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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Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-articulo-76-inciso-primero-de-la-ley-de-titularizacion-de-activos/archivo_documento_legislativo

1 Decree N ° 351 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that through Legislative Decree N ° 470, on November 15, 2007, published in the official journal N ° 235, took no. 377 of December 17, 2007, was issued the asset securitization Act, which aims to regulate the operations carried out in the process of securitization of assets , people involved in that process and to securities issued;
as well as establish its supervisory framework.
II.-that, the first paragraph of article 76 of the law on securitization of assets, currently the Titularizadora will have 180 days from the date of the first public offer, to sell 75 percent of the securities issued by it under the Fund; and that does not achieve it, should be to liquidate the respective securitization Fund.
III.-that the legal provisions governing the process of securitization of assets, can be updated in aspects necessary to ensure a funding mechanism dynamic and suited to the realities of public or private actors who resort to this tool; so it corresponds to adopt those provisions which respond to the needs of the participants in the stock market.
IV.-that by virtue of the foregoing, it is necessary to reform first paragraph article 76 of that regulatory body; in the sense of providing the Titularizadoras, an additional period so that they can sell the asset percentage stipulated by the law, prior authorization for the Superintendence of the financial system, already that the resources obtained in the sale of the broadcast, serve to anchor the needs of capitalization of the originator.
Therefore, in use of his constitutional powers and at the initiative of Deputy Rodolfo Antonio Parker Soto;
and with the support of Rep. Norman Noel Quijano González, DECREED the following: reform to the law of SECURITIZATION of assets article 1.-reformed first of article 76, paragraph follows: "article 76.-the Titularizadora will have 180 days from the date of each placement of tender, as it has been previously authorised the Superintendency in 2 of the emission structure" to sell the seventy-five percent of these securities issued by it under the Fund, term which may be extended one time by up to one hundred and eighty days, prior authorization from the Superintendent, at the request of the Titularizadora; otherwise, should settle the respective securitization Fund."
Article 2.-this Decree shall enter into force eight days after its publication in the official journal.
GIVEN in the blue room of the Legislative Palace: San Salvador, at twenty-one days of the month of April of the year two thousand and sixteen.
LORRAINE GUADALUPE PENA MENDOZA, PRESIDENT.
GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALBANEZ DE ESCOBAR, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE SERAFIN RODRIGUEZ ORANTES, NORMAN NOEL QUIJANO GONZÁLEZ, THIRD VICE-PRESIDENT. FOURTH VICE PRESIDENT.
SANTIAGO FLORES ALFARO, FIFTH VICE PRESIDENT.
WILLIAM FRANCISCO MATA BENNETT, DAVID ERNESTO REYES MOLINA, FIRST SECRETARY. SECOND SECRETARY.
MARIO ALBERTO TENORIO GUERRERO, REYNALDO ANTONIO LOPEZ CARDOZA, THIRD SECRETARY. FOURTH SECRETARY.
JACKELINE NOEMI RIVERA AVALOS, JORGE ALBERTO ESCOBAR BERNAL, FIFTH SECRETARY. SIXTH SECRETARY.
ABILIO ORESTES RODRIGUEZ MENJIVAR, JOSE FRANCISCO MERINO LÓPEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, to the nine days of the month of may of the year two thousand and sixteen.

3 published, Salvador Sanchez Ceren, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. O. N ° 85 volume N ° 411 date: May 9, 2016 SP/adar 03-06-2016 legislative index