?? These are the most recent IP Law News ??? (10 / 17 / 2024)

With the launch of BRE-B, the Bank of the Republic aims to modernize Colombia’s immediate low-value payment system through an interoperable payment network.?

This system will enable users to conduct real-time transactions, 24/7, in a secure and user-friendly manner, connecting various accounts and digital wallets. This initiative seeks to accelerate the transition towards a more efficient, open, and digital economy.??

BRE-B enhances the financial infrastructure and has the potential to increase inclusion by facilitating access to banking services for the unbanked. By reducing the reliance on cash and the costs associated with it, BRE-B aims to promote equitable access to financial services and boost the competitiveness of small and medium-sized enterprises.??

The impact of BRE-B will be crucial in strengthening trust in the country’s financial system, potentially fostering economic growth and supporting the formalization of the economy. With these advanced technological tools, Colombia is taking a significant step towards modernization and equity in its financial sector.

The European Union has updated its product liability regulations to adapt to the digital age and circular economy.

The new directive broadens the definition of "product" to include digital manufacturing files and software. Additionally, online platforms that sell defective products can be held liable in the same way as any other economic operator.?

To protect consumers from products sold outside the European Union, the new directive allows for importers or EU-based representatives of foreign manufacturers to be held liable for damages caused, thereby ensuring appropriate compensation.?

Finally, a modification to the burden of proof is introduced. In cases where consumers find it challenging to prove that a product is defective or that the defect caused damage, judges may only require a demonstration of the likelihood of a defect or its connection to the damage.

This measure could impact Colombian companies, as both importers and online platforms could be held liable for damages caused to consumers by defective products.?

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