Resolution 056/2010

BOARD RESOLUTION NO. 056/2010
SUBJECT: FINANCIAL ENTITIES MANAGEMENT – AUTHORIZES AS A CLEARING AND SETTLEMENT SERVICES ENTITY THE BANKING AUXILIARY SERVICES COMPANY LINKSER S.A. WITHIN THE SCOPE OF APPLICATION OF THE REGULATION ON ELECTRONIC CLEARING ROOMS AND CLEARING AND SETTLEMENT SERVICES.

HAVING SEEN:

The Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB).
The Law No. 1488 of April 14, 1993, on Banks and Financial Entities (Consolidated Text approved by Supreme Decree No. 26581 of April 3, 2002) and its modifications.
The Regulation on Electronic Clearing Rooms and Clearing and Settlement Services approved by Board Resolution No. 017/2008 of February 12, 2008.
The Report from the Financial Entities Management GEF – SANA No. 191/2010 of April 13, 2010.
The Report from the Legal Affairs Management SANO No. 119/2010 of April 15, 2010.

CONSIDERING:

That pursuant to articles 3 numeral 6, 58, and 68 of Law No. 1488, the operation of clearing houses is considered as auxiliary services activity, corresponding to the Superintendency of Banks and Financial Entities, currently named the Financial System Supervisory Authority, the granting of the operating license for these companies, and to the BCB the issuance of norms for the creation, constitution, and operation of clearing houses.

That Law No. 1670 provides in its articles 44 and 54 Inc. k), that the Board of Directors of the BCB in its capacity as the highest authority of the Institution, is responsible for defining its policies, specialized general application regulations, and internal norms, being empowered to authorize the creation and regulate the operation of Clearing Houses.

That article 8 of the Regulation on Electronic Clearing Rooms and Clearing and Settlement Services establishes that, in the event that there is no supervisory and control body, the BCB will issue the corresponding authorization for the clearing and settlement of payment instruments through an express resolution of its Board, for which purpose the compliance with the requirements and the clearing and settlement guidelines established in Chapters IV and VII of the Regulation will be verified.

That the Financial Entities and Systems Managements through Report GEF - SANA No. 191/2010 of April 13, 2010, state that having verified compliance with what is established in article 8 of the Regulation on Electronic Clearing Rooms and Clearing and Settlement Services, regarding the requirements and guidelines for clearing and settlement indicated in chapters IV and VII respectively, and that since there is no supervisory and control body, they recommend that the Board authorize the Banking Auxiliary Services Company LINKSER S.A. to carry out payment card clearing and settlement activities.

That the Legal Affairs Management through Report SANO No. 119/2010, states that the incorporation of LINKSER S.A. into the scope of application of the Regulation on Electronic Clearing Rooms and Clearing and Settlement Services for the performance of clearing and settlement activities is legally appropriate, as it falls within the current legal framework, being the competence of the BCB Board to consider its authorization.

That the BCB Board is responsible for defining its policies, specialized general application regulations, and internal norms, being empowered to issue norms and adopt general decisions that may be necessary for the fulfillment of the functions, competencies, and powers assigned by Law, as established in article 54 Inc. a) of Law No. 1670.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Authorize as a Clearing and Settlement Services Entity the Banking Auxiliary Services Company LINKSER S.A., for the performance of payment card clearing and settlement activities, within the scope of application of the Regulation on Electronic Clearing Rooms and Clearing and Settlement Services.

Article 2.- This Resolution shall enter into force from its signature.

Article 3.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, April 20, 2010

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Gabriel Loza Tellería

_________________________ _________________________ Gustavo Blacutt Alcalá Hugo Dorado Araníbar

_________________________ _________________________ Rolando Marín Ibáñez Ernesto Yáñez Aguilar

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Rafael Boyán Téllez