Lawyer Monthly Magazine - February 2020 Edition

35 FEB 2020 | WWW.LAWYER-MONTHLY.COM An Interview With “The current unfair competition scene is very propitious to competitors, investors and customers.” Carolina Vera Matiz is a Lawyer with a degree from the Andes University in Bogota, Colombia, and a Master’s degree in Trademarks, Patents and Copyrights from the University of Alicante, Spain. She is a member of the international associations: INTA, ASIP, ABPI and CAPIRA, and Partner of the international network of Law firms PRAGMA. Currently, she holds the position of General Director and Partner in Vera Abogados Asociados. Carolina VeraMatiz What is the current unfair competition scene in Colombia? The current unfair competition scene is very propitious to competitors, investors and customers. We find that a free market with a strong entity such as Colombia’s Superintendence of Industry and Commerce is extremely efficient in the adjustment of distortions, which makes it possible to keep the market in an optimal condition for the competence and freedom of enterprises. LM Colombian law, a practice is unfair when it is against good faith and directly affects the interest of one or many competitors in the concurrent market. In general, our legislation is flexible in order to determine whether conduct is unfair. Nevertheless, there is a non-exhaustive list of practices considered unfair: Acts of confusion, acts of discredit, acts of imitation, induction to mistake, infringement of trade secrets, unfair advantage of a third party´s reputation. What are some of the consequences for companies involved in anti-competitive activity in Colombia? Regarding companies that practice free trade in general, there are administrative sanctions that include an order to suspend the practice, as well as fines that can potentially be extremely high, especially those involving “cartelization”. Regarding unfair competition, there are judicial sanctions that could include, again, the order of suspension of the practice and the payment of damages and inclusive, punitive damages.