Uruguay has a legal system that protects and facilitates acquisition and disposition of all property rights, such as land, building, and mortgages. Although Uruguay is a WTO member, its IP regime does not yet meet international TRIPs standards. Uruguay was raised to the Priority Watch List by USTR in 2001 due to lack of a TRIPs-consistent copyright legislation, among other problems. The extent to which the current law protects computer software is subject to judicial interpretation each time a case is presented. Law number 17164 on patents was passed on September 2, 1999.
Invention patents have a twenty-year term of protection from the date of filing.
Patents of utility models and industrial designs have a 10-year term protection from the date of filing, that may be extended once for five more years. Some U.S. industry groups are unhappy with the law, believing that its compulsory licensing requirements are not TRIPs consistent. The law provides that the registration of a trademark will last ten years and that it can be renewed as many times as desired. Transparency of the Regulatory System Laws and procedures regulating foreign investment are transparent and streamlined. From time to time the government has created a series of regulations that allows debtors to refinance debt on extremely favorable terms and conditions.