendencia Financiera de Colombia: Hacia un Nuevo Modelo de Supervisión

The Colombian Financial Superintendence is the consequence of the merger of the local Banking Superintendence and the Financial Markets Superintendence. The benefits of having an unified supervisor have been explained both theoretically and empirically: international literature has found evidence of the efficiency of single supervisors. Equally, the model of a supervision based on risks assessment has proved to be more efficient in the prevention of systemic risk.

Por: Camilo Andrés Criales Tovar

Abstract:

The Colombian Financial Superintendence is the consequence of the merger of the local Banking Superintendence and the Financial Markets Superintendence. The benefits of having an unified supervisor have been explained both theoretically and empirically: international literature has found evidence of the efficiency of single supervisors. Equally, the model of a supervision based on risks assessment has proved to be more efficient in the prevention of systemic risk. However, there are arguments against the establishment of a single supervisor in Colombia: according to the size and development of our banking and financial systems it seems that there is no need to do so. These views are partially supported in this document as the author finds that the arguments for the integration of the supervisors are stronger than the ones backing their separation. Certainly, the new Colombian “megasupervisor” faces challenges and risks similar to those faced by corresponding authorities. The success or failure of this new institution will depend on the way such challenges and risks are dealt with in the process of building up its own identity.

Palabras clave:

Superintendencia Financiera de Colombia, Superintendencia Bancaria, Superintendencia de Valores, integración, supervisión, supervisión por riesgos, conglomerados, administración de riesgos, unificación de la supervisión, megasupervisor, agencias unificadas, supervisor unificado, supervisor separado, estructuras de supervisión.

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