Obligation of publicity: private individuals and legal entities

27 October, 2021
Obligation of publicity private individuals and legal entities

On October 20 of this year, the Official Gazette of El Salvador published Decree No. 174 approving the Special Law regulating the obligation of natural and legal persons under private law to comply with the Principle of Publicity.

1. Principle of publicity

It shall be considered as the express obligation, established in secondary laws, to disclose legal facts and acts to persons who may support a legitimate interest therein.

2. Scope of application of the rule

The Decree approved will apply to all-natural or legal persons, subject to private law, who based on certain existing legal regulations, are required to publish legal facts and acts in printed media of national circulation to publish certain information that, due to its characteristics, must be of general knowledge of the population.

3. Use of information and communication technologies

To comply with the publication obligation, the obligated persons are empowered to use the technological, digital, or virtual means available, as long as they duly comply with the function of publishing, communicating or disclosing information of general interest to the population.

4. Veracity of the publication

Compliance with the obligation will be subject to the knowledge of the respective authority. The authority in charge shall leave a record of having verified the material compliance of the disclosure made by each natural or legal person obliged, also establishing the mechanisms guaranteeing the veracity of the publication.

5. Frequency of publications

Regarding the requirements of content, occasions, and frequency that the publications established for the pertinent effects in each regulation must be made, all the aspects that to date are referred to, established, developed, or indicated in the secondary regulations that order them to remain in force.

6. Effective date

The rule is effective 8 days after October 20, 2021.

Source: Diario Oficial 27/10/21