The Superintendency of Industry and Commerce (SIC) recently
defined the rules applicable to loyalty programs in Colombia.
Loyalty programs that attract consumers to products or services
by providing benefits, such as points, are categorized as
"offers and promotions with incentives" buy the Consumer
Those who promote or publicize loyalty programs are governed by
the rules of the Consumer Statute and the Single Circular of the
Superintendence of Industry and Commerce in order to avoid acts of
deception to consumers through pieces of misleading
All advertising material, including loyalty plans created by the
producer or supplier of a product or service, must provide the
consumer with sufficient, clear, truthful, timely and accurate
information regarding the products they offer in market.
Advertising will be deemed misleading when the conditions of
loyalty program associated with a product or service are untruthful
about its components, properties or benefits or when information
provided is incomplete or not transmitted in a suitable way.
Finally, the SIC argues that the principles of economic freedom
enshrined in the Constitution allows for individuals to carry out
activities of an economic nature that create, maintain or increase
assets. However, such freedom is limited by the rights of others
and by the prevalence of the general interest.
Accordingly, entrepreneurs can enact market strategies for goods
and services in a way they consider most appropriate as long as the
limits imposed by the law and the general principles of law are
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In a move to strengthen our position as a key arbitration seat in the world, Singapore has recently introduced a new legislative framework regulating third party funding of international commercial arbitration and related proceedings. This marks a significant milestone in the development of the country’s dispute resolution regime and puts Singapore on par with other leading arbitration centres.
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President Dilma Rousseff published, on March 15, Decree 7,962/2013, which establishes specific rules applicable to electronic commerce in Brazil.
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