You Amend The Law On Supervision And Regulation Of The Financial System.

Original Language Title: REFORMASE LA LEY DE SUPERVISION Y REGULACION DEL SISTEMA FINANCIERO.

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Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-los-incisos-4o-y-7o-del-art.-65-de-la-ley-de-supervision-y-regulacion-del-sistema-financiero/archivo_documento_legislativo

1 index Legislative Decree Nº 64 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that through Decree legislative No. 592, on January 14, 2011, published in the Official Journal No. 390, volume no. 23, from 2 February of that same year, adopted the law on Supervision and regulation of the financial system, which, among other things creates the Committee of appeals of the financial system, as a permanent body and with functional autonomy, to who shall hear appeals to stand against final decisions handed down by the Superintendent of the financial system or its delegate when imposing sanctions.
II.-that according to article 65, paragraph 3, of the aforementioned law, the Appeals Committee of the financial system shall consist of a Chairman and four members, who shall serve full time office and shall be appointed by the President of the Republic for a period of four years.
III.-that the article 65, paragraph 4, of the aforementioned Act establishes that the President of the Republic shall appoint the person who will serve as Chairman of the Appeals Committee and to each of the members shall be appointed of triads that to this effect are presented to the President of the Republic by the Banco Central of reservation of El Salvador the Supreme Court of Justice and the Ministry of finance, a member of each of these triads, and must be appointed having omitted regulate who should present the shortlisting so name the fourth vowel.
IV.-that is considered from regular shortlisting for the appointment of the fourth vowel, is submitted to the President of the Republic by the Ministry of economy.
V that paragraph 7 of the aforementioned article 65 establishes that one of the members shall act as Secretary, who will attend the meetings with voice but without vote and that this will be who will authorize the resolutions adopted by this Committee, will receive documents, shall ensure that all acts of communication required are carried out and will take under its responsibility the records and files.
VI. that subsection 6 of the aforementioned article 65 regulates that the resolutions adopted by the Appeals Committee will require at least three conforming votes and that the Member who opposes the decision razonará your vote, so realizing this circumstance a situation of a tie that impede decision making, it could generate being necessary to then give the right to vote to the Vocal acting as Secretary.

2 index legislative VII.-is necessary, which in case of a disability that inhibits proprietary members meet on a specific case, the Appeals Committee has alternate members that cover indiscriminately to any proprietary members. On the other hand, it is necessary to standardize the period of functions of the Appeals Committee to the rest of the law.
VIII.-that the previous considerations prevent integration of the Appeals Committee of the financial system and hinder its performance, so it is necessary to reform subparagraphs 3 °, 4 °, 5 °, 7 ° and add a subsection 9 ° to article 65 of the Act of Supervision and regulation of the financial system.
Therefore, use of his constitutional powers and at the initiative of Deputy Douglas Leonardo Mejia Aviles.
DECREED: The following reforms to the law on Supervision and regulation of the system financial article 1.-Reformanse subparagraphs 3 °, 4 °, 5 °, 7 ° and added a paragraph 9 to article 65, in the following manner: "the Appeals Committee shall consist of a President and four members, who shall serve his full-time position, will be appointed by the President of the Republic for a period of five years. Members may be re-elected only once."
"The President of the Republic shall appoint the person who will serve as Chairman of the Committee of appeals. Each of the members shall be appointed of triads that are presented to the President of the Republic to this effect by the Central Reserve Bank of El Salvador, the Supreme Court of Justice, the Ministry of finance and the Ministry of economy, and must appoint a member from each of these triads".
"The members of the Appeals Committee shall be Salvadorans, of recognized honorability, over the age of thirty-five years of age, have at least five years does not work in the Superintendent or in institutions subject to the control of the same, with a university degree and have at least five years of financial experience clearly provable, being applicable the same disabilities and incompatibilities regulated for the Superintendent and" in consequence, the provisions of articles 10, 14, 17 and 27 of this Act. At least one of the members of the Appeals Committee shall be lawyer of the Republic, who in addition must have knowledge or experience in procedures and administrative resources".
"The Vocal of the Committee of appeals appointed from the list presented by the Supreme Court of Justice shall be lawyer of the Republic, will be who will act as Secretary and shall authorize the resolutions adopted by the Committee, will receive documents, shall ensure that all acts of communication necessary are carried out and responsibility records and files".

3 index legislative "the Appeals Committee shall have two alternate members who shall be appointed by the President of the Republic from shortlists that to this effect are presented to you by the Central Bank and the Supreme Court of Justice; they must comply with the same general requirements laid down in this law for the proprietary members and his appointment will be for the same period that the vocal members of this Committee are appointed. They may supplement indiscriminately to any proprietary members".
Article 2.-reforming article 120, as follows: "article 120.-the members of the Board of Directors and the members of the Appeals Committee appointed to coming into force the present law, will last in their functions until the thirty-one of may of the year two thousand fourteen".
Article 3.-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, to the twelve days of the month of July in the year two thousand twelve.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ALBERTO ARMANDO ROMERO RODRÍGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA DURÁN, THIRD VICE PRESIDENT. Fourth Vice President, ROBERTO JOSÉ 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.

4 LEGISLATIVE RODRIGO SAMAYOA RIVAS, REYNALDO ANTONIO LÓPEZ CARDOZA, SEVENTH INDEX SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, on the fifteenth day of August of the year two thousand twelve.
Publish, Carlos Mauricio Funes Cartagena, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. OR. No. 152 volume no. 396 date: August 20, 2012.
JCH/geg 10-09-2012