Reform Is Article 7 Of The Law On Supervision And Regulation Of The Financial System.

Original Language Title: REFÓRMASE EL ART. 7 DE LA LEY DE SUPERVISIÓN Y REGULACIÓN DEL SISTEMA FINANCIERO.

Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-art.-7-de-la-ley-de-supervision-y-regulacion-del-sistema-financiero/archivo_documento_legislativo

1 Decree N ° 65 the Assembly Legislative of the Republic of EL SALVADOR, considering: I.-that through Decree legislative No. 592, of date 14 of January of 2011, published in the daily official No. 23, took no. 390, of the 2 of February of the same year, is approved the law of Supervision and regulation of the system financial, constituting the object of the system of Supervision and regulation financial the preserve the stability of the financial system and ensure the efficiency and transparency of the same, as well as ensuring the safety and soundness of the members of the financial system, according to the provisions of this law, other applicable laws, regulations and technical standards which in effect handed down, all in accordance with best practices of the international on the subject.
II.-that to date there is a significant development in the use of electronic means as instruments for the mobilization of money, both nationally and internationally, what in some cases is carried out by individuals or entities other than the members of the financial system; so, is necessary to have a legal framework of action of these subjects, based on international principles of prudential supervision, aimed at regulating the sending and/or receipt of money, which in many cases is a complementary service to those that are provided by members of the financial system.
III.-that the absence of regulation and control of the service for sending or receiving money, nationally and internationally, such as remittances, justifies its inclusion within the scope of supervision of the Superintendence of the financial system, by their high impact on the stability of the financial system and its members.
Therefore, on the initiative of the President of the Republic, by the Minister of the economy and use of his constitutional powers.
DECREES the following: reforms to the law of SUPERVISION and regulation of the system financial article 1.-replaced in article 7, the letter t) and added the letter u), in the following manner: "t) legal persons that perform operations of sending or receiving money systematic or substantially, by any means, at national and international level. The Bank Central 2 will issue the normative technical respective for develop it willing in this literal and the legislation currently applicable;
(u) other entities, institutions and operations pointing laws."
Article 2.-the technical rules referred to in article 1 of this Decree shall be issued within the period of one hundred twenty days after the entry into force of this Decree.
Article 3.-the present Decree shall enter in force eight days after its publication in the daily official.
GIVEN in the blue room of the Legislative Palace: San Salvador, twenty-three days of the month of July in the year two thousand and fifteen.
LORRAINE GUADALUPE PENA MENDOZA, PRESIDENT.
GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALBANEZ DE ESCOBAR, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE SERAFIN ORANTES RODRIGUEZ, 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.

3 House presidential: San Salvador, to the fourteen days of the month of August of the year two thousand fifteen.
PUBLISHED, Salvador Sanchez Ceren, President of the Republic.
Merlin Alejandrina Barrera Lopez, Deputy Minister of trade and industry, in charge of the firm.
D. o. No. 146 Tomo No. 408 date: August 14, 2015 SV/adar 07-09-2015 legislative index