We invite you to read the column written by our partner, Eugenio Gormáz, on the changes in Intellectual Property resulting from the Economic Crimes Law.
With the new legal framework, the protection of intangible assets and personal data must be an integral and fundamental part of the business, regardless of whether or not the item is linked to the creation or transactions of intangible assets’.
The new Economic Crimes Law has been a great revolution for all areas of the corporate world in general, and intellectual property (IP) has been no exception. The law brings important changes, and imposes harsher sanctions and regulations to anyone who commits crimes in this area in the exercise of a managerial position within a company or for its benefit.
For its part, the Law on Criminal Liability of Legal Entities, after the amendments incorporated to it by the new Law on Economic Crimes, will sanction organizations in which a crime has been committed, if the commission of the crime can be attributed to the lack of implementation of an adequate crime prevention model (MPD).
In a similar context, the recently approved Law on Personal Data Protection will also bring about a significant change in terms of the organizational culture of companies, by requiring greater diligence in the treatment of personal data of third parties.
This law will force institutions to adapt their internal policies not only to comply with the new data protection standards, but also to avoid penalties that can reach up to UTM 20,000. Companies will have to implement Infringement Prevention Models which, like the MPD, will serve to mitigate risks and reduce legal consequences in case of non-compliance.
The promotion of corporate practices in this area was common in industries that were linked in some way or another to intellectual property and/or personal data, including the creation of original content or the commercial administration of their own or third party brands together with advertising strategies based on the handling of personal data.
However, with the new legal framework, the protection of intangible assets and personal data must now be an integral and fundamental part of the business, regardless of whether or not the business is linked to the creation or transactions of intangible assets.
In this new scenario, all companies are now obliged to strengthen their DPM, since it is not only a fundamental tool to prevent risks, but also to protect themselves in the event of a crime being committed.
For this to be effective, it is essential to expressly incorporate stipulations that establish detailed measures for the use of IP assets within the organization. In this way it will be possible to prevent the commission of crimes related to them, increasing the standard and incorporating policies and protocols for controlling the legality of the assets used.
Thus, it is crucial that companies take advantage of the 24-month vacancy period established by the new Personal Data Protection Law to adapt their procedures and policies.
This time should not only be seen as an opportunity to comply with the new regulations, but also to improve their competitive position in the market, given that strict compliance with these regulations will be a key differentiator in the digital era, both locally and internationally.
In this new context, companies have the challenge and opportunity to prepare today to be part of this positive change. However, it is essential to move quickly, bearing in mind that the new economic crime regulations come into force at the end of this month.
