Travieso Evans Arria Rengel & Paz

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Ruling No. 3 Requires fixing term of registered contracts before SIEX

Administrative Ruling No. 3 was published in the official web page of the Superintendence of Foreign Investments (Superintendencia de Inversiones Extranjeras – “SIEX”) on May 22, 2014.  The Ruling calls the holders (receivers and providers) of Certificates of Registration of Technological Contribution Contracts, issued up to the date of issuance of the Ruling, that provide for the approval of such contracts with an undetermined term or with a tacit renewal clause, to file with SIEX a contract or addendum modifying the duration of the registered contract, in order to determine it pursuant to article 44, number 5 of Decree No. 2,095.

 

The new contracts or addenda must be filed with SIEX within sixty (60) days following the issue of the Ruling. After the elapsing of said period of time without the interested parties having performed said requirement, the Certificates of Registration granted under such condition will be revoked and without effect as of the issuance of the Ruling.

 

The Ruling became effective upon the date of its issue.

 

In order to access the Ruling, please click here.

 

Note: The Administrative Ruling was not published in the Official Gazette pursuant to article 72 of the Organic Law of Administrative Proceedings.

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ."