FINANCIAL COOPERATIVISM: COMPARATIVE ANALYSIS OF THE REGULATORY STRUCTURE OF THE SOCIAL ECONOMY ORGANIZATIONS OF THE COOPERATIVE FINANCIAL SECTOR IN COLOMBIA AND SPAIN

Abstract

The solidarity economy sector is regulated in the Colombian and legal system through various regulatory instruments that associate it, in the first case, with
the development of nonprofit activities. This sector includes, among other organizations, the so-called financial cooperatives. This paper seeks to make an
comparative analysis of the main regulatory aspects applicable to these entities in both legal systems, in order to place them within the organizations of the social economy and identify possible regulatory changes that allow the same sector to operate more efficiently and with more coverage in the Colombian market. From the analysis carried out, it is concluded that it is necessary to adjust the functioning of financial cooperatives by adapting it to the concept of the social economy, allowing business concerns to participate, adjusting the minimum capital to territorial contexts, implementing institutional systems of protection and permitting the execution of other operations authorised for credit institutions.