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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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