By means of Law 446 of 1998, the Superintendency of Industry and Commerce ("SIC") was granted authority regarding matters pertaining to Unfair Competition. Furthermore with the enactment of Law 510 of 1999, Law 446 was modified and the said Superintendency was invested with jurisdictional powers. Therefore, the aforementioned Law 510 states that, once the SIC issues a decision regarding a case in which Unfair Competition acts are involved, and this decision is not subject to appeal, the person or entity affected by such acts can file a petition before the SIC in order for it to liquidate all damages that were caused.
Recent legislative reforms have made surveillance and control by the SIC possible, and have provided better conditions for competitors and consumers, with the purpose of making the market system more competitive. This evolution can be shown in a recent decision, by virtue of which the SIC sanctioned an important Colombian cellular telephone company.
