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In a consensus of the country’s legislature, the proposal on the initiative to reform the Electronic Signature Law in El Salvador was recently approved. This measure seeks to improve the mechanisms for the attraction of investment to the Central American country. El Salvador’s Electronic Signature law was approved in its original form in March of 2015.
What did the national legislature move to reform in the Electronic Signature Law of El Salvador?
The effort seeks to facilitate, encourage, protect, modernize, integrate and further energize the domestic economy of El Salvador. In other words, according to international standards, legal certainty will be strengthened, trade and investment processes modernized, and investment and new business models that are implemented in the country will be stimulated.
The reforms to the regulations of the Electronic Signature Law in El Salvador will bring benefits to both private sector companies and the country’s citizens. They will enable the facilitation of the procedures required to carry out commercial activities. Additionally, they will speed up paperless commerce and electronic contracting, as well as enhance security in legal procedures.
According to the deputies of the ruling New Ideas Party, it is expected that the reformed electronic signature legislation will incorporate new services. These will include things such as time and electronic stamping and website certification.
It is worth highlighting that a strong Technical Advisory Committee has been formed to oversee the suitable and agile operation of the processes that will be implemented under the new electronic signature law. The reform also includes a Constant Audit and Surveillance Plan. The Plan will be executed under technical regulations that have been approved at an international level.
Bureaucratic procedures reduced
Another portion of the scope of the modification of the Electronic Signature Law in El Salvador is the dematerialization of documents and avoidance of excessive bureaucratic procedures. Previously companies and individuals that sought to invest in the country were obligated to consult with several different sectors. These included both private and public institutions, as well as the Consumer Protection Agency and the Technical Advisory Committee.
The deputy for the New Ideas Party, Elisa Rosales, acknowledged that potential investors seek agility in a country’s processes when exploring the possibility of doing business in a foreign nation. She has asserted that these reforms will be an integral part of the implementation of a business-friendly agenda.
For his part, Congressman Rodrigo Ayala explained that the purpose of the reform to the Electronic Signature in El Salvador has been undertaken to make business formation and registration more expeditious and facilitate all relevant processes within the economy. Legislators are of the belief that these changes will be of fundamental importance regarding the generation of new economic activity and investment in the Central American nation.
The digital aspect of the reforms to the Electronic Signature Law in El Salvador was also considered during the plenary session. Legislators recognized the fact that this law must be constantly updated to keep up with changes in the global economy. Because of its nature, the legislation will undoubtedly require significant changes over time. In addition to this, lawmakers from the New Ideas Party reiterated that altering the law is not a political issue, but merely one that addresses technical and digital modernization. It is solely aimed at increasing investment flows into El Salvador.
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