Reformed Subparagraph First Of Article 76 Of The Law Of Securitization Of Assets.

Original Language Title: Refórmase el inciso primero del art. 76, de la LEY DE TITULARIZACIÓN DE ACTIVOS.

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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR

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DECREE NO 351

THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,

CONSIDERING:

I.-That by Legislative Decree No. 470, dated November 15, 2007, published in Official Journal No. 235, Volume N ° 377 of December 17

, was issued the Law of Titling Assets, which is intended to regulate the operations that are carried out in the process of securitization of assets, people who participate in that process and the values issued therein;

as well as establish its monitoring framework.

II.-That currently, the first paragraph of Article 76 of the Law of Entitlement of

Assets, provides that the Holder will be entitled to one hundred and eighty days, counted from the date of the first public offer, to sell the seventy-five percent of the securities issued by her from the Fund; and that if not reached,

proceed to liquidate the respective Titularization Fund.

III.-That the legal provisions that regulate the processes of securitization of assets, they can be updated in aspects necessary to ensure a

mechanism of financing dynamic and adequate to the realities of the public or private actors that resort to the tool; so it is up to them to adopt those provisions that respond to the needs of the

securities market participants.

IV.-That by virtue of the above, it is necessary to reform the first paragraph of the

article 76 of the said regulatory body; in the sense of providing the holders with an additional period so that they can sell the percentage of assets stipulated by the Law, prior authorization of the Superintendence of the

Financial System, since the resources obtained in the sale of the issue, serve to anchor the needs of Originator's capitalization.

BY TANTO,

in use of its Constitutional powers and at the initiative of the Deputy Rodolfo Antonio Parker Soto;

and with the support of the Deputy Norman Noel Quijano González,

DECCRETA next:

REFORM TO THE ASSET SECURITIZATION ACT

Art. 1.-Reform the first paragraph of Article 76, as follows:

" Art. 76.-The Holder shall be entitled to one hundred and eighty days, counted from the date of each placement of the public offering, as previously authorized by the Superintendence in the Structure

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of the Issue, to sell seventy-five percent of those securities issued by it from the Fund, which may be extended for an occasion up to a hundred and eighty days, prior to authorization

of the Superintendence, at the request of the Holder; otherwise, it shall proceed to liquidate the Fund of Titularization respective. "

Art. 2.-This Decree shall enter into force eight days after its publication in the Official Journal.

GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at twenty-one day of the month of April of the year two thousand sixteen.

LORENA GUADALUPE PEÑA MENDOZA, PRESIDENT.

GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALMASEZ DE ESCOBAR, FIRST VICE PRESIDENT. SECOND VICE-PRESIDENT.

JOSÉ SERAFIN ORANTES RODRÍGUEZ, NORMAN NOEL QUIJANO GONZÁLEZ, THIRD VICE-PRESIDENT. FOURTH VICE-PRESIDENT.

SANTIAGO FLORES ALFARO,

FIFTH VICE PRESIDENT.

GUILLERMO FRANCISCO MATA BENNETT, DAVID ERNESTO REYES MOLINA, FIRST SECRETARY. SECOND SECRETARY.

MARIO ALBERTO TENORIO GUERRERO, REYNALDO ANTONIO LÓPEZ CARDOZA, THIRD SECRETARY. FOURTH SECRETARY.

JACKELINE NOEMI RIVERA AVALOS, JORGE ALBERTO ESCOBAR BERNAL,

FIFTH SECRETARY. SIXTH SECRETARY.

ABILIO ORESTES RODRÍGUEZ MENJÍVAR, JOSÉ FRANCISCO MERINO LÓPEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.

PRESIDENTIAL HOUSE: San Salvador, on the nine days of May of the year two thousand sixteen.

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PUBESQUIESE,

Salvador Sánchez Cerén,

President of the Republic.

Juan Ramón Carlos Enrique Cáceres Chávez,

Minister of Finance.

D. O. N ° 85 Took N ° 411 Date: May 9, 2016

SP/adar 03-06-2016

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