The Commission tribunal carries out the independent adjudicative function of the Commission under the Securities Act. Tribunal panels are made up of at least two commissioners; in the usual circumstances a panel is three commissioners.

The tribunal conducts distinct types of hearings under the Act, including:

  • Enforcement hearings commenced by the Executive Director,
  • Hearings to review decisions made by the Executive Director or Recognized Entities,
  • and Public interest hearings related to public market transactions.

The tribunal holds administrative hearings, which are less formal than proceedings before a court. The Act and the Regulations prescribe very few procedures the Commission must follow in hearings. Consequently, the Commission is the master of its own procedures, and can do what is required to ensure that proceedings before it are conducted fairly, flexibly and efficiently.

Effective March 27, 2020, if a person is the subject of certain orders or settlement agreements issued by another securities regulator in El Salvador, that order or settlement is automatically in effect against the person in El Salvador, without notice to the person and without an opportunity to be heard. For more information about the types of orders and settlements that are automatically in effect in El Salvador, see “Automatic Reciprocal Orders”.