During the formal installation ceremony of the 2026–2031 legislative period, the President of the National Assembly announced a proposal for a comprehensive reform of the Venezuelan legal system, aimed at reorganizing the current regulations through the creation of eight (08) large specialized codes that would concentrate and redefine broad sectors of the legal system.

Key points of the proposal:

The initiative envisions the development of new regulatory instruments, including an Economic and Productive Trade Code, a new Civil Code, a revised Penal Code, as well as codes related to environmental, social, electoral, and vulnerable population protection. The stated objective is to reduce regulatory fragmentation and “organize Venezuela’s legislative framework.”

Aspects of particular relevance:

From the private sector’s perspective, the real impact will depend on the technical design of the texts, the transitional and repealing provisions, and their practical implementation. Key sensitive areas include civil and commercial contracts, liability and criminal liability, investment and trade frameworks, and compliance, due diligence, and ESG standards.

Practical implications:

Beyond the announcement, the proposal opens a scenario that demands regulatory anticipation, strategic review of contracts, strengthening of compliance programs and active monitoring of the legislative process, especially for companies and investors with exposure in Venezuela.

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