Reform The Investment Law, Art.15

Original Language Title: REFÓRMASE LA LEY DE INVERSIONES,ART.15

Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-art.15-de-la-ley-de-inversiones/archivo_documento_legislativo

1 Decree No. 423 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that through Legislative Decree No. 732 of October 14, 1999, published in the Official Journal No. 210, volume no. 345, on 11 November of the same year, was issued the law of investments;
The object of the Act formerly referred constitutes II.-to encourage investments in general and foreign investment in particular, which is necessary to establish an appropriate legal framework that contains clear and precise rules to contribute to economic and social development of the country;
III.-that today, El Salvador is part in a series of agreements, both bilateral and multilateral, in which is regulated as regards the submission to international courts for dispute resolution;
IV.-that these international instruments there is reciprocal and equitable overlordship in the terms of the deal to investors of States party;
V who, owing to the provisions in recital that above and in order to strengthen and modernize our domestic legal framework, and bring into line with the provisions of the treaties, conventions and agreements signed by our country, it is necessary to reform various legal provisions that are related to them, including the law referred to in recital I;
VI.-empowerment via internal legislation resulting in article 15 of the law of investments is questionable, because it produces an imbalance on the parties, since it becomes the investor of a non-signatory State of any international agreement with the Salvadoran State, in absolute owner of the final decision of the environment to settle disputes;
Therefore, in use of his constitutional powers and at the initiative of the President of the Republic, by the Minister of the economy, decreed the following: reform to the law of investment article 1.-Art. 15, be replaced by the following: 2 "article 15.-in case that arise relating to those investments in El Salvador disputes or differences between national and foreign investors and the State," with parties to the competent courts, according to the legislation in force and to the relevant legal procedures."
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, eleven days after the month of July in the year two thousand thirteen.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ALBERTO ARMANDO ROMERO RODRÍGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
DURAN JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA, THIRD VICE PRESIDENT. FOURTH VICE PRESIDENT.
ROBERTO JOSE D'AUBUISSON, fifth Vice President.
LORRAINE GUADALUPE PENA MENDOZA, CARMEN ELENA CALDERÓN SOL STEP, FIRST SECRETARY. SECOND SECRETARY.
SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA PALACIOS LOURDES VASQUEZ, MARGARITA ESCOBAR, FIFTH SECRETARY. SIXTH SECRETARIAT.
FRANCISCO JOSE ZABLAH SAFIE, REYNALDO ANTONIO LOPEZ CARDOZA, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, twenty-three days of the month of July in the year two thousand thirteen.
PUBLISHED, Carlos Mauricio Funes Cartagena, President of the Republic.

3 German José Armando Flores, Minister of economy.
D.O. No. 137 Tome Nº 400 date: July 26, 2013 SV/ielp 28-08-2013 legislative index