09/22/22 – Innovation
Science, Technology, and Innovation projects in the Bioeconomy sector can now access differentiated lines of credit through BANCOLDEX.
The credit line will grant loans of up to USD 450,000 for projects related to the Bioeconomy at an interest rate of 1% for small and medium-sized businesses and 4% for large businesses.
Finance for these projects includes costs associated with managing intellectual property and/or creating technology-based companies (Startups – Spin-offs) resulting from their execution.
Until the resources provided by the Ministry of Science, Technology and Innovation have been exhausted, this line of credit will be open.
09/22/22 – Data Privacy
The highest fine ever imposed by South Korea’s personal data protection authority for non-compliance with national regulations was recently announced, this time on two leading global technology companies. The breaches were related with the absence of informed consent for the processing of personal data collected on web pages, the absence of information regarding the processing of personal data, and the establishment of a default option to obtain the informed consent granted by the data subjects.
The unfulfilled obligations and the circumstances associated with them are consistent with the obligations established in the Colombian regulation, the standards expected by the Superintendence of Industry and Commerce and by other data protection authorities all over the world. This shows that the processing of personal data is becoming increasingly relevant and that it requires similar standards of protection at an international level, enforceable on all companies.
09/22/22 – Trademarks and Consumer Protection
On September 8, 2022, the Mexican Government published the amendment to the Labeling Standard for food and non-alcoholic beverages (NOM). The amendment prohibits the use of animated, fictional or real-life characters on prepackaged food and non-alcoholic beverages. The changes raise the burdens in relation to the labeling and advertising of products with excess critical nutrients. In addition to the warning seals, a permit must be previously obtained from the Federal Commission for the Protection against Health Risks (Cofepris) when advertising food and beverages containing front labeling on television, movie theaters, the internet, and other digital platforms. Such advertising must not include children’s characters, animations, cartoons, celebrities, athletes, mascots, or interactive elements, aimed at children to incite, promote or encourage their consumption, purchase, or choice. Although these measures intend to encourage healthier consumption habits, they affect the use of intangible assets such as trademarks and traditional copyrighted characters for branding purposes, discouraging the advertising and marketing industry. Original source in Spanish.
09/22/22 – Consumer Protection
The Superintendence of Industry and Commerce (hereinafter “SIC”), as the consumer protection authority, updated the Sole Circular regarding how consumers should be informed of prices and the voluntary nature of the tip. It recommended establishments to show customers, where it is visible enough, the price of products through fixed lists, physical menus, or menus. Electronic means to inform prices can only be complementary. In other words, it is mandatory to have physical information. It was also prohibited to use misleading information at the time of announcing prices, and it was prohibited to place obstacles such as previous records or provide information to disclose prices.
Regarding the regulation of tips, the Superintendency pointed out that they are a voluntary recognition, and that, although they may be suggested by the restaurant, it is the consumer’s decision to pay or not to pay them.
09/22/22 – Industrial Designs
In September, the Superintendency of Industry and Commerce (CPO) issued Resolution 60452, which modified directives for submitting Industrial Design applications (ID). According to the new directives, graphical user interfaces (GUI) must be presented without being associated to a device or screen. In turn, animated designs should include numerated drawings showing the sequence that allows understanding the movement of the animation. This simplifies enormously ID prosecution, since it will be no longer necessary to include several independent drawings.